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15 Cards in this Set
- Front
- Back
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Estates |
Determined by how long the real property is held |
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Fee Simple Estates (aka) |
- Fee Simple Estate - Fee estate - Estate in fee - Freehold - Estate of inheritance |
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Fee Simple Estates (Fee Estate) (level of interest) |
Most interest a person can hold in real property; NOT fixed or specified |
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Fee simple estates (qualities) |
- Indefinite duration - Freehold - NOT free of encumbrances - Inheritance |
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Fee simple defeasible |
- No alcohol - Defeatable |
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Life Estate, Property is Leased (Death of owner) |
Lease terminates |
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Less-than-freehold estates |
Leases |
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Less-than-freehold estates (qualities) |
- Lessees - NOT necessary to sign - Lessor - necessary to sign - Estate for years - Personal property (chattel real) |
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Estate for years |
Lease for a fixed period of time |
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Subleases |
- Transfers possession - Can sublease (partial transfer) or assign (total transfer) if NOT mentioned in Lease |
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Leases - Quiet enjoyment |
Paramount (Paramount title - ownership can't disturb if rent is in good standing |
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Abandonment |
Tenant leaves voluntarily |
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Percentage lease |
Based on percentage of gross receipts |
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Security deposit |
Amount affected by whether or not the unit is furnished |
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License |
Personal, revocable |
