Chapter 6: Estates and Interests KEY TERMS REVIEW 2 Flashcards
1
Q
General lien
A
claim against all property someone owns
2
Q
Involuntary lien
A
property taxes are one
3
Q
Leasehold estate
A
right to use and possess for limited time
4
Q
License
A
temporary permission
5
Q
Lien
A
financial claim against real estate
6
Q
Life estate
A
complete ownership until someone’s death
7
Q
Lis pendens
A
notice that a lien may be filed
8
Q
Mortgage lien
A
lender’s claim against real estate
9
Q
Party wall
A
structure owned by two adjoining landowners
10
Q
Priority
A
the order in which liens are paid
11
Q
Remainderman
A
third party who will gain eventual ownership
12
Q
Reversionary interest
A
future interest of an owner
13
Q
Servient estate
A
the tract over which an easement runs
14
Q
Specific lien
A
claim against one parcel of real estate
15
Q
Tacking
A
adding successive periods of usage
