Real Property Interests (61 Cards)

Front 1

Federal Regulation of Property Interests

(3 points)

Back 1

* Grants ownership rights

* controls broad land use standards

* Regulates Anti-discrimination laws

Ex. - land grants, federal flood zones, fair housing laws, FHA, EPA

Front 2

State Regulation of Property Interests

(2 points)

Back 2

* Governs Real Estate Business

* sets regional usage standards

Ex - license law, water rights, development regulations

Front 3

Local Regulation of Property Interests

(2 points)

Back 3

* Levies real estate taxes

* Controls specific usage

Ex - property assessing, zoning, building permits, tax levies

Front 4

Judicial Regulation of Property Interests

(2 points)

Back 4

*Applies case law and common law to disputes

* Contrasts with statutory law

Front 5

Possessory Interests in land is

Back 5

an Estate in Land

(the right of possession)

Front 6

Non-possessory interests in land is

(2 points)

Back 6

(Private Non-possessory) Encumberance

(Public Non-possessory)

Public Interest

Front 7

Leasehold Estate

Back 7

Limited by time

Front 8

Freehold Estate

Back 8

Not limited by time

Front 9

4 types of Fee Simple

Back 9

* Fee Simple Absolute

(highest form of ownership/no restrictions)

* Fee Simple Defeasible - (use restricted)

* Fee Simple Defeasible - Determinable (only one use)

* Fee Simple Defeasible - Subject to Condition (All but one use)

Front 10

Fee means

Back 10

Inheritable when the owner dies

Front 11

Life Estate means

Back 11

Duration of a specified life

Front 12

4 types of Freehold Estates

Back 12

* Fee Simple Absolute

* Fee Simple Defeasible

* Conventional Life Estate

* Legal Life Estate

Front 13

7 Types Life Estates

Back 13

Life Estate Remainder

Life Estate Reversionary

Conventional Life Estate - Limited

Conventional Life Estate - Ordinary

Conventional Life Estate - Pur Autre Vie

Legal Life Estate

Legal Life Estate Homestead

Front 14

Fee Simple Absolute

Back 14

Highest form of ownership interest. No restriction

(from previous owner to buyer)

Front 15

Fee Simple Defeasible

Back 15

Reverts to previous owner

(upon violation of covenant)

Front 16

Fee Simple Defeasible - Determinable

Back 16

Restricted to one use

Front 17

Fee Simple Defeasible - Subject to Condition

Back 17

Open to all use except whatever the restriction (condition) or restrictions are.

Front 18

Life Estate Remainder/Remainderman

Back 18

Named party to receive estate

Front 19

Life Estate Reversionary

Back 19

Previous owner to receive estate. Reverts to previous owner.

Front 20

Conventional Life Estate - Limited

Back 20

Limited to the lifetime of life tenant or another named party. (Measuring Life)

Front 21

Conventional Life Estate -

Pur Autre Vie

Back 21

Limited to the lifetime of another. Passes to remainderman or previous owner when named person dies.

(YOU can live in MY house until your GRANDMOTHER dies.

Grandmother = the measuring life)

Front 22

Conventional Life Estate - Ordinary

Back 22

Estate passes to remainderman or previous owner when life tenant (resident) dies.

Front 23

Legal Life Estate

(2 points)

Back 23

* Created by operation of state law as opposed to an property owner's agreement

*designed to protect family survivors

Front 24

Legal Life Estate Homestead -

(6 points)

Back 24

* Right to one's Principal Residence

* Laws protect Homestead from creditors

* Family must occupy the homestead

* Cannot be conveyed by one spouse

* Endures over the life of the head of household

* Interests extinguished if property destroyed.

Front 25

Leasehold

Back 25

Less than Freehold estate

Front 26

Tenancy/Estate for Years

Back 26

Specific lease, STATED DURATION as per lease. Lease expires/terminates ate the end of stated term.

(The name is a misnomer. The lease can be week to week, month to month or any other stated duration. Has nothing to do with "years".)

Front 27

Periodic Tenancy

(Aka: Period to Period Tenancy)

Back 27

Lease term renews automatically upon acceptance of rent, renews indefinitely if landlord accepts rent.

Front 28

Estate at Will

Back 28

No formal lease, no fixed term, for indefinite period subject to rent payment; either party can end the living arrangement at any time, notice must be given.

(ex. A family member living on your property until they get on their feet)

Front 29

Estate at Sufferance

Back 29

Tenancy against the landlords will and without agreement.

