Chapter 3 Flashcards
The acquisition of property as a result of “actual and exclusive, open and notorious, hostile and continuous” possession under a claim of right for a statutory period of time
Adverse Possession
A type of negative easement that prevents specific uses of the real estate by the owner, generally used to protect open space
Conservation Easement
Private techniques for restricting land use
Covenants, Conditions, and Restrictions (CC&Rs)
The property benefited by the existence of an easement appurtenant
Dominant Estate
A right given to another party by a landowner to use a property in a specified manner
Easement
An easement with clearly indentifiable dominant and servient estates
Easement Appurtenant
An easement created from the factual circumstances even though an easement is not expressly created
Easement by Implication
A method of creating an easement as a result of “actual and exclusive, open and notorious, hostile and continuous” use for a statutory period of time
Easement by Prescription
An easement with only a servient estate
Easement in Gross
An unauthorized invasion or intrusion of a fixture, building, or another improvement onto another person’s property
Encroachment
Restriction or limitation on ownership rights
Encumbrance
Method of expressly creating an easement on a grantor’s property
Express Grant
Method of expressly creating an easement on a grantee’s property
Express Reservation
The process of seizing control of the collateral for a loan and using the proceeds from its sale to satisfy a defaulted debt
Foreclosure
A security interest on all property owned by an individual
General Lien
A method of implicitly creating an easement on a grantor’s property
Implied Grant
A method of implicitly creating an easement on a grantee’s property
Implied Reservation
A lien placed on property to settle a judgement from a law suit
Judgment Lien
A revocable personal privilege to use land for a particular purpose
License
A claim on a property as security for a debt or fulfillment of some monetary charge or obligation
Lien
A claim on a property held by a supplier of materials or labor for nonpayment of a debt
Mechanic’s Lien
A contract by which real property is pledged as security for a loan
Mortgage
The lender in a mortgage loan transaction
Morgagee
The borrower in a mortgage loan transaction
Mortgagor
A nonpossessory interest in real property the permits the holder to remove specified natural resources from a property
Profit a Prendre
The property burdened by the existence of an easement appurtenant or easement in gross
Servient Estate
A security interest that relates only to a specific parcel of real estate
Specific Lien
