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  1. estate
    the degree, quantity, nature and extent of interest a person has in property
  2. freehold estates
    one's interests as an owner of real property; can be fee estates or life estates
  3. Fee Simple Absolute
    the owner holds without any qualification or limitations
  4. Fee Simple Qualified (defeasible)
    owner holds subject to special conditions, limitations, or private deed restrictions that limit the use of the property
  5. Life Estates
    created by deed or will for the life of one or more designated human beings; the holder of a life estate cannot deed or lease a property beyond the life of the designated person
  6. estate in remainder
    granted through a life estate designating title to go to some other person upon death of the life estate holder
  7. estate in reversion
    upon death of a life estate holder the title reverts back to the granted the estate
  8. less-than-freehold estates
    interests held by tenants who rent or lease property
  9. Ownership in Severalty
    a person who acquires real property and holds title solely in his or her own name
  10. Separate Property
    property owned by a husband or wife or registered domestic partners that is not community property; acquired prior to marriage or registered partnership or by gift or device after marriage or domestic partnership
  11. joint tenancy
    two or more persons are joint and equal owners of the same undivided interest in real property; must have unity of time, title, interest, and possession
  12. right of survivorship
    in a joint tenancy if one tenant dies the surviving joint tenant(s) acquired the deceased's interest without a court action
  13. characteristics of joint tenancy
    • 1. cannot will your interest
    • 2. interest is undivided
    • 3. no probate required to distribute the interest upon death of one owner
    • 4. joint tenant may sell or convey their interest without approval of other tenant(s)
    • 5. corporation is not allowed to hold title
    • 6. surviving tenant acquires interest of the deceased and is free from debts created by deceased
  14. tenancy in common
    two or more persons or owners of an undivided interest in property
  15. characteristics of tenancy in common
    • 1. no right of survivorship
    • 2. each owner may hold an unequal interest
    • 3. each owner has equal rights of possession and must pay their share of expenses
    • 4. each owner may will their interest to their heirsĀ 
    • 5. each co-tenant may sell, convey, or encumber their interest without consent of co-tenant
  16. tenancy in partnership
    two or more persons, as partners, pool their interests, assets, and efforts in a business venture
  17. characteristics of a tenancy in partnership
    • 1. each partner has an equal right with other partners to possession of specific partnership property for partnership purposes
    • 2. a partner's right in the partnership property is not assignable except in connection with the assignment of rights of all partners
    • a partner's right in the partnership property is not subject to attachment or execution, except on a claim against the partnership
    • 4. there is a form of survivorship when on e partner dies
  18. community property
    ownership is another form of ownership held by more than one person, the property can be held only by a husband/wife or by registered domestic partners
  19. living trust
    created during a persons lifetime to avoid probate proceedings
Card Set:
2015-05-14 20:39:40
Real Estate
Principles ch. 2 pt. 2
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