Unit 2 Natl Flashcards
estate in land
degree, quantity, nature, and extent of an owner’s interest in real property.
freehold estate
lasts for an indeterminable length of time, such as for a lifetime or forever. `
fee simple estate
(absolute) highest interest in real estate recognized by law. Owner entitled to all rights to the property by law.
fee simple defeasible
(qualified fee) subject to the occurrence or nonoccurrence of some specified event.
fee simple determinable
fee simple defeasible that may be inherited.
fee simple subject to a condition subsequent
an owner gives real estate on condition of ownership, which means there is a difference in the way the estate will terminate if there is a violation of the condition. Owner has right of reentry but must take to court.
life estate
freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person.
Pur Autre Vie
for the life of another
Remainder interest
the creator of the life estate may name a remainderman
Reversionary interest
the creator of the life estate may choose not to name a remainderman.
legal life estate
not created by a property owner, but rather is established by state law.
homestead
legal life estate in real estate occupied as the family home. Creditors cannot take primary home.
encumbrance
type of interest in real estate that does not rise to the level of ownership or possession, yet still gives an individual, business, or other entity some degree of use or control of the property.
lien
charge against property that provides security for a debt or an obligation.
deed restriction
will run with the land, limiting the use of the property by the current owner, as well as future owners.
CC&R Covenants, conditions, and restrictions
are used by a subdivision developer to maintain specific standards in a subdivision, such as by requiring adherence to certain architectural or design specifications for improvements.
easement
right to use the land of another for a particular purpose.
easement appurtenant
attached to the ownership of real estate and allows the owner of that property the use of a neighbor’s land.
easement in gross
individual or company interest in or right to use someone else’s land.
testate
dies with a will
easement by necessity
land that has no legal access to a street or public way
easement by prescription
claimant has made use of another’s land for a certain period of time as defined by state law.
terminating an easement
when the need no longer exists, owner of either the dominant or the servient tenement becomes sole owner of both properties, abandonment of the easement or by the nonuse of a prescriptive easement.
license
personal privilege to enter the land of another for a specific purpose. ends with the death of either party or the sale of the land.
encroachment
when a building, fence, or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines.
Lis Pendens
Litigation pending is a notice filed in the public record of a pending legal action affecting the title to or possession of property.
Eminent domain
right of the government to acquire privately owner real estate for public use.
Condemnation
process by which the govt exercises their right.
inverse condemnation
action brought by a property owner seeking just compensation for land adjacent to land used for a public purpose with the property’s use and value have been diminished. Ex: Walmart.
taxation
charge on real estate to raise funds to finance the operation of govt facilities and services.
escheat
when the govt can legally acquire private land.
voluntary lien
created intentionally by the property owner’s actions. Ex: Mortgage loan
involuntary lien
created by law and may be either statutory or equitable.
statutory lien
created by statute. without any action by the property owner.
equitable lien
common law. court ordered judgement.
general lien
affect all the property, both real and personal, of a debtor.
specific lien
secured by specific property and affect only that particular property.
vendor’s lien
unpaid purchase price of the property, when the vendor has not taken any other lien or security, such as a mortgage, beyond the personal obligation.
subordination agreement
written agreements between lienholders to change the priority of mortgage, judgment, and other liens.
general real estate tax
ad valorem tax, according to value.
assessment equalization factor
achieve uniformity.
statutory right of redemption
defaulted owner may redeem the property by paying the amount collected at the tax sale plus interest and charged.
equitable right of redemption
may redeem the property anytime before the tax sale by paying the delinquent taxes plus interest and fees.
special assessment
tax charged on real estate to fund public improvements, like Champlin street.
writ of attachment
court order against the property of another person
lease
lessor
lessee
contract
owner
tenant
leasehold estate
a tenant’s right to possess real estate for the term of the lease
estate for years
leasehold estate that continues for a definite period. has specific start and end dates. No notice is necessary to terminate after lease expires unless in contract.
estate from period to period
like a month to month lease. Indefinite time.
automatically renewable.
estate at will
gives the tenant the right to possess property with the landlord’s consent for an unspecified or uncertain term. Indefinite duration. Person is paying rent.
estate at sufferance
when a tenant who lawfully had possession doesn’t leave at end of lease. Landlord has three options: accept rent from the tenant, change to month to month terms, or evict the tenant.
