Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Stack #3233526
Chap 2:2 Estates
| Question | Answer |
|---|---|
| With a leasehold estate, does the lessee have the right to dispose of the property? | Simple answer is NO. The lessee will release all rights include disposition back to the owner at the end of their lease. The other possible answer is ‘maybe’ only if there is a clause that could allow the lessee to sub-lease their rights/interest. |
| Despite having the right to use their land for any purpose with a freehold estate, what may legally limit a person from building a 20 foot tall water slide in their back yard? | Law. HOA/CCR’s. Builder/Owner Deed restrictions. These are all examples of possible reasons why this may not be allowed. |
| How many types of leasehold estates exist? | There are a total of 4: Estate for Years, Estate at Sufferance, Periodic Estate and Estate at Will. |
| Can a property owner sell their house in order to terminate an Estate for Years with a tenant? | No. An Estate for years has an expiration date. The date when the lease ends, is when the estate ends, not before that due to sale or other conveyance of the deed. |
| Estate for Years | Lease has a fixed term and can be for months or even years (Like store.. 10 year lease) |
| Periodic Estate | Duration can run from year to year or month to month basis (optima) |
| Estate at Sufferance | lease owners is a holdover after expiration of lease (Squatters: if tenant accepts late payment they allow month to month) |
| Estate at Will | Lease where tenant is allowed to stay for an indefinite time (Kirkland house. Can be terminated by either party whenever) |
| Freehold Estate | any estate which is free from hold of any entity. (free to do as you please. Cholla house is ours to do as we want) |
| Fee Simple Absolute | Highest and most desirable form of property ownership. indefeasible Fee = unable to annul, forfeit or end the estate as long as the owner abides by all legal rights |
| Fee Simple Qualified | a Fee estate which has limitations -The limitations are created at time granting -limitations or conditions (writing and signed by both parties) -Defeasible = can be terminated if certain criteria is met or not met -Annul = to declare invalid (void) |
| Fee Simple Determinable | as long as something is done (or not done) in deed -If these limitations or conditions are met, the property would automatically revert back to the grantor or the grantors heirs |
| Reverter Clause | automatically transfers full ownership back to grantor |
| Fee Simple on Condition Subsequent | Subject to a prohibited declaration in deed (parents give kid a condo ‘to own & use as long as he can hold down a job & doesn’t drink alcohol. If the kid drinks or get fired, the parents would have 2 physically retake possession. Courts could be involved) |
| Fee Simple Conditional | inheritance of property is limited to direct descendants only. (Not legal in AZ ) Dad would never allow a wife of his son to take the property away from the family, so he set up a fee simple conditional deed “for his son and the sons of his sons only.” |
| Devise | to will or transfer real property upon one’s death |
| Estate in Reversion | a life estate that ends upon the death of the life tenant & reverts back 2 grantor or the grantors heirs Ex: Anna conveys a life estate to her sister Beth. Upon the death of Beth, the property will revert back to Anna, or to her heirs |
Created by:
jenlubers