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Real Estate PA > Fundamentals | Unit 5 > Flashcards

Fundamentals | Unit 5 Flashcards

1
Q

Eminent Domain

A

Government acquires privately owned land for public use

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2
Q

Escheat

A

The reversion of property to the state when an owner dies with no will and no heirs

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3
Q

Estate in Land

A

The degree, quantity, nature, and extent of interest a person holds

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4
Q

Freehold Estates

A

Ownership for an indefinite duration

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5
Q

Leasehold (Nonfreehold)

A

Possession for a fixed term

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6
Q

Fee Simple Absolute

A

Most complete bundle of rights. Maximum ownership estate in real property. Last indefinitely as if transferable and inheritable

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7
Q

Fee Simple Defeasible

A

Created by a deed condition, often a gift. Lasts so long as the deed condition is not violated. If a deed condition is violated, may revert to grantor (or heirs).

Transferable and Inheritable

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8
Q

Life Estate

A

Grantor grants life state to grantee.
Grantor maintains reversionary interest.
When grantee dies, ownership is reverted back to grantor.

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9
Q

Conventional Life Estate

A

Can be established by the owner in deed or will.
Estate is conveyed to life tenant.
Life tenant has full ownership until the death of the person against whose life the estate is measured.
At this point, the life tenant’s rights cease and the ownership passes as a fee simple estate to another designated individual or returns to the previous owner.

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10
Q

Pur Autre Vie (for the life of another)

A

A life estate based on the lifetime of a person other than the life tenant.
A life estate pur autre vie provides for inheritance by the life tenant’s heirs only until the death of the third party.
Usually created for people who are physically or mentally incapacitated in the hope of providing incentive for someone to care for them.

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11
Q

Reversionary Interest

A

Creator of the life estate may choose not to name a remainderman.
In this case, ownership reverts to the original owner upon the end of the life estate.

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12
Q

Remainder Interest

A

Creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends.

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13
Q

Legal Life Estate

A

Not created voluntarily by an owner. It is a form of life estate established by state law.
Becomes effective automatically when certain event occurs

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14
Q

Encumbrance

A

A claim, charge, or liability that attached to real estate

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15
Q

Appurtenant Easement

A

Involved two adjacent and separately owned tracts.

Benefited tract = dominant tenement
Tract subject to easemenet = servient tenement

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16
Q

Riparian Rights

A

Gives the owner of land adjacent to a non-navigable stream ownership of the land to the stream’s midpoint

17
Q

Littoral Rights

A

Held by owners of land bordering commercially navigable lakes and oceans and include rights to the water and ownership of the land up to the mean high-water mark.

18
Q

Doctrine of Prior Appropriation

A

Used in states where water is scarce to decide water use

19
Q

Leasehold Estate | Estate for Years

A

Runs for a specific length of time

20
Q

Leasehold Estate | Estate from Period to Period

A

Runs for an indefinite period period (year to year, month to month)

21
Q

Leasehold Estate | Estate at Will

A

Runs as long as the landlord permits

The death of either party terminates an estate at will

22
Q

Leasehold Estate | Estate at Sufferance

A

Possession without consent of the landlord

23
Q

Reliction

A

The increase of land due to the gradual receding of a body of water or, in this case, a gradual shift in the course of the river.

24
Q

Avulsion

A

The sudden loss of land, due to a flood or a tropical storm

25
Q

Erosion

A

The gradual wearing away of the land by natural forces

26
Q

Accretion

A

The natural action of water can increase or diminish the amount of land owned

27
Q

State’s Enabling Acts

A

Every state has the power to enact legislation to preserve order, protect the public health and safety and to promote the general welfare of its citizens (i.e., police power).

28
Q

Most complete bundle of rights. Maximum ownership estate in real property. Last indefinitely as if transferable and inheritable

A

Fee Simple Absolute

29
Q

Created by a deed condition, often a gift. Lasts so long as the deed condition is not violated. If a deed condition is violated, may revert to grantor (or heirs).

Transferable and Inheritable

A

Fee Simple Defeasible

30
Q

Grantor grants life state to grantee.
Grantor maintains reversionary interest.
When grantee dies, ownership is reverted back to grantor.

A

Life Estate

31
Q

Can be established by the owner in deed or will.
Estate is conveyed to life tenant.
Life tenant has full ownership until the death of the person against whose life the estate is measured.
At this point, the life tenant’s rights cease and the ownership passes as a fee simple estate to another designated individual or returns to the previous owner.

A

Conventional Life Estate

32
Q

A life estate based on the lifetime of a person other than the life tenant.
A life estate pur autre vie provides for inheritance by the life tenant’s heirs only until the death of the third party.
Usually created for people who are physically or mentally incapacitated in the hope of providing incentive for someone to care for them.

A

Pur Autre Vie

33
Q

Creator of the life estate may choose not to name a remainderman.
In this case, ownership reverts to the original owner upon the end of the life estate.

A

Reversionary Interest

34
Q

Creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends.

A

Remainder Interest

35
Q

Not created voluntarily by an owner. It is a form of life estate established by state law.
Becomes effective automatically when certain event occurs

A

Legal Life Estate

36
Q

The increase of land due to the gradual receding of a body of water or, in this case, a gradual shift in the course of the river.

A

Reliction

37
Q

The sudden loss of land, due to a flood or a tropical storm

A

Avulsion

38
Q

The gradual wearing away of the land by natural forces

A

Erosion

39
Q

The natural action of water can increase or diminish the amount of land owned

A

Accretion

Real Estate PA (22 decks)

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