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Real Estate P&P > Interests in Real Estate > Flashcards

Interests in Real Estate Flashcards

1
Q

Estate in Land

A

ownership interest defined by the degree, quantity, nature and extent of an owner’s interest in real property

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2
Q

Freehold Estate

A

lasts for an indeterminable length of time

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3
Q

Fee Simple Estate

A

the highest interest in real estate recognized by law

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4
Q

Nonfreehold Estate

A

one for which the length of time of the property’s use can be determined; leasehold estate

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5
Q

Fee Simple Absolute

A

entitles its owner to all rights to the property by law; upon the death of the owner property interest passes to a co-owner, persons specified in the will or with no will via state’s law of intestate succession

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6
Q

Fee Simple Defeasible

A

qualified fee estate that is subject to the occurrence or nonoccurence of some specified event

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7
Q

Fee Simple Determinable

A

a fee simple defeasible estate that may be inherited

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8
Q

Fee Simple Subject to a Condition Subsequent

A

an owner gives real estate on condition of ownership; there is a difference in the way the estate will terminate if there is a violation of the condition

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9
Q

Possibility of Reverter

A

if a limitation is violated in a fee simple determinable the holder of the possibility can reacquire full ownership with no legal action

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10
Q

Right of Reentry

A

in a fee simple subject to condition; estate does not automatically terminate upon violation of the condition of ownership it does require legal action

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11
Q

Life Estate

A

a freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons

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12
Q

Life Tenant

A

the holder of a life estate

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13
Q

Pur Autre Vie

A

a type of life estate that provides for inheritance of the property right by the life tenant’s heirs until the death of the identified person or persons

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14
Q

Remainder Interest

A

a designation of the fee simple estate after the life estate ends that names a remainderman as the person who it passes to

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15
Q

Reversionary Interest

A

a designation of the fee simple estate after the life estate ends where ownership returns to the original owner

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16
Q

Legal Life Estate

A

created by state law rather than by a property owner

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17
Q

Dower

A

the life estate of a wife in the real estate of her deceased husband

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18
Q

Curtesy

A

the life estate of a husband in the real estate of his deceased wife

19
Q

Uniform Probate Code

A

gives a surviving spouse the right to an elective share on the death of the other spouse, if the surviving spouse is not satisfied with the decedent’s disposition of the property by will

20
Q

Homestead

A

legal life estate in real estate occupied as the family home; protected from most creditors during the occupant’s lifetime

21
Q

Encumbrance

A

type of interest in real estate that does not rise to the level of ownership or possession yet still gives the entity some degree of use or control

22
Q

Lien

A

a charge against property that provides security for a debt or an obligation of the property owner

23
Q

Deed Restriction

A

a restriction that affects the use of real estate and runs with the land, limiting the use of the property by the current owners as well as future owners

24
Q

CC&R’s

A

covenants, conditions and restrictions - used by a subdivision developer to maintain specific standards detailed in the original plans

25
Q

Easement

A

the right to use land for a particular purpose

26
Q

Easement Appurtenant

A

attached to the ownership of real estate and allows the owner of that property the use of neighbor’s land

27
Q

Dominant Tenement

A

the parcel that benefits from an easement appurtenant

28
Q

Servient Tenement

A

the parcel over which an easement appurtenant runs

29
Q

Party Wall

A

an exterior wall of a building that straddles the boundary line between two lots

30
Q

Cross Easement

A

the reciprocal interest of each owner in the property of the other

31
Q

Easement in Gross

A

an individual or company interest in or right to use someone else’s land

32
Q

Easement by Necessity

A

created when an owner sells a parcel of land that has no legal access to a street or public way except over the seller’s remaining land - owners cannot be landlocked

33
Q

Easement by Prescription

A

created when a claimant has made use of another’s land for a certain period of time as defined by state law; must be continuous, nonexclusive and without the owner’s permission. Must also be visible, open, notorious and the owner must have been able to learn about it

34
Q

License

A

the personal privilege to enter the land of another for a specific purpose; can be terminated or canceled by the owner of the property

35
Q

Encroachment

A

when a building illegally extends beyond the boundaries of the land of its owner or legal building lines

36
Q

Lis Pendens

A

a notice filed in the public record of a pending legal action affecting the title to or possession of property

37
Q

Four Governmental Powers (PETE)

A

police power, eminent domain, taxation, escheat

38
Q

Police Power

A

the power to enact legislation to preserve order, protect the public heath and safety, and promote the general welfare of its citizens

39
Q

Enabling Acts

A

the legislation through which the state’s authority is passed on to municipalities and counties

40
Q

Eminent Domain

A

the right of the government to acquire privately owned real estate for public use

41
Q

Taking

A

when land is taken for public use through the government’s power of eminent domain, the owner must be compensated fairly

42
Q

Inverse Condemnation

A

action brought by a property owner seeking just compensation for land adjacent to land used for a public purpose when the property’s use and value have been diminished

43
Q

Taxation

A

a charge on real estate to raise funds to finance the operation of government facilities and services; includes annual real property taxes, taxes on profit from the sale of real estate and special fees levied to finance special projects

44
Q

Escheat

A

a process by which the state may acquire privately owned real or personal property

Real Estate P&P (21 decks)

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