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35 Cards in this Set
- Front
- Back
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INTEREST in R/E |
ownership of any combination of the bundle of rights for real property - possess, use, transfer, encumber, exclude |
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UNDIVIDED INTEREST |
owner's interest in prop. where 2 or more parties share ownership |
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UNDIVIDED / INDIVISIBLE INTEREST |
owner's interest is fraction of entire estate |
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Interests distinguished by whether they include the right of possession. |
ESTATE IN LAND - Interest-holder has right of possession. ENCUMBRANCE - Interest-holder has no right of possession. |
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ENCUMBRANCE |
when a non-owning party can restrict owner's bundle of rights by TAX LIENS EASEMENTS ENCROACHMENTS |
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POLICE POWER |
- example of public interest - right of the local or county govt. to zone |
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2 kinds of ESTATES IN LAND |
FREEHOLD LEASEHOLD |
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FREEHOLD |
- duration can't be determined - owner = freehold tenant |
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LEASEHOLD |
- specific duration (lease term) - renter = leasehold tenant |
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LIFE ESTATE |
- freehold estate which lasts owner's life - holder = life tenant - when dies, life estate passes to original tenant or other names party - owner has full rights during life - holders have REMAINDER or REVERSIONARY INTEREST - can be created by private parties or law |
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FEE SIMPLE ESTATE |
- forever - owner = fee tenant - 2 kinds - FEE SIMPLE ABSOLUTE, FEE SIMPLE DEFEASIBLE |
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FEE SIMPLE ABSOLUTE
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- perpetual estate with no stipulations for use - passed free onto heirs - most common & most desirable |
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FEE SIMPLE DEFEASIBLE |
- perpetual as long as use conforms to conditions - prop. used for certain purpose - use changes? estate reverts to previous grantor |
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2 types of FEE SIMPLE DEFEASIBLE |
DETERMINABLE CONDITION SUBSEQUENT |
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DETERMINABLE (FEE SIMPLE ESTATE) |
- deed states usage limitations - if violated automatically reverts to grantor/heirs |
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CONDITION SUBSEQUENT (FEE SIMPLE ESTATE) |
- deed states usage limitations - if usage violated reversion of estate not automatic - grantor must retake physical possession w/in time frame |
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Holders of future interest in life estate have |
REMAINDER or REVERSIONARY interest. |
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REMAINDER |
- life estate names 3rd party to receive title upon termination of estate - holder of reminder interest = remainderman |
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REVERSION |
- no remainder estate established by life estate - estate reverts to owner/heirs |
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CONVENTIONAL LIFE ESTATE
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- created by grant from fee simple property owner to grantee, the life tenant
- when estate terminates, rights pass to remainderman or back to previous owner - owner enjoys all rights as long as doesn't infringe on reminaderman's/reversion interest holder's rights |
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2 kinds of CONVENTIONAL LIFE ESTATE |
ORDINARY PUR AUTRE VIE |
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ORDINARY LIFE ESTATE
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- ends w/death of life estate owner then passes to original owner (REVERSION) or names 3rd party (REMAINDER) |
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PUR AUTRE VIE |
- pasts lifetime of 3rd person then passes from tenant holder to original grantor (REVERSION) or 3rd party (REMAINDER) |
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LEGAL LIFE ESTATE |
created by state law to define & protect property rights of surviving family members |
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3 kinds of LEGAL LIFE ESTATE |
HOMESTEAD DOWER & CURTSEY ELECTIVE SHARE |
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HOMESTEAD (LEGAL LIFE ESTATE) |
- one's principal residence - protect family members from against losing homes to general creditors collecting on debts |
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HOMESTEAD LAWS |
- can't make you sell your house to pay general debts - can if tax debt, improvement or mortgage debt - family must live there - both spouses must sign deed - exemption lasts lead of household's life and passes onto kids - rights gone if prop. abandoned or sold - exemption automatic in some states, apply for it in others |
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DOWER & CURTESY (LEGAL LIFE ESTATE) |
- DOWER - wife's life estate interest in husband's property - CURTESY - husband's - spouse can make a claim to portion of decedent's property - property acquired this way is owned by surviving spouse until their death |
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ELECTIVE SHARE (LEGAL LIFE ESTATE) |
- state statute which allows surviving spouse to make a minimum claim to dead spouse's real & personal property in place of what's in the will |
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ELECTIVE SHARE LAWS |
- surviving spouse gets % of dead spouse's prop. except homestead prop. & prop. the decedent owned alone - limited time period to file - if doesn't file - estate passes on acc. the will - only for surviving spouse |
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ESTATE FOR YEARS |
- leasehold estate for definite period of time - set beg. & end dates - at end of terms estate auto-terminates |
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ESTATE FROM PERIOD-TO-PERIOD (also PERIODIC TENANCY) |
- tenancy auto-renews as long as rent paid - month-to-month lease - can be terminated with proper notice |
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ESTATE AT WILL (also TENANCY AT WILL) |
- no expiration date so no renewal
- LL & tenant agree no specific end date - terminates w/proper notice or death |
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ESTATE AT SUFFERANCE |
- tenant occupies premises w/out consent (usually didn't move out when lease ended) |
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