Chapter 2 Flashcards
(23 cards)
chattel
personal property
chattel real
an interest, such as a leasehold, in an item of immoveable property, such as land or a building
curtesy
the fractional interest of a husband in the estate of his wife at the time of her death. Not legal in Arizona.
demise
the transfer of possession in an estate to another by lease
devise
- real property transferred in a will 2. to transfer real property by will
dower
the fractional interest of a wife in the estate of her husband at the time of his death. Not legal in Arizona.
grantee
a person receiving a grant of real property from the grantor
grantor
a person transferring title to real property
holdover tenant
a tenant who remains in the property after the lease has expired
homestead
a person’s land used as their residence, the equity in which is usually exempt from attachment by creditors to a statutorily preset amount of $150,000 in Arizona.
inchoate
in complete, as an interest in property (ie. a mechanic’s lien that has been filed but not enforced)
lessee
a tenant
lessor
a landlord
life estate
a freehold estate that is not inheritable, the duration of which is limited by the life of the measuring life, either the owner of the life estate or another designated person
life estate in remainder
a life estate that passes to another named person upon the death of the measuring life
life estate in reversion
a life estate that reverts back to the grantor upon the death of the measuring life
life estate pur autre vie
a life estate “for the life of another” where the measuring life is someone other than the life tenant
life tenant
someone who owns a life estate; the person entitled to possession of the property during the measuring life
probate
the legal process of determining the validity of a will, paying the debts of the deceased and distributing the remaining assets
remainderman
a third party who has a future interest in property ( a remainder estate) upon the termination of a life estate
reversion
a future interest that becomes possessory when a temporary estate (such as a life estate) terminates, and that is held by the grantor (or grantor’s successors in interest)
right of survivorship
the characteristic of a joint tenancy by which the surviving joint tenant (owner) automatically takes all rights, title, and interest of the deceased joint tenant
waste
the reduction in value caused by destruction, damage, or material alteration of property
