Estates 11 Flashcards Preview

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Flashcards in Estates 11 Deck (95)
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1

When the Grantor "Will Re-Aquire" Property, what is he called?

Reverter -

When the Grantor "Will Re-Aquire" Property, He is Called a Reverter

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2

Degree or Extent of Interest a Person has in Real Property. Synonymous with Right, Title, Interest, Tenancy, and Equity.

Chap 11

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Estate -

Degree or Extent of Interest a Person has in Real Property. Synonymous with Right, Title, Interest, Tenancy, and Equity.

Chap 11

3

What are the two categories of Estates?

Estates (2 Categories) -

1. Freehold Estate: (Fee Simple Absolute, Defeasible Simple, Life Estates)

2. Leasehold Estate: (Estate for Years, Period to Period, Estate at Will - Permission, Estate at Sufference - Tenant Holding Over Wrongfully)

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4

Which 3 types of Estates have an Ownership Interest?

Freehold Estates (Ownership Interest) -

Fee Simple Absolute: Highest Form, All Bundle of Rights Forever.

Deafeasible Fee Simple: (Conditional Ownership), if Violated Reverts Back to Grantor (reverter)

Life Estates - Interest Created by Life of a Certain Person.

5

Which Type of Estate Gives Right to Possess and Use of Another's Property.

Leasehold Estate -

Gives Right to Possess and Use of Another's Property.

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6

What are the 3 Types of Freehold Estates?

Freehold Estates (Types) -

1. Fee Simple Absolute (Highest Form of Ownership-Bundle of Rights Forever)

2. Defeasible Fee Simple (Conditional)

3. Life Estates (for Life of Certain Person)

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7

Which Type of Freehold Estate gives Highest Form of Ownership, Absolute Ownership, and has all Bundle of Rights Forever?

Fee Simple Absolute-

Gives Highest Form of Ownership, Absolute Ownership and all Bundle of Rights Forever.

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8

Which Type of Freehold Estate gives Conditional Ownership, and Reverts Back to Grantor (Reverter), if violated?

Defeasible Fee Simple -

Conditional Ownership, if violated Reverts Back to Grantor (Reverter).

  1. Fee Simple Determinable (If Condition Occurs Ownership Ends)
  2. Fee Simple Subject To Condition Subsequent (Condition Occurs Ownership May End)
  3. Fee Simple Subject To Executory Limitation (Passes to 3rd Party)

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9

Which Type of Freehold Estate gives Ownership Interest to a Life Tenant?

Life Estates -

Gives Ownership Interest to Certain Person (Life Tenant) for Their Life.

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10

Conv_______  L__ Estate -

Estate created by One Person for Another Person (Life Tenant).

  1. Interest Cannot be "Willed"
  2. Waste Cannot be Committed.

Conventional Life Estate -

Estate created by One Person for Another Person (Life Tenant).

  1. Interest Cannot be "Willed"
  2. Waste Cannot be Committed.

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11

 

Degree or Extent of Interest a Person has in Real Property. Synonymous with Right, Title, Interest, Tenancy, and Equity.

Estate -

Degree or Extent of Interest a Person has in Real Property. Synonymous with Right, Title, Interest, Tenancy, and Equity.

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12

Deliberate Damage to Property by Life Tenant is?

Waste -

Deliberate Damage to Property by Life Tenant

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13

"Interest" held by Grantor (Reverter) by which Grantor will Re-Aquire Interest is called?

Reversionary Interest (Estate in Reversion) -

"Interest" held by Grantor (Reverter) by which Grantor will Re-Aquire Interest.

Example: Son creates life estate for Mom and at Mom's death interest "reverts back" to Son.

  1. Mom holds a life estate (Warranty Deed)
  2. Son holds a Reversionary Interest (Estate in Reversion)

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14

Life Estate example, What Type of "Interest" Does Son hold If:

  1. Mom holds Life Estate
  2. Son is the Grantor Which will Re-Aquire Estate.

 

Reversionary Interest (Estate in Reversion)

Life Estate example where:

  1. Mom holds Life Estate
  2. Son is the Grantor Which will Re-Aquire Estate.

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15

An Interest held by a Another Person Than the Grantor by which they will Acquire a Greater Interest in the Future (ex: death of grantor)?

Remainder Interest (Person is: Remainderman) -

An Interest held by a Another Person Than the Grantor by which they will Acquire a Greater Interest in the Future (example: death of grantor).

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16

Freehold Estates (Ownership Interest) -

F__ S______ Ab______: Highest Form, All Bundle of Rights Forever.

D________ F__ S______: (Conditional Ownership), If Violated Reverts Back to Grantor (reverter)

L___ Es_____ - Interest Created by Life of a Certain Person.

Freehold Estates (Ownership Interest) -

Fee Simple Absolute: Highest Form, All Bundle of Rights Forever.

Deafeasible Fee Simple: (Conditional Ownership), if Violated Reverts back to Grantor (reverter)

Life Estates - Interest Created by Life of a Certain Person.

