Module 3 Flashcards
A system of land ownership in which land is privately held, free and clear of any rent or service due to the government (all land in the US); commonly contrasted to the Feudal System
Allodial System
The process by which a government or municipal quasi-public body raises funds to pay for its operation
Taxation
A tenant’s right to occupy real estate during the term of a lease; generally considered to be a personal property interest
Leasehold Estates
Any lien (such as a mortgage, tax or judgment lien or an easement/restriction on the use of the land) that may diminish the value of a property. A cloud against clear, free title to property that limits a property owner’s rights in land
Encumbrance
A building or some portion of it (a wall or fence) that extends beyond the land of the owner and illegally intrudes onto some land of an adjoining owner
Encroachment
The government’s right to impose laws, statutes and ordinances (including zoning ordinances and building codes) to control the way land is used in order to protect the public’s health, safety and welfare
Police Power
The reversion of property to the state or county, as provided by state law, in the event the property is abandoned or the owner dies without leaving a will and has no heirs to whom the property may pass.
Escheat
A statutory estate is created by law. Examples of statutory estate include community property and homestead protection.
Statutory Estates
CC&Rs Private restrictions that have been placed in the public records that control the use of property.
Covenants, Conditions, and Restrictions
The right of a landowner to use water that borders a property.
Water Rights
The right of a government or municipal quasi-public body to acquire private property for public use through a court action called a Condemnation (where the court decides that the property is a need for public use and determines the price or compensation to be paid to the owner)
Eminent Domain
An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
Freehold Estates
A right or interest in land that is less than ownership or possession; a contract, lien, or easement can create this estate for a buyer
Equitable Estates
Those rights, privileges and improvements that belong to and pass with the transfer of real property but are not necessarily a part of the property, such as rights-of-way, easements, water rights and property improvements
Appurtenance
Land can be privately owned by individuals
Allodial System
Estates created by law
Statutory Estates
Ownership of real property
Freehold Estates
Estate for years, periodic estate, estate at will, tenancy at sufferance
Leasehold Estates
Liens, easements
Equitable Estates
Taxes that are “according to value”. These taxes are paid first at foreclosure, and create the highest priority lien.
Ad valorem Taxes
The _______________ is private ownership of land.
Allodial System
The government has the right to take private land for public good.
Eminent Domain
The government’s right to regulate and control private land.
Police Power
In order to use land in a way that violates zoning laws, the owner must apply for and receive a/n _______________ from the zoning committee.
Variance
The government’s right to tax real property.
Taxation
Property taxes are according to value.
Ad Valorem Taxes
Land that separates one land use from another.
Buffer Zone
__________________ is considered to be the best type of ownership, as it places the least number of limitations on the owner.
Fee Simple Absolute, or Fee Simple
_____________________ is any lease with a specific starting and ending date.
The Tenancy for Years, or Estate for Years
With Estate for Years & Periodic Estate No notice is required for this estate to ________
end
______________ are an exception to homestead protection.
Ad valorem tax liens
______________ is automatic and cannot be waived.
Homestead Protection
_______________________ is the continuous use of the land over some time without the owner’s permission that may establish a right to use the land (also called Limitation).
Prescription
A lease has expired and the tenant refuses to move out. The tenant is not paying rent.
Tenancy at Sufferance
An interest in real property that gives possession and use of the property without ownership.
Leasehold estate
A law that protects a person’s primary residence from forced sale by creditors.
Homestead
A transfer of some or all of the rights to someone else with the liability remaining with the original tenant.
Sublet
A lease where the tenant pays a base rent plus a percent of the receipts of the business.
Percentage Lease
A lease with a specific starting and ending date needing no notice to terminate.
Estate for Years
A lease where the tenant pays rent plus a portion of the expenses of the property, such as taxes, maintenance, or utilities.
Net Lease
A benefit that reduces the taxable value of someone’s primary residence.
Homestead Exemption
The rights associated with ownership of land.
Bundle of rights
The type of ownership that has the greatest bundle of rights.
Fee Simple Absolute
A lease where the landlord pays all the expenses of the property and the tenant only pays rent.
Gross Lease
A lease that automatically renews for a like period of time, requiring a notice to terminate.
Periodic Estate
A claim, lien, charge, or liability attached to and binding real property.
Encumbrance
One of the foreclosable liens on a property.
Mechancics and Material Mans Lien
A lien that is freely given by the debtor.
Voluntary Lien
A lien that attaches to one or more named properties.
Specific Lien
A right given to certain creditors to have debts paid out of the property of a defaulting debtor.
Lien
A lien that is created because of a law.
Statutory Lien
A lien that attaches to all the property of a debtor.
General Lien
A lien that is placed on a property against the wishes of the owner.
Involuntary Lien
A private encumbrance placed on a property.
Covenants, Conditions, and Restrictions
A neighbor’s fence is an example of an
Encroachment
______________ give an owner the right to use water from a lake, ocean, or sea on or next to the property.
Littoral Rights
_______________ is considered to be the best type of ownership, as it places the least number of limitations on the owner.
Fee simple/ Fee Simple Absolute
_________ is ownership that could be voided if a condition is not met, or if a requirement is violated.
Condition Fee
________ is a transfer of some or all of the rights and or leased space under a lease to another, with liability remaining with the original tenant.
Subletting
_________ caused by high-tension power lines are a controversial topic.
Electromagnetic Fields EMFs
A/n __________ gives a buyer the right to purchase a property within a preset time period at a preset price.
option
If the intended use of a property violates zoning, the owners must request a/n ____________, which is permission to violate the rules.
Variance
_________ is used to insulate pipes, in chimneys and in roofs, as well as flooring materials and siding. Problems arise in its removal because the dust can be extremely hazardous.
Asbestos
A/n ________ is freely given, usually as collateral for a loan. A mortgage lien is a common example of this.
Voluntary Lien
In thirteenth century England, the king decided that land could be privately owned by individuals. This is referred to as the __________.
Allodial system
Eminent domain is the right of the government to take private land for public use. The action of taking the land is called _________.
Condemnation
A/n ___________ is a right or privilege or improvement that belongs to and passes with land, but is not necessarily a part of the land.
Appurtenance
