AZ - RE School (A-2) Flashcards Preview

Real Estate > AZ - RE School (A-2) > Flashcards

Flashcards in AZ - RE School (A-2) Deck (3)
Loading flashcards...
1
Q

Interest & Estates

a. Definition?
b. What does it refer to?
c. To be an estate, and interest must be?

A

Interest & Estates

a. The degree, quantity, nature and extent of ownership interest which a person has in real property
b. It refers to one’s legal position of ownership - not to the amount of property owned;
c. To be an estate, and interest must be possessory or potentially become possessory, and whose ownership is measurable in terms of time duration.

2
Q

Classifications of ESTATES

A. Freehold

B. Less than Freehold

A

A. Freehold (Indefinite duration)

B. Less than Freehold (Definite duration) IE lease hold

3
Q

Fee Estates - Freehold - Inheritable

A. Fee simple absolute

B. Defeasible fee

A

f