Term
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Definition
| refers to interest in land that is or may become possessory |
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Term
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Definition
1. freehold estate
2. leasehold estate (less-than-freehold estate) |
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Term
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Definition
| interest in real property that has an indeterminable duration; the holder is the owner |
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Term
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Definition
| an estate that has limited duration; holder is a tenant who has possessory rights but not title to property |
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Term
| 'fee simple estate' is AKA (4): |
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Definition
1. fee
2. fee simple
3. fee simple absolute
4. estate of inheritance |
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Term
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Definition
| the highest and most complete form of ownership, which is of potentially infinite duration |
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Term
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Definition
| a fee simple estte that carries qualifications, so that ownership may revert to grantor if specified events occur or a condition is not met |
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Term
| qualified fee estate is AKA (3): |
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Definition
1. defeasible fee
2. base fee
3. conditional fee |
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Term
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Definition
ends automatically if condition is violated; property reverts back to grantor WITHOUT legal action by grantor
('so long as', 'during', 'until') |
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Term
| fee simple subject to a condition subsequent |
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Definition
doesn't end automatically when condition is breached; grantor must take some action to terminate estate
('if', 'on the condition that') |
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Term
| life estate / estate for life |
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Definition
a freehold estate whose duration is limited to the lifetime of a specified person or persons
measuring life may be tenant or another person |
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Term
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Definition
| reverts back to grantor at end of measuring life |
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Term
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Definition
| property reverts to a person other than grantor upon death of life tenant, called the remainderman |
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Term
| 4 types of leasehold estates: |
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Definition
1. estate for years (tenancy for years)
2. periodic estate (periodic tenancy)
3. estate at will (tenancy at will)
4. tenancy at sufferance |
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Term
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Definition
leasehold estate with a FIXED TERM (not necessarily years)
automatically terminates upon term expiration; no notice needed |
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Term
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Definition
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Term
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Definition
| a leasehold estate that is renewed at the end of each period unless one party gives notice of termination |
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Term
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Definition
| a leasehold estate that may arise after a periodic tenancy or an estate of years terminates |
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Term
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Definition
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Term
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Definition
initially tenant came into possession legally, but continues to hold lease after expiration without consent of landlord
procedures for eviction can follow |
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Term
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Definition
| permanent damage to real property caused by the party in possession, harming the interest of other estate holders |
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Term
| 3 forms of concurrent ownership recognized in WA: |
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Definition
1. tenancy in common
2. joint tenancy
3. community property |
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Term
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Definition
| upon death of a joint tenant, their interest automatically passes by operation of law to the other joint tenant(s) |
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Term
| 4 'unities of title' that distinguish joint tenancy: |
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Definition
PITT
Unity of:
Possession
Interest
Time
Title |
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Term
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Definition
| group of individuals who come together and pool their resources to carry out an enterprise |
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Term
| syndicates may be organized as (5): |
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Definition
1. partnership
2. corporation
3. limited liability company
4. joint venture
5. trust |
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Term
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Definition
| sole ownership of property |
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Term
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Definition
| joint ownership where there is no right of survivorship |
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Term
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Definition
| an artificial person; legal entity separate from its shareholders |
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Term
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Definition
| property developed so indivdual unit owners have separate title to their own units, but share ownership of the ocmmon elements as tenants in common |
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Term
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Definition
| property owned by a corporation and tenanted by shareholders in the corporation who have proprietary leases for their units |
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Term
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Definition
| interest in a condominium unit that entitles holder to occupy unit during specified time slot every year |
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