Module 3 Vocab

Question 1

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.

Answer 1

Deed Restriction (aka restrictive covenant) Note: these include restrictive covenants, subdivision restrictions, and condominium bylaws)

Question 2

The right to use another’s land for a stated purpose is an ____.

Answer 2

Easement

Question 3

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

Answer 3

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.

Question 4

(an improvement) trespassing on the domain of another property;

Answer 4

Encroachment

Question 5

When use or physical condition of a property is affected it’s called a(n) _____.

Answer 5

Encumbrance (the sub-type)

Question 6

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.

Answer 6

Estate in land

Question 7

The most complete form of ownership with unlimited duration and subject only to governmental powers

Answer 7

Fee simple absolute

Question 8

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

Answer 8

Fee simple defeasible

Question 9

Identifiable tangible objects that are considered by the general public as being “personal”

Answer 9

Personal property

Question 10

One of the two types of estates. Characteristics include 1) present or future possession 2) indeterminate duration 3) ownership

Answer 10

Freehold estate

Question 11

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.

Answer 11

Leased Fee interest

Question 12

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

Answer 12

Leasehold estate (tenancy)

Question 13

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.

Answer 13

License

Question 14

rights of use, occupancy, and control, limited to the lifetime of a designated party, sometimes referred to as the life tenant.

Answer 14

Life Estate

Question 15

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.

Answer 15

Reservation

Question 16

The two sub-types of encumbrances are:

Answer 16

1) Encumbrances

2) Liens

Question 17

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.

Answer 17

Easement in Gross

Question 18

A monetary claim against a property

Answer 18

lien

Question 19

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.

Answer 19

encumbrance

Question 20

a right or interest in a property.

Answer 20

estate (estates are distinguished by their duration and fall into two legal categories: freehold and leasehold)

Question 21

Two categories of estates

Answer 21

1) Freehold

2) Leasehold

Question 22

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

Answer 22

life tenant

Question 23

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)

Answer 23

remainder interest

Question 24

Types of Freehold Estates

Answer 24

1) Fee simple estates (inheritable): subtypes include: a) fee simple absolute b)fee simple defeasible c)leased fee interest
2) life estate (noninheritable)

Question 25

Types of Leasehold Estates

Answer 25

1) Estate for Years
2) Estate from period to period
3) estate at will
4) estate at sufferance

Question 26

the property owner holding a fee simple estate with a leased fee interest; the landlord

Answer 26

Lessor

Question 27

the party with a leasehold interest; the tenant

Answer 27

Lessee

Question 28

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

Answer 28

estate (tenancy) for years

Question 29

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

Answer 29

estate (tenancy) from period to period

Question 30

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.

Answer 30

estate (tenancy) at sufferance

Question 31

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.

Answer 31

Estate (tenancy) at will

Question 32

longstanding encroachments can mature into a(n) ______ or possibly a title issue via adverse possession.

Answer 32

easement by prescription

Question 33

The types of encumbrances are:

Answer 33

1) leases
2) easements
3) encroachments
4) deed restrictions
5) reservations