Real Estate - Estates Flashcards

Real Estate - Estates Flashcards CurtesyThe rights that a husband acquires in the wife's property upon her death.Freehold EstateAn estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.Marital Rightsa legal life estate makes it impossible for one partner to sell the property without the consent of the other.Homestead lawsHomestead laws protect family members against losing their homes to general creditors attempting to collect on debts.Elective Shareenables a surviving spouse to make a minimum claim to the deceased spouse's property in place of the provisions in the decedent's will.Freehold, Life EstateAn estate that is measured or limited by a specific person or persons life. A life tenant (where one persons life is the measuring life) or a life estate pur autre vie (french for another life) when the estate ends when the person not living in the house dies Fee Simple AbsoluteThe maximum possible estate one can possess in real property; also referred to as fee simple or fee.Estate at WillAn occupation of space, for an indefinite period, which can be terminated by either the lessor or lessee at any time.Also referred to as tenancy at will.Leasehold Estate YearsThe estate for years is a leasehold estate for a definite period of time, with a beginning date and an ending date.The estate for years may endure for any length of term. At the end of the term, the estate automatically terminates, without any requirement of notice.Estate for Years SummaryHas a definite beginning and ending date.Does not require notice to terminate at the end of the term.Renewal is not automatic.Lease from Period to PeriodIn an estate from period-to-period, also 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 Tenant's ObligationsPay the rent on timeMaintain the property's conditionComply with the rules and regulations of the buildingReturn the premises to the lessor at the end of the term in the condition specified by the lease

Leasehold EstateA tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest.Fee Simple DefeasibleA type of ownership of real property that grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur. Usage must conform to certain condition or standards.DowerThe rights that a wife acquires in her husband's fee simple property.Legal Life EstateA form of life estate established by state law, rather than created voluntarily by an owner. It becomes effective when certain events occur.Example - Marital. See dower, curtesy, and homestead for legal life estates used in some states.Homestead Act of 1862this allowed a settler to acquire 160 acres by living on it for five years, improving it and paying about $30 Estate at SufferanceRetention of possession without the consent of the landlord after the lease has expired; also referred to as tenancy at sufferance.