Estates in Real Property Flashcards

Estates in Real Property Flashcards LeaseholdAn estate that entails temporary rights of use, possession, and to an extent, exclusion, but not legal ownership.A leasehold estate is distinguished by its specific duration, as represented by the lease term.Ownership of a leasehold estate is not so considered because the leaseholder's rights are temporary HomesteadA homestead is one's principal residence. Homestead laws protect family members against losing their homes to general creditors attempting to collect on debts.Estate at WillAlso called a tenancy at will, has no definite expiration date and hence no "renewal" cycle. The landlord and tenant agree that the tenancy will have no specified termination date, provided rent is paid on time and other lease conditions are met.InterestA right to real property.An interest in real estate is ownership of any combination of the bundle of rights to real property Police PowerA state's or local government's legal authority to create, regulate, tax, and condemn real property in the interest of the public's health, safety, and welfare.Public entities may own or lease real estate, in which case they enjoy an estate in land. However, government entities also have non-possessory interests in real estate which act to control land use for the public good within the entity's jurisdiction.The prime example of public interest is police power, or the right of the local or county government to zone Estate from Period to PeriodAlso called a periodic tenancy, the tenancy period automatically renews for an indefinite period of time, subject to timely payment of rent. At the end of a tenancy period, if the landlord accepts another regular payment of rent, the leasehold is considered to be renewed for another period.Elective ShareA right of a surviving spouse to claim a prescribed portion of the decedent's real and personal property in place of the provisions of the decedent's will.Elective share is a state-level statute enabling a surviving spouse to make a minimum claim to the deceased spouse's real and personal property in place of the provisions for such property in the decedent's will.EncumbranceAn interest, right or intrusion that limits the freehold interest of an owner of real property or otherwise adversely effects

the marketability of title.If a private interest-holder does not have the right to possess, the interest is an encumbrance

Estate at SufferanceA tenant occupies the premises without consent of the landlord or other legal agreement with the landlord. Usually such an estate involves a tenant who fails to vacate at the expiration of the lease, continuing occupancy without any right to do so.Estate in LandIf the interest-holder enjoys the right of possession, the party is considered to have an estate in land, or, familiarly an estate.An estate in land is an interest that includes the right of possession.An estate is a freehold or a leasehold estate.RemainderA future freehold interest in a life estate held by a third party remainderman named by the grantor. When the life tenant dies, the estate passes to the remainderman.Undivided InterestAn owner's interest in a property in which two or more parties share ownership. The terms "undivided" and "indivisible" signify that the owner's interest is in a fractional part of the entire estate, not in a physical portion of the real property itself. If two co-owners have an undivided equal interest, one owner may not lay claim to the northern half of the property for his or her exclusive use.Life EstateAn estate that is limited in duration to the life of the owner or other named person. Upon the death of the owner or other named individual, the estate passes to the original owner or another named party. The holder of a life estate is called the life tenant.The distinguishing characteristics of

the life estate are:the owner enjoys full ownership rights

during the estate periodholders of the future interest own either a reversionary or a remainder interestthe estate may be created by agreement between private parties, or it may be created by law under prescribed circumstances FreeholdAn ownership estate of indeterminable duration; contrasts with a leasehold estate.In a freehold estate, the duration of

the owner's rights cannot be determined: the rights may

endure for a lifetime, for less than a lifetime, or for generations beyond the owner's lifetime.Ownership of a freehold estate is commonly equated with ownership of the property.DowerA wife's life estate interest in the husband's property. When the husband dies, the wife can make a claim to portions of the decedent's property.Property acquired under dower laws is owned by the surviving spouse for the duration of his or her lifetime.ReversionA transfer of title from a life estate tenant back to the grantor.If no remainder estate is established, the estate reverts to the original owner or the owner's heirs. In this

situation, the original owner retains a reversionary interest or estate TenancyA freehold or leasehold estate held by a tenant.Both leasehold and freehold estates are referred to as