Chapter Seven Flashcards
the sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream 120
avulsion
an easment that is annexed to the ownership of one parcel and allows the owner the use of the neighbor’s land. 116-117
appurtenant easment
1) Contract law, 2) General property law, 3) Agency law, 4) Real estate license law, 5) Federal regulations, 6) Federal, state, and local tax laws, 7) Zoning and land-use laws, 8) Federal, state, and local environmental regulations. 24
Laws affecting Real Estate
a judicial or administrative proceeding to exercise the power of eminent domain, through which government agency takes private property for public use and compensates the owner. 110
condemnation
private agreements that affect the land use. They may be enforced by an owner of real estate and included in the seller’s deed to the buyer.
covenants, conditions, and restrictions (CC&Rs)
clauses in a deed limiting the future uses of the property, may impose a vast variety of limitations and conditions-they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all. 116
deed restrictions
a right to use the land of another for a specific purpose, such for a right of way or utilities; an incorporeal interest in land 116
easement
an easement allowed by law as necessary for the full enjoyment of a parcel of real estate (e.g., a right of ingress and egress over a grantor’s land). 118
easement by necessity
an easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law. 118
easement by prescription
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 owner. For example, a right granted by Eleanor Franks to Joe Fish to use a portion of her property for the rest of his life.
easement in gross
the right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner. 110-111
eminent domain
a building or some portion of it – a wall or fence, for instance that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner or a street or alley. 119
encroachment
anything–such as a mortgage, tax or judgement lien; an easement; a restriction on the use of the land; or an outstanding dower right–that may diminish the value or use and enjoyment of a property. 115
encumbrance
the reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned. 112
escheat
the degree, quantity, nature, and extent of interest a person has in real property. 112
estate in land
the highest interest in real estate recognized by the law; the jolder is entitled to all rights to the property. 112
fee simple
the maximum possible estate or right of ownership of real property, continuing forever. 112
fee simple absolute
an estate in which the holder has a fee simple title that may be divested upon the occurrence or non-occurrence of a specified event. 112
defeasible fee estate or fee simple defeasible
a fee simple estate qualified by a special limitation. Language used to describe limitation includes the words so long as, while, or during. 112
fee simple determinable
if an estate is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry. 113
fee simple subject to a condition subsequent
an estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. 117
freehold estate
a person’s present right to an interest in real property that will not result in possession or enjoyment until some time in the future, such as a reversion or right of reentry. 113
future interest
land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected or exempt form judgements for debts. 115
homestead
a form of life estate established by state law, rather than created voluntarily by an owner. It becomes effective when certain events occur. 114
legal life estate
1) a privilege or right granted to a person by a state to operate as a real estate broker or salesperson, 2) the revocable permission for a temporary use of land- a personal right that cannot be sold. 69
license
a right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale. 121
lien
an interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons. 112
life estate
1) a landowner’s claim to use water in large navigable lakes and oceans adjacent to his or her property. 2) the ownership rights to land bordering these bodies of water up to the high water mark. 119-120
littoral rights
the governments right to impose laws, statutes, an ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare. 110
police power
a concept of water ownership in which the landowner’s right to use available water is based on a government-administered permit system. 122
prior appropriation
“For the life of another.” a life estate that is measured by the life of a person other than the grantee. 114
pur autre vie
the remnant of an estate that had been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another. 114
remainder interest
the remnant of an estate that the grantor holds after granting a life estate to another person. 114
reversionary interest
an owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water. 119
riparian rights
the process by which a government or municipal quasi-public body raises monies to fund its operation. 111
taxation
Police power, Eminent Domain, Taxation, Escheat
Four Government Powers that effect Real Estate
In June 2005, the U.S. Supreme Court in Kelo v.City of New London significantly changed the definition of public use. The court held that local governments can condemn homes and businesses for private or economic development purposes.
eminent domain
estates for which the length of time can be determined. 112
Non-freehold estate or leasehold estates
“So long as”, “While”, “During” 113
fee simple determinable
an ownership interest and are transferred using a deed. 112
estate
increases in the land resulting from the deposit of soil by the waters action. 120
accretion
the sudden removal of soil by an act of nature such as an earthquake, or mudslide causing an individual’s landholding to become much smaller very quickly.
avulsion
