CH 4 - Interests in Real Estate Flashcards
Freehold Estate
lasts forever
Fee simple
the highest estate recognized by law
Fee simple defeasible
an estate that is qualified because it is subject to the occurrence or nonoccurrence of a specified event.
Life Estate
based on the lifetime of the tenant or someone else (pur autre vie/for the life of another)
encumbrance
claim, charge, or liability that attaches to real estate.
lien
charge against property that provides security for a debt or obligation of the property owner.
Covenants, conditions, and restrictions (CC&Rs)
private limitations on the use of land
Easement
the right to use the land of another, usually a written agreement
Easement appurenant
Runs with the land when title is transferred
The dominant tenement:
benefits from the easement, which runs over the servient tenement.
Easement in gross
an individual or company interest in or right to use another’s land
Easement by necessity
when land has no access to a street or public way.
Easement by prescription
acquired when a claimant has used another’s land for the period required by law. The use must be continuous, nonexclusive, visible, open, and notorious.
Termination of easement
- when the need for an easement no longer exists
- when the owner of a either the dominant or servient tenement becomes the owner of both
- when the owner of a servient tenement releases the right of easement
- if the easement is abandoned
- or by the nonuse of a prescriptive easement
License
personal privilege to enter the land of another for a specific purpose
Encroachement
when all or part of a structure illegally intrudes on the land of another or beyond legal building lines
Lis Pendens
Gives notice of litigation in progress that may affect title to property
Government Powers (PETE):
P Police Power
E Eminent Domain
T Taxation
E Escheat
Police Power
the State’s authority, passed down to counties and municipalities through enabling acts, to legislate to preserve order, protect the public health and safety, and promote the general welfare of citizens.
Eminent domain
the government’s right to to acquire privately owned real estate for a public or economically beneficial use through condemnation.
Taxation
a charge on real estate to raise funds to meet public needs
Escheat
when the state takes control of property after the owners dies leaving no will or lawful heirs
Taking of property
The Fifth Amendment to the U.S. Constitution requires that the owner be given just compensation.
Inverse Condemnation
A property owner wants to claim compensation if an adjacent public land use diminishes the value of the owner’s property but the property has not been condemned for public use
