Estates and Interests Flashcards
estate in land
the amount and kind of ownership interest that a person has in real property
freehold estate
estates of indeterminable length
leasehold estate
involves tenants and are estates for a period of time
what three freehold estates are recognized in New Jersey?
- fee simple
- fee determinable
- life estates
fee simple/fee/fee simple absolute
highest type of interest in real estate recognized by law
holder is entitled to all rights in the property for an indefinite amount of time, passed to heirs after owner passes
fee determinable
an estate in land that can terminate in the occurrence/nonoccurrence of a specified event
remainderman
a third person other than the estate’s creator, initial holder, or either’s heirs
life estate
an estate in land limited to the life of a specific person
reversionary interest
owner’s right to regain possession of leased property upon termination of lease agreement
construction lien
lien placed against real estate by workers contributing labor to a specific property and who have not been paid
convey
transfer a title to
curtesy
husband retains his wife’s estate owned during marriage
dominant estate
tract of land that benefits from easement
dower
ancient right that a wife retains husband’s real estate owned during marriage
easement
a right acquired by one party to use the land of another party for a particular purpose
easement appurtenant
easement that grants rights to the owner of an adjacent parcel of land
easement by necessity
right to use land when there is no other option
easement by prescription
easement granted for a certain period of time
easement in gross
simple right to use the land of another
encroachment
when all or part of a structure illegally extends beyond land of its owner and covers land of adjoining property
encumberance
a claim, lien, charge, or liability attached to real property
general lien
lien that affects all the property someone owns
involuntary lien
lien imposed without owners consent, like property taxes
license
a permission to enter land of another for a specific purpose
lien
financial claims against real property
lis pendens
a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it.
mortgage lien
voluntary lien on real estate given to a lender by a borrower as security for a mortgage loan
party wall
wall of a building that straddles the boundary lines between owners
servient estate
a parcel of land that is subject to an easement and benefits another parcel of land
tacking
the ability of successive landowners to combine the time of their adverse possession so that the last owner can meet the 10 year requirement
specific lien
lien placed against one parcel of real estate
voluntary lien
one that property owner agrees to and creates, such as a mortgage
physical/usage encumbrances
restrictions, easements, licenses, and encroachments
judgement
decree issued by court
money judgement
when a decree provides awarding of money and sets forth the amount of money owed by the debtor to the creditor
when can easements be terminated?
- purpose for easement no longer exists
- when owner of one tenement becomes owner of the other
- release right of easement to owner of servient estate
- abandonment of easement
two major classifications of estates in land
- freehold estates
- leasehold estates
Rights of dower and curtesy apply to marriages before
May 28, 1980
priority of liens
determines order in which debts will be paid off in case of foreclosure
