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Chapter 2

Real Estate Fundamentals - WA Rockwell Book

TermDefinition
Estate An interest in land that is or may become possessory
Freehold Estate An interest in real property that has an indeterminable (not fixed or certain) duration
Leasehold Estates (Less-than-Freehold Estates) Has a limited durations and the holder is sometimes referred to as the tenant
Fee Simple Estates (Estate of Inheritance) The greatest estate that can exist in land, the highest and most complete form of ownership - Infinite duration, freely transferrable, inheritable,.
Fee-Simple Absolute Estate When a fee simple estate owner transfers title by deed
Qualified Fee Estate The grantor of this estate may specify that the grantee meet a certain condition
Fee Simple Determinable A type of qualified fee estate where the property reverts back to the grantor without legal action if the condition is violated
Fee Simple Subject to a Condition Subsequent A type of fee estate that doesn't end automatically when the condition is breached, so the grantor has to take actions to terminate the estate upon breach
Life Estates A freehold estate whose duration is limited to the lifetime the holder
Life Estate Pur Autre Vie A freehold estate whose durations is limited to the measuring life of another person
Estate in Reversion The estate grantor states that the property will be their's once more upon the end of a measuring life
Estate in Remainder The estate grantor states that the property should go to a third party on the death of the life tenant
Remainderman The third party receiving an estate upon the death of the life tenant
Lease This creates a leasehold estate
Landlord (Lessor) The owner of the property being leased
Tenant (Lessee) The party with the right of possession in a leasehold estate
Estate for Years Tenancy for a fixed term, terminating automatically at the end of the term
Periodic Estate (Periodic Tenancy) Tenancy is not fixed; it lasts for a specific period of time and continues for successive similar periods, renting each time at the end of the term
Estate at Will Often arises when a lease has expired and the parties are in the process of negotiating the terms of the new lease
Tenancy at Sufferance (Estate at Sufferance) A tenant who came into possession of the property lawfully, holds over after the lease has expired without landowners consent
Ownership in Severalty One person holds title to property individually
Concurrent Ownership Exists when two or more people simultaneously share title to a piece of property
Tenancy in Common Two or more individuals have an undivided interest in a single piece of property and share possession - their interest can be deeded or mortgaged
Partition Suit A legal action that divides the interests in the property and destroys unity of possession
Joint Tenancy Two or more individuals are equal owners of the property; on the death of one of the owners, interest automatically passes to the surviving owners (can be willed)
Interest, Title, Time, and Possession What four unities must exist to signify equal interest and Joint Tenancy?
Community Property Property owned jointly by a married couple in the state of Washington and other states
Separate Property Property owned by one before entering marriage or receiving as a gift, inheritance, or will
Tenancy by the Entireties A joint tenancy for married couples in states that do not support community property
Syndicate A group of individuals who come together and pool their resources to carry out an enterprise
Partnership An association of two or more persons, to carry on, as co-owners, a business for profit
General Partnership Formed by written or oral contract, partners share in the profits and management of the partnership
Partnership Property Property acquired for the partnerships business
Limited Partnership A partnership with one or more general partners and one or more limited partners
Corporation Owned by shareholders who purchase stock in the organization and is an "artificial person"
Securities An investment interest
Double Taxation What is the main drawback to a corporation?
Domestic Corporation Corporations under Washington Law
Limited Liability Companies Managing members are not personally liable for the organizations debts and obligations
Joint Ventures Created for a single business transaction or for a series of individual transactions
Trusts One or more manage property for the benefit of beneficiaries
Real Estate Investment Trust Investors form this to finance large real estate projects requiring at least 100 investors
Common Elements Aspects of the condominium property that all of the unit owners have the right to use
Limited Common Elements Features reserved for the owners of certain units but are outside the unit itself
Conversion When an owner of an apartment complex decides to change into a condominium
Cooperatives Tenants purchase shares in the corporation and pay rent going toward the corporations mortgage, taxes, operating expenses, and other debts
Condominium Each unit is owned individually in an apartment like setting
Timeshares A buyer purchases the right to occupy the unit during a particular time slot each year
Washington Timeshare Act Consumer protection law that governs the sale of timeshares in WA requiring timeshare developments to be registered with the Department of Licensing and salespersons to be registered as timeshare salespersons
Seven Days The Washington Timeshare Actives buyers this many days to rescind their offer after signing the agreement or receiving the disclosure statement
Created by: studybuddy77