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WV Pre License Real Estate > Interests In Real Estate - Unit 3 > Flashcards

Interests In Real Estate - Unit 3 Flashcards

1
Q

An estate that is not created voluntarily by the owner. It’s a life estate established by state law

A

Legal life estate

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2
Q

The person who gave it gets it back is called what

A

Reverter

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3
Q

What is a deed restriction?

A

PRIVATE agreements that affect use of land. Usually done by subdivision/developer.

Ex: only 2,000 sq ft houses can be built here.

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4
Q

What is a fee simple estate/absolute?

A

The absolutely best kind of freehold estate you can get. It’s the highest level of ownership recognized by law.

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5
Q

The right to use land of another for a particular purpose is?

A

Easement

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6
Q

Any right or interest that someone other than the owner of the property has that affects the title to real estate. It can obstruct use or lessen value of the property but doesn’t always prevent transfer of title.

Ex: neighbor pouring concrete on your land.

What is this?

A

Encumbrances

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7
Q

A females interest in males property

A

Dower

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8
Q

A term used to describe ownership in a type of real estate either now or in the future.

A

An estate in land

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9
Q

What are the two kinds of FREEHOLD estate?

A

Fee simple estate

Life estate

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11
Q

What is a homestead?

A

Legal life estate in real estate occupied as the family home

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12
Q

What is a reverter

A

The person who gave it gets it back

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13
Q

Pur autre vie - a life estate based on the lifetime of someone other than the tenant (Ed. Tenants sons life)
*means for the life of another

Ordinary with remainder or reversion

  • remainder- person property passes to when life tenant dies, not going back to grantor
  • reversion- when life tenant dies and it goes back to the original owner

These are two types of what kind of estate?

A

Conventional life estate

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14
Q

What is appurtenance?

A

Two adjacent (side by side) parcels of land that use an easement to cross the other owners property.

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15
Q

A legal life estate that provides that the non owning spouse has a right to one half or one third interest in the real estate for the rest of their life EVEN IF the owning spouse wills the estate to others. Most states have abolished this.

A

Dower or curtesy

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16
Q

What are encumbrances?

A

Any right or interest that someone other than the owner of the property has that affects the real estate. It can lessen value or obstruct the use of property but doesn’t always prevent transfer of title.

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17
Q

What are two types of LIFE estate?

A

Conventional life estate

Legal life estate

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18
Q

Legal life estate in real estate occupied as the family home

A

Homestead

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19
Q

Type of fee simple defeasable where there is no court, grantor can take back ownership if the special limitation is broken

A

Determinable

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20
Q

What is fee simple defeasable?

A

Something can go wrong with the ownership of this freehold estate. There are stipulations in the deed where you may lose ownership of not followed.

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20
Q

What is an easement?

A

The right to use land of another for a particular purpose

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21
Q

What are 4 types of estates in land?

A

Freehold estate
Leasehold estate
Equitable estate
Statutory estate

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22
Q

What is an estate in land?

A

A term used to describe ownership in a type of real estate either now or in the future.

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22
Q

Someone who could own something but CURRENTLY does not. They gave it away so it may never be their again is called what?

