Chapter 3 Interests in Real Estate

Question 1

Degree, quantity, nature and extent of an owner’s interest in real property

Answer 1

estate in land

Question 2

Indeterminable length of time in which an owner holds interest.

Answer 2

Freehold estate

Question 3

Type of freehold estate

Answer 3

fee simple estate

Question 4

Highest interest in real estate recognized by law

Answer 4

fee simple absolute

Question 5

fee simple “with strings attached”.

Answer 5

fee simple defeasible

Question 6

Condition subsequent

Answer 6

Fee simple as long as you “can only do…”

Question 7

Determinable

Answer 7

fee simple as long as “you can’t do…”

Question 8

Form of ownership for the duration of a person’s life

Answer 8

Life estate

Question 9

possessor of a life estate

Answer 9

life tenant

Question 10

“for the life of another” provides inheritance for the life tenant’s heirs

Answer 10

Pur autre vie

Question 11

“Expressing future interest”

Creator of life estate may name a remainderman as the person whom the property will pass when the life estate ends

Answer 11

Remainder interest

Question 12

“Revert back to original ownership”

Creator of life estate may choose to not name a remainderman. Ownership returns to original owner upon the death of life tenant.

Answer 12

Revisionary interest

Question 13

Provide non-owning spouse with means of support after the death of the owning spouse

Answer 13

Dower or curtsey

Question 14

Legal life estate in real estate is occupied as the family home. “Protection against unsecured creditors”

Answer 14

Homestead

Question 15

This exemption reserves a certain amount of money for the family in the event of a court sale

Answer 15

Homestead exemption

Question 16

Type of interest in real estate that does not rise to the level of ownership or possession, yet still gives other entity some degree of use or control over property

Answer 16

Encumberance

Question 17

Charge against property that provides security for a debt or an obligation of the property owner

Answer 17

Lien

Question 18

Highest priority lien

Answer 18

Real estate taxes

Question 19

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

Answer 19

Deed restrictions

Question 20

For subdivision developers. Maintaining specific standards in subdivision

Answer 20

CC&R’s

Question 21

The right to use the land of another for a particular puropose

Answer 21

Easement

Question 22

This is attached to the ownership of real estate and allows the owner of that property the use of a neighbor;s land

Answer 22

Easement appurtenant

Question 23

Parcel benefiting from easement

Answer 23

dominant tenement

Question 24

parcel which the easement runs through

Answer 24

servient tenement

Question 25

Ex: shared driveway. exterior wall of a building that straddles the boundary line b/w two lots

Answer 25

party wall

Question 26

Recipricol interest of each owner in the property of the other

Answer 26

cross easement.

Question 27

An individual OR COMPANY interest in or right to use someone else's land

Answer 27

Easement in gross

Question 28

Easements are created by

Answer 28

written agreements

Question 29

An easment that is created when an owner sells a parcel of land that has no legal access to a street of public way except over seller's remaining land. preventing someone from being landlocked

Answer 29

Easement by necessity

Question 30

"Squatter's rights" If claimant has made use of another's land for a certain period of time as defined by state law, then this type of easement is acquired

Answer 30

Easement by prescription

Question 31

Personal privelage to enter the land of another for a specific purpose

Answer 31

License

Question 32

WHen a building, fence or driveway illegally extends beyond the boundaries of the land its owner or legal building lines

Answer 32

encroachment

Question 33

"Yellow flag. Warning sign. Notice filed in the public record of a pending legal action affecting the title to or possession of a property

Answer 33

Lis pendens

Question 34

The four governmental powers

Answer 34

Police power. eminent domain. taxation. escheat.

Question 35

Action bought by a property owner seeking just compensation for land adjacent to land used for public purpose when the property's use and value have been diminished

Answer 35

Inverse condemnation

Question 36

Charge on real estate to rise funds to finance the operation of government facilities and services

Answer 36

taxation

Question 37

The process by which the state may acquire privately owned real or personal property

Answer 37

Escheat