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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
one who is entitled to an estate upon termination of a life estate
Remainder Vested
26
a right that remains with the land even upon transfer
Runs with the Land
27
are fee or freehold estates inheritable?
Yes
28
when the inaction of the lessor makes the property unusable, lessee move out under no fault of their own
Eviction (constructive)
29
to legally and directly remove someone from the premises
Eviction (actual)
30
property is owned, is inheritable and transferrable
Fee Estate
31
highest form of ownership
Fee Simple or Fee Simple Absolute
32
if conditions are violated the grantor can take action to terminate grantees interest; requires court action
Fee Simple Conditional
33
if conditions are violated, the interest of the grantee can be automatically reverted to the grantor
Fee Simple Determinable
34
Freehold estate passed down through bloodlines in feudal system
Fee Tail
35
an estate held in fee simple or for life with no pre-determined time for termination
Freehold (not Leasehold)
36
a tenant who remains in possession of property after lease expiration
Holdover Tenant
37
legal right of owner to protect a portion of his equity against forced sale; protects from unexpected liens or judgments
Homestead
38
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
Declaration of Homestead
39
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
Abandonment of Homestead
40
the right to enter and exit a parcel of land
Ingress and Egress
41
co-ownership that features the right of survivorship and requires the four unities of possession, interest, time, title.
Joint Tenancy
42
one who owns real property but transfers a leasehold interest to another with the reversion right
Landlord
43
an agreement giving possession and use of property in return for a specified consideration
Lease
44
a lease where lessor is responsible for all expenses; like most apartments, lessee pays rent but doe not pay for overhead
Gross Lease
45
a lease for land only; usually commercial; a building owned by someone might be on ground that is not owned but leased
Ground Lease
46
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
Index Lease
47
tenant pays rent and other overhead costs pertaining to property
Net Lease
48
a rental payment based on a percentage of gross sales
Percentage Lease
49
the selling of property to an investor while at the same time leasing it back for a specified period
Sale and Leaseback
50
a lease in which a lessee rents the property to another party, putting himself in the middle position
Sandwich Lease
51
a re-renting of space held under a lease to a third party
Sublease
52
the lessee's right to use property for a specified period of time; a less than freehold estate
Leasehold
53
An estate of possession but not ownership - a lease
Less than Freehold
54
the tenant in a lease
Lessee
55
the landlord in a lease
Lessor
56
an interest in property that is limited to the life of a grantee--or the life of some other specified person
Life Estate
57
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
Life Tenant
58
after the life tenant dies, the estate goes back to the original grantor
Life Estate in Reversion
59
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
Life Estate in Remainder
60
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
Life Estate pur autre vie
61
a life estate that arises by agreement of parties
Conventional Life Estate
62
a life estate that arises by operation of law (as with a homestead, curtesy or dower)
Legal Life Estate
63
permission to use the property of another vs. easement which is a right; it is revocable
License
64
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
Merger
65
the dividing of co-ownership in property so that each holds his or her interest sole and separate; a way to terminate joint tenancy
Partition
66
consists of two or more people conducting business as co-owners
Partnership
67
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
Party Wall
68
a court action to prove the validity of a will or to settle an estate
Probate
69
Economic rent that exceeds the contract rent; positive for the tenant
Positive Leasehold
70
to go on without end
Perpetuity
71
the rent I negotiate and signed
Contract Rent
72
the rent influences by the market
Economic Rent
73
contract rent that exceeds market rent
Negative Leasehold
74
the rights to use held by lesee
Possessory Rights
75
the right acquired through contract or usage to pass over a designated portion of the property of another; it is not ownership
Right of Way
76
sole and separate
Severalty
77
property held individually
Separate Property
78
a premature conveyance of a lease before the normal expiration of the lease
Surrender
79
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
Survivorship
80
one who occupies or uses a property under lease
Tenant
81
a mode of holding title to real property
Tenancy
82
the quality of the tenancy one has if he remains on the property after the lease expired
Tenancy at Sufferance
83
a lease that can be terminated by either party at will
Tenancy at will
84
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
Tenancy by Entireties
85
A lease that is automatically renewed for the same like time
Tenancy for Period to Period
86
Any lease for a specified period of time
Tenancy for Years
87
co-ownership in property; interests need not be equal and no right of survivorship exists
Tenancy in Common
88
owned by one person, sole and separate
Tenancy in Severalty
89
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
Undivided interest
90
Time, Title, Interest, Possession; required for joint tenancy
Unity of Interests
91
one who transfers a specified interest in property
Assignor
92
The transfer of all or part of the tenants rights to another party
Assignment of Lease

A-2 Chapter 2 Estates (1 decks)

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