Rights and Interest in Land Flashcards
The public control of land is know as _____________.
Police Power
Police power gives the government the right to enact and enforce land use as well as ________, ______ and _____________
Planning, zoning and building codes
Eminent Domain is the governments right to take ______________ through a process called ____________.
Private land, through an act called condemnation.
Property taxes and property tax liens have ___________ over all other liens.
PRIORITY
Special ___________ are charges against specific properties that benefit from a public improvement.
Special Assessments (taxation)
note they are charged on a front footage ( street front ) basis.
Government rights in land can be remembered by the mnemonic
P
E
T
E
Police power
Eminent domain
Taxation
Escheat
escheat refers to the government right when a property is ________ or when an owner dies intestate (no will) and without _________
abandoned, heirs
when calculating taxes, it can be helpful to remember
T=A*R
Taxes = Assessed value * tax Rate
Assessed value=Taxes/tax Rate A=T/R
tax Rate= Taxes/Assesed value R=T/A
a mortgagor is the _________ where a mortgagee is the ____________
Borrower , lender
a Grantor ________ to a Grantee
Gives to a grantee, a grantee recieves
A freehold estates grants ___________ for an indefinite period of time , while a leasehold estate grants _____________ for a fixed term.
Ownership, Possession
Fee Simple Absolute come with the complete “bundle of rights”. It is the Maximum control of a property and lasts ______________.
forever
____________________ or _______________ is an estate that is created by a deed condition that if violated could revert the estate back to the grantor.
Fee Simple Defeasible or Qualified Fee
A life estate is measured by a persons life. Upon death of the life tenant , the estate returns to ________________ and goes to the party named in the deed.
Fee Simple Absolute
A leasehold estate implies possession for a fixed term. It is also referred to as a _________________ and a ________________
Less then Freehold and a Chattel Real
An Estate for years has a specific ________________, no advanced notice to required at the end of the agreement. it is important to note that death of a landlord or tenant does not terminate an estate for years agreement.
termination date
An easement is the ___________________ of another for a specific purpose . It attaches to (is appurtenant to) and runs with the land, therefore it transfers with the deed.
right to use the lands .
An easement is ___________. that means it is permanent and will transfer with the deed upon sale of the property .
NON REVOCABLE.
unless the easement is released prior to sale.
_______________ are privately created controls on land use that protect property value and the interest of property owners. Must be Lawful and non-discriminatory
Deed Restrictions
Any buyer who finds an encroachment before or after closing should consult ________________ . A survey will reveal encroachments.
An attorney
A license is a ___________ , non exclusive permission that grants privilege to use property .
revocable
List two ways the government can acquire privately held land
Eminent domain and escheat
Public control of land use by the government is known as
Police Power
A right of use or enjoyment that one person has in the lands of another for a specific purpose is an __________.
Easment
A right of use or enjoyment that one person has in the lands of another for a specific purpose is an ____________.
encroachment
A claim that one person has against the land of another to secure payment of a debt is a ______.
Lien
A person who has not been paid for work performed on real property may record a __________________.
Mechanics Lien
A party wall or a shared driveway is an example of an easement ____________.
Appurtenant
The right of an owner to occupy a parcel of real estate forever is a ___________________.
Fee Simple Absolute
As part of their right to govern land use, local municipalities enact and enforce _________________.
zoning ordinances
Zoning laws are set at a ___________ level.
Local Level
