Real Estate Test Unit 3 Flashcards
appurtenant easement
an easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor’s land
condemnation
a judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner
covenants, conditions, and restrictions (CC&Rs)
private agreements that affect land use. they may be enforced by an owner of real estate that benefits from them and can be included in the seller’s deed to the buyer
curtesy
a life estate, usually a fractional interest, given by some states to the surviving husband in real estate owned by his deceased wife. Most states have recognized other marital property rights and abolished curtesy
deed restrictions
clauses in a deed limiting the future uses of the property. deed restrictions may impose a vast variety of limitations and conditions - for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all
eminent domain
the right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner
easement in gross
an easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. for example, a right granted by a property owner to a friend to use a portion of the property for the rest of the friend’s life would be an easement in gross
easement by prescription
an easement acquired by open, notorious, continuous, hostile and adverse use of the property for the period of time prescribed by state law
easement by necessity
an easement allowed by law as necessary for the full enjoyment of a parcel of real estate
easement appurtenant
an easement that follows along with the land
easement
a right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land because it does not include a right of possession
dominant tenement
a property that includes in its ownership the appurtenant right to use an easement over another person’s property for a specific purpose
encroachment
a building or some portion of it - a wall or fence - that extends beyond the land of the owner and illegally intrudes on the land of an adjoining owner or a public street or alley
encumbrance
anything - such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land; or an outstanding dower right - that may diminish the value or use and enjoyment of a property
escheat
the reversion of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned
estate in land
the degree, quantity, nature, and extent of interest a person has in real property
fee simple
the highest interest in real estate recognized by the law; the holder is entitled to all rights to the property
fee simple absolute
the maximum possible estate or right of ownership of real property, continuing forever
fee simple determinable
a fee simple estate qualified by a special limitation. language used to describe the limitation includes the words so long as, while, or during
fee simple subject to a condition subsequent
an estate carrying the limitation that, if it is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry
freehold estate
an estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate
future interest
a person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry
heir
one who might inherit or succeed to an interest in land under the state law of descent when the owner dies without leaving a valid will
homestead
land that is owned and occupied as the family home. in many states, a portion of the area or value of this land is protected or exempt from judgements for debts other than those secured by the property
judgment
the formal decision of a court upon the respective rights and claims of the parties to an action or suit. after a judgment has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendant
inverse condemnation
an action brought by a property owner seeking just compensation for diminished use and value of land because of an adjacent property’s public use
legal life estate
a form of life estate established by state law, rather than created voluntarily by an owner. it becomes effective when certain events occur. see dower, curtesy, and homestead for legal life estates used in some states
license
1) in real estate practice, the privilege or right granted to a person by a state to operate as a real estate broker or salesperson. 2) the revocable permission for a temporary use of land - a personal right that cannot be sold
lien
a right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale
life estate
an interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons
life tenant
a person in possession of a life estate
limited liability company (LLC)
a form of business organization that combines the most attractive features of limited partnerships and corporations
lis pendens
a recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court
party wall
an exterior wall of a building that straddles the boundary line between two lots, or a commonly shared partition wall between two connected properties
police power
the government’s right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety and welfare
pur autre vie
“for the life of another” a life estate purchase autre vie is a life estate that is measured by the life of a person or persons other than the grantee
remainder interest
the remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another
reversionary interest
the remnant of an estate that the grantor holds after granting a life estate to another person
right-of-way
the right given by one landowner to another to pass over the land, construct a roadway, or use as a pathway, without actually transferring ownership
servient tenement
land on which an easement exists in favor of an adjacent property, called the dominant tenement
tacking
concept providing that successive periods of continuous occupation by different parties may be combined to reach the required total number of years needed to establish a claim for a prescriptive easement
taking
process of land being taken from a property owner for public use through eminent domain with the requirement that the owner be compensated fairly
taxation
the process by which a government body raises monies to fund its operation
