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부동산

Chapter 3 Summary

2019.05.05 21:05 Views : 159

Chapter Review

Interests in Land

An interest in real estate is ownership of any combination of the bundle of rights to real property, including the rights to:

  • possess
  • use
  • transfer
  • encumber
  • exclude

Interests are principally distinguished by whether they include possession.

Estates in land

  • include right of possession; also called tenancies
  • leaseholds: of limited duration
  • freeholds: duration is not necessarily limited

Freehold estates imply "ownership" in contrast to leasehold estates.

Fee simple estate

  • also "fee"; most common form of estate; not limited by one's lifetime
  • fee simple absolute: highest form of ownership interest
  • defeasible: can revert to previous owner for violation of conditions

Life estate

  • fee estate passes to another upon death of a named party
  • remainder: interest of a named party to receive estate after holder's death
  • reversion: interest of previous owner to receive estate after holder's death

Conventional life estate

  • full ownership interest, limited to lifetime of life tenant or another named party
  • created by agreements between parties
  • ordinary: on death of life tenant, passes to remainderman or previous owner
  • pur autre vie: on death of another; passes to remainderman or previous owner

Legal life estate

  • automatic creation of estate through operation of law
  • designed to protect family survivors
  • homestead: rights to one's principal residence
  • homestead laws protect homestead from certain creditors
  • dower and curtesy: a life estate interest of a widow(er) in the real property
  • elective share: right to claim deceased spouse's property in lieu of will
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Notice 부동산 용어 (A to Z) 2019.03.03 1379
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200 Real Estate Practice -4 (Understanding-Answers) 2019.04.12 145
199 Chapter 14 Conclusion 2019.05.16 145
198 Movies/television/media 2018.08.26 146
197 Chapter 4 - TEST 2019.03.02 146
196 Performance and Forbearance / Default and Breach 2019.05.08 147
195 Real Estate Law 69 2019.05.13 147
194 Real Estate License Laws and the Real Estate Commission 2019.02.27 148
193 TEST 4 - Correction 2019.03.02 148
192 Orange County home median price $732,750 2020.02.01 148
191 Four unities 2019.04.03 149
190 Real Estate Law 56 2019.05.11 149
189 Real Estate Law 87 2019.05.15 150
188 TEST 16 2019.03.10 151
187 Law 1 2019.05.02 151
186 requirement be restored 2019.05.22 151
185 TEST 9 2019.03.05 153
184 Chapter Conclusion Chapter 14 2019.04.27 154
183 culmination 2019.05.22 154
182 Real Estate Law 64 2019.05.12 155
181 appraiser payment 2019.05.25 155
180 Real Estate Law 39 2019.05.08 158
179 Quitclaim Deed 2019.05.27 158
» Chapter 3 Summary 2019.05.05 159
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176 Athletics 2018.08.26 163
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174 Real Estate Law 62 2019.05.12 163
173 Estimated Value - 8885 2021.08.31 163
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