Ch. 4 Interest in Real Estate

Question 1

condemnation

Answer 1

the process by which the government exercises their rights of eminent domain by either judicial or administrative proceedings

Question 2

CC&Rs covenants, conditions, and restrictions

Answer 2

used by a subdivision developer to maintain specific standards in a subdivision, such as by requiring adherence to certain architectural or design specifications for improvements

Question 3

deed restrictions

Answer 3

limits the use of property by the current owner, as well as future owners to whom the property is subsequently transferred

Question 4

easement

Answer 4

the right to use the land of another for a particular purpose

Question 5

easement appurtenant

Answer 5

attached to the ownership of real estate and allows the owner of that property the use of a neighbor’s land/ dominant (needs accessto land) and servient ( has access to land) tenement

Question 6

easement by necessity

Answer 6

created by court order/owners must have the right to enter their land, right of ingress and egress, can not be landlocked

Question 7

easement by prescription

Answer 7

An easement acquired by open, notorious, continuous, hostile, and adverse use of the property for the period of time prescribed by the law

Question 8

easement in gross

Answer 8

individual or company interest in or right to use someone else’s land/railroad’s right of way, utility easements

Question 9

eminent domain

Answer 9

right of the government to acquire privately owned real estate for public use

Question 10

encroachment

Answer 10

when bldg, fence, driveway, etc illegally extends beyond the boundaries of the land of its owner or legal bldg lines occurs

Question 11

escheat

Answer 11

process by which the state may acquire privately owned real or personal property/ if owner dies and leaves no heirs and there is no will

Question 12

estate in land

Answer 12

defines the degree, quantity, nature, and extent of an owner’s interest in real property

Question 13

fee simple

Answer 13

aka fee simple absolute, is the highest interest in real estate recognized by the law

Question 14

fee simple defeasible

Answer 14

estate is a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event

Question 15

fee simple determinable

Answer 15

is a fee simple defeasible estate that may be inherited/ ‘so long as’ or while or during-is the key to creating this special limitation/former owner retains a possibility of reverter, which is an interest that can be transferred to someone else

Question 16

fee simple subject to a condition subsequent

Answer 16

an owner gives real estate ‘on condition’ of ownership , which means there is a difference in the way the estate will terminate if there is a violation of the condition. (must bring legal action)

Question 17

freehold estate

Answer 17

last for an indeterminable length of time, such as for a lifetime or forever

Question 18

future interest

Answer 18

A person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry

Question 19

homestead

Answer 19

legal life estate in a real estate occupied as the family home

Question 20

inverse condemnations

Answer 20

action brought by a property owner seeking just compensation for land adjacent to land used for public purpose when the property’s use and value have diminished

Question 21

legal life estate

Answer 21

not created by a property owner, but events occur such as Dower (Life estate goes to wife when husband dies), Curtesy (Life estate goes to husband if wife dies), and Homestead (Legal life occupied as the family home)

Question 22

license

Answer 22

personal privilege to enter the land of another for a specific purpose, ends with the death of either party or with sale of the land (license to fish or hike on someones land)

Question 23

lien

Answer 23

charge against property that provides security fora debt or an obligation of the property owner

Question 24

life estate

Answer 24

a freehold estate limited in duration to either the life of the holder, of the estate or the life of some other designated person or persons-holder of a life estate is called a tenant

Question 25

police power

Answer 25

power to enact legislation to preserve order, protect teh public health and safety, and promote the general welfare of its citizen, enabling acts

Question 26

pur autre vie

Answer 26

life estate based on the lifetime of a person other than the life tenant, often created for people who are physically or mentally ill in the hope of providing incentive for someone to care for them

Question 27

remainder interest

Answer 27

The creator of the life estate may name a remainder-man as the person to whom the property will pass when the life estate ends.

Question 28

reversionary interest

Answer 28

The creator of life estate may choose not to name a remainderman. In that case, ownership returns to the original owner upon the end of the life estate

Question 29

taking

Answer 29

The concept of taking property for public use/found in the 5th Amendment but must compensate the property owner fairly

Question 30

taxation

Answer 30

charge on real estate to raise funds to finance the operation of government facilities and servies

Question 31

PETE

Answer 31

Police Power, Eminent Domain, Taxation, Escheat-Government Powers