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A-2 Chapter 2 Estates > Vocabulary for Estates > Flashcards

Vocabulary for Estates Flashcards

1
Q

running with the land

A

Appurtenance

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2
Q

another name for a lease

A

Chattel Real

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3
Q

equal undivided share with each person having full rights; created by marriage, terminated by divorce

A

Community Property

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4
Q

co-owners of the land who share an undivided interest that cannot be separated from the whole (tenancy in common)

A

Co-Tenants

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5
Q

a husband’s right or interest in his wife’s property upon her death (not in AZ due to community property)

A

Curtesy

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6
Q

a wife’s right in her husbands property upon his death (not in AZ)

A

Dower

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7
Q

defeatible, has conditions or limitations imposed by Grantor

A

Defeasible or Defeatable Fee

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8
Q

a defeasable fee that has stipulations where ownership is granted to a person “as long as” or “while” eg: as long as Johnny stays out of jail; reversion is automatic

A

Fee Determinable

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9
Q

a defeasable fee that has stipulations of “condition” such as a building conveyed to a school “provided that” or “on the condition that” it remains a school and isn’t sold as a clinic; reversion is not automatic so the grantor has to go to court

A

Fee Conditional

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10
Q

conveying an interest in property by means of a lease; giving up some interest but not all rights of ownership

A

Demise as in “Let and Demise”

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11
Q

the right one has to use the land of another for a specific purpose

A

Easement

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12
Q

an easement that is attached to and transfers with title to real property; always involves multiple properties

A

Easement Appurtenant

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13
Q

an easement created by law, usually to have ingress and egress to land-locked property

A

Easement by Necessity

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14
Q

legal process of acquiring easement due to adverse use that is open, constant and notorious for a period of time; must be 10 years to gain and is lost after 5 years if not used

A

Easement by Prescription

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15
Q

a personal right given to an individual of business to use the land of another. Irrevocable; always involves a single property

A

Easement in Gross

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16
Q

the land against which an easement has been granted for the benefit of the dominant estate

A

Servient Estate

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17
Q

a right or interest one has in all property real and personal

A

Estate

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18
Q

a right of interest one has in real property

A

Estate in Land

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19
Q

lease with a holdover of client or tenant

A

Estate at Sufferance

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20
Q

lease that has a beginning date and end date

A

Estate for Years

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21
Q

a month to month lease

A

Estate from Period to Period

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22
Q

a lease with an agreement that anyone can get out at any time

A

Estate at Will

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23
Q

a future interest in real estate after a life estate (can be vested or contingent)

A

Estate in Remainder

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24
Q

an estate returned to the original grantor, usually at the end of a life estate but also could be due to fee conditions not met

A

Estate in Reversion

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25
Q

one who is entitled to an estate upon termination of a life estate

A

Remainder Vested

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26
Q

a right that remains with the land even upon transfer

A

Runs with the Land

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27
Q

are fee or freehold estates inheritable?

A

Yes

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28
Q

when the inaction of the lessor makes the property unusable, lessee move out under no fault of their own

A

Eviction (constructive)

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29
Q

to legally and directly remove someone from the premises

A

Eviction (actual)

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30
Q

property is owned, is inheritable and transferrable

A

Fee Estate

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31
Q

highest form of ownership

A

Fee Simple or Fee Simple Absolute

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32
Q

if conditions are violated the grantor can take action to terminate grantees interest; requires court action

A

Fee Simple Conditional

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33
Q

if conditions are violated, the interest of the grantee can be automatically reverted to the grantor

A

Fee Simple Determinable

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34
Q

Freehold estate passed down through bloodlines in feudal system

A

Fee Tail

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35
Q

an estate held in fee simple or for life with no pre-determined time for termination

A

Freehold (not Leasehold)

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36
Q

a tenant who remains in possession of property after lease expiration

A

Holdover Tenant

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37
Q

legal right of owner to protect a portion of his equity against forced sale; protects from unexpected liens or judgments

A

Homestead

38
Q

only one house can be declared in this way, protecting up to $150K in equity; can have equity account up to 18 months after sale

A

Declaration of Homestead

39
Q

a document recorded to terminate a homestead exemption; happens when the house is sold and people move or when residency is changed to another house

A

Abandonment of Homestead

40
Q

the right to enter and exit a parcel of land

A

Ingress and Egress

41
Q

co-ownership that features the right of survivorship and requires the four unities of possession, interest, time, title.

