Lesson_04 - Printable Lesson Materials Print these materials as a study guide These printable materials allow you to study away from your computer

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Printable Lesson Materials 13218 NE 20th Street Bellevue, WA 98005 425-747-7272 800-221-9347 www.rockwellinstitute.com Print these materials as a study guide This portion of your printable materials consists of dozens of frames that summarize the content in this lesson. The frames are arranged on the page to make it easy for you to study the material and add your own notes from your textbook or the online course. Graphic Summaries Many students learn best from sets of questions, and this multiple choice quiz allows you to focus your review of the material to important topics. Quizzes These printable materials allow you to study away from your computer, which many students find beneficial. These materials consist of two parts: graphic summaries of the content and a multiple choice quiz . © 2009 Rockwell Institute
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1 California Real Estate Law © Copyright 2007 Rockwel Publishing, Inc. Lesson 4: Estates in Land © Copyright 2007 Rockwel Publishing, Inc. Introduction In this lesson, we’ll discuss: l possessory interests l classification of estates l freehold estates l leasehold estates l contingent interests © Copyright 2007 Rockwel Publishing, Inc. Possessory Interests Estate : interest in real property that is (or may become) possessory. Owner of estate has right to possess and enjoy property either now or in the future. Estates
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2 © Copyright 2007 Rockwel Publishing, Inc. Possessory Interests Possession sets estates apart from other interests such as: l liens l easements l covenants These nonpossessory interests are not estates. Estates © Copyright 2007 Rockwel Publishing, Inc. Classification of Estates Estates in land are classified by: l duration of possession l quality of possession l time of possession © Copyright 2007 Rockwel Publishing, Inc. Classification of Estates How long is holder entitled to possess and enjoy property? l Perpetual : duration (or potential duration) equal to duration of property l Limited : duration less than duration of property Duration of possession
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3 © Copyright 2007 Rockwel Publishing, Inc. Classification of Estates Does holder have any limitations on how to possess and enjoy property? l Absolute : one person has unlimited authority over property l Qualified : ownership is shared, time of possession is limited, or use of property is restricted Quality of possession © Copyright 2007 Rockwel Publishing, Inc. Classification of Estates When does holder have right to possess and enjoy property? l Present interest : immediate possession l Future interest : possession sometime in future Time of possession Summary © Copyright 2007 Rockwel Publishing, Inc. Estates and Classification l Estates l Perpetual vs. limited duration l Absolute vs. qualified ownership l Present vs. future interest
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4 © Copyright 2007 Rockwel Publishing, Inc. Classification of Estates
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This note was uploaded on 01/29/2012 for the course REAL 10 taught by Professor Murford during the Spring '11 term at Chabot College.

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Lesson_04 - Printable Lesson Materials Print these materials as a study guide These printable materials allow you to study away from your computer

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