From Principles Workbook Unit 2 Flashcards Preview

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Flashcards in From Principles Workbook Unit 2 Deck (21)
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1

What are the two types of estate?

Freehold estate and leasehold estates

2

Freehold estate is

estate of ownership

3

Leasehold state is

estate of possession

4

What is the duration of a freehold estate?

indefinite

5

What is the duration of a leasehold estate?

can be terminated

6

What are the three freehold estates?

1. Fee simple absolute
2. Fee simple defeasible (also called a qualified fee because there are deed conditions)
3. LIfe estate

7

Which type of estate is the greatest, most complete form of ownership?

fee simple absolute

8

what are the four types of leasehold estates?

1. estate for years
2. estate from period to period
3. estate at will
4. estate at sufferance

9

are easements revocable?

no

10

what is escheat

government's reversionary right when a property is abandoned

11

When is escheat exercised?

when owner dies intestate (no will) and without heirs

12

do easements transfer with land?

yes

13

what is a revocable, nonexclusive permission that grants privilege to use property? also can be cannceled

license

14

alienation

fee estate gives the owner the right to sell, will or give the property away

15

what is a fee simple estate?

right to occupy and use land forever

16

when do life estates terminate?

terminate upon death of life tenant.. cannot be willed

17

liens, easements and restrictive covenants are

encumbrances

18

what type of estate has a specific termination date?

estate for years

19

what is remainder estate

belongs to the party who will obtain title upon death of the measuring life

20

which of the following estates usually does NOT terminate on the death of the holder of the estate?
A. life estate
B. estate for years
c. estate at will
d. estate at sufferance

B. Estate for years
an estate for years is a contract and terminates on the date specified int eh elase, not upon death of the lessor or lessee.

21

how can easements be terminated?

by release, merger or abondonment.