Chapter 7 Interests in Real Estate Flashcards

1
Q

What are the 4 government powers?

A

Police Power
Eminent Domain
Taxation
Escheat

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2
Q

What is eminent domain?

A

The right of government to acquire private land for public use.

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3
Q

What is condemnation?

A

The process by which the government exercises eminent domain either judicially or administratively.

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4
Q

What is taxation?

A

A charge on real estate by the government to raise funds for public needs.

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5
Q

What is escheat?

A

Process by which the state may acquire privately owned real or personal property, transfer if there are no living heirs, or succession.

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6
Q

What are estates?

A

Ownership interest and are transferred using a deed?

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7
Q

What is an estate in land?

A

Defines the degree, quantity, nature, and extent of an ownership interest in real estate.

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8
Q

What is a freehold estate?

A

An estate that lasts for an indeterminable length of time

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9
Q

What is a life estate?

A

Estate that lasts the lifetime of person.

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10
Q

What else is the leasehold estate known as?

A

Nonfreehold estate.

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11
Q

What is fee simple?

A

Aka Fee Simple Absolute, the highest interest in real estate. Owners is entitled to all the rights of real estate.

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12
Q

What is fee simple defeasible?

A

A qualified estate that is subject to occurrence or nonoccurrence of some specified act.

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13
Q

What are the two categories of fee simple defeasible?

A

Fee Simple Determinable

Fee Simple Subjects to a Condition a Subsequent

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14
Q

What is fee simple determinable?

A

An estate that is qualified by a special limitation. Uses language such as “so long as” or “while” or “during”. The former owner retains a possibility of reverter. If the limitation is violated the former property owner can take back the land. (Set action) (When it happens”)

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15
Q

What is fee simple subject to a condition in subsequent?

A

An estate that is given a condition of ownership, but will terminate if there is a violation to a condition. “on condition that” (“If it happens”). Right of reentry and possibility of reverter with court contest.

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16
Q

What is a future interest?

A

The right of entry and possibility for reverter, that my never take effect.

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17
Q

What is a life estate?

A

A freehold estate limited in duration to life of the owner or some other person, this is not inheritable.

18
Q

What is Pur Ature Vie?

A

A life estate based on the lifetime of a person other than the life tenant.

19
Q

What is a remainder interest?

A

An interest named to whom the property will pass in a life estate.

20
Q

What is a reversionary interest?

A

In a life estate no remainder is named, the property ownership will revert back to the original owner upon the end of the life estate.

21
Q

What is a legal life estate?

A

A life estate established by state law. It becomes effective automatically when certain events occur.

22
Q

What are the types of legal life estate?

A

Dower - wife has real estate when husband dies.
Curtesy - Same as dower but for husbands.
Homestead - a legal life estate occupied as the family home. Protected from most creditors during the occupants lifetime.

23
Q

What is encumbrance?

A

A claim, charge or liability that is attached to a real estate.

24
Q

What are the two types of encumbrances?

A

1-Liens
2-Encumbrance - restrictions, easements, licenses, and encroachments, that occur after the condition or use of the property.

25
Q

What is a lien?

A

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

26
Q

What is a deed restriction?

A

A private restriction that affect the use of the land. Once in a deed it passes to all owners.

27
Q

What does CC&R mean?

A

Covenants, conditions and restrictions. Private agreements that affect land use.

28
Q

What is an easement?

A

The right to use the land of another for a particular use.

29
Q

What is an appurtenant easement?

A

Attached to the ownership of one parcel and allows another property owner the use of a neighbors land.

30
Q

What are the two parts of an appurtenant easement?

A

The benefit property is dominant tenement.

The easement runs through the servient tenement.

31
Q

What is an easement in gross?

A

An individual or company interest in or right to use someone else’s land. Utility. Typically terminates with the death of the property owner.

32
Q

What are the 3 ways easements can be created?

A

1-By agreement
2-By necessity
3-By prescription

33
Q

What is an easement by necessity?

A

Easements for landlocked property, it is needed for ingress and egress.

34
Q

What is an easement by prescription?

A

Adverse possession. The use of someone else’s property for a period of time, must be continuos, exclusive, and without the owners permission.

Notorious, Adverse, Continuous, Hostile, Open

35
Q

How do you terminate an easement?

A
1-Need no longer exists
2-If the properties are merged
3-Release of the right of easement to the owner of the servient tenement
4-Abandonment of easement
5-Nonuse of a prescriptive easement
36
Q

What are the types of physical encumbrances?

A

1-Restrictions
2-Easements
3-License

37
Q

What is an encroachment?

A

When an improvement illegally extends beyond the land of its owner.

38
Q

What are riparian rights?

A

Common-law rights granted to owners of land along a river stream or body of water. Governed by state law. Typically can’t redirect or restrict the flow.

39
Q

What are littoral rights?

A

Rights granted to owners whose land borders commercially navigable lakes, seas, and oceans. Unrestricted use, but own the land adjacent to the water up to the average high water mark.

40
Q

What are 3 occurrences that can happen to land near water?

A

1-Accretion increase of land from soil deposit.
2-Erosion gradual loss of water.
3-Avulsion Sudden removal of land by an act of nature.

41
Q

What is the doctrine of prior appropriation?

A

Where water is scarce, the right to use the water is controlled by the state.