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Details Title: Real Estate Description: Lesson 1 Total Flash Cards: 11 Created: 04/06/2006 12:48:29	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Fee Simple (Absolute) Definition Unrestricted rights of the owner. Most common type of ownership. Term Fee Simple (Qualified) Definition Ownership under certain conditions. Example, cannot hold property title unless married before age 35. Term Life Estate Definition Holding property until death. Must pay taxes. Cannot be place into will. Term Freehold Estates (Types) 5 Definition Fee Simple (Absolute) Fee Simple (Qualified) Life Estate Estate in Remainder Estate in Reversion Term Estate in Remainder Definition Person who receives a property after the owner of a life estate dies. Term Estate in Reversion Definition When a property returns to the person (or heirs) who originally handed over a life estate property. Term Leasehold Estates (also called less than freehold or lease) Definition Estate for years Estate from period to period Estate at will Estate at sufferance Refers to Tenants Term The Two Estate types: Definition 1.Freehold Estates - refers to owners 2.Leasehold Estates - tenants Term Estate for Years Definition Tenant has lease for set period of time. Rent remains the same until lease expires. Term Estate from period to period Definition Tenant with a lease month to month. Automatically renewed at end of each month. Tenant has to give 30 days notice. Term Estate at will Definition No lease exists between tenant and landlord.