Interests In Real Estate Flashcards
Freehold estate
Lasts for an indeterminable length of time.
Fee simple
The highest estate recognized by law.
Fee simple defeasible
An estate that is qualified because it is subject to the occurrence or non occurrence of a specific event.
Life estate
Based on the lifetime of the life tenant or someone else (pur autre vie).
Encumbrance
A claim, a charge, or liability that attaches to real estate.
Lien
A charge against property that provides security for a debt or obligation of the property owner.
CC&R
Covenants, conditions, restrictions
Private limitations on the use of the land
Easement
A right to use the land of another. Usually created by written agreement between the parties.
Easement appartenant
An easement that runs with the land when the title is transferred.
Dominant tenement
This benefits from the easement which runs over the SERVIENT tenement.
Easement in gross
An individual or company interest in or right to use another’s land.
Easement by necessity
Arises when land has no access to a street or public way.
Easement by prescription
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.
License
A personal privilege to enter the land of another for a specific purpose.
An encroachment
Occurs when all or part of a structure illegally intrudes on the land of another or here no legal building lines.
Lis pendens
Gives notice of litigation in progress that may affect title to property.
PETE
Government powers Police power Eminent domain Taxation Escheat
Police powers
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.
Eminent domain
Governments right to acquire privately owned real estate for a public or economically beneficial use through condemnation.
Taxation
Can include a charge on real estate to raise funds to meet public needs.
Escheat
Occurs when the state takes control of property after the owner dies leaving no will or lawful
heirs.
Taking
When taking of property occurs, the 5th amendment to the us constitution requires that the owner be given just compensation.
Inversé condemnation
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.
Reversionary interest
A reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property
Fee simple determinable
Estate qualified by a special limitation, which is an occurrence or event distinguished by wording such as “so long as” or “while” or “during”
