Estates In Land

Question 1

Interest (in property)

Answer 1

The right concerning land or a claim against it

Question 2

Possessory interests-also called estate

Answer 2

Exclusive use to the land and possession of the property

Also called estates

Question 3

What is an estate

Answer 3

The right to exclusive use of real property either now or in the future.

Question 4

Lien

Answer 4

Mortgage- non possessory interest in real property

Question 5

What are the two basic categories of estates?

Answer 5

Freehold estate (includes title) and leasehold estates (does not include title).

Question 6

What are the two types of freehold estates?

Answer 6

Fee simple estate

Life estate

Question 7

What is the most common type of estate?

Answer 7

Fee simple estate

Which are either absolute of defensible

Question 8

Fee simple estate is

Answer 8

The highest and complete form of ownership. The ownership can potential ally last forever and be transferred in any manner she wishes.

They are perpetual, transferable and inheritable

Question 9

The fee simple absolute allows:

Answer 9

The new owners to hold the title free and clear to do what they want with the ownership of land.

Question 10

Fee simple defeasible means-

Answer 10

They take ownership on a condition stated by the previous fee simple owners.

The fee holders interest will end of a specific qualification is not met.

For example: she sells her property on the condition it be used to house an orphanage.

If the specifications are breached. The estate will return to the person who imposed the limitation or to their heirs.

Question 11

A life estate is and life tenant is:

Answer 11

Limited to time that only lasts as long as that person is alive.

The holder of a life estate is called the life tenant

Question 12

Pur autre vie is French for

Answer 12

Another life

This is for when the measuring life is for someone other than the tenant

Question 13

What is an estate for years? Sometimes called a term tenancy

Answer 13

A leasehold estate that lasts for any fixed term.

Exp apr 1- sept 30

Question 14

Termination of a lease by mutual consent is called

Answer 14

A surrender

Question 15

What is a period estate?

Answer 15

When a tenancy is not limited to a specific term.

A period estate continues from rent period to rent period, until one parties gives the other party notice of termination

Question 16

Estate at will

Answer 16

Can be terminated at any time by either the landlord or the tenant.

Question 17

Estate at sufferance

Answer 17

Someone who stays beyond their agreed lease is considered an estate and sufferance.

Question 18

in severalty means

Answer 18

Single-alone

Question 19

what are the 3 forms of concurrent ownership

Answer 19

1. tenancy in common
2. Joint tenancy
3. community property

Question 20

Tenancy in common is

Answer 20

the most basic form of ownership between multiple people. You can think of it as the default category. A co-ownership arrangement.

A tenant in common is free to sell, will, or mortgage his or her interest without the consent of the other tenants.

Question 21

Joint Tenancy is

Answer 21

In a joint tenancy, two or more persons are joint and equal owners of a property.

The most important characteristic of joint tenancy is the right of survivorship: when a joint tenant dies, his or her interest in the property automatically passes to the surviving joint tenant(s).

Question 22

What are the four unities of joint tenancy

Answer 22

[PITT]
Possession
Interest 
Time
Title

Question 23

Community Property is

Answer 23

Community property is property owned concurrently and equally by two spouses.

As a general rule, a married couple in Washington owns the property they acquire during marriage as community property.

Question 24

What is considered in a spouses separate property?

Answer 24

Anything acquired before marriage
bought with separate funds
gift or inheritance
profits from separate property

Question 25

What does Syndicate mean?

Answer 25

Syndicate is a general term that can refer to any group of individuals who pool their resources to carry on a business enterprise.

Question 26

How can a syndicate be organized?

Answer 26

``` Partnership Corporation Limited liability company Joint venture Trust ```

Question 27

What is a business partnership?

Answer 27

A partnership is an association of two or more persons to carry on a business as co-owners and divide the profits. There are two types of partnerships: general and limited.

Question 28

What is a business corporation?

Answer 28

A corporation is made up of stockholders, a board of directors, and corporate officers.

Question 29

What is a business shareholder?

Answer 29

The shareholders (also called stockholders) are investors who own shares in the corporation.

Question 30

Who has overall control over a business?

Answer 30

board of directors, which has overall control over the business, which are elected by the shareholders.

Question 31

What do officers do in a business?

Answer 31

officers of the corporation manage the business from day to day.

Question 32

Share in a corporation are considered to be:

Answer 32

Securities-A security is a financial investment in a company made by an investor who does not have managerial control over the business.

Question 33

Blue Sky Law

Answer 33

Sales of securities are regulated at the federal level by the Securities and Exchange Commission.

Question 34

What does REIT mean and what do they do?

Answer 34

A real estate investment trust (REIT) [must have 100 investors] is a business association that invests almost exclusively in real estate or real estate financing.

Question 35

What is a typical condominium?

Answer 35

A typical condominium is made up of one or more multi-family residential buildings and looks just like an apartment complex.

Question 36

What are common elements?

Answer 36

parts of the condominium property that may be used by all of the residents. Common elements are also called common areas.

Question 37

Limited common elements are;

Answer 37

reserved for the exclusive use of the owners of a specific unit or a specific group of units.