Unit 2 Natl

Question 1

estate in land

Answer 1

degree, quantity, nature, and extent of an owner’s interest in real property.

Question 2

freehold estate

Answer 2

lasts for an indeterminable length of time, such as for a lifetime or forever. `

Question 3

fee simple estate

Answer 3

(absolute) highest interest in real estate recognized by law. Owner entitled to all rights to the property by law.

Question 4

fee simple defeasible

Answer 4

(qualified fee) subject to the occurrence or nonoccurrence of some specified event.

Question 5

fee simple determinable

Answer 5

fee simple defeasible that may be inherited.

Question 6

fee simple subject to a condition subsequent

Answer 6

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.

Question 7

life estate

Answer 7

freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person.

Question 8

Pur Autre Vie

Answer 8

for the life of another

Question 9

Remainder interest

Answer 9

the creator of the life estate may name a remainderman

Question 10

Reversionary interest

Answer 10

the creator of the life estate may choose not to name a remainderman.

Question 11

legal life estate

Answer 11

not created by a property owner, but rather is established by state law.

Question 12

homestead

Answer 12

legal life estate in real estate occupied as the family home. Creditors cannot take primary home.

Question 13

encumbrance

Answer 13

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.

Question 14

lien

Answer 14

charge against property that provides security for a debt or an obligation.

Question 15

deed restriction

Answer 15

will run with the land, limiting the use of the property by the current owner, as well as future owners.

Question 16

CC&R Covenants, conditions, and restrictions

Answer 16

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.

Question 17

easement

Answer 17

right to use the land of another for a particular purpose.

Question 18

easement appurtenant

Answer 18

attached to the ownership of real estate and allows the owner of that property the use of a neighbor’s land.

Question 19

easement in gross

Answer 19

individual or company interest in or right to use someone else’s land.

Question 20

testate

Answer 20

dies with a will

Question 21

easement by necessity

Answer 21

land that has no legal access to a street or public way

Question 22

easement by prescription

Answer 22

claimant has made use of another’s land for a certain period of time as defined by state law.

Question 23

terminating an easement

Answer 23

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.

Question 24

license

Answer 24

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.

Question 25

encroachment

Answer 25

when a building, fence, or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines.

Question 26

Lis Pendens

Answer 26

Litigation pending is a notice filed in the public record of a pending legal action affecting the title to or possession of property.

Question 27

Eminent domain

Answer 27

right of the government to acquire privately owner real estate for public use.

Question 28

Condemnation

Answer 28

process by which the govt exercises their right.

Question 29

inverse condemnation

Answer 29

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.

Question 30

taxation

Answer 30

charge on real estate to raise funds to finance the operation of govt facilities and services.

Question 31

escheat

Answer 31

when the govt can legally acquire private land.

Question 32

voluntary lien

Answer 32

created intentionally by the property owner's actions. Ex: Mortgage loan

Question 33

involuntary lien

Answer 33

created by law and may be either statutory or equitable.

Question 34

statutory lien

Answer 34

created by statute. without any action by the property owner.

Question 35

equitable lien

Answer 35

common law. court ordered judgement.

Question 36

general lien

Answer 36

affect all the property, both real and personal, of a debtor.

Question 37

specific lien

Answer 37

secured by specific property and affect only that particular property.

Question 38

vendor's lien

Answer 38

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.

Question 39

subordination agreement

Answer 39

written agreements between lienholders to change the priority of mortgage, judgment, and other liens.

Question 40

general real estate tax

Answer 40

ad valorem tax, according to value.

Question 41

assessment equalization factor

Answer 41

achieve uniformity.

Question 42

statutory right of redemption

Answer 42

defaulted owner may redeem the property by paying the amount collected at the tax sale plus interest and charged.

Question 43

equitable right of redemption

Answer 43

may redeem the property anytime before the tax sale by paying the delinquent taxes plus interest and fees.

Question 44

special assessment

Answer 44

tax charged on real estate to fund public improvements, like Champlin street.

Question 45

writ of attachment

Answer 45

court order against the property of another person

Question 46

lease lessor lessee

Answer 46

contract owner tenant

Question 47

leasehold estate

Answer 47

a tenant's right to possess real estate for the term of the lease

Question 48

estate for years

Answer 48

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.

Question 49

estate from period to period

Answer 49

like a month to month lease. Indefinite time. | automatically renewable.

Question 50

estate at will

Answer 50

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.

Question 51

estate at sufferance

Answer 51

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.