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Real Estate National Key Facts > N11 Estates > Flashcards

N11 Estates Flashcards

1
Q

The degree, quantity, nature or extent of interest that a person holds in real property.

A

Estate

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2
Q

The two main categories of estates in real property are _______ AKA _____ and _______ AKA _____.

A

Freehold Estates aka Ownership, Less than Freehold aka Leasehold Estates

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3
Q

The highest form of real property ownership.

A

Fee Simple Absolute AKA Fee Simple

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4
Q

The most common form of real property ownership.

A

Fee Simple Absolute AKA Fee Simple

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5
Q

If a fee simple estate has restrictions that limit the property’s use.

A

Defeasible Fee Simple or Fee Simple on Condition Subsequent

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6
Q

An ownership interest that may NOT be willed to heirs.

A

Life Estate

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7
Q

The holder of a life estate is referred to as a ____.

A

Life Tenant

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8
Q

Waste

A

Deliberate damage to a property by an owner or renter .

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9
Q

The grantor of a life estate who will receive the granted interest at some time in the future holds an _______and is a _____.

A

Estate in Reversion, Reverter

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10
Q

A person who was not the grantor of a life estate who will receive a greater interest at some future time holds an _______ and is a _____Person.

A

Estate in Remainder, Remainder

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11
Q

Tenant Pur Autre Vie

A

A person who holds a life estate that is dependent on someone else’s life.

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12
Q

Demise

A

Another name for a lease.

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13
Q

Lessor (Landlord) and Lessee (Tenant)

A

parties to a lease

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14
Q

Estate For Years

A

A lease in which there is a specific ending date

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15
Q

Periodic Tenancy aka Estate from Period to Period aka Month to Month Tenancy

A

A lease that has no ending date but renews periodically.

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16
Q

Notice to terminate is NOT required in an _____.

A

Estate for Years. ( End date is indicates on these)

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17
Q

A leasehold interest that has no specific time and may be terminated at any time by either party.

A

Estate at Will

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18
Q

Estate At Sufferance

A

When a lease has expired but the tenant is holding over wrongfully.

19
Q

Gross Lease

A

A lease in which the landlord pays all expenses.

20
Q

A lease in which the tenant pays the expenses

A

Net Lease

21
Q

A net lease is sometimes called a _____ AKA ______.

A

Triple Net Lease aka Net, Net, Net Lease

22
Q

The expense that a landlord retains in a net lease.

A

Mortgage payment

23
Q

Percentage lease

A

A lease in which the rent is a percentage of the tenant’s gross income.

24
Q

Ground Lease

A

A lease in which the tenant rents only the land.

25
Q

A lease in which the tenant was the former owner.

A

Sale Lease-Back

26
Q

A lease in which the rent increases or decreases at specified times.

A

Graded or Graduated Lease

27
Q

The clause in a graduated/graded lease stating the increases in rent.

A

Escalator Clause

28
Q

A lease in which the rent is tied to consumer prices or inflation.

A

Index Lease

29
Q

A lease in which the tenant has the right to buy or re-lease the property.

A

Lease-option

30
Q

Sandwich Lease

A

A lease with a sub-lease.

31
Q

A lease in which the tenant is a nationally recognized company.

A

Anchor Lease

32
Q

A lease in which the tenant is a shareholder in a cooperative.

A

A Proprietary Lease

33
Q

Surrender and Acceptance

A

Mutual agreement to terminate a lease.

34
Q

The clause in a lease which calls for lease termination should the property be taken under eminent domain.

A

Condemnation Clause

35
Q

If a tenant breaches some lease terms and the landlord forces the tenant out it is called an ____.

A

Actual Eviction

36
Q

The legal term for the eviction process is _________ AKA ________.

A

Forcible Entry & Detainer Action aka Ejectment

37
Q

If a landlord breaches lease terms resulting in the property becoming uninhabitable and causing the tenant to terminate the lease.

A

Constructive Eviction

38
Q

Does the death of a Land Lord terminate the lease?

A

NO

39
Q

Does the sale of the property terminate the lease?

A

NO

40
Q

The two rights that a landlord has under a lease.

  1. _________
  2. _________
A
  1. Right to receive rent

2. right to reversion

41
Q

A tenant’s right to protection from any claim against the leasehold interest.

A

Right of Quiet Enjoyment

42
Q

Trade Fixtures

A

Personal property of a tenant used in the tenant’s business.

43
Q

The right that a wife has in the state of her deceased husband is:

A

Dower

44
Q

Curtesy

A

The right that a husband has in the state of his deceased wife.

Real Estate National Key Facts (14 decks)

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