Interests in Property

Question 1

Act of Waste

Answer 1

When a possessor who holds less than fee ownership (i.e., tenant, vendee, and mortgagor) misuses or abuses the property.

Question 2

Condemnation

Answer 2

The process of taking private property for public use, through the government’s power of eminent domain. Sometimes called Appropriation.

Question 3

Conventional Life Estate

Answer 3

A life estate in which the measuring life and the life tenant are the same person. These are not inheritable.

Question 4

Curtesy

Answer 4

A husband’s interest in his wife’s property. Not recognized in Illinois.

Question 5

Defeasible Fee

Answer 5

A type of freehold estate conveying ownership interest that comes with a condition. Also called Qualified Fee.

Question 6

Dower

Answer 6

A wife’s interest in her husband’s property. Not recognized in Illinois.

Question 7

Eminent Domain

Answer 7

The constitutional power or right of governmental bodies to take private real estate for public use upon payment of just and equitable compensation to the owner.

Question 8

Encumbrance

Answer 8

Any claim, lien, charge, or liability that affects or limits the fee simple title to real property.

Question 9

Escheat

Answer 9

The reversion of property to the state (or, in Illinois, the county) after a person dies without leaving a valid will or any heirs.

Question 10

Estate

Answer 10

A possessory interest in real property; either a freehold estate or a leasehold estate.

Question 11

Fee Simple

Answer 11

The greatest estate one can have in real property. It is freely transferable and inheritable, and of indefinite duration, with no conditions on the title. Also known as Fee Simple Absolute or Fee Title.

Question 12

Fee Simple Determinable

Answer 12

A defeasible fee that’s terminated automatically if certain conditions occur. Grantor (or his or her heirs) has a possibility of reverter. Also called a Determinable Fee.

Question 13

Fee Simple Subject to a Condition Subsequent

Answer 13

A type of defeasible fee; title may be terminated by former owner if conditions stated in deed are not met. Former owner has a power of termination. Also called Conditional Fee.

Question 14

Fee Simple Subject to a Condition Precedent

Answer 14

A condition in which the grantor retains title to the estate until a specific condition occurs.

Question 15

Freehold Estate

Answer 15

A possessory interest of uncertain duration

Question 16

Homestead Estate

Answer 16

Property that is occupied by the owner as the principal residence, which is usually exempt from attachment by creditors to a statutorily preset amount. Also, a statutory or legal life estate recognized in some states that protects the estate belonging to a deceased person for the use of a surviving spouse and minor children.

Question 17

Life Estate Pur Autre Vie

Answer 17

Vie A life estate “for the life of another” where the measuring life is someone other than the life tenant.

Question 18

Measuring Life

Answer 18

A person whose life determines the length of a life estate

Question 19

Police Power

Answer 19

The constitutional power of state and local governments to enact and enforce laws that protect the public’s health, safety, morals, and general welfare.

Question 20

Quick-Take

Answer 20

In Illinois, an expedited eminent domain case whereby certain public entities can appropriate private property for public use without going through a more formal condemnation process.

Question 21

Remainderman

Answer 21

The person who has an estate in remainder

Question 22

Reversioner

Answer 22

The person who has a future estate interest in reversion

Question 23

Right of Control

Answer 23

The right of a property owner to physically alter or change the property.

Question 24

Right of Disposition

Answer 24

The right of a property owner to transfer all or some of the rights to other people.

Question 25

Right of Exclusion

Answer 25

The right of a property owner to restrict, exclude, or prohibit anyone from using the property or even from entering the property.

Question 26

Right of Possession

Answer 26

The right of a property owner to physically occupy the land and to use the land and make it productive.

Question 27

Right of Quiet Enjoyment

Answer 27

The right of a property owner to enjoy exclusive undisturbed possession of the property without interference from anyone.

Question 28

Zoning Ordinances

Answer 28

Local laws that divide a city or county into different areas or zones. These zones determine how land can be used, subdivided, or improved along with the specific requirements for compliance.

Question 29

Bundle of Legal Rights - P-Q-D-E-C

Answer 29

• Possession: physically occupy the land and us it and make it productive
• Quiet Enjoyment: possess and use land without interference from people or society
• Disposition: transfer all or some of the rights to other people (sell 10 out of 100 acres; landlord who rents an apartment temporarily)
• Exclusion: stop anyone from using the property or even entering it
• Control: physically alter or change the - build or tear down, alter

Question 30

Government Interests - P-E-T-E

Answer 30

• Public Power
• Eminent Domain
• Taxation
• Escheat

Question 31

Easement

Answer 31

Right to use another’s property for a specific purpose, such as a right of way. They can burden one parcel of land for the benefit of another parcel of land or an individual or corporation like a utility company.

Question 32

Lien

Answer 32

Financial encumbrances classified as voluntary or involuntary and attaches to all property both personal and real or as a specific lien (the particular property that incurred the debt)