A

Joint Tenancy

42
Q

one who owns real property but transfers a leasehold interest to another with the reversion right

A

Landlord

43
Q

an agreement giving possession and use of property in return for a specified consideration

A

Lease

44
Q

a lease where lessor is responsible for all expenses; like most apartments, lessee pays rent but doe not pay for overhead

A

Gross Lease

45
Q

a lease for land only; usually commercial; a building owned by someone might be on ground that is not owned but leased

A

Ground Lease

46
Q

a lease that is based on a certain price index such as the Consumer Price Index found in commercial leases; an adjustable lease that may contain an escalation clause

A

Index Lease

47
Q

tenant pays rent and other overhead costs pertaining to property

A

Net Lease

48
Q

a rental payment based on a percentage of gross sales

A

Percentage Lease

49
Q

the selling of property to an investor while at the same time leasing it back for a specified period

A

Sale and Leaseback

50
Q

a lease in which a lessee rents the property to another party, putting himself in the middle position

A

Sandwich Lease

51
Q

a re-renting of space held under a lease to a third party

A

Sublease

52
Q

the lessee’s right to use property for a specified period of time; a less than freehold estate

A

Leasehold

53
Q

An estate of possession but not ownership - a lease

A

Less than Freehold

54
Q

the tenant in a lease

A

Lessee

55
Q

the landlord in a lease

A

Lessor

56
Q

an interest in property that is limited to the life of a grantee–or the life of some other specified person

A

Life Estate

57
Q

One who possesses a life estate; can use the land and profits as if the real owner; life tenant may sell their interest or encumber it but the life tenancy remains only for the life of the original life tenent

A

Life Tenant

58
Q

after the life tenant dies, the estate goes back to the original grantor

A

Life Estate in Reversion

59
Q

a future interest to a 3rd party; can be vested or contingent; may be upon death of 1st life tenant if specified that remainderman has a future interest

A

Life Estate in Remainder

60
Q

life estate measured by the lifetime of a person other that its owner; Bill grants life estate to Fred for the life of his mom

A

Life Estate pur autre vie

61
Q

a life estate that arises by agreement of parties

A

Conventional Life Estate

62
Q

a life estate that arises by operation of law (as with a homestead, curtesy or dower)

A

Legal Life Estate

63
Q

permission to use the property of another vs. easement which is a right; it is revocable

A

License

64
Q

the combining or uniting of two or more interests in real estate into one; this is a way to terminate an easement when the dominant and servient estates are combined

A

Merger

65
Q

the dividing of co-ownership in property so that each holds his or her interest sole and separate; a way to terminate joint tenancy

A

Partition

66
Q

consists of two or more people conducting business as co-owners

A

Partnership

67
Q

a wall located on or at a boundary between two adjoining parcels and used by both parties; best to get agreement in writing for marketable title

A

Party Wall

68
Q

a court action to prove the validity of a will or to settle an estate

A

Probate

69
Q

Economic rent that exceeds the contract rent; positive for the tenant

A

Positive Leasehold

70
Q

to go on without end

A

Perpetuity

71
Q

the rent I negotiate and signed

A

Contract Rent

72
Q

the rent influences by the market

A

Economic Rent

73
Q

contract rent that exceeds market rent

A

Negative Leasehold

74
Q

the rights to use held by lesee

A

Possessory Rights

75
Q

the right acquired through contract or usage to pass over a designated portion of the property of another; it is not ownership

A

Right of Way

76
Q

sole and separate

A

Severalty

77
Q

property held individually

A

Separate Property

78
Q

a premature conveyance of a lease before the normal expiration of the lease

A

Surrender

79
Q

all title, right and interest of a decedent joint tenant passes to the surviving tenant by operation of law; this can also be set up in community property

A

Survivorship

80
Q

one who occupies or uses a property under lease

A

Tenant

81
Q

a mode of holding title to real property

A

Tenancy

82
Q

the quality of the tenancy one has if he remains on the property after the lease expired

A

Tenancy at Sufferance

83
Q

a lease that can be terminated by either party at will

A

Tenancy at will

84
Q

a method of joint ownership whereby the remaining portion of property automatically passes to a surviving spouse; not in AZ but in states with dower and curtesy

A

Tenancy by Entireties

85
Q

A lease that is automatically renewed for the same like time

A

Tenancy for Period to Period

86
Q

Any lease for a specified period of time

A

Tenancy for Years

87
Q

co-ownership in property; interests need not be equal and no right of survivorship exists

A

Tenancy in Common

88
Q

owned by one person, sole and separate

A

Tenancy in Severalty

89
Q

the interest in tenancy in common or joint tenancy where there is a right to possession of the whole property; no owner has the right to any specific part of the whole

A

Undivided interest

90
Q

Time, Title, Interest, Possession; required for joint tenancy

A

Unity of Interests

91
Q

one who transfers a specified interest in property

A

Assignor

92
Q

The transfer of all or part of the tenants rights to another party

A

Assignment of Lease

A-2 Chapter 2 Estates (1 decks)

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