Ch. 4 Interest in Real Estate Flashcards
condemnation
the process by which the government exercises their rights of eminent domain by either judicial or administrative proceedings
CC&Rs covenants, conditions, and restrictions
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
deed restrictions
limits the use of property by the current owner, as well as future owners to whom the property is subsequently transferred
easement
the right to use the land of another for a particular purpose
easement appurtenant
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
easement by necessity
created by court order/owners must have the right to enter their land, right of ingress and egress, can not be landlocked
easement by prescription
An easement acquired by open, notorious, continuous, hostile, and adverse use of the property for the period of time prescribed by the law
easement in gross
individual or company interest in or right to use someone else’s land/railroad’s right of way, utility easements
eminent domain
right of the government to acquire privately owned real estate for public use
encroachment
when bldg, fence, driveway, etc illegally extends beyond the boundaries of the land of its owner or legal bldg lines occurs
escheat
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
estate in land
defines the degree, quantity, nature, and extent of an owner’s interest in real property
fee simple
aka fee simple absolute, is the highest interest in real estate recognized by the law
fee simple defeasible
estate is a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event
fee simple determinable
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
fee simple subject to a condition subsequent
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)
freehold estate
last for an indeterminable length of time, such as for a lifetime or forever
future interest
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
homestead
legal life estate in a real estate occupied as the family home
inverse condemnations
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
legal life estate
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)
license
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)
lien
charge against property that provides security fora debt or an obligation of the property owner
life estate
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
police power
power to enact legislation to preserve order, protect teh public health and safety, and promote the general welfare of its citizen, enabling acts
pur autre vie
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
remainder interest
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.
reversionary interest
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
taking
The concept of taking property for public use/found in the 5th Amendment but must compensate the property owner fairly
taxation
charge on real estate to raise funds to finance the operation of government facilities and servies
PETE
Police Power, Eminent Domain, Taxation, Escheat-Government Powers
