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Flashcards in N11 Estates Deck (44)
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1

The degree, quantity, nature or extent of interest that a person holds in real property.

Estate

2

The two main categories of estates in real property are _______ AKA _____ and _______ AKA _____.

Freehold Estates aka Ownership, Less than Freehold aka Leasehold Estates

3

The highest form of real property ownership.

Fee Simple Absolute AKA Fee Simple

4

The most common form of real property ownership.

Fee Simple Absolute AKA Fee Simple

5

If a fee simple estate has restrictions that limit the property’s use.

Defeasible Fee Simple or Fee Simple on Condition Subsequent

6

An ownership interest that may NOT be willed to heirs.

Life Estate

7

The holder of a life estate is referred to as a ____.

Life Tenant

8

Waste

Deliberate damage to a property by an owner or renter .

9

The grantor of a life estate who will receive the granted interest at some time in the future holds an _______and is a _____.

Estate in Reversion, Reverter

10

A person who was not the grantor of a life estate who will receive a greater interest at some future time holds an _______ and is a _____Person.

Estate in Remainder, Remainder

11

Tenant Pur Autre Vie

A person who holds a life estate that is dependent on someone else’s life.

12

Demise

Another name for a lease.

13

Lessor (Landlord) and Lessee (Tenant)

parties to a lease

14

Estate For Years

A lease in which there is a specific ending date

15

Periodic Tenancy aka Estate from Period to Period aka Month to Month Tenancy

A lease that has no ending date but renews periodically.

16

Notice to terminate is NOT required in an _____.

Estate for Years. ( End date is indicates on these)

17

A leasehold interest that has no specific time and may be terminated at any time by either party.

Estate at Will

18

Estate At Sufferance

When a lease has expired but the tenant is holding over wrongfully.

19

Gross Lease

A lease in which the landlord pays all expenses.

20

A lease in which the tenant pays the expenses

Net Lease

21

A net lease is sometimes called a _____ AKA ______.

Triple Net Lease aka Net, Net, Net Lease

22

The expense that a landlord retains in a net lease.

Mortgage payment

23

Percentage lease

A lease in which the rent is a percentage of the tenant’s gross income.

24

Ground Lease

A lease in which the tenant rents only the land.

25

A lease in which the tenant was the former owner.

Sale Lease-Back

26

A lease in which the rent increases or decreases at specified times.

Graded or Graduated Lease

27

The clause in a graduated/graded lease stating the increases in rent.

Escalator Clause

28

A lease in which the rent is tied to consumer prices or inflation.

Index Lease

29

A lease in which the tenant has the right to buy or re-lease the property.

Lease-option

30

Sandwich Lease

A lease with a sub-lease.