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Chapter 4

Interests and Estates

QuestionAnswer
What is INTEREST? ownership of any combination of the bundle of rights to real property, including the rights to possess, use, transfer, encumber, exclude
What is UNDIVIDED INTEREST? an owner's interest in a property in which two or more parties share ownership
What is an ESTATE IN LAND? when the interest-holder enjoys the right of possession
What is an ENCUMBRANCE? when a private interest-holder does not have the right to possess
What is POLICE POWER? the right of the local or county government to zone
What is a FREEHOLD ESTATE? when the duration of the owner's rights cannot be determined
What is a LEASEHOLD ESTATE? arises from the execution of a lease by a fee owner­- the lessor, or landlord-- to a lessee, or tenant; since tenants do not own the fee interest, a leasehold estate is technically an item of personal property for the tenant
What is a TENANCY?
What is a FEE SIMPLE ESTATE? the highest form of ownership interest one can acquire in real estate. It includes the complete bundle of rights, and the tenancy is unlimited
What is a LIFE ESTATE? is a freehold estate that is limited in duration to the life of the owner or other named person
What is REVERSION? when, if no remainder estate is established, the estate reverts to the original owner or the owner's heirs
What is a REMAINDER? when, if a life estate names a third party to receive title to the property upon termination of the life estate, the party enjoys a future interest called a remainder interest or a remainder estate
What is a HOMESTEAD? one's principal residence; homestead laws protect family members against losing their homes to general creditors attempting to collect on debts
What is a DOWER? a wife's life estate interest in the husband's property; when the husband dies, the wife can make a claim to portions of the decedent's property
What is a CURTESY? a husband's life estate interest in the wife's property; when the wife dies, the husband can make a claim to portions of the decedent's property
What is an ELECTIVE SHARE? a state-level statute enabling a surviving spouse to make a minimum claim to the deceased spouse's real and personal property in place of the provisions for such property in the decedent's will
What is an ESTATE FOR YEARS? a leasehold estate for a definite period of time, with a beginning date and an ending date; the estate for years may endure for any length of term; at the end of the term, the estate automatically terminates, without any requirement of notice
What is an ESTATE FROM PERIOD TO PERIOD? the tenancy period automatically renews for an indefinite period of time, subject to timely payment of rent; at the end of a tenancy period, if the landlord accepts another payment, lease is renewed
What is an ESTATE AT WILL? has no definite expiration date and no "renewal" cycle; landlord and tenant agree that the tenancy will have no specified termination date, provided rent is paid on time and other lease conditions are met
What is an ESTATE AT SUFFERANCE? a tenant occupies the premises without consent of the landlord or other legal agreement with the landlord; usually such an estate involves a tenant who fails to vacate at the expiration of the lease, continuing occupancy without any right to do so.
A conventional life estate gives... full ownership interest, limited to the lifetime of the life tenant or other named party;
A conventional life estate is created by... agreements between parties
When does an ordinary conventional life estate end? on death of life tenant; passes to remainderman or previous owner
When does a pur autre vie conventional life estate end? endures over the lifetime of a third person, after which the property passes from the tenant holder to the original grantor (reversion) or a third party (remainderman)
A legal life estate is... And was designed to... automatically created by state law; protect family survivors
The major forms of a legal life estate are... homestead, dower and curtesy, elective share
Created by: alli-bohanon
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