Chapter 7: Interest In Real Estate Flashcards
The right of the government to acquire privately owned real estate for public use
Eminent domain
Process by which the government exercises eminent domain by either judicial or administrative proceedings
Condemnation
Charge on real estate to raise funds to meet the public needs of a government
Taxation
Process by which the state may acquire privately owned real or personal property
Escheat
Defines the degree, quantity, nature, and extent of an owners interest in real property
Estate in land
Last for and indeterminable length of time
Freehold estate
Unlimited duration they are said to run forever
Fee simple estate
The highest interest and real estate recognized by law
Fee simple absolute
Qualified estate is subject to the occurrence or not occurrence of some specified event
Feesimple defeasible
A freehold estate limited induration to the wife of the owner the light of some other designated person
Life estate
The creator of the life estate may name A remainderman is the person to whom the property will pass when the life estate ends
Remainder interest
The creator of the life estate may choose not to name a remaindermen in that case the creator will recapture ownership in the life estate ends
Reversionary interest
Not created voluntary by an owner
Legal life estate
Dower
Curtesy
Homestead
A charge against property that provide security for a debt or obligation at the property owner
Lien
Private agreement that affect land-use. Once placed in the deed by a previous owner they run with the land
Deed restrictions
The right to use the land of another for a particular purpose
Easement
Attached to the ownership of one parcel and allows the owner to use the neighbors land
Appurtenant easement
The land that serves the other party
Servient tenement
Dominating party benefited by the easement
Dominant Tenement
Individual or company interest in a right to use someone else’s land
Easement in gross
How do you create an easement
A written agreement between parties that establishes the easement rights
Created by court order based on the principle that owners must have the right to enter and exit their land
Easement by necessity
Made use of another’s land for a certain period of time as defined by state law
Easement by prescription
A personal privilege to enter the land of another for a specific purpose
License
All or part of the structure illegally extends beyond the land of its owner beyond the legal building lines
Encroachment
Common-law rights granted to owners of land along the course of the river, stream, or similar body of flowing water
Riparian rights
Owners whose land borders commercially navigable lake, seas and oceans
Littoral rights
Gradual and imperceptible wearing away of the land by natural forces such as wind, rain, and flowing water
Erosion
The sudden removal of soil by an act of nature
Avulsion
Increases the land resulting from the deposit of soil by the waters action
Accretion
The rights to use any water, with in the exception of a limited domestic use, is controlled by the state rather than by the landowner adjacent to the water
Doctrine of prior appropriation
A city decides to build a new library. Which of the following terms best describes the actions taken by the city to acquire the land for the new library?
The city has the right to take the land by eminent domain as long as just compensation is paid the property owner
A purchaser of real estate learned that his ownership rights could continue forever and that no other person could claim to be the owner or exert any ownership control over the property. This person owns a?
Fee simple absolute interest
A person owned the feesimple title to a vacant lot adjacent to a hospital and was persuaded to make a gift of the lot. She wanted to have some control over its use, so her attorney prepared her deed to convey ownership of the lot to the hospital so long as it is used for hospital purposes. After completion of the gift, the hospital will own a?
Fee simple determinable
Your neighbors regularly use your driveway to reach their garage, which is on their property. Your attorney explains that ownership of the neighbors real estate includes an easement appurtenant giving them the right to do this. Your property is?
Servient tenement
A tenant who rents an apartment from the owner of the property holds a?
Leasehold interest
If the owner of real estate does not take action against a persistent trespasser before the statutory period has passed, the trespasser may acquire?
Easement by prescription
Property deeded to a town so long as it is used for recreational purposes conveys a?
The simple determinable
Property owner has the legal right to pass over the land owned by her neighbor. This is a?
Easement
What is a legal life estate?
Homestead
A father conveys ownership of his residence to his daughter but reserves for himself a life estate in the residence. The interest the daughter owns during her father’s life time is?
A remainder
And owner has the fence on her property. By mistake, the fence extends one foot onto the property of a neighbor. The fence is an example of a?
Encroachment
Encumbrances on real estate?
Include easements and encroachments
A person has permission from the property owner to hike on the owners property during the autumn months. The hiker is a?
License
What can terminate an easement?
Owner of either property become sole owner of both
The type of easement that is the right-of-way for utility companies powerlines is a?
Easement in gross
Every state has the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens
Police power
A statutory life the state that a family has in its residents is called?
Homestead
A person who has complete control over a parcel of real estate would most likely own a?