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17

Estate in Rem_____ (Rem_______ In______)

Son created Life Estate for Mom. Son is Grantor but Holds No Interest. Sister will Acquire Interest upon Mom's death. What interest will Sis hold?

Estate in Remainder (Remainder Interest) - Sis holds this interest.

Life Estate where: Son creates Life Estate for Mom. Son is Grantor but holds No Interest. Sister will acquire interest upon Mom's death.

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18

Life Estate where Mom conveys Fee Simple Title to Son, and holds Life Estate for Herself.

What type of interest does Son hold?

Son holds - Remainder Interest (Estate in Remainder)

Life Estate where Mom conveys Fee Simple Title to Son, and holds Life Estate for HerselfSon will hold Greater Interest in Future

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19

Type of Estates that gives Right to Possess and Use Another's Property. The Rights are Evidence by Lease (Demise)?

Leasehold Estates (Conditional Ownership) -

Types of Estates that gives Right to Possess and Use of Another's Property . The Rights are Evidence by Lease (Demise)

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20

Leasehold Estates Tenancies -

  1. Estate for _____ (Tenancy) - Ending Date and No Notice Needed
  2. Estate from _______ - Indefinite Period and *****NOTICE NEEDED******
  3. Estate at ______ - Unspecified Permission and No Notice Needed
  4. Estate of _________- Hold-over after Expiration

Leasehold Estates Tenancies -

  1. Estate for Years (Tenancy) - Ending Date and No Notice)
  2. Estate from Period to Period - Indefinite Period ****NOTICE NEEDED*****
  3. Estate at Will - Unspecified Permission/No Notice
  4. Estate of Sufferance - Hold-over after Expiration

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21

Which Leasehold Estate has a Ending Date, but Requires "No Notice" to Terminate?

Estate For Years Tenancy (ENDS) -

  1. Ending Date (Specified Time)
  2. No Notice - to terminate

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22

Which Leasehold Estate has an Indefinite Duration, and REQUIRES NOTICE to terminate?

Estate Period to Period -

1. Indefinite Duration (No End Date) - Month to Month, Year to Year

2. REQUIRED ****NOTICE NEEDED****

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23

Which Leasehold Estate gives

  1. Permission/Privilege to Use
  2. Unspecified Time Frame
  3. No Notice to Terminate

Estate at Will

  1. Permission/Privilege to Use
  2. Unspecified Time Frame
  3. No Notice to Terminate

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24

H________

Tenant Remains on Property After Lease Expires is What Type of Tenancy?

Holdover Tenancy -

Tenant Remains on Property After Lease Expires

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25

A Lease in which the Lessee (Becomes Sub-Lessor) by Entering into a "Separate Lease" with Another Lessee (Who Become Sub-Lessee)

What Type of Lease

Sublease (Sandwich Lease) -

A Lease in which the Lessee (becomes Sub-Lessor) by Entering into a "Separate Lease" with Another Lessee (Who Becomes Sub-Lessee).

Sub-Lessee Pays Rent to Lessee/Sub-Lessor, Who Pays Landlord/Lessor.

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26

A Lease where the Lessee (Assignor) Transfers All Rights to Lease to 3rd party (Assignee)

3rd Party Takes Over Lease, and Pays Lessor Directly

What is This Type of Lease?

Assignment of Lease -

A Lease where the Lessee (Assignor) Transfers All Rights to Lease to 3rd party (Assignee)

3rd PartyTakes Over Lease and Pays Lessor Directly

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27

Liability in a Sublease (Sandwich)

  1. Sandwich - Sub-Lessee (2nd Lessee) Liable to Orig. Lessee (Sub-Lessor)
  • Liable to Landlord/Lessor - ______
  1. Assignment - Assignor-Lesee and Assignee (3rd Party) -
  • Liable to Landlord/Lessor - ______

Liability in a Sublease (Sandwich)

  1. Sandwich - Sub-Lessee (2nd Lessee) Liable to Orig. Lessee (Sub-Lessor)
  • Liable to Landlord/Lessor - Orig Lessee(Sub-Lessor)
  1. Assignment - Assignor-Lessee and Assignee (3rd Party) 
  • Liable to Landlord/Lessor - Both

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28

Liability in Assignment -

  1. Assignor Re-Asigns Lease to (3rd Party)
  2. Assignee/Sub-Lessee (Takes of Over Lease) and PAYS LANDLORD RENT
  3. Who is Liable to Landlord for non-payment?

 

Liability in Assignment -

  1. Assignor Re-Asigns Lease to (3rd Party)
  2. Assignee/Sub-Lessee (Takes of Over Lease) and PAYS LANDLORD RENT
  3. Liable to Lessor/Landlord - Both

29

Rent stated in Lease is called?

Contract Rent -

Rent stated in Lease

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30

Current Market Rent that could be obtained is called?

Economic Rent -

Current Market Rent that could be obtained

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