Encumbrances Flashcards
How are easements created? (6)
- Voluntary action
- Necessity
- Prescriptive operation of law
- Grant or reservation
- Implication
- Government power of eminent domain (condemnation)
What are the two basic types of easement and what is the difference?
Appurtenant and Gross
What is a common example of an easement by necessity?
The need to access property that is landlocked.
DEF: encroachment
DEF: unauthorized, physical intrusion of one owner’s real property into that of another
What is the difference between a license and a personal easement in gross?
A license can be revoked and is generally granted informally (verbally)
What are the two types of deed restrictions?
Covenants and Conditions
DEF: lein
DEF: a creditor’s claim against personal or real property as security for a debt of the property owner
DEF: ad valorem tax lien
DEF: real estate tax lien, placed against properties as security for payment of the annual property tax by local taxing authority
DEF: special assessment lien
DEF: placed against properties to ensure payment for local improvement projects (new roads, schools, sewers, or libraries) by local government entities
Most liens do not convey ownership. What is the one exception to that rule?
mortgage Lien
What type of lien takes priority over all other liens?
real property tax lien
What factors determine lien priority?
The lien’s categorization as superior or junior
The date the lien was recorded
How can the priority order of a junior lien be changed?
A lienor can change the priority of a junior lien by voluntarily agreeing to subordinate, or lower, the lien’s position in the hierarchy.
What is a judgment lien and how long does it last?
Results from a lawsuit
Attaches to real and personal property
Lasts for ten years, unless the period is extended
What is a mechanic’s lien?
Placed if a property owner fails to pay for work performed or materials supplied by worker or supplier
