SC - Estate and Ownership Types - Flashcards

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