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14 Cards in this Set
- Front
- Back
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ESTATES |
- OWNERSHIP INTEREST IN LAND - INTEREST, SHARE, RIGHT OR EQUITY IN REAL ESTATE THAT VARIES FROM THE MINIMAL RIGHT OF A RENTER TO THE MAXIMUM RIGHT OF A FULL OWNER. - FREEHOLD OR LESS-THAN-FREEHOLD DEPENDING UPON THE DEGREE OF OWNERSHIP & THE DURATION OF INTEREST |
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FREEHOLD ESTATES |
- REAL PROPERTY - FEE SIMPLE ESTATES OR LIFE ESTATES - GREATEST DEGREE OF OWNERSHIP YOU CAN HAVE UNDER THE LAW |
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FEE SIMPLE ESTATES |
- COMPLETE FORM OF OWNERSHIP - MOST COMMON IN CALIFORNIA - KNOWN AS: FEE, FEE OWNERSHIP OR FEE SIMPLE - TRANSFERRED ALL RIGHTS OF A PROPERTY TO A NEW OWNER FOR INDEFINITE DURATION OF TIME (PERPETUAL). - FREELY TRANSFERABLE - INHERITABLE (ESTATE OF INHERITANCE) |
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FEE SIMPLE DEFEASIBLE ESTATE |
- QUALIFIED FEE ESTATE - SUBJECT TO PARTICULAR LIMITATIONS IMPOSED BY THE GRANTOR OF THE ESTATE - BREAKING ANY CONDITION OF THE TRANSFER MAY BE GROUNDS FOR TERMINATING OR REVOKING THE PROPERTY TRANSFER |
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LIFE ESTATE |
- OWNERSHIP INTEREST IN REAL PROPERTY THAT ONLY EXISTS FOR THE LIFE OF ANY DESIGNATED PERSON(S) (THE GRANTEE) - PROVIDE A LIFETIME RESIDENCE FOR AN INDIVIDUAL - CREATED BY EITHER A WILL OR DEED - WHEN A DESIGNATED PERSON DIES, THE ESTATE REVERTS BACK TO THE ORIGINAL OWNER; ENDS ALL RIGHTS - FREE TO LEASE THE PROPERTY TO SOMEONE ELSE, BUT THIS LEASE IS ALSO SUBJECT TO THE LIFETIME LIMITATION |
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LIFE TENANT (LIFE ESTATE) |
- RIGHT OF PHYSICAL POSSESSION OF THE PROPERTY - RIGHT TO ALL RENTS & PROFITS, BUT TERMINATES WHEN THE LIFE ESTATE HOLDER DIES - CAN USUALLY LEASE THE PROPERTY, BUT NOT BEYOND THE TIME FRAME OF LIFE ESTATE - OBLIGATED TO KEEP THE PROPERTY IN GOOD REPAIR; NO IMPROVEMENTS NECESSARY - NOT DAMAGE ANY PERMANENT PART OF THE PROPERTY - USUALLY RESPONSIBLE FOR ALL ANNUAL COSTS & EXPENSES |
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ESTATE IN REVERSION |
- PARTY (GRANTOR) GRANTING A LIFE |
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ESTATE IN REMAINDER |
- NO RIGHT TO THE USE & ENJOYMENT OF THE PROPERTY UNTIL THE CURRENT LIFE TENANT DIES - IF AN OWNER GRANTING A LIFE ESTATE NAMES ANOTHER PERSON TO RECEIVE TITLE UPON THE DEATH OF THE CURRENT LIFE HOLDER |
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LESS THAN FREE HOLD ESTATES |
- NO TITLE TO REAL PROPERTY - ALSO KNOWN AS LEASEHOLD ESTATE - CONSIDERED PERSONAL PROPERTY - PERSONAL RIGHTS TO THE USE OF REAL PROPERTY FOR A PERIOD OF TIME - COMMONLY REFERRED TO AS LEASES OR RENTAL AGREEMENTS |
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LESS THAN FREE HOLD ESTATES - ESTATE FOR YEARS |
- TENANCY FOR A FIXED TERM - LEASE FOR A FIXED PERIOD OF TIME, AGREED IN ADVANCE. NO NOTICE TO TERMINATE IS NECESSARY. - ESTATE FROM PERIOD TO PERIOD (PERIODIC TENANCY) - PERSONAL PROPERTY OR CHATTEL REAL |
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LESS THAN FREE HOLD ESTATES - ESTATE FROM PERIOD TO PERIOD |
- PERIODIC TENANCY - RENEWABLE AGREEMENT TO RENT OR LEASE A PROPERTY - RENTAL OR LEASE AGREEMENT IS FIXED AT AN AGREED TO SUM PER WEEK, MONTH OR YEAR - NOTICE TO TERMINATE MUST BE GIVEN 30 DAYS |
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LESS THAN FREE HOLD ESTATES - ESTATE AT WILL |
- RENTAL AGREEMENT THAT CAN BE TERMINATED BY EITHER PARTY, LESSOR OR LESSEE - CALIFORNIA LAW, 30 DAY NOTICE TO VACATE - NO TRUE ESTATE AT WILL IN CALIFORNIA |
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ESTATE AT SUFFERANCE |
- OCCURS WHEN THE PERSON RENTING OR LEASING A PROPERTY REMAINS AFTER THE EXPIRATION OF THE STATED TERM WITHOUT THE LANDLORD'S CONSENT |
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TENANCY AT SUFFERANCE |
- OCCURS WHEN A TENANT REMAINS IN THE PROPERTY AFTER EXPIRATION OF A LEASE WITHOUT THE OWNER'S CONSENT |
