Principles - Chapter 3 Estates Flashcards Preview

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Flashcards in Principles - Chapter 3 Estates Deck (41)
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1
Q

Estates: Freehold

A
indeterminable duration
3 types:
  fee simple absolute
  fee simple qualified
  life estate
2
Q

Estate: Possesory/Less than freehold

A

Estate for Years
Estate from Period to Period
Estate of Sufferance
Estate of Will

3
Q

Estate in Fee or Fee Simple/absolute

A

largest
infinite duration
no qualifications

4
Q

Estate in Fee Simple/Qualified or life estate

A

owner holds estate with condition attached

breaking condition=revocation

5
Q

Condition precedent

A

event must occur before transfer

give land to city IF city to build park

6
Q

Condition subsequent

A

event occurs after
owner give city land, if park is to be built
if not built, land back to grantor

7
Q

Reversion

A

residue of estate after expiration

8
Q

Life Estate

A

ownership for life duration of any designated person or persons
created by will or deed

9
Q

Estates Per autre vie (for life of antoher)

A

Life estates based on the life another, not the owner

10
Q

Life Tenant

A
right of possession
right to rents/profits
can encumber or dispose of property
obligated to keep in good repair
must not injure or destroy any permanent part to detriment of succeeding interest
responsible for taxes
cannot pass on to heirs
11
Q

Less than Freehold Estates

A

period of time

leases/rental agreements

12
Q

Types of leases

A

estate of years
estate from period to period
estate at will
estate at sufferance

13
Q

Estate of years

A

fixed duration agreed by lessor and lessee
51 years agricultural
99 years in city

14
Q

Estate from period to period/periodic tendency

A

any specified time

ex: month to month lease

15
Q

Estate at Will

A

no timeframe
can be terminated at will
not allowed in California
requires 30 notice

16
Q

Estate of sufferance

A

lessee stays/holds over

17
Q

Lease

A

agreement

defines conditions of use and occupancy

18
Q

7 Elements of a Lease

A
Identification/capacity of parties
description
agreement
consideration/duration
rights/obligations
legal purpose
lessor to execute
19
Q

Identification

A

named and have legal capacity to lease

20
Q

description of lease

A

premise description

21
Q

agreement of parties

A

agree to term=time,
condition =obligation
convenant=promise to do or not to do

22
Q

Stated consideration/duration

A

rent

duration/term

23
Q

Rights and Obligations

A

as stated

24
Q

Legal Purpose

A

lease for legal purpose

ex: cant lease office space for gambling

25
Q

Lessor must execute

A

Lessor must sign

Lessee sign not needed if taken physical possession of property

26
Q

statue of Fraud

A

Lease not executed in 1 year in writing

Alterations to lease in writing

27
Q

Title

A

Bundle of rights

proof of ownership

28
Q

Title types

A

severalty -one owner

concurrent-two or more

29
Q

Concurrent: tenancy in common

A

2 or more
possession rights
presumed title if not specifically noted

30
Q

Partition Suit

A

Court order to force sale of property held in title as tenancy in common

31
Q

Joint Tenancy

A

2 or more with right of survivorship

32
Q

Community Property

A

spouse ownership during valid marriage

33
Q

Testate

A

With a Will

34
Q

Intestae

A

Without a Will

35
Q

Tenancy by the entirety

A

not recognized in california

36
Q

Tenancy by partnersip

A

2 or more owners for purpose of partnership

37
Q

Coownership

A

Condos, stock co-op, planned dev projects and timeshares

38
Q

Stock Cooperative

A

Corporate owned real estate for use by shareholders

39
Q

Limited Equity Housing Cooperative

A

low to moderate income families

40
Q

Planned unit developments PUDs

A

PUDs
communities with common areas pools etc
differ from condo: no one above/below

41
Q

Time Shares

A

multiple owners for specified period of time

12 or more timeshare ownerships in a given project, Subdivided Land Act applies.