Chapter 4-interests In RE Flashcards
Type of estate that lasts indeterminable amount of time, lifetime or forever, and can be passed on
Freehold estate
Type of estate that the length of time is determined. Also called a leasehold estate
Nonfreehold estate
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.
Fee simple estate
Type of fee simple defensible that. Can be inherited so long as it stays used for that purpose. While, during, so long as
Fee simple determinable
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
Fee simple subject to a condition subsequent
A freehold estate limited in duration to life of holder or life of another designated person. Is not inheritable. Holder is a life tenant.
Life estate
Means for the life of another and makes a life estate inheritable. Caregiver or deceased relative while holder is alive or caring for children.
Pur autre vie
What happens to a life estate when it ends?
Becomes a fee simple estate
What is it called when a life estate ends and the creator names a remainder man to pass it on?
Remainder interest
What is it called when a life estate ends and the creator chooses not to name a remainderman. Ownership returns to original owner.
Reversionary interest
An estate not created by property owner but established by state law?
Legal life estate
Dower, curtesy and homestead make what kind of estate effective?
Legal life estate
The legal life estate term when a wife inherits an estate bc of a deceased husband?
Dower
The legal life estate term when a husband inherits an estate bc of a deceased wife?
Curtesy
The legal life estate term in RE occupied as the family home and they are protected by creditors? It reserves an amount for debt
Homestead
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.
Encumbrances
A charge against property that provides security for a debt or obligation of property owner.
Liens
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
Estate in land
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
Deed restriction
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
Covenants, conditions and restrictions
Right to use the land of another for a particular purpose like airspace or right of way across
Easements
Attached to ownership of real estate and allows an owner to use of neighbors land
Easement appurtenant
The owner of a land that allows someone to have an easement appurtenant on their land
Dominant tenement
The owner of land that has to use an easement appurtenant of his neighbor
Servient tenement
“Party” wall or fence
Shared space between neighbors, requires agreement
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.
Easement in gross
A way to create an easement by court that allows the land owner a way to enter and exit a property
Easement by necessity
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
Easement by prescription
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
Tacking
How do u terminate an easement? SORNAN
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
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
Licenses
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
Encroachment
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
Lis Pendens
What is the acronym that described the powers of the government to take over land?
PETE Police power Eminent domain Taxation Escheat
What government power allows it to put community land somewhere like a highway next to a community?
Police power
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)?
Eminent domain
What court case allowed govt to “take” land by eminent domain to promote economic development?
Kelo vs city of new London
Govt power that uses property taxes, real estate taxes and fees?
Taxation
Govt power when an owners death has no will and prevents abandoned properties? Transfers to the county?
Escheat