Feesimple estate
A portion of an owners building was inadvertently built on her neighbors land. This is called a?
Encroachment
Many states determine the order of water rights according to which users of the water hold a recorded beneficial use permit. This allocation of water rights is determined by?
The doctrine of prior appropriation
The purchase of a ticket for professional sporting event gives the bearer?
License to enter and claim a seat for the duration of the game
What estate would not have a definite duration?
Freehold estate
If the owner of the dominant tenement become the owner of the servient tenement and merges the two properties?
The easement is terminated
A descendent left a will giving a neighbor the right to use a well on the descendants land as long as the neighbor was alive. The neighbors interest in the property is properly called?
A personal easement in gross
A homeowner acquired the ownership of land that was deposited by a river running through a property. The additional land was acquired by?
Accretion
A fee simple owner of a vacant lot adjacent to a hospital was persuaded to make a gift of the lot. The owners attorney prepare a deed that conveyed the ownership of the lot to the hospital so long as it is used for medical purposes. After the completion of the gift, the hospital will own a?
Fee simple determinable estate
The most all-inclusive type of real property ownership is a?
Feesimple estate
The right of the owner of a property located along the banks of a river are called?
Riparian rights
Local utility company dug up a property owners garden to install a natural gas line. The company claims it had a valid easement improved it through the county records. The property owner claims the easement was not valid because the owner did not know about it. Does the company have a valid easement?
Yes, the easement was valid even though the owner did not know about it
The ownership rights to real estate do not include
Navigable rivers running through the property
Property owner tells her neighbor that he can store his bulldozer in her yard for a few weeks. The property owner did not charge her neighbor rent for the use of her yard. The property owner has given her neighbor?
A license
Creditors suing a homeowner who is entitled to a homestead exemption as provided by state law?
May request a court ordered sale and have the proceeds in excess of the statutory exemption and exempted liens applied to the debt
A property owner of 2 acres of land sold 1 acre to a neighbor and reserved an appurtenant easement over the neighbors land for ingress and egress. The neighbors land?
The servient tenement
And owner of 50 acres of land with 500 feet of frontage on the lake wishes to subdivide the parcel into lots but wants to retain control over the lake frontage while allowing lot owners to have access to the Lake. What would grant the greatest protection for a prospective purchaser?
An appurtenant easement
A homestead exemption protects against judgments..
Of unsecured creditors
The major intent of zoning regulations is too?
Ensure the health, safety, and welfare of the community
The owner of a secluded area adjacent to the Atlantic Ocean noticed that people from town walked along the shore in front of his property. The owner learned that the local citizens have been walking along the speech for years. The owner went to court to try to stop people from walking along the water’s edge in front of the owners property. The owner is likely to be?
Unsuccessful because the owners property extends only to the high watermark and the public can use the land beyond that point
A deed conveys ownership to the grantee so as long as the existing building is not torn down. What type of the estate did this deed create?
A determinable fee estate
What is an example of a legal life estate?
Homestead estate
For land to be taken by the government under it’s right of eminent domain, which of the following must apply?
The taking must be for a public purpose
A feesimple owner of the property conveys a life estate to a grandson and stipulates that upon the feesimple owners death, the estate will pass to the owner son-in-law. The son-in-law has?
An estate in remainder
A son conveys the ownership of his house to his mother and stipulates that upon her death he will recapture the ownership. The interest the son has in the ownership is?
Reversionary interest
The process by which the government can take ownership of a building that has deteriorated, with bricks falling on a public sidewalk, is?
Condemnation
And owner of an apartment building conveys the ownership of the building into a nursing home, anticipating that the rental income will help pay for the owners care there. When the owner dies, the estate will recapture ownership of the apartment building. The nursing home holds?
Life estate per auture vie
Developer grants the gas company the right to install transmission lines. This right is called?
An easement in gross
A lot is encumbered by a sewer easement that runs where the foundation of the building would be. How will this affect the owner who wants to build a house?
House must be constructed to avoid the easement
Owner divides the parcel into two lots, one of which is surrounded by other lots and has no street access. What is true?
An easement by necessity should be created for the landlocked parcel
A person wants to ensure that the ownership of real property can be will to her children. What form of ownership with the person want?
A fee estate
What are examples of an encumbrance?
A lien
An easement
A mortgage
A person who acquired ownership that can be inherited, with the provision of the land must always be used for religious purposes, has what?
A conditional fee estate
