Futureinterest | | When a trust is created, legal title is __________ from beneficial title. |
Reversion | | A right that is uncertain is _____________. |
Waste | | Patents, computer software, stock, and goodwill. |
Severance | | Decision-making power over property. |
Communityproperty | | A grants B the use of Blackacre for the life of C. C's life is the __________. |
JTWROS | | Property other than real property. |
Tangible | | Property right based on a measure of time that does not create a landlord-tenant relationship. |
Legaltitle | | A bundle of rights. |
Rightofsurvivorship | | The separation between legal and beneficial title is the heart of _______. |
Partition | | A life tenant cannot commit this. |
Bifurcated | | Present in tenancy by the entirety, but not tenancy in common. |
Tangiblepersonal | | Is really lifetime planning. |
Intangiblepersonal | | Creates a landlord-tenant relationship. |
Jointtenancy | | At death, an interest in this passes through trust, will or intestacy. |
EstatePlanning | | A property arrangement that avoids probate. |
Separateproperty | | The holder's right to enjoy the property is delayed. |
Personal | | Is not available in community property states. |
Contingent | | The greatest interest in property available. |
Estateforyears | | One of the four basic property rights. |
Remainder | | A future interest holder's right to enjoy property may be delayed by the__________. |
Trusts | | Future interest held by the initial transferor. |
Realproperty | | Based in the Civil Code. |
Beneficialtitle | | An assured right is __________. |
Property | | Holds a single, unified interest in property concurrently with others. |
Lifeestate | | A form of co-ownership (abbrev.) |
Tenancybytheentirety | | Future interest held by someone other than the initial transferor. |
Passageoftime | | In a community property state, property acquired before the marriage. |
Jointtenant | | One of the duties of a lifetenant. |
Intangible | | Not available in community property states. |
Electiveshare | | Personal property whose utility derives from physical characteristics. |
Feesimple | | The holder has an immediate right to posess or enjoy the property. |
Presentinterest | | E.g,, land, buildings, improvements and fixtures |
Tenancyincommon | | Right to use and benefit from property. |
Exclusion | | Not available to tenants by the entirety while married. |
Measuringlife | | Action available to joint tenants and tenants in common. |
Vested | | Property that cannot be perceived by the senses. |
Reasonablerepairs | | Property that can be perceived by the senses. |