Estates and Interests

Question 1

estate in land

Answer 1

the amount and kind of ownership interest that a person has in real property

Question 2

freehold estate

Answer 2

estates of indeterminable length

Question 3

leasehold estate

Answer 3

involves tenants and are estates for a period of time

Question 4

what three freehold estates are recognized in New Jersey?

Answer 4

1. fee simple
2. fee determinable
3. life estates

Question 5

fee simple/fee/fee simple absolute

Answer 5

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

Question 6

fee determinable

Answer 6

an estate in land that can terminate in the occurrence/nonoccurrence of a specified event

Question 7

remainderman

Answer 7

a third person other than the estate’s creator, initial holder, or either’s heirs

Question 8

life estate

Answer 8

an estate in land limited to the life of a specific person

Question 9

reversionary interest

Answer 9

owner’s right to regain possession of leased property upon termination of lease agreement

Question 10

construction lien

Answer 10

lien placed against real estate by workers contributing labor to a specific property and who have not been paid

Question 11

convey

Answer 11

transfer a title to

Question 12

curtesy

Answer 12

husband retains his wife’s estate owned during marriage

Question 13

dominant estate

Answer 13

tract of land that benefits from easement

Question 14

dower

Answer 14

ancient right that a wife retains husband’s real estate owned during marriage

Question 15

easement

Answer 15

a right acquired by one party to use the land of another party for a particular purpose

Question 16

easement appurtenant

Answer 16

easement that grants rights to the owner of an adjacent parcel of land

Question 17

easement by necessity

Answer 17

right to use land when there is no other option

Question 18

easement by prescription

Answer 18

easement granted for a certain period of time

Question 19

easement in gross

Answer 19

simple right to use the land of another

Question 20

encroachment

Answer 20

when all or part of a structure illegally extends beyond land of its owner and covers land of adjoining property

Question 21

encumberance

Answer 21

a claim, lien, charge, or liability attached to real property

Question 22

general lien

Answer 22

lien that affects all the property someone owns

Question 23

involuntary lien

Answer 23

lien imposed without owners consent, like property taxes

Question 24

license

Answer 24

a permission to enter land of another for a specific purpose

Question 25

lien

Answer 25

financial claims against real property

Question 26

lis pendens

Answer 26

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.

Question 27

mortgage lien

Answer 27

voluntary lien on real estate given to a lender by a borrower as security for a mortgage loan

Question 28

party wall

Answer 28

wall of a building that straddles the boundary lines between owners

Question 29

servient estate

Answer 29

a parcel of land that is subject to an easement and benefits another parcel of land

Question 30

tacking

Answer 30

the ability of successive landowners to combine the time of their adverse possession so that the last owner can meet the 10 year requirement

Question 31

specific lien

Answer 31

lien placed against one parcel of real estate

Question 32

voluntary lien

Answer 32

one that property owner agrees to and creates, such as a mortgage

Question 33

physical/usage encumbrances

Answer 33

restrictions, easements, licenses, and encroachments

Question 34

judgement

Answer 34

decree issued by court

Question 35

money judgement

Answer 35

when a decree provides awarding of money and sets forth the amount of money owed by the debtor to the creditor

Question 36

when can easements be terminated?

Answer 36

1. purpose for easement no longer exists 2. when owner of one tenement becomes owner of the other 3. release right of easement to owner of servient estate 4. abandonment of easement

Question 37

two major classifications of estates in land

Answer 37

1. freehold estates 2. leasehold estates

Question 38

Rights of dower and curtesy apply to marriages before

Answer 38

May 28, 1980

Question 39

priority of liens

Answer 39

determines order in which debts will be paid off in case of foreclosure