Washington Real Estate Salesperson Exam Lesson 3

Listen to this Washington Real Estate Salesperson Exam Lesson 3 and start preparing for the

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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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