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28 Cards in this Set
- Front
- Back
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An interest in land that is or may become possessory |
Estate |
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T/F: All possessory interests in land are estates |
TRUE |
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T/F: All interests in land are estates |
FALSE |
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a possessory interest that has an indeterminable duration |
Freehold Estate |
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a possessory interest with a fixed duration |
Leasehold Estate |
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T/F: Both a freehold and leasehold estate can exist simultaneously |
TRUE |
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Multiple people who have estates in the same piece of land |
Privity |
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The highest and most complete form of ownership, which is of potentially infinite duration |
Fee simple absolute |
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2 ways fee simple title can be transferred |
1. During the owner's life 2. By will |
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A fee simple estate that carries a qualification, so that ownership may revert to the grantor if a specified event occurs, or a condition is not met |
Fee Simple Defeasible |
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T/F: California allows title to terminate automatically, in the triggering event of fee simple defeasible |
FALSE; it requires a lawsuit |
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A freehold estate whose duration is measured by the lifetime of one or more persons |
Life Estate |
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T/F: a life estate can be for the duration of another person's life |
TRUE |
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Permanent damage to real property caused by the party in possession, harming the interests of other estate holders |
Waste |
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A leasehold estate with a fixed term |
estate for years |
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a leasehold estate that is renewed at the end of each period unless one party gives notice of termination |
Periodic Tenancy |
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A leasehold estate that may arise after a periodic tenancy or a term tenancy terminates |
Tenancy at will |
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A tenant who no longer has a lease but is still on the property against the will of the landlord |
Tenancy at sufferance |
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sole ownership of a property |
Ownership in severalty |
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joint ownership where there is no right of survivorship |
Tenancy in common |
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T/F: a tenant in common can deed their share to another person without the consent of other tenants |
TRUE |
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joint ownership with the right of survivorship |
Joint Tenancy |
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4 unities to create a joint tenancy |
1. unity of interest 2. Unity of Title 3. Unity of Time 4. Unity of Posession |
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Property owned jointly by husband and wife |
Community property |
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T/F: Joint tenancy has a tax advantage over community property |
FALSE; other way around |
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T/F: Owners of a condominium share ownership of the common elements as tenants in common |
TRUE |
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A property that is owned by a corporation and tenanted by share holders who have proprietary leases for their units |
Cooperative |
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T/F: The coop board must approve the sale of any shares |
TRUE |