(Ex. Tenant doesn't leave once lease ends. Landlord suffers)

Front 30

5 Forms of Ownership

Back 30

(Time To Join The Community)

Tenancy in Severalty

Tenancy in Common

Joint Tenancy

Tenancy by the Entireties

Community Property

Front 31

Tenancy in Severalty

Back 31

(Sever all ties)

Sole Ownership of a Freehold Estate; passes to heirs

Front 32

Tenancy in Common

(5 points)

Back 32

* Concurrent Estate

* Co-tenants individually own undivided interests (could be unequal interest, but majority interest holder cannot restrict use)

* Any ownership share possible

* No survivorship (passes to heirs)

* Can convey to outside parties

Front 33

Joint Tenancy

(4 points)

Back 33

* Concurrent Estate

* Equal, undivided interests jointly owned

* Right of survivorship (passes to other joint tenants). May require express provision depending on state.

* Require the 4 Unities to create: PITT - Possession - Interest - Time - Title

Front 34

Tenancy by the Entireties

(2 Points)

Back 34

* Husband and wife own equal undivided interest

* Now applies to same sex couples in some states

Front 35

Community Property

(2 Points)

Back 35

* Concurrent Estate

* Joint property ownership by spouses as opposed to separate property (Property Interests acquired after marriage)

Front 36

Joint Tenancy and 4 Unities

(5 points)

Back 36

Unity of Ownership

Equal Ownership

Transfer

Survivorship

Creation

Front 37

Unity of Ownership

(Joint Tenancy and 4 Unities)

Back 37

Owners hold single title jointly

Front 38

Equal Ownership

(Joint Tenancy and 4 Unities)

Back 38

Owners always hold equal shares

Front 39

Transfer

(Joint Tenancy and 4 Unities)

Back 39

An owner may transfer new ownership as a Tenancy in Common interest, while remaining owners stay joint tenants, with a Tenancy in Common with new owner.

Front 40

Survivorship

(Joint Tenancy and 4 Unities)

Back 40

Interest and rights pass to surviving joint tenants upon death of another.

Front 41

Creation

(Joint Tenancy and 4 Unities)

Back 41

Requires the 4 Unities - PITT

Front 42

PITT - Possession

Back 42

Acquire same possessory rights

Front 43

PITT - Interest

Back 43

Acquire equal undivided interests

Front 44

PITT - Time

Back 44

Acquire interests at the same time

Front 45

PITT - Title

Back 45

Acquire interests with same deed

Front 46

Community Property - Community

Back 46

All other property earned or acquired dusting the marriage

(other as opposed to separate)

Front 47

Community Property - Separate

(4 points)

Back 47

* Acquired before marriage

* Acquired by gift or inheritance

* Acquired with separate property funds

* Income derived from separate property

Front 48

Estates in Trust - Trustor

Back 48

Trustor gives title, deed, trust agreement to trustee

Front 49

Estates in Trust - Trustee

Back 49

Trustee renders Fiduciary Duties to trustor and beneficiary

Front 50

Estates in Trust - Beneficiary

Back 50

Receives ownership benefits

Front 51

Estates in Trust - Living Trust or Testamentory Trust

Back 51

Conveyance of real and/or personal property during one's lifetime

Front 52

Estates in Trust - Land Trust

Back 52

Grantor and beneficiary are the same party. Beneficiary uses/controls the property but does not appear in public records.

Front 53

Life Tenant

Back 53

The OWNER of the property during the course of the Life Estate

Front 54

Measuring Life

Back 54

The person who's lifetime measures the length of the ownership of the life tenant. It can be a different person than the life tenant, or the same person

Front 55

Remainderman

Back 55

The person who will become the owner of the estate when the measuring life dies.

Front 56

Reversionary Interest

Back 56

If the original grantor does not name a remainderman, the property ownership reverts back to the original grantor or their heirs when the measuring life dies.

Front 57

Condominiums

(6 points)

Back 57

*REMEMBER* UNIT OF AIRSPACE!

* Ownership of a unit of airspace plus an undivided interest in Common elements as a tenant in common with other owners

* May be sold, encumbered, or foreclosed on without affecting other unit owners

* Creation: by developers declaration

* Individually taxed

* Managed by condo association

* Owners share common area expenses

Front 58

Cooperatives (Co-op)

(5 points)

Back 58

*Ownership of shares of a corporation

*Ownership of a proprietary lease in a unit

*Corporation has sole, undivided ownership

*Owners potentially liable for expenses of entire co-op

*Creditors may foreclose on entire property

Front 59

Timeshares

Back 59

Lease or ownership interest in a property for a Periodic use on a scheduled basis

Front 60

Timeshare - Lease

Back 60

Tenant leases property per the leases schedule

Front 61

Timeshare - Freehold

Back 61

Tenants in Common own undivided interests, pay expenses per separate agreement.