Ca Real Estate Principles Ch 2 Part 2

Front 1

Estate

Back 1

Defined as the degree quantity nature and extent of interest a person has in property. Pg 53

Front 2

Freehold estate

Back 2

One's interest as an owner of real property pg 53

Front 3

Types of Freehold estates

Back 3

Estates in fee
Life estates pg 54

Front 4

Types of estate in fee (Fee estate)

Back 4

Fee Simple Absolute
Fee Simple Qualified
pg54

Front 5

Life Estates

Back 5

Created by deed or will for the life of one or more designated human beings.

Front 6

Estate in Remainder (Life Estate)

Back 6

Person A deeds life estate to Person B for duration of life of B. After B passes person C receives estate. Person C holds estate in remainder pg 55

Front 7

Estate in Reversion (Life Estate)

Back 7

Property to be returned to the person who gave the life estate

Front 8

Reserving a life estate (Life Estate)

Back 8

A deeds title to B, but A reserves or
keeps a life estate for the rest of A’s life.Upon the death
of A, possession and use pass to B.

Front 9

Less than Freehold Estates

Back 9

Interests held by tenants who rent or lease property pg 56

Front 10

Ownership in severalty

Back 10

When a person acquires real property and holds title solely in his or her own name pg.56

Front 11

Types of concurrent ownership

Back 11

Joint Tenancy
Tenancy in common
Community Property
Tenancy in Partnership

Front 12

Joint Tenancy requirements

Back 12

Unity of time
Unity of title
Unity of interest
Unity of possession

Front 13

Joint Tenancy Characteristics

Back 13

Right of Survivorship
Cannot will your interest in joint tenancy
Interest in property is undivided
No probate procedure is required to redistribute
Joint Tenant may sell or convey interests wihtout approval
Corporation is not allowed to hold joint tenant
Surviving tenant acquires the interest of the deceased tenant
pg 58

Front 14

Tenancy in Common

Back 14

Tow or more persons are ownders of an undivided interest in property pg 59

Front 15

Tenancy in Common Characteristics

Back 15

There is no right of survivorship.
Each owner may hold an unequal interest
Each owner has equal rights of posession and must pay share of expenses
Each owner may will his or her interest to heirs
Each co-tenant may sell, convey or encumber their own interest without permission from others
pg.59

Front 16

Tenancy in Business Partnership

Back 16

Two or more persons, as partners pool interests in a busines venture. General partnerships, LPs pg 60

Front 17

Tenancy in Business Partnership Characteristics

Back 17

Each partner has an equal right with other partners to possession for partnership purposes not personal
2. A partner’s right in the partnership property is not assignable
except in connection with the assignment of rights of all the
partners in the same property.
3. A partner’s right in the partnership property is not subject to attachment
or execution, except on a claimagainst the partnership.
4. There is a formof survivorship when one partner dies.

Front 18

Community Property

Back 18

form of ownership held by more than one person, but in this case, the property can be held only by a husband and wife or by registered domestic partners. pg 61

Front 19

Living Trust

Back 19

While in the trust, he or she enjoys all the privileges of
ownership. Upon death, title passes to the named beneficiaries without the time and delay of a probate. A living trust does not eliminate estate taxes but rather eliminates the cost of probate pg 63