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Real Estate > Chapter Two: Rights > Flashcards

Chapter Two: Rights Flashcards

1
Q

What is possession?

A

The right to occupy your property and have ingress an egress. (way to get in, way to get out)

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2
Q

What is use or control?

A

Making a profit from the land, removing objects, building on it, farming, drilling to mining

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3
Q

What is the definition of enjoyment?

A

Assures against interference from nuisance from neighbors

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4
Q

What is the definition of disposition?

A

Allows owners to sell the land, give it away, pass it to heirs

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5
Q

What are encumbrances?

A

Limitations to the rights influencing the value of the property determined by physical characteristics

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6
Q

What is an estate in land?

A

The quality, quantity, nature and extent of ownership interest that a person holds in real property

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7
Q

What has to happen for an interest to be an estate?

A

There must be present or future right to occupy

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8
Q

Possessory vs non-possessory?

A

Possessory: Right to occupy the property

Non-possessory: the right to occupy is a future right

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9
Q

Freehold Estates

A

Estates that will last for an indefinite period of time

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10
Q

What is fee simple absolute?

A

The owner possesses the entire bundles of rights

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11
Q

What is a fee simple determinable?

A

ownership is subject to a certain limitation based on time. [reversion interest]

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12
Q

What is fee simple on condition subsequent?

A

subject to a condition, but has no automatic reversion when the condition isn’t met.

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13
Q

What are life estates?

A

Freehold estates lasting for a duration of a life. cant be passed to heirs

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14
Q

What is a conventional life estate?

A

One created by conveyance through deed, will, or trust. a person who receives estate is a life tenant.

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15
Q

What is a life estate pur autre vie?

A

When the lifetime of life estate is measured by life of an individual other than the grantee

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16
Q

What is a remainder estate?

A

Created when the owner of a fee simple estate grants a lesser estate

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17
Q

What is remainderman?

A

A person who is named other than the owner to receive the fee estate when lesser estate ends.

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18
Q

What is a contingent remainder?

A

When a grantor makes “future rights” dependent on both the termination of a lesser estate&fulfillment of condition

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19
Q

What is a revisionary estate?

A

When a lesser estate is conveyed but future rights are reserved for the grantor or heirs of the grantor.

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20
Q

What is homestead protection?

A

Protects primary resident from a forced sale to satisfy debt

21
Q

What is a leasehold estates?

A

Not an estate of ownership. Consists of a tenant’s right granted by lease

22
Q

What is an encumbrance?

A

External limitations that restrict owner’s rights, use of property, or diminish its value.

23
Q

What is eminent domain?

A

Government’s power to take property with/without owner’s consent when needed for public use.

24
Q

What are the 4 governing powers that limit our property rights? (PETE)

A

police power, eminent domain, taxation and escheat

25
Q

What does the right of taxation include?

A

Gives local government the right to levy taxes on real property

26
Q

What is escheat?

A

Government’s right to take over property when it’s abandoned or when the owner dies without will or heirs.

27
Q

What is a lien?

A

A monetary claim a creditor has on a property of a debtor. Debtor’s property is security for payment.

28
Q

What are 5 types of specific liens?

A

Property tax liens, mortgage liens, mechanic’s liens, vendee’s lien, and attachment liens.

29
Q

What is a general lien?

A

All real and personal property owned by debtor including properties owned before lien.

30
Q

What are 4 types of general liens?

A

Judgment lien, federal &state income tax, federal &state inheritance taxes, decedent’s debts

31
Q

What is an easement?

A

Non-possessory, intangible right one person has to use another person’s land for a specific purpose.

32
Q

What is a servient estate?

A

The owner granting the easement and burdened by it

33
Q

What is a dominant estate?

A

The owner benefits from receiving the right to land

34
Q

What is an easement appurtenant?

A

Must be two separate properties, with 2 owners

35
Q

What is an easement in gross?

A

Involves only one tract of land, the servient estate. It benefits a person rather than another parcel of land.

36
Q

What are 7 ways to create an easement?

A

By grant, reservation, agreement, necessity, prescription, implication, condemnation

37
Q

Describe a prescription by the easement?

A

Acquired through continuous use of another’s person’s property for a period of time prescribed by state law. (usually 10-20 years)

38
Q

What are 6 ways to terminate easements?

A

Release, merger, expiration of purpose, abandonment, prescription, necessity.

39
Q

What is a covenant?

A

A promise made in the sales contract, lease, or deed that specifies property will/will not be used in a certain manner.

40
Q

What is an injunction?

A

Court action to stop prohibited use of the property.

41
Q

What is an encroachment?

A

when improvement, building, or other attachment illegally extends beyond boundaries of its owner’s land.

42
Q

What does police power consist of?

A

The right of local, state, or national government to enforce laws that regulate the use of private property in order to provide for the safety& well-being of the community.

43
Q

What does eminent domain mean?

A

Government’s power to take property with/without owner’s consent for public use.

44
Q

What does the process of condemnation consist of?

A

When the public purpose for privately owned land is needed, the government has the power to take it, but just compensation must be paid.

45
Q

What are 4 types of leasehold estates?

A

Estate for years, an estate from period to period, estate at will, estate at sufferance

46
Q

What does estate for years consist of?

A

A lease agreement that gives the tenant exclusive possession of the property for a specific time.

when the lease is over, possession is landlords again without the need for notice

47
Q

What does estate from period to period consist of?

A

The tenant’s right to occupy for the term is covered by the first month’s rent, and each time rent is paid the right is automatically renewed.

48
Q

What does tenancy at will consist of?

A

Temporary arrangement in which tenant can occupy the property for an unspecified period as long as the landlord gives permission.

Ends with the death of either party or the sale of the property.

49
Q

What does estate at sufferance consist of?

A

When a tenant who was paying rent continues to stay after the agreed term of the lease

Real Estate (13 decks)

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