Interests In Real Estate

Question 1

Freehold estate

Answer 1

Lasts for an indeterminable length of time.

Question 2

Fee simple

Answer 2

The highest estate recognized by law.

Question 3

Fee simple defeasible

Answer 3

An estate that is qualified because it is subject to the occurrence or non occurrence of a specific event.

Question 4

Life estate

Answer 4

Based on the lifetime of the life tenant or someone else (pur autre vie).

Question 5

Encumbrance

Answer 5

A claim, a charge, or liability that attaches to real estate.

Question 6

Lien

Answer 6

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

Question 7

CC&R

Covenants, conditions, restrictions

Answer 7

Private limitations on the use of the land

Question 8

Easement

Answer 8

A right to use the land of another. Usually created by written agreement between the parties.

Question 9

Easement appartenant

Answer 9

An easement that runs with the land when the title is transferred.

Question 10

Dominant tenement

Answer 10

This benefits from the easement which runs over the SERVIENT tenement.

Question 11

Easement in gross

Answer 11

An individual or company interest in or right to use another’s land.

Question 12

Easement by necessity

Answer 12

Arises when land has no access to a street or public way.

Question 13

Easement by prescription

Answer 13

Acquired when a claimant has used another’s land for the period required by the law. The use must be continuous, non exclusive, visible, open, and notorious.

Question 14

License

Answer 14

A personal privilege to enter the land of another for a specific purpose.

Question 15

An encroachment

Answer 15

Occurs when all or part of a structure illegally intrudes on the land of another or here no legal building lines.

Question 16

Lis pendens

Answer 16

Gives notice of litigation in progress that may affect title to property.

Question 17

PETE

Answer 17

Government powers 
Police power 
Eminent domain 
Taxation
Escheat

Question 18

Police powers

Answer 18

The state authority, passed down to the counties and municipalities through enabling acts, to legislate to preserve order, protect the public health and safety, and promote the general welfare of citizens.

Question 19

Eminent domain

Answer 19

Governments right to acquire privately owned real estate for a public or economically beneficial use through condemnation.

Question 20

Taxation

Answer 20

Can include a charge on real estate to raise funds to meet public needs.

Question 21

Escheat

Answer 21

Occurs when the state takes control of property after the owner dies leaving no will or lawful
heirs.

Question 22

Taking

Answer 22

When taking of property occurs, the 5th amendment to the us constitution requires that the owner be given just compensation.

Question 23

Inversé condemnation

Answer 23

Owner may claim compensation under inverse condemnation if an adjacent public land use diminishes the value of the owners property but the property has not been condemned for public use.

Question 24

Reversionary interest

Answer 24

A reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property

Question 25

Fee simple determinable

Answer 25

Estate qualified by a special limitation, which is an occurrence or event distinguished by wording such as “so long as” or “while” or “during”