Module 3 Vocab Flashcards
A _____ is a provision written into the deed that limits the use of land. They usually remain in effect when title passes to subsequent owners.
Deed Restriction (aka restrictive covenant) Note: these include restrictive covenants, subdivision restrictions, and condominium bylaws)
The right to use another’s land for a stated purpose is an ____.
Easement
One of the 2 main types of easements (sub-type) is the ____. An easement is attached to, benefits, and passes with the transfer of the dominant estate; runs with the land for the benefit of the dominant estate and continues to burden the servient estate
Easement appurtenant
Note: The dominant estate is the owner of the easement and their parcel is the land parcel the easement is attached to. It does not attach to the servient estate but instead burdens it.
(an improvement) trespassing on the domain of another property;
Encroachment
When use or physical condition of a property is affected it’s called a(n) _____.
Encumbrance (the sub-type)
The degree, nature, or extent of interest that a person has in land. The legal right(s) or interest(s) must allow possession - now or in the future - and specify duration.
Estate in land
The most complete form of ownership with unlimited duration and subject only to governmental powers
Fee simple absolute
Ownership subject to the occurrence or non-occurrence of a specific event. Two types are an estate 1) qualified by a special limitation and 2) subject to condition subsequent
Fee simple defeasible
Identifiable tangible objects that are considered by the general public as being “personal”
Personal property
One of the two types of estates. Characteristics include 1) present or future possession 2) indeterminate duration 3) ownership
Freehold estate
an ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (landlord) and the lessee are specified by contract terms contained within the lease.
Leased Fee interest
Characteristics of a ____ are:
1) possessory
2) defined period of time or specified conditions
3) reversion of possessory rights (reverts back to the owner)
4) begins with an agreement
Leasehold estate (tenancy)
A ____ is NOT an encumbrance but sometimes incorrectly labeled as such. It’s a revocable oral or written agreement granting privilege to use the property. Not an estate or an interest in land and thus, not an encumbrance. It’s not assignable and can’t be sold. A personal agreement usually granted for a specified period of time.
License
rights of use, occupancy, and control, limited to the lifetime of a designated party, sometimes referred to as the life tenant.
Life Estate
A clause found in legal instruments that creates a new right or interest on behalf of the grantor. While the title passes to the grantee, some use or income is reserved for the grantor. They may include mineral rights, rental income, or easements. A type of encumbrance.
Reservation
The two sub-types of encumbrances are:
1) Encumbrances
2) Liens
An easement that benefits a legal person or entity (business, government entity, etc.) and not a particular tract of land; an easement having a servient estate but no dominant estate; the servient estate has the burden.
Easement in Gross
A monetary claim against a property
lien
Any claim or liability that affects or limits the title of a property. It cannot prevent the transfer of possession but it does remain after the transfer.
encumbrance
a right or interest in a property.
estate (estates are distinguished by their duration and fall into two legal categories: freehold and leasehold)
Two categories of estates
1) Freehold
2) Leasehold
One who owns an estate in real property for his or her own lifetime, the lifetime of another person, or an indefinite period limited by a lifetime
life tenant
a future possessory interest in property that is given to a 3rd party and matures upon the termination of a limited or determinable fee (person)
remainder interest
Types of Freehold Estates
1) Fee simple estates (inheritable): subtypes include: a) fee simple absolute b)fee simple defeasible c)leased fee interest
2) life estate (noninheritable)
Types of Leasehold Estates
1) Estate for Years
2) Estate from period to period
3) estate at will
4) estate at sufferance
the property owner holding a fee simple estate with a leased fee interest; the landlord
Lessor
the party with a leasehold interest; the tenant
Lessee
type of leasehold estate where the tenancy is for a definite or fixed period of time; not necessarily in years. The lease automatically terminates on the expiration of the rental period. No notice by either party is required. Assignable by tenant unless prohibted in the lease. Doesn’t terminate upon death of landlord
estate (tenancy) for years
type of leasehold estate for an indefinite period of time with no specific expiration date. Notice must be given to terminate the lease. Usually comes about as an extension or holdover from a tenancy for years. The periodic renewals are automatic
estate (tenancy) from period to period
type of leasehold estate that is created when a tenant lawfully takes possession but stays after the lease expires without the consent of the property owner. Used to distinguish between a tenant who lawfully entered into possession but holds over without consent and a trespasser who never had permission. The tenant has no current rights to possess the property but the property owner must follow legal procedures for eviction.
estate (tenancy) at sufferance
type of leasehold estate where the tenancy is for an unspecified period of time. It never originated with any specific term. The estate automatically renews itself unless a notice of termination is given by one of the parties. Terminates upon the death of the landlord or tenant.
Estate (tenancy) at will
longstanding encroachments can mature into a(n) ______ or possibly a title issue via adverse possession.
easement by prescription
The types of encumbrances are:
1) leases
2) easements
3) encroachments
4) deed restrictions
5) reservations
