Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
Fee Simple
|
The most complete estate in land. It is without end and it is inheritable.
|
|
|
Fee Determinable (Qualified Fee or Conditional Fee)
|
Has all the rights of fee simple, but those rights could be taken away under certain circumstances.
|
|
|
Life Estate
|
Has all the rights of Fee Simple except the right to bequeath and may not commit waste. The ownership is only for the life of a designated person. The party who owns the life estate is called the life tenant.
|
|
|
Reversionary Interest
|
When the property ownership reverts back tot he grantor of the life estate upon death ofthe life estate person.
|
|
|
Example: A grants to B a life estate and designates a reversion interest. When B dies, the ownership of the property reverts back to A (or to A's heirs if A is dead).
|
Reversionary Interest
|
|
|
Remainder Interest
|
When the property ownership goes to a 3rd person, named by the grantor, upon death of the life estate person.
|
|
|
Example: A grants to B a life estate and designates C to have a remainder interest. When B dies the ownership of the property goes to C.
|
Remainder interest
|
|
|
Life Estate "Pur Autre Vie"
|
A life estate based on the life of a person other than the owner of the life estate. Pur Autre Vie means for another's life.
|
|
|
Example: A gives a life estate to B for as long as C is alive. Here B is the life tenant "owner" of the property, and the life estate will continue as long as C is alive.
|
Life Estate "Pur Autre Vie"
|
|
|
Non-Freehold Estate
|
A non-ownership estate that provides for possession. A leasehold estate in land. Less than a freehold.
|
|
|
Estate for Years (Tenancy for Years)
|
A lease with a definite beginning date and a definite ending date. It is for a definite period of time. No notice required to terminate. It automatically terminates on teh dending date. may be for any length of time, a few days, weeks, month or years.
|
|
|
Estate From Period to Period (Periodic Tenancy)
|
A lease with a definite beginning date but no ending date. The lease automatically renews itself if not terminated. To terminate requires prior written notice by either pary. Called a "Month to Month" for city property, "year to year" for farm property.
|
|
|
Estate at will (Tenancy at Will)
|
When the tenant takes possession with the owners permission. No term is given. Either may terminate the lease at their will.
|
|
|
Estate at Sufferance (Holdover Tenancy)
|
When the tenant holds over at the end of a lease without the landlords permission. All rights are with the landlord.
|
|
|
Planned Unit Development (PUD)
|
A development where the homeowner owns their own lot and home, and is a member of an association that owns common areas that are available to its members for various uses. Requires a bulk, density, or overlay zoning.
|
