Chapter 4-interests In RE

Question 1

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

Answer 1

Freehold estate

Question 2

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

Answer 2

Nonfreehold estate

Question 3

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.

Answer 3

Fee simple estate

Question 4

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

Answer 4

Fee simple determinable

Question 5

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

Answer 5

Fee simple subject to a condition subsequent

Question 6

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

Answer 6

Life estate

Question 7

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

Answer 7

Pur autre vie

Question 8

What happens to a life estate when it ends?

Answer 8

Becomes a fee simple estate

Question 9

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

Answer 9

Remainder interest

Question 10

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

Answer 10

Reversionary interest

Question 11

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

Answer 11

Legal life estate

Question 12

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

Answer 12

Legal life estate

Question 13

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

Answer 13

Dower

Question 14

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

Answer 14

Curtesy

Question 15

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

Answer 15

Homestead

Question 16

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.

Answer 16

Encumbrances

Question 17

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

Answer 17

Liens

Question 18

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

Answer 18

Estate in land

Question 19

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

Answer 19

Deed restriction

Question 20

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

Answer 20

Covenants, conditions and restrictions

Question 21

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

Answer 21

Easements

Question 22

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

Answer 22

Easement appurtenant

Question 23

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

Answer 23

Dominant tenement

Question 24

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

Answer 24

Servient tenement

Question 25

"Party" wall or fence

Answer 25

Shared space between neighbors, requires agreement

Question 26

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.

Answer 26

Easement in gross

Question 27

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

Answer 27

Easement by necessity

Question 28

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

Answer 28

Easement by prescription

Question 29

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

Answer 29

Tacking

Question 30

How do u terminate an easement? SORNAN

Answer 30

``` 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 ```

Question 31

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

Answer 31

Licenses

Question 32

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

Answer 32

Encroachment

Question 33

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

Answer 33

Lis Pendens

Question 34

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

Answer 34

``` PETE Police power Eminent domain Taxation Escheat ```

Question 35

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

Answer 35

Police power

Question 36

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)?

Answer 36

Eminent domain

Question 37

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

Answer 37

Kelo vs city of new London

Question 38

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

Answer 38

Taxation

Question 39

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

Answer 39

Escheat