Chapter 3: Interests in Real Estate

Question 1

Freehold Estate

Answer 1

Ownership of real property. Indefinite duration, and the owner has title and the right to possess

Question 2

Fee Simple Estate

Answer 2

Best type of ownership, owned without limitation, completely

Question 3

Conditional Fee Estate

Answer 3

Has right to estate as long as they meet conditions or its passed back to heirs. (Memorial Park)

Question 4

Life Estate

Answer 4

Has right to estate for the life of person

Question 5

Leasehold Estate

Answer 5

Estate for years, periodic estate at will, tenancy at sufferance

Question 6

4 Types of Leaseholds

Answer 6

1. For Years: Has start date and end date
2. Periodic: Auto renews (Month to Month)
3. Estate at Will: Either party can terminate at anytime
4. Sufferance: This is when lease expires and the tenant refuses to leave

Question 7

Types of rent and Consideration

Answer 7

1. Gross: Landlord pays all bills. Tenants pay rent only
2. Net: Tenant pays rent and bills
3. Percentage: Rent plus % of sales for goods and services

Question 8

Statutory Estate

Answer 8

Estates created by law, like community property, homestead, dower/curtesy

Question 9

Equitable Estate

Answer 9

An “Interest” (Not Ownership) in real property, most common are liens and easements

Question 10

Easements

Answer 10

Gives one the right to use or pass over another’s property for a specific use

Question 11

Easement in Gross

Answer 11

A person or corporation that doesn’t belong to the land

Question 12

Easement in Appurtenant

Answer 12

Is a right for the benefit of a piece of land

Question 13

Encumbrances

Answer 13

A claim, Lien, charge or ability attached to and binding real property

Question 14

Encroachments

Answer 14

The intrusion of ones property onto another’s

Question 15

Right of Redemption

Answer 15

This happens when a house is foreclosed on, the owner has up to 2 years to repurchase or redeem the home

Question 16

Allodial system

Answer 16

Land can be privately owned by individuals (King of England decided)

Question 17

Government retains 4 rights to real property

Answer 17

P.E.T.E

Question 18

Police Power

Answer 18

Right to regulate and control land

Question 19

Building codes

Answer 19

codes for structures are set by local government

Question 20

Variance

Answer 20

Request to the municipality use property differently than the current zoning laws

Question 21

Municipality

Answer 21

Local town government

Question 22

Zoning codes

Answer 22

code for permitted use

Question 23

Buffer zone

Answer 23

Property that separates 2 zones

Question 24

Downzoning

Answer 24

Changing the zone of a property to a lower value

Question 25

Setback

Answer 25

Amount of required space between lot line and building line

Question 26

5 types of zoning laws for properties

Answer 26

Residential, Mixed use, Commercial, Industrial, Spatial

Question 27

Eminent Domain

Answer 27

Right for government to take private land for public use

Question 28

Condemnation

Answer 28

The "Act" of taking land, must be for good of all

Question 28

Condemnation

Answer 28

The "Act" of taking land, must be for good of all

Question 29

Easement

Answer 29

By Condemnation are when government needs access or a portion of the land for itself

Question 30

Inverse Condemnation

Answer 30

Is when the property owner sues the government to force it take their land

Question 31

Taxation

Answer 31

Government retains right to tax real property

Question 32

Escheat

Answer 32

Right for government to take property of a deceased person without a will or heir