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OK Real estate book > Chapter 4-interests In RE > Flashcards

Chapter 4-interests In RE Flashcards

1
Q

Type of estate that lasts indeterminable amount of time, lifetime or forever, and can be passed on

A

Freehold estate

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2
Q

Type of estate that the length of time is determined. Also called a leasehold estate

A

Nonfreehold estate

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3
Q

Type of estate with highest interest by law. Holder entitled to all rights to property by law. Intended to run forever. If owner dies, it is passed on to a co-owner, will owner or designated by states law of succession.

A

Fee simple estate

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4
Q

Type of fee simple defensible that. Can be inherited so long as it stays used for that purpose. While, during, so long as

A

Fee simple determinable

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5
Q

Type of fee simple defensible where the owner gives real estate on condition of ownership; doesn’t terminate if condition is broken. Owner or heir had right to re-entry by legal court. Ie no alcohol allowed, break that rule, can petition to allow alcohol on site

A

Fee simple subject to a condition subsequent

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6
Q

A freehold estate limited in duration to life of holder or life of another designated person. Is not inheritable. Holder is a life tenant.

A

Life estate

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7
Q

Means for the life of another and makes a life estate inheritable. Caregiver or deceased relative while holder is alive or caring for children.

A

Pur autre vie

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8
Q

What happens to a life estate when it ends?

A

Becomes a fee simple estate

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9
Q

What is it called when a life estate ends and the creator names a remainder man to pass it on?

A

Remainder interest

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10
Q

What is it called when a life estate ends and the creator chooses not to name a remainderman. Ownership returns to original owner.

A

Reversionary interest

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11
Q

An estate not created by property owner but established by state law?

A

Legal life estate

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12
Q

Dower, curtesy and homestead make what kind of estate effective?

A

Legal life estate

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13
Q

The legal life estate term when a wife inherits an estate bc of a deceased husband?

A

Dower

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14
Q

The legal life estate term when a husband inherits an estate bc of a deceased wife?

A

Curtesy

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15
Q

The legal life estate term in RE occupied as the family home and they are protected by creditors? It reserves an amount for debt

A

Homestead

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16
Q

Type of interest in RE that doesn’t rise to level of ownership or possession but still Ives an individual, business or other entity some degree or control of property.

A

Encumbrances

17
Q

A charge against property that provides security for a debt or obligation of property owner.

A

Liens

18
Q

Defines the degree, quantity and extent of an owners interest in real property. Must be measured according to time, allow possession, meaning the holding and enjoyment of property now or in future

A

Estate in land

19
Q

Private restrictions placed by the previous owner, runs the land, limiting the use of property by current owner, as well as future owners to whom property is transferred

A

Deed restriction

20
Q

CCR- used by a subdivision developer to maintain specific standards in a subdivision i.e. Requiring adherence to certain architectural or design specification for improvements

A

Covenants, conditions and restrictions

21
Q

Right to use the land of another for a particular purpose like airspace or right of way across

A

Easements

22
Q

Attached to ownership of real estate and allows an owner to use of neighbors land

A

Easement appurtenant

23
Q

The owner of a land that allows someone to have an easement appurtenant on their land

A

Dominant tenement

24
Q

The owner of land that has to use an easement appurtenant of his neighbor

A

Servient tenement

25
Q

“Party” wall or fence

A

Shared space between neighbors, requires agreement

26
Q

Individual or company interest in a right to use someone’s land. Railroad, pipeline, power line. Can be assigned, conveyed or inherited. Personal, not assignable. Goes w death.

A

Easement in gross

27
Q

A way to create an easement by court that allows the land owner a way to enter and exit a property

A

Easement by necessity

28
Q

a way to create an easement that runs for a limited period of time defined by law. Continuous, non exclusive and w out owners permission. It must be visible, open and owner can learn of it

A

Easement by prescription

29
Q

Provided that successive periods of continuous occupation by different parties may be combined to reach the required total #of years necessary to establish a claim for a prescriptive easement

A

Tacking

30
Q

How do u terminate an easement? SORNAN

A 
Sole owner-Servient or dominant become sole owner
Release of easement to owner of servient
Need no longer exists
Abandonment
No use of prescriptive easement
31
Q

A personal privilege to enter the land of another for a specific purpose. Can be terminated or cancelled by the owner. Given orally or informally. Ends w death or sale

A

Licenses

32
Q

A building, fence or driveway that illegally extends beyond boundaries of land. If it’s over long period of time it can become an easement by prescription

A

Encroachment

33
Q

A notice filed in public record of a pending legal action affecting title to or possession of property. It is a “cloud on the title” which could prevent property from being sold or encumbered

Latin for litigation pending

A

Lis Pendens

34
Q

What is the acronym that described the powers of the government to take over land?

A 
PETE
Police power
Eminent domain
Taxation
Escheat
35
Q

What government power allows it to put community land somewhere like a highway next to a community?

A

Police power

36
Q

What is the fight of the govt to acquire private real estate for public use by use of condemnation (build low income housing, sports arena, railroad)?

A

Eminent domain

37
Q

What court case allowed govt to “take” land by eminent domain to promote economic development?

A

Kelo vs city of new London

38
Q

Govt power that uses property taxes, real estate taxes and fees?

A

Taxation

39
Q

Govt power when an owners death has no will and prevents abandoned properties? Transfers to the county?

A

Escheat

OK Real estate book (5 decks)

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