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부동산

Chapter 3 Summary

2019.05.05 21:05 Views : 164

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 1437
201 Real Estate Practice -4 (Understanding-Answers) 2019.04.12 149
200 Review Chapter 10 2019.05.12 149
199 Mortgage demand falls to lowest level in 22 years 2022.06.11 150
198 Chapter 4 - TEST 2019.03.02 150
197 Chapter 2 Review 2019.05.04 150
196 Performance and Forbearance / Default and Breach 2019.05.08 150
195 Law 1 2019.05.02 151
194 Movies/television/media 2018.08.26 153
193 Real Estate License Laws and the Real Estate Commission 2019.02.27 153
192 TEST 9 2019.03.05 153
191 Four unities 2019.04.03 153
190 Chapter Conclusion Chapter 14 2019.04.27 154
189 Real Estate Law 56 2019.05.11 154
188 Real Estate Law 69 2019.05.13 154
187 Real Estate Law 87 2019.05.15 154
186 TEST 16 2019.03.10 155
185 Orange County home median price $732,750 2020.02.01 155
184 requirement be restored 2019.05.22 156
183 culmination 2019.05.22 158
182 Real Estate Law 64 2019.05.12 161
181 appraiser payment 2019.05.25 161
180 Quitclaim Deed 2019.05.27 162
179 Chapter 15 Quiz 2019.04.29 163
178 Real Estate Law 39 2019.05.08 163
177 Real Estate Law 62 2019.05.12 163
» Chapter 3 Summary 2019.05.05 164
175 Estimated Value - 8885 2021.08.31 164
174 Athletics 2018.08.26 165
173 8566 Fallbrook Circle Unit#711B - $ 675000 2021.08.31 166
172 Chapter 2 Review (3) 2019.05.04 167