Key Terms (Ch.1) 16% Flashcards
Adverse Possession
When a person acquires a home by payment of property taxes after a 5 year statutory period.
Appurtenance
A right belonging to a property, which affect the title to other property. (typically are rights of way, easements, water right located on other property)
Easement
Right held by one property owner to use the land of another for a specific purpose, such as ingress and egress to owner’s property
Eminent Domain
Right of government to take private property fro public use. Government must pay owner fair market value of property.
Encroachment
An improvement on one parcel of real estate which extends onto real estate belonging to another.
Encumbrance
Any claim or lien on a parcel of real estate, such as trust deeds, CC&R, easements, taxes or assessments.
Escheat
The reverting of property to the State when heirs capable of inheriting are lacking
Estate
An interests a person may hold in real property, as defined by statute
Ingress and Egress
Access to a property by its owner directly from publicly dedicated streets or by using their right to traverse a portion of another’s land using an easement.
Life Estate
An interest held in a parcel of real estate lasting the lifetime of the named life.
Lis Pendens
A notice letting all persons on title that the property is in litigation, literally suit pending
Police Power
The constitutional source of the state or local government’s authority to act.
Reversion
The interest which a person has in land or other property which is received on termination of the occurrence of an event
Special Assessment
A lien against real estate by a public authority to pay the cost of public improvements.
Riparian Rights
Right of real estate owner to take surface water from a running water source contiguous to their land.