A

Future interest

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23
Q

When a grantor will have to go to court to establish rights of re-entry

A

Condition subsequent

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24
A mans interest in females property
Curtesy
25
Fee simple estate and life estate are two types of what estate?
Freehold estate
26
Why are remainder and reversion future interests?
Because the are not happening now, they could happen in the future
26
What are a Dower and curtesy?
A legal life estate that provides that the non owning spouse has a right to one half or one third interest in the real estate for the rest of their life EVEN IF the owning spouse wills the estate to others. Most states have abolished this. Dower is the females interest in mans property Curtesy is the males interest in females property
29
What are two kinds of conventional life estate?
Pur autre vie - a life estate based on the lifetime of someone other than the tenant (Ed. Tenants sons life) *means for the life of another Ordinary with remainder or reversion * remainder- person property passes to when life tenant dies, not going back to grantor * reversion- when life tenant dies and it goes back to the original owner
30
What does a homestead prevent? Caps is quiz worthy
Prevents the forced sale of a home to Meet the demands of creditors. People you owe money to cannot come after it due to homestead. *IT IS A STATUTORY RIGHT THAT A FAMILY HAS IN ITS RESIDENCE*
31
What is future interest?
Someone who could own something but CURRENTLY does not. They gave it away so it may never be their again
31
What are encumbrances?
Any right or interest that someone other than the owner of the property has that affects the title to real estate. It can obstruct use or lessen value of the property but doesn’t always prevent transfer of title.
32
Voluntarily created by the owner to be given to someone FOR THEIR LIFETIME AS A LIFE TENANT w the full enjoyment of ownership is what kind of life estate?
Conventional
32
What is a lien?
A financial encumbrance. Debt attaches to land and encumbers the property. Usually can be solved by paying money, but you don’t HAVE to pay.
33
The absolutely best kind of freehold estate you can get. It’s the highest level of ownership recognized by law. *4 synonymous names
Fee simple absolute/fee simple/absolute fee simple/fee estate
34
What are the two types of fee simple defeasable? And their differences
Determinable - no court, grantor can take back ownership if the special limitation is broken Condition subsequent-grantor will have to go to court to establish rights of re-entry
34
What are the 3 kinds of legal life estate?
Dower Curtesy Homestead
36
Something can go wrong with the ownership of this freehold estate. There are stipulations in the deed where you may lose ownership of not followed.
Fee simple defeasable
37
A financial encumbrance. Debt attaches to land and encumbers the property. Usually can be solved by paying money, but you don’t HAVE to pay. What is this?
Lien
40
What is a legal life estate?
An estate that is not created voluntarily by the owner. It’s a life estate established by state law
41
PRIVATE agreements that affect use of land. Usually done by subdivision/developer. Ex: only 2,000 sq ft houses can be built here.
Deed restriction
42
Any right or interest that someone other than the owner of the property has that affects the real estate. It can lessen value or obstruct the use of property but doesn’t always prevent transfer of title. What is this called?
Encumbrances
43
What is a conventional life estate?
Voluntarily created by the owner to be given to someone FOR THEIR LIFETIME AS A LIFE TENANT w the full enjoyment of ownership.
44
What is a servient tenement?
In appurtenant easement the servient is serving/allowing to use their property.
45
What is dominant tenement?
Dominant tenement uses servient tenement in appurtenant easement.
46
What is easement in gross?
Utility easements. Gas, power, water, phone lines, sewer, etc. a well is considered a utility.
47
What is a party wall?
An easement such as a wall built usually with shared funds where each owner owns half of the wall and also owns an appurtenant easement in the other half. This can also be applied to construction of a shared driveway.
48
What is easement by necessity?
An appurtenant easement occurring when an owner sells part of their land that has no access to a street except over the sellers remaining land. You cannot land lock property. There has to be some way to access it.
49
What is easement by prescription?
An easement created by continuous, open, hostile use of land for at least 10 years. Lazy person cutting through someone’s yard without permission, even though the neighbor knows you do it.
50
What is easement by condemnation?
An easement that occurs when private property is acquired for public use It’s the PROCESS of taking the land
51
What is eminent domain?
The RIGHT to take the property by easement by condemnation.
52
What is a license?
A PERSONAL PRIVILEGE to enter land for a specific purpose. No ownership. Temporary use right.
53
What are encroachments?
An easement that occurs when all or part of a building, fence, driveway, etc illegally extends beyond the land of the owner. It’s an encumbrance (diff word)
54
What is the best way to know there are no encumbrances on a property?
Get a spot survey
55
What does Lis Pendons mean?
Trouble ahead
56
What are the 4 government powers that help the public? (PETE)
Police power Eminent domain Taxation Escheat
57
What is police power?
A government power to enact legislation which in turns protects the public health and safety and general welfare of citizens. City counsel. Passes to smaller municipalities and counties through ENABLING ACTS. P of PETE
58
What is eminent domain?
The RIGHT of the government to acquire privately owned real estate for public use. E of PETE
59
What is Taxation?
A charge on real estate to raise funds to meet the needs of the government. T of PETE
60
What is escheat?
When the state is cheating you out of your property. When an owner dies and has no will, leaving no heirs to the property. It transfers to the state. E of PETE
61
What are Covenants, Conditions, and Restrictions (CC&Rs) Also known as deed restriction
Private agreements that affect land use.
62
What is inverse condemnation?
When YOU sue the government for damages from them taking your land.
63
What is tacking?
When you tack on time to a prescriptive easement
64
What is taking?
When the government takes your property.

WV Pre License Real Estate (6 decks)

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