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28 Cards in this Set
- Front
- Back
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If a single party owns the fee or life estate, the ownership is _______. |
Tenancy in severalty |
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If more than one person, or a legal entity such as a corporation owns estate in land, the estate is held in co-ownership. Co-owners are also called ______ |
co-tenants |
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The most common form of ownership when owners are not married is called ______. |
Estate in common, or tenancy in common. |
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Co-tenants have equal rights to posses, sell, encumber, or transfer their rights in a tenancy in common. Each co-owner has ______ rights. |
Identical |
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A deceased co-tenant's estate passes to _______. |
Their heirs, not the other tenants in common. |
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It is not necessary for tenants in common to acquire their interests at the same time.
True or false? |
True. |
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If a share-holder in tenancy in common wants to sell his shares, and the other owners don't want to buy it / a buyer cannot be found, a shareholder can request a _______ from the courts. |
Partition suit. |
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In a ____ tenancy, two or more people collectively own a property as if they were a single person. |
Joint |
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Tenants in common hold seperate titles, joint tenants together hold a single title.
True or false? |
True. |
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In joint-tenancy, without exception, 4 tenants each hold 25% of the property. 10 tenants each hold 10% of the property. This is called ____. |
Equal ownership. |
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When a joint-tenant dies, all interests and rights pass onto the surviving joint tenants, free of claims of creditors or heirs.
True or false? |
True. |
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When only one joint-tenant survives, the survivor's interest becomes an estate in _____. |
severality |
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Joint tenants, unlike tenants in common, relenquish any ability to will their interest to parties outside of the tenancy.
True or false? |
True |
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______ is a form of ownership reserved exclusively for husband and wife. |
Tenancy by the entireties |
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_______ is a form of ownership held by business partners. This tenancy grants equal rights to all partners, but the property must be used in connection with the business. |
Tenancy in partnership. |
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In an estate in trust, the fee owner - the ___ or ___ - transfers title to a fiduciary, or ____. |
Grantor or trustor.
trustee |
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The trustee holds and manages the estate for the benefit of another party, the ____. |
beneficiary. |
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a ______ is the same as a living trust, except that it only takes place after the trustor dies. |
Testamentary trust |
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A ______ allows the trustor to convey the fee estate to the trustee and name himself as the beneficiary. |
land trust |
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an _________ gives a property owner a right of usage to portions of an adjoining property owned by someone else. Means "attaching to" |
Easement appurtenent |
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a ______ is an easement appurtenent granted by a court of law due to necessity, usually access to a property. |
Easement by necessity, or easement by implied grant. |
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an _______ prevents a neighbor from obstructing your beautiful view of the lake on the other side of his property. |
Easement for light and air |
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______ is the right of the government to take private property for public use. |
Eminent domain |
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If an owner dies without a will or heirs, that property will be reverted to the state by process of _____ |
Escheat |
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A _____ is an estate that is perpetual, and not conditioned by stipulation or restriction. The most desireable estate. |
Fee simple absolute
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A _____ starts as absolute, but is attached with a condition or restriction. |
Fee simple defeasible |
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This type of life estate ends with the death of the life estate owner, and passes back to the original owner or their heirs upon death. Jim gives to Yonda. |
Ordinary life estate |
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This life estate endures over the lifetime of a third person. Jim gives to Yonda, who gives to beth. |
Pur Autre Vie life estate |
