6 Interests In Real Estate

Question 0

Feudal System

Answer 0

Kings or governments own land and allow individuals to use it.

Question 1

Allodial System

Answer 1

People can hold ownership in land.

Question 2

Freehold Estate

Answer 2

Has an indefinite duration. Can last a lifetime or forever. When owner dies it can pass to heirs or according to the will.

Question 3

Life Estate

Answer 3

A freehold estate limited to the lifetime of the owner. Not inheritable.

Question 4

Estate in Land

Answer 4

The degree, quantity, nature and extent of ownership interest that a person has in real property.

Question 5

Leasehold Estate

Answer 5

This estate has a definite duration. Leasehold transfers right of possession and does not include ownership.

Question 6

Fee Simple

Answer 6

Highest interest in real estate. Last for indefinite period of time and can be inherited, gifted or sold.

Question 7

Fee Simple Defeasable

Answer 7

Property conveyed to a new owner with restriction that owner does not perform a certain activity/act or property reverts back to grantor.

Question 8

Fee Simple Determinable

Answer 8

Conveyed to new owner as long as they continue to use it for a specific purpose. Once property is used for any other purpose, it reverts back to grantor.

Question 9

Fee Tail Estate

Answer 9

Not recognized in AZ. Bloodline. Whoever is next in bloodline after an owners death is next in line.

Question 10

Life Estate in Reversion

Answer 10

The owner gives a life estate to a life tenant and when the life tenant dies the property reverts back to the grantor.

Question 11

Life Estate in Remainder

Answer 11

The owner gives a life estate to a life tenant and when the life tenant dies the property goes to a remainderman who now owns the property.

Question 12

Life Estate pur autre vie (for the life of another)

Answer 12

The life estate is measured by the lifetime of someone other than the life tenant. When the other person dies, the property reverts back to the original owner or to someone else.

Question 13

Dower

Answer 13

A woman’s right to a mans estate upon death.

Question 14

Curtesy

Answer 14

A mans right to a woman’s estate upon her death.

Question 15

Homestead

Answer 15

A portion of the value of a primary residence is protected from certain creditors during that persons lifetime. This right does not apply to consensual liens, mortgage, deed of trust, or a mechanics lien.

Question 16

Homestead Exemptions

Answer 16

Bankruptcy does not cancel a homestead. Automatic. You have $150k in exemption that you are protected with. Does not protect from mortgages, deed of trust, mechanics liens, or exceeding homestead exemption max. 200k owed means 50k owed to you after exemption.

Question 17

PETE

Answer 17

Police Powers
Eminent Domain
Taxation
Escheat

Question 18

Easement

Answer 18

The right to use the land of another for a particular reason. May not be automatically terminated, legal action may be required.

Question 19

Appurtenant Easement

Answer 19

2 parcels attached with one being dominant and one being servient.

Question 20

Easement by Gross

Answer 20

One parcel that is always servient. Utility companies and personal use rights.

Question 21

Easement by Necessity

Answer 21

1 parcel is landlocked and needs ingress and egress.

Question 22

Easement by Prescription

Answer 22

Hostile, continuous, notorious and exclusive use for a prescribed period of time. 10 years.

Question 23

Party Wall Easement

Answer 23

This is wall that shares the property lines of two separate properties.

Question 24

License

Answer 24

A personal, revocable, and non assignable right that is not considered an interest in the land itself.

Question 25

Water Rights

Answer 25

2 classifications, ground and surface. Perc test = septic tank.

Question 26

Prior Appropriation

Answer 26

First in time, first in right. The person who has the permit first get the use the water first.

Question 27

Riparian Rights

Answer 27

Non navigable waterways, like rivers and streams. An owner would own the land underneath the river to the center of the waterway.

Question 28

Littoral Rights

Answer 28

Navigable waterways like lakes seas and oceans. An owner owns land up to the high watermark. Owner does not own any land under these types of waterways.