Leasehold Estate- Estate for Years - correct answer A lease for a specific perios of time, with no renewal option. No notice required. Death will not
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Leasehold Estate- Periodic Tenancy
(Estate from year to year) - correct answer Month to Month, usually one rental period notice. Proper notice is 60 days from landlord to tenant, and 30 days from tenant to landlord. Automatically renews, if no notice.
Leasehold Estate- Estate at will - correct answer Lawful possesion. No time period specified. Death will terminate.
Leasehold Estate- Estate at sufferance - correct answer Estate of holdover tenant. Supposed to be out June 30th, but July 1st they are still there.
Leasehold: Less- than-freehold - correct answer Less than ownership
Fee simple estate - correct answer The highest form of freehold estate one can hold in real property.
An estate for years - correct answer Charlie rents a house from Sally for five months. Charlie holds this kind of estate in the house.
Severalty - correct answer Sole ownership
Joint tenancy - correct answer Automatic right of surviorship. Cannot will.
Four Unities (TTIP) - correct answer Time, Title, Interest, Possession.
Can a tenant sell his share of the property? - correct answer Yes - Joint Tenancy.
Does the buyer automatically become a joint tenant? - correct answer Joint Tenancy- No. the buyer would hold that share as a tenant in common.
Is there a way for the buyer to become a joint tenant? - correct answer Joint tenancy- yes, of they created a new deed naming all owners as joint tenants.
When a joint tenant dies, does his share go through probate? - correct answer Joint Tenancy- No probate.
Tenancy by the entireties - correct answer Like joint tenancy but only for married couples.
Tenants-in-common - correct answer Can be willed. Most common form of common ownership. Can go the the children, because it is inheritable. Can have unequal ownership interests.
General partnership - correct answer All partners have unlimited liability.
Limited Partnership - correct answer Limited and General Partners. General partners have unlimited liability, limited partners do not.
Trusts - correct answer Title held by trustee for the beneficary.
In severalty (example) - correct answer Bob and Carol and Ted and Alice bought a property as joint tenants many years ago. Alice is now the sole survior of this group. This is now how Alice owns the property.
Which forms of ownership are available only to married couples? - correct answer Tenancy by the entities.
Community property.
The most common form of ownership between two or more individuals - correct answer Tenancy-in-common
Lien - correct answer A monetary claim making a property security for payment of a debt.
Priority of liens - correct answer Sequence in which liens are paid in event of sale. Most often based on date of recording.
Satisfaction of lien - correct answer Document recorded to release the lien
Enforcement of liens - correct answer Couet order for sheriff to sell the property.
Enforcement of liens - correct answer Court order for sheriff to sell the property
General lien - correct answer Encumbers all of debtor's property
Ex. Court judgements, income, estate & inheritance taxes.
Specific lien - correct answer Encumbers only one property.
Ex. Mortgage, Property tax & mechanics lien.
Voluntary lien - correct answer Ex. Mechanics lien
Mechanics lien - correct answer Only good for 1 year. Must show intent to collect and can be renewed for another year. [Show Less]