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PRACTICE 2

Terms

QuestionAnswer
Interests: Possession Estate
Interests: Non-possession Encumbrance Public interest
Freeholds: Fee simple not limited by one's lifetime absolute: highest form of ownership interest defeasible: reverts to previous owner per conditions
Freeholds: Life Estates passes to another upon death of a named party remainder: named party to receive estate reversion: previous owner to receive estate
Freeholds: Conventional limited to lifetime of life tenant or named party pur ante vie: limited to lifetime of another, passes to remainderman or previous owner
Freeholds: Legal life estate designed to protect family survivors homestead: rights to one's principal residence laws protect homestead from creditor
conditions
Leaseholds: Estate for years specific, stated duration, per lease defined time
Leaseholds: Periodic lease term renews automatically upon acceptance of rent
Leaseholds: Estate at Will for indefinite period subject to rent payment; cancelable with notice
YARD 3 feet
MILE = 5,280 ft
MILE = 1,760 yards
ACRE = 43,560 sq.ft.
AREA (rectangle) = length x width
AREA (triangle) = length x width/ 2 [/ denotes division]
TO CONVERT INTO ACREAGE: Area square footage / 43,560
Estates Freehold (Own) Fee simple Absolute Defeasible
Estates Leasehold (Lease) Estate for years Periodic Estate at Will Estate at Sufferance
Estates Life Estates Conventional Legal
Devise Estate in a will
Divisor Owner of will
Divisee Heir Testatee
Created by: Mz Jade
Popular Real Estate sets

 

 



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