Washington Real Estate Salesperson Exam Lesson 3

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Washington Real Estate Salesperson Exam Lesson 3

Lesson 3: Estates

An estate is a possessory interest in a property.

Types of Estates:

Freehold: You own the property

Leasehold: You are renting the property

Types of Freehold Estates

Fee simple: You own all the rights.

Life estate: Lasts for your lifetime and then returns to the original owner.

Types of Leasehold Estates

Estate for years: A lease with an expiration date

Periodic estates: A lease that is renewed periodically

Estate at will: A lease that can be terminated at any time by either party

Estate at sufferance: A person who has overstayed their lease

Type of Tenancies

Tenancy in severalty

Joint tenancy

Tenancy in common

Community property

 

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