Flashcards in Principles 3 Deck (21)
-Highest form of land ownership (In medieval England)
Fee simple estate
-“present, possessory interest”
-Carries the maximum bundle of rights
-Has the right to use the property right now and for an indefinite period in the future.
Fee simple absolute
-Highest (Most Complete) form of ownership.
-no restrictions on its use
-Has the right to possession and use of property, but the estate lasts only as the life of a person identified in the deed or will that creates the estate.
-when the right of possession returns to the original property owner when the life estate ends.
-When the right of possession goes to a third person when life estate ends.
-Are those who rent or lease property from landlords.
A conveyance of real estate is called?
Ownership in severalty
-Also called “separate ownership“ or “sole ownership “
-Ownership by one person
- 4 types
-Ownership by more than one person at the same time.
Tenancy in common
-co-Ownership of property in equal or unequal shares by two or more persons, each holding an undivided interest without right of survivorship.
-created when more than one person takes title, they are not married to each other, and no other method of taking title is specified.
Unity of Possession
-Each tenant has the right to possession of the property and cannot be excluded by the cotenants.
-gives all co-owners the right to possession of the entire property.
Joint tenancy (TTIP)
-Unity of TIME (Takes title at the same time)
-Unity of TITLE (receives title through the same deed)
-Unity of INTEREST (Owns an equal share)
-Unity of POSSESSION (Each has right to use all the property)
-ownership by two or more co-owners, all have equal shares and the right of survivorship
-Real Property or personal property acquired by a spouse during marriage or by a registered domestic partner.
Separate Property is acquired
-By gift or inheritance to one spouse
-With the proceeds of other separate property, or
-As income from separate property
-Is established when two or more persons carry on a business for profit as co-owners.
-business owned only by one owner
Owner of a Corporation is called
Non-profit corporations are owned by?
Is an association of two or more persons to carry on a business as co-owners for profit.