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24 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Fee Simple Estate
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1) The greatest estate that can exist in land. The highest and most complete form of ownership
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The best
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Life Estate
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An estate whose duration is limited to the lifetime of a specified person or persons
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Don't die
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Defeasible Estate
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Transfer of a fee simple estate from one person to another with conditions (qualified)
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Qualified
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Fee Simple Subject to a Condition Subsequent
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(California Law) Estate does not end if condition is breached. Instead a lawsuit must be filed to get the property back
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California Law
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Freehold Estate
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An interest in real Property that has an indeterminable duration
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forever
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Estate in Reversion
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Property that reverts back to the grantor at the end of the measuring life
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Where does it go after you die
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Estate in Remainder
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Property goes to a 3rd party at the end of a measuring life.
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Where does it go after you die?
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Leasehold Estate
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AKA "Chattels Real". A leaseholder does not own the property but rather has a right to exclusive possession of the property for a specified period.
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Who owns and who has the right of use?
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Lease
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Leasehold is created with this document:
Parties to a lease are: Lanlord (lessor) and Tenant (lessee) |
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Term Tenancy
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Tenancy for a fixed term. At the end of the term tenancy terminates. No notification required.
Assignable to a thrid party |
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Surrender
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Termination of a lease by Mutual Consent
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Periodic Tenancy
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tenancy that last for a specified period (weeks, month, year, etc).
Continues until either party gives proper notice of termination. Automatically renews itself at the end of the period unless notification given. Assignable to a thrid party |
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Tenancy at Will
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Term of the tenancy is indefinite. In California 30 days notification is required for termination.
Automatically expires upon death of landord or tenant. No assignable |
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Tenancy of Sufference
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Lowest type of estate.
A tenant that continues possession of the premises without consent of the landord. Helps distinguidh between trespassing and someone who originally had legal possesion of the land. Landord is required to follow proper legal procedures for eviction. |
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Ownership in Severalty
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When one person holds title to a property.
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Concurrent Ownership
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Where two or more people simultaneously share title to a piece of property.
4 forms of ownership recognized under California Law |
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Tenancy in Common
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Two or more individuals have an undivided interest in a single piece of property
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Joint Tenancy
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Two or more owners are join and equal owners of the property.
To create a joint tenancy "four unities of title" must exist. 1) unity of interest, 2) Unity of Title, 3) Unity of time, and 4) Unity of possession. If any one of these unities does not exist when the tenancy is created then a joint tenancy is not established. Property in a joint tenancy can't be willed. |
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Community Property
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All property aquired during a marriage. Any property owned by either spouse prior to marriage is not community property
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Tenancy in Partnership
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When a business organied as a partnership ownes a property.
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Partition Suit
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A legal action that divides the property interests in a tenency in common
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right of survivorship
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The distinguishing feature between Tenancy in Common and Joint Tenancy.
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Syndicate
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A group of individuals who come together and pool their resources to carry our an enterrpise.
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Securites
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Ownership shares in a corporation
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