Interest in Real Estate Flashcards
When an individual dies, leaves no will, and has no statutory heirs, any real property will transfer to the state through a process called
Escheat
A private restriction, and it is conveyed in the deed to the current property owner
Deed restriction
Escheat is intended to prevent property being
Ownerless or abandoned
A tenant who rents an apartment from the owner of the property holds
A leasehold interest
a legal life estate in real estate that is occupied as the family home
Homestead
Type of easement that gives a person the right to use a parcel of land owned by someone else
Easement in gross
The land to which an easement is attached
Dominant tenement
The land upon which a burden or servitude is laid
Servient tenement
A claim against real property to secure repayment of a debt is
A lien
A wife’s interest in a property is
Dower rights
Husbands interest in a property
Curtesy
An interest in land, owned completely without any limitations or conditions
Few simple absolute
A type of property ownership where the ownership is dependent on specific conditions. If the conditions are violated, the property may be returned to the grantor or a specified 3rd party.
Fee simple defeasible
Absolute ownership with inheritable interest, and no strings attached
Fee simple absolute
The right of a government body to take ownership of real estate for public use
Eminent domain
A person who has complete control of a parcel of real estate is said to own
A fee simple estate
A right in, or claim against, property held by someone other than property owner
Encumbrance
Court action to acquire private real estate through eminent domain
Condemnation
A home owner may be allowed certain protections from judgements of creditors as a result of the states
Homestead rights
The right of every state to enact and enforce legislation to preserve order, protect the public health and safety, and promote general welfare of its citizens
Police power
Four governmental powers that limit private rights to ownership of land
Police power
Eminent domain
Taxation
Escheat
Property that an individual owns and may use for the duration of their lifetime
Life estate
Estate of indefinite duration that can exist for a lifetime or forever
Free hold estate
Private limitations on the use of land
Covenants, conditions, restrictions
Individual or company interest in or right to use another’s land
Easement in gross
Land has no access to street or public way
Easement by necessity
Claimant has acquired use of another’s land through continuous, non exclusive, visible, open and notorious use for a period of time
Easement by prescription
Personal privilege to enter another’s land for specific purpose
A license
All of parts of a structure illegally intrude on the land of another beyond legal building lines
Encroachment
Notice of litigation in progress that may affect title to property
Lis Pendens
Private property suing for just compensation by the government or a public agency that damaged or devalued a property in the process
Inverse condemnation
