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Exam #1 pt 2
2
14
Real Estate & Planning
Undergraduate 3
01/25/2010

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Grantor
Definition
the party who transfers a freehold estate in real property to a grantee
Term
Grantee
Definition
the party who receives a freehold estate in real property from a grantor
Term
Life Estate
Definition
an ownership interest in real property that normally ends upon the death of a named person
Term
reversion
Definition
the future interest associated with a life estate held by the grantor.
Term
devisable
Definition
a propery owners right to transfer interests owned in a property via a will.
Term
Contingent remainder
Definition
a remainder interest that has conditions attached that can prevent the remaimderman from recieving a present interest in the property.
Term
Vested remainder
Definition
a remainder interest when the remainderman in guaranteed owership of the property at some time in the future.
Term
reversion
Definition
the future interst associated with a life estate held by the grantor
Term
tenancy at will
Definition
an informal leasehold estate of indeterminable length that may last as long as the parties agree.
Term
tenancy for a stated period
Definition
a leasehold estate that continues to automatically renew each period unless terminated by either party.
Term
tenancy at sufferance
Definition
a leasehold estate that defines a tenants rights to cccupuy the property against the wishes of the lessor.
Term
joint tenancy
Definition
joint ownership in which all owners have an equal but undvided interst in a property.
Term
tenancy by the entirety
Definition
a form of concurrent estate in which a husband and wife can own property jointly.
Term
tenancy in common
Definition
a form of concurrent estate in which each owner has an undivided interest in the property.
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