Ch 2- RE Interests And Ownership Flashcards Preview

RE Principles And Practices > Ch 2- RE Interests And Ownership > Flashcards

Flashcards in Ch 2- RE Interests And Ownership Deck (24):
1

Estate

The degree, quantity, nature, and extent of ownership interest that a person has in real property

2

Freehold Estate

Characterized by property ownership of indeterminate duration

3

Leasehold Estate

When tenants occupy but do not own property

4

Fee simple absolute estate

Where a property is fully owned, transferable, and inheritable

5

Grantor

Individual who grants real property interests to another

6

Grantee

Individual who receives the grant of real property

7

Fee simple defensible Estate

Estates that include stipulations in the language of the deed that, of not adhered to by the grantee can result in the property reverting to the original grantor

8

Life Estate

A freehold Estate that lasts only as long as the specified person (measuring life) lives

9

Life tenant

Holder of the life Estate

10

Dower

Life Estate a wife has of a deceased husband

11

Curtesy

Life Estate a husband has of deceased wife

12

Homestead protection

Primary residence, the equity in which is usually exempt from attachments by creditors to a statutorily preset amount

13

Demise

Transfer of possession of property by a lease

14

Devise

Transfer of real property through a will

15

Estate at sufferance

Describes possession of a property by a holdover tenant

16

Gross lease

Tenant pays a set amount of rent each month, landlord pays building expenses

17

Net lease

Tenant pays set amount of rent plus some or all of the building expenses

18

Percentage lease

Rent is determined by a percentage of gross income of tenant plus fixed minimum rent

19

Ground lease

Where one person owns the land and the other person owns the improvements

20

Severalty

Ownership by a single individual or corporation where the person’s interests are cut from the interests of all others

21

Concurrent ownership

Any form of ownership in which two or more people share title to real property

22

Joint tenancy

An estate that arises by purchase or grant to two or more people

23

Tenancy in common

Ownership of realty by two or more unmarried persons with no right of survivorship

24

Tenancy by the entirety

When spouses are regarded as a single legal person. Does not exist in Arizona