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23 Cards in this Set
- Front
- Back
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The degree, quantity, nature, and extent of interest one has in real property... |
estate (tenancy) |
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Freehold estates are ... |
estates of indeterminable length of ownership, such as those existing a lifetime or forever |
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Freehold estates are passed from grantor to grantee via ... |
deed when title to real estate is conveyed |
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The types of freehold estates that can be transferred are ... |
-fee simple estate (pass by inheritance) -defeasible fee estate (pass by inheritance) -pur autre vie estate (for life of another) -conventional life estate with remainder or reversion (not by inheritance)
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3 freehold estates that are for an indefinite period and are inheritable by the heirs of the owner... |
1) fee simple 2) defeasible fee simple 3) pur autre vie estate |
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Highest type of interest in real estate in which holder is entitled to all rights in the property... |
Fee Simple Estate |
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A fee simple ownership on which there are no limitations (other than governmental restrictions)... |
Fee Simple Absolute |
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Estate may be lost (or defeated) on the occurrence or nonoccurrence of a specified event... |
Fee Simple Defeasible (also known as a qualified fee estate) |
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Two types of defeasible estates... |
1) fee simple subject to a condition subsequent 2) fee simple determinable |
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Estate dictates some action or activity that the new owner must not perform. Former owner retains a reversionary right, so that if the condition is broken, the former owner can retake possession through court proceedings... |
fee simple subject to a condition subsequent |
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Estate requires that a specified activity or land use continue. Ownership is held "so long as" or "during the period" the condition or limitation is maintained. Former owner, heirs or successors retain automatic revisionary rights... |
fee simple determinable |
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A life estate created by grant from current owner of a fee simple estate where current owner retains a reversionary interest or names a remainderman... |
Conventional Life Estate |
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An estate owned for the lifetime of some named third party... |
Life Estate Pur Autre Vie |
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A life tenant's interest in real property is a true ownership interest. They have the right to use the property resources, this is called... |
estovers |
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When title to real estate is owned by one person or a single entity, that person or entity is said to own the property in ... |
severalty |
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When title to one parcel of real estate is owned by two or more persons or entities, those parties are said to be ... |
concurrent owners or co-owners |
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There are 3 forms of concurrent ownership... |
1) tenancy in common 2) joint tenancy 3) tenancy by the entirety |
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On the death of a tenant in common, what happens to that tenant's undivided interest? |
Passes to the heirs through probate proceeding |
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With joint tenancy ownership is usually equal shares, what happens upon the death of one owner? |
Joint tenancy has right of survivorship so upon death of one owner the other will hold title in severalty |
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Special form of tenancy used in many states which the owners must be husband and wife. On the death of one spouse full title automatically passes to surviving spouse through right of survivorship without a probate hearing... |
Tenancy by the entirety |
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In condominium ownership, each occupant holds a ... |
fee simple absolute title to the unit (airspace)
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the owner of each unit also owns the land on which the unit is built |
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A method of real estate development, not ownership, which features flexible zoning (some residential , some multifamily and some retail or commercial as well)... |
PUD or Planned Unit Development |
