Chapter 6 - Estates and Interests

Question 1

To transfer ownership by sale or gift is to ___.

Answer 1

Convey

Question 2

A right that a husband retains in his wife’s estate. As of May 28, 1980, New jersey abolished the creation of any new dower or curtesy rights and instead, now gives both husband an wife the right of joint possession of the property that is their main marital residence.

Answer 2

Curtesy

Question 3

A property that includes in its ownership the right to use an easement over another person’s property for a specific time is a ___ Estate.

Answer 3

Dominant estate

Question 4

A right that a wife retains in her husbands estate. As of May 28, 1980, New jersey abolished the creation of any new dower or curtesy rights and instead, now gives both husband an wife the right of joint possession of the property that is their main marital residence.

Answer 4

Dower

Question 5

A right to use the land of another for a special purpose, as a right-of-way or utilities; an incorporeal interest in land is an ___.

Answer 5

Easement

Question 6

An easement that passes with the land when conveyed. In order for a secondary lien to exist it must be two adjacent tracts of land owned by different parties, this is know as an Easement of ___.

Answer 6

Easement appurtenant

Question 7

An easement acquired by continuous, uninterrupted, exclusive, and adverse use of property for a period of time prescribed by state law. in New Jersey that is 20 years, also know as Easement by ___.

Answer 7

Easement by prescription

Question 8

An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement. Example would be where a power company owns an easement in total on the boundary of two lots If the need for the easement were to cease, the easement would cease to exists this is Easement in ___.

Answer 8

Easement in gross

Question 9

The extension of an improvement beyond the land of an owner, illegally intruding on the land of an adjacent owner, is an ____.

Answer 9

Encroachment

Question 10

Any claim by another - such as a mortgage, tax or judgement lien, an easement, encroachment, or deed restriction on the use of land - may diminish the value of property, this is an ___.

Answer 10

Encumbrance

Question 11

The amount and kind of ownership a person has in real property. They have an ___ _ ___.

Answer 11

Estate in land

Question 12

Also known as conditional fee or defeasible fee, it is an estate in land that can terminate on the occurrence or nonoccurence of a specified event. e.g as long as it is a wildlife preserve. This is know as a ___ ___ Estate.

Answer 12

Fee determinable

Question 13

Highest type of interest in real estate recognized by law. One in which the holder is entitled to all rights in the property. There is no time limit, it is said to run forever. Upon death it passes to heirs. This is know as a ___ ___ Estate

Answer 13

Fee Simple (Fee, Fee Fimple and Fee Simple Absolute are used interchangeably)

Question 14

Estates of an indeterminable length of time. May run for a lifetime or may own forever. Three ____ estates are recognized in New Jersey - Fee simple, fee determinable and life estates.

Answer 14

Freehold estate

Question 15

Affects all the property someone owns. e.g. judgement lien for a large unpaid bill. Include money judgements, federal and estate taxes, debts of person who has died, IRS taxes. These can be placed against debtor’s real and personal property are know as ___ liens.

Answer 15

General lien

Question 16

A financial claim against property that is imposed without the owners consent. Property taxes, for example are ______ liens.

Answer 16

Involuntary lien

Question 17

Involve tenants and are estate for a period of time. ___ Estates are considered to be personal property, not real property.

Answer 17

Leasehold estate

Question 18

Permission to enter the land of another for a specific purpose. It is not a permanent right and may be withdrawn. Examples include permission to park in neighbor’s driveway and permission to erect a billboard. may be written or oral this is a ___.

Answer 18

License

Question 19

A financial claim against property that provides security for a debt or obligation of the property owner. If the obligation is not repaid, the lienholder, or creditor, has the right to have it paid out of the property, ususally from the proceeds of a court sale this causes a ____ on the property.

Answer 19

Lien

Question 20

Limited to the life of a specific person. the owner of a ___ Estate does not have the right to pass ownership to heirs. Sometimes governed by a reversionary interest which means title would revert back to grantor. If title would pass to another directly from grantor or a remainderman. These states can also be tied to the life of a third party. Which would be a ___ Estate pur autre vie (for another’s life).

Answer 20

Life Estate

Question 21

A recorded legal document giving constructive notice that court action affecting a particular property is pending is called a __ _____.

Answer 21

Lis pendens

Question 22

Lenders lien against a specific parcel pledged as security for a debt is a ___ lien.

Answer 22

Mortgage lien

Question 23

A building wall that is located on or at a boundary line between two ajoining parcels of land and is used by the owners of both properties is a ___ ___.

Answer 23

Party wall

Question 24

What determines order in which debts will be paid off in case of a foreclosures. Real estate taxes and special assessments for improvements that enhance the value of property take ___ over all other liens. Others are paid out in order of their ___, normally determined by date of recording in public records of the county where the property is located.

Answer 24

Priority

Question 25

Land on which easement exists in favor of an adjacent property (called the dominant estate); also called the ___ Estate or tenement.

Answer 25

Servient Estate

Question 26

A lien affecting or attaching to a certain particualr parcel of land or piece of property, is a ___ lien.

Answer 26

Specific lien

Question 27

Adding or combining successive periods of continuous occupation of real property by different adverse possessors is known as ___.

Answer 27

Tacking

Question 28

Financial claim placed against property by owner. e.g owner gives bank a claim against real property in return for a mortgage loan is known as a ___ lien.

Answer 28

Voluntary lien

Question 29

Claim placed against the property by a worker who has not been paid is a ___ lien.

Answer 29

Construction lien