Chapter 3 Property Ownership Flashcards
Appurtenant Easement
An easement that passes with the lane when conveyed. This tenement, which benefits from the easement, and a servient tenement over which the easement runs.
Curtesy
A life estate, usually a fractional interest, given by some states to the surviving husband in real estate owned by his deceased wife.
Deed Restriction
A limitation on future use of property, placed by the seller.
Dower
The legal right or interest, recognized by some states, that a wife acquires in the property her husband held or acquired during their marriage
Easement
A right to use the land of another for a specific purpose. It is not an estate in land; it is an incorporeal or nonpossessory interest in land
Easement by Condemnation
An easement acquired by a public body through the power of eminent domain; Just compensation must be paid to the owner of the servient tenement for such acquisition.
Easement by Necessity
An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; an easement of ingress and egress.
Easement by Prescription
An easement acquired by the continuous, open, uninterrupted, exclusive and adverse use of the property for the period of time prescribed by state law.
Easement in Gross
An easement that is not created for the benefit of any land owned by the owner of the easement, but which attaches personally to the easement owner
Easement in Gross
An easement that is not created for the benefit of any land owned by the owner of the easement, but which attaches personally to the easement owner
Eminent Domain
The right of a government or quasi-public body to acquire property for public use through a court action called condemnation
Encroachment
A building or some portion of it – a wall or fence, for instance – that extends beyond the land of the owner and illegally intrudes upon some land of an adjoining owner.
Escheat
The reversion of property to the state or county, as provided by state law, in cases where a property owner dies without leaving any ascertainable heirs and without leaving a will.
Estate in Land
The degree, quantity, nature and extent of interest that a person has in real property; an estate always involves possession, presently or in the future.
Fee Simple Absolute
The maximum possible estate or right of ownership in real property; continuing forever.
Fee Simple Defeasible
An estate in land where the holder of the estate has fee simple title that may be divested on the occurrence or nonoccurrence of a specified even. There are two categories of defeasible fee estates; determinable fee and fee simple subject to a condition subsequent.
Freehold Estate
An estate in land in which ownership is for an indeterminable length of time
Freehold Estate
An estate in land in which ownership is for an indeterminable length of time
Future interest
A person’s present right in real property that will not result in use, possession or enjoyment until some time in the future.
Homestead
Land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected or exempt from judgements for unsecured debts
Leasehold Estate
A tenant’s right to occupy real estate during of the lease
License
A revocable permission for a temporary use of land– a personal right that cannot be sold or assigned to another.
Lien
A right given by law to certain creditors to have their debt paid out of the property of a defaulting debtor, usually by means of a court sale.
Life Estate
An interest in real or personal property that is limited in duration to the lifetime of the owner or some other designated person
Littoral Rights
A landowner’s claim to use water in large, navigable lakes and oceans adjacent to his or her property; also, the ownership rights to land bordering these bodies of water up to the high-water mark.
Party Driveway
One that is shared by adjoining parcels of real estate; a “common driveway.” Each landowner may obtain an easement over the neighbor’s portion of the driveway
Party Driveway
One that is shared by adjoining parcels of real estate; a “common driveway.” Each landowner may obtain an easement over the neighbor’s portion of the driveway
Party Wall
One supporting two adjoining buildings on two different lots. Each
Party Wall
One supporting two adjoining buildings on two different lots. Each landowner owns half the wall and has an easement to use the other half
Party Wall
One supporting two adjoining buildings on two different lots. Each landowner owns half the wall and has an easement to use the other half
Police Power
The governments right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect
