SC - Estate and Ownership Types - Flashcards
Estate
Legal interest or right one has in the land. This is intangible and not measurable.
Tenancy
Possession (rather than ownership) of property
Interest
The right or claim a person has to property
Fee
Form of real property ownership; fee simple...
SC - Estate and Ownership Types -
Flashcards
Estate
Legal interest or right one has in the land. This is intangible and not measurable.
Tenancy
Possession (rather than ownership) of property
Interest
The right or claim a person has to property
Fee
Form of real property ownership; fee simple is absolute ownership and is the most common form of
ownership
Title
Evidence of ownership of a property
Dower
Life estate in a property held by a widow
Curtesy
Life estate in a property held by a widower
Act of waste
Abuse of a property by a person who holds possession through a life estate
Remainderman
Person receiving title upon the death of the life tenant
Remainder interests
Fee simple present interest in conjunction with receipt of title upon the death of the life tenant
Reversionary interest
Right of repossession of the property by the owner after the end of the life estate
Condominiuim
Multi-unit structure made up of individually owned units with separate deeds and shared ownership of
common areas
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