Chapter Eight: Knowing the Limitations of Real Estate Ownership Flashcards
Definition- An Easement?
The right of another person or entity to use someone’s property for his or her benefit.
Name four types of Liens?
Mortgage Lien
Tax Lien
Mechanic Lien
Judgement Lien
What are Tax Liens?
They are involuntary and specific.
When property is sold for nonpayment of mortgage debt, what is the lien priority of payment?
- Tax lien
- Mortgage lien
- Mechanic lien
- Judgement lien
Definition- Lien
A right to keep possession of a property belonging to another person until the debt is paid.
Definition-Encumbrance
It’s a right of interest on a property that, belongs to someone other than the property owner. For example: A lien.
A __________ lien attaches to only one property.
Specific Lien
A __________ lien attaches to a number of property.
General Lien
If you finance a piece of property. What type of lien will the property hold automatically?
A. Mechanic Lien
B. Mortgage Lien
C. Judgement Lien
D. Tax Lien
Mortgage Lien
Dominant Estate or Tenement
The person or property receiving the benefit.
Servant Estate or Tenement
The property on which the easement was granted.
What are several appurtenant easement?
- A surface easement-driveway
- An underground easement-waterline
- An overhead or aerial easement-electrical line
Whats an easement by necessity?
It’s an easement granted by a court order because someone else refused to permit someone to gain access to a property. For Example: Driveway.
Whats an easement by prescription?
It’s an adverse possession. Nevada has several requirements to meet the adverse possession law.
What are four ways an easement can be terminated?
- An agreement or release
- By merger
- By abandonment
- The need no longer exist
Definition- Encroachment
The unauthorized or illegal use of someone’s property by another person.
Definition-Eminent Domain
The right the government can exercise to obtain ownership of your land against your will.
Definition-Suit of Condemnation
Taking by the government of private land.
The government must meet three requirements to be able to obtain a property through eminent domain.
- Public purpose
- Fair price paid to the owner
- Exercise due process
What are judgment Liens?
Involuntary and General
Definition-Landlock
Has no direct access to the road.
Definition-Laches
The loss of a right to enforce a deed restriction because of a failure to enforce that right within a time frame.
Definition-Escheat
The government getting your property after you have die
because you have no heir or no will.
