Unit 3 Flashcards
Fee simple
The highest interest in real estate recognized by the law; the holder is entitles to all rights if the property
Life estate
In interest in real or personal property that is limited in duration to the lifetime if its owner or some other designated person(s)
Estate in land
An ownership interest defined by the degree, quantity, nature, and extent of interest a person has in real property.
Freehold estate
An estate in land in which ownership is for an indetermined length if time in contrast to a leasehold estate.
Fee simple absolute
Ownership entitles its owner to all rights to the property by law. This estate is intended to run forever. Upon the death if the owner… the property interest passes to a co-owner; person specified in the decendent’s will; or persons designated by the states law of intestate succession
Fee simple defeasible
is a qualified fee estate that is subject ti the occurrence or nonoccurrence of some specified event. For example if a church is sold only under the condition it remains a church. Or selling land under the condition that you can not hunt on the land.
Fee simple determinable
Is a type of fee simple defeasible estate that may be inherited. This estate is qualified by a special limitation, which is an occurrence or an event. The language used to distinguish a special limitation- words such as “so long as” “while” or “during” is the key to creating this limitation. Former owner retains a POSSIBILITY OF REVERTER, if the limitations are violated, the holder of the possibility of reverter can acquire full ownership with no need to being to a legal action in court.
Fee simple subject to a condition subsequent
An estate carrying the limitation that, if it id no longer used for the purpose conveys, it reverts to the original grantor by the right if reentry.
Fee simple subject to a condition subsequent
The estate does bit automatically terminate upon violation if the condition of ownership. The owner or heir has the right of reentry but must bring legal action in court to assert this right.
Land given on the condition that there be no consumption of alcohol on the premises is an example of a …
If alcohol is consumed on the property, the former owner has the right to reacquire full ownership
Fee simple subject to a condition subsequent
When an owner gives land to a church, so long as the land is used for only religious purposes, it is known as a …
The church holds all the rights but, but if the church were to use the land for a non-religious purpose, the holder of the possibility of reverter obtains title without going to court.
Fee simple determinable
In the defeasible estates, the possibility of reverter (fee simple determinable) or right of entry (fee simple subject to a condition subsequent) will only be possible at some time in the future, and may never take effect. Each of those rights thus is considered a
Future interest
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.
Life estate
A freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons. (Non-inheritable)
Life tenant
Is not a renter like a tenant associated with a lease. ___ is entitled to the rights of ownership and can benefit from both possession and ordinary use, and profits arising from ownership, just as the individual were a fee simple owner. Ownership may be sold, mortgaged, or leased, but it is always subject to the finite limitation of the life estate.
Pur autre vie “for the life of another”
A life estate pur autre vie is a life estate is a life estate that is measured by the life of a person or persons other than the grantee. Upon death of the grantee, the grantor or grantor’s heirs inherit the property rather than the grantee’s heirs inheriting it.
Remainder interest
The creator of the life estate may name a remainerman as the person ti whom the property will pass when the life estate ends
Reversionary interest
The creator of the life estate may choose not to name a remainderman. In that case, ownership returns to the original owner upon the end if the life estate.
Legal life estate
Is created by state law rather than by a property owner. A ___ becomes effective automatically when certain events occur.
Homestead
Land that is owned and occupied as the family hone.
Encumbrance
A type of interest in real estate that dies not rise ti the level of ownership or possession, yet still gives an individual, business, or other entity some degree if use or control of the property. For example… easements and licenses, private restrictions found in property deeds (which must be lawful), liens, and encroachments.
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.
Deed restrictions
Clauses in a deed limiting the future uses if the property.
This restriction cannot violate any law, such as a fair housing law, by attempting to prohibit certain property transfers.
An illegal restriction will be unenforceable
Easement
The right to use the land of another for a particular purpose. It may exist in any portion if the real estate, including the air space above or a right-of-way across the land.
Easement appurtenant
An easement that is annexed ti the ownership of one parcel and allows the owner the use if the neighbor’s land
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.
Easement in gross
Is an individual or company interest in or right to use someone elses land. a rail road’s right-of-way is an easement in gross, as are the rights of way of utility easements(such as for pipelines or power lines) personal easements on gross generally terminates upon death if owner while commercial easements may be assigned, conveyed, and inherited.
Easement by necessity
Is created when an owner sells a parcel of land that had no legal access ti a street or public way except over the seller’s remaining land.
Created by court order based in the principal that property owners must have the right to ingress and egress their land. They cannot be landlocked.
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.
License
A revocable permission for a temporary use of land- a personal right that cannot be sold.
Encroachment
A building or some portion of it- a wall, fence, or driveway for instance- that extends beyond the land of the owner and illegally intrudes on the land of an adjoining owner or a public street or alley.
What are the government powers?
(PETE)
Police power
Eminent domain
Taxation
Escheat
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.
Eminent domain
The right of the government to acquire privately owned real estate 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.
Eminent domain & condemnation
The governments right to acquire private property for public use & the actual process of taking property
Condemnation
A judicial or administrative proceeding to exercise the power of eminent domain, through which a government takes private property for public use and compensates the owner
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.
Taxation on real estate
Annual property tax,
Taxes on profit realized by individuals and corporations on a sale of real property,
Escheat
The reversion of a property to the state or county, as provided by state law, in cases in which a decendent dies intestate without heirs capable of inheriting, or when the property is abandoned.
Lis pendens
A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or federal court.
