Estates Flashcards Preview

Real Estate Sales Exam > Estates > Flashcards

Flashcards in Estates Deck (14):
1

An estate that has the exclusive right to the possession and use of the property for an indefinite amount of time.

Freehold estate

2

The most common type of freehold estate ownership.

Fee simple absolute estate

3

The fee simple absolute type of estate gives these rights:

1. Authority to live in, rent or mortgage the property.
2. Sell destroy or reassign ownership of the property.
3. Construct buildings in the property.
4. Excavate minerals, gas and oils.
5. Refuse the use of property by others.

4

An estate similar to a lease or contract situation that holds limited rights and usage to the property and typically has a set or predetermined time period for the tenant.

Non freehold estate

5

A non freehold estate that requires that all parties sign a contract that includes a fixed termination date. Can be a few hours to 99 years.

Estate for Years

6

A non freehold estate that allows either party to terminate the contract at any time. In California 30 days notice of termination must be given. Also known as a tenancy at will.

Estate at Will

7

A non freehold estate where the contract renews itself from period to period unless one of the parties gives notice of termination. Also now as a periodic tenancy or periodic estate.

Estate from Period to Period

8

A non freehold estate that occurs when a tenant does not vacate at the end of the lease period, against the property owner's wishes.

Estate at Sufferance

9

Fee upon __________:
The fees/taxes of the property based on outside circumstances, such as home modifications, outside liens or holds on the property, or changes in the real estate market.

Fee upon condition

10

An estate that ends at the death of the owner and revers to the original owner.

Life estate

11

The owners of the life estate is called the ____ _________.

Life tenant

12

"for another's life" : similar to a life estate, it state that a person's life interest will last for the life of another person's life instead of their own.

Pur autre vie

13

An individual who inherits property when an estate is terminated from the former owner. This typically happens due to the death of the owner's life estate, but can also be a voluntary act.

Remainderman

14

A life estate ownership that 'reverts' back to the original owner or grantor.

Life estate in reversion