Unit 8: Property Rights: Estates And Tenancies, Condominiums, Cooperatives, And Time-Sharing

Front 1

Freehold estates

Back 1

which are for an indefinite length (of unknown duration)

Front 2

Leasehold estates

Back 2

also called nonfreehold estates), which are for a fixed term (known duration)

Front 3

fee simple estate

Back 3

is the largest bundle of legal rights. Fee, fee simple, and fee simple absolute are all used to describe the estate

Front 4

Life estates

Back 4

are another type of freehold estate. The owner has considerably fewer rights than the owner of a fee simple estate. The life estate owner owns the property for only the period of the lifetime of an individual (the owner or other designated person). During the time an owner enjoys a life estate, the owner must maintain the property and not permit waste (anything that reduces the value of property) to occur

Front 5

remainderman

Back 5

When the life estate ends, the property reverts (returns) to the original grantor (previous owner) or goes to a third party

Front 6

homestead

Back 6

Protection of the family, is protected from forced sale to satisfy judgment liens for debts owing to personal loans, credit card debt, and so forth. Tax exemption,is restricted to 160 acres of contiguous land and improvements outside a municipality AND include $1,000 of value of personal property protection.

Front 7

Nonfreehold estates

Back 7

have a known duration and do not involve an ownership interest

Front 8

leasehold estate

Back 8

is an interest in real property that a tenant possesses. Under a lease, the tenant possesses a leasehold estate and the landlord (property owner) possesses a reversion estate.

Front 9

estate for years (or tenancy for years)

Back 9

tenancy for years) is a tenancy with a specific starting and ending date. It exists for a designated period, which may be any length of time from less than a year to a period of many years (such as a 99-year lease).

Front 10

tenancy at will

Back 10

is a lease agreement that has a beginning date but no fixed termination date, such as a week-to-week or a month-to-month agreement.

Week to week—7 days' noticeMonth to month—15 days' notice

Front 11

tenancy at sufferance

Back 11

occurs when a tenant stays in possession of the property beyond the ending date of a legal tenancy without the consent of the landlord. The tenant has no estate or title but only "naked" possession and is not entitled to notice to terminate.

Front 12

estate in severalty

Back 12

When title to property is held by one person

Front 13

concurrent ownership

Back 13

Ownership by two or more persons at the same time

Front 14

Right of survivorship

Back 14

share of a co-owner who has died goes to the surviving co-owner(s) and not to the deceased tenant's heirs

Front 15

tenancy by the entireties

Back 15

basically a joint tenancy between husband and wife. The four unities of a joint tenancy with right of survivorship must exist, and the two co-owners must be married to each other at the time they take title. This estate has its origin in the common-law attitude that a husband and wife are one ownership entity

Front 16

Under a tenancy in common, each tenant must hold an equal percentage of ownership in the property? TRUE OR FALSE?

Back 16

FALSE

Front 17

A joint tenancy features right of survivorship? TRUE OR FALSE?

Back 17

TRUE

Front 18

Land

Back 18

the surface of the earth and to everything attached to it by nature, such as trees and lakes.

Front 19

Real estate

Back 19

the land and all human-made improvements permanently attached to the land

Front 20

Real property

Back 20

real estate plus the legal bundle of rights inherent in the ownership of real estate

Front 21

Riparian rights

Back 21

abutting a flowing waterway, such as the banks of a river or stream

Front 22

Littoral rights

Back 22

ocean or a sea rights. rights include ocean-front property and gulf-front property

Front 23

MARI consist of:

Back 23

I Intent of the parties

R Relationship or agreement of the parties

M Method or degree of attachment

A Adaptation of the item

Front 24

bundle of legal rights consist of:

Back 24

Disposition

Enjoyment

Exclusion

Possession

Control

Front 25

Freehold Estates consist of:

Back 25

fee simple estate

Life estates

remainderman

homestead

Front 26

Nonfreehold or Leasehold Estates consist of:

Back 26

estate for years

tenancy at will

tenancy at sufferance

Front 27

concurrent ownership consist of:

Back 27

tenancy in common, joint tenancy, and tenancy by the entireties

Front 28

which estate includes the right of survivorship?

Back 28

Joint Tenancy