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Real Estate Agent Course > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

What is a estate in land

A

the interest or right in real property that allows possession

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2
Q

Are all interests in real estate considered estates

A

no

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3
Q

What is a requirement to be an estate in land

A

an interest must allow possession and must be measured according to time

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4
Q

What is a free hold estate

A

ownership interest that continues for an indefinite period.

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5
Q

What are the two types of freehold estates

A

fee simple estate

life estate

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6
Q

What are the two types of fee simple estates

A

fee simple absolute

fee simple defeasible

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7
Q

What are the two types of life estates

A

cnoventional life estate

legal life estate

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8
Q

What is a nonfreehold estate and whats another name for it

A

possession for a fixed term

leasehold estates

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9
Q

What is a fee simple absolute estate

A

owner is entitled to all rights to the property by law limited only by public and private restrictions, such as zoning laws and restrictive covenants

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10
Q

What happens to fee simple estates after the owner dies

A

its either
passed to a co-owner (as long as the co-ownership was accompanied by a right of survivorship)
passed to someone in a will
subject to the states intestate succession

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11
Q

What is another name for people in wills

A

devisees

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12
Q

What is a fee simple defeasible estate

A

estate that is still transferable and inheiritable that is also subject to the occurrence or nonoccurrence of specified events

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13
Q

What are the two types of fees simple defeasible estates

A

fee simple determinable and fee simple subject to a condition subsequent.

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14
Q

What is a fee simple determinable

A

a fee simple defeasible estate that may be inherited and that has limitations set in place for the use of the land

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15
Q

What are some words used in fee simple determinable estates

A

“So long as”
“While”
“During”

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16
Q

What right does the owner have when their fee simple determinable estate isnt used in the agreed way

A

the possibility of reverter

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17
Q

Do you need to go to court the enact the possibiilty of reverter

A

no

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18
Q

What is a fee simple subject to a condition subsequent

A

owner gives real estate “on condition of” ownership

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19
Q

What happens with a violation in fee simple subject to a condition subsequent estates

A

the owner has the “right of reentry”

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20
Q

Whats the difference between the right of reentry and the possibility of reverter

A

the right of reentry needs legal action

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21
Q

What is a life estate

A

a freehold estate limited to either the life of the holder of the estate or the life of some other designated person

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22
Q

What is the holder of a life estate called

A

life tenant

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23
Q

What rights does a life tenant have

A

they can benefit from the profits and possession and they can sell mortgage lease their ownership

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24
Q

When a fee simple owner creates a life estate and that estate ends, how is the new owner designated

A

by either reaminder interest in which the creator has named someone a remainderman or by reversionary interest where the creator doessnt create a remainderman and the estate goes back to the original owner

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25
What is a legal life estate
established by state law. It becomes effective automatically when certain events occur
26
What are examples of legal life estates
Dower curtesy homestead
27
What is a dower
the life estate of a nonowning wife in the real estate of her deceased husband to help support the her
28
What is a curtesy
the life estate of a nonowning husband in the real estate of his deceased wife to help support the him
29
What code has mostly abolished the use of dowers and curtesy's and what does it do
the Uniform probate code | it gives the surviving spouse a share of the property if it wasnt transfered through a will
30
What states don't use dowers and curtesy's
community property states
31
What is a homestead
a legal life estate in real estate occupied as the family home
32
What are homestead exemption laws
a portion of the land or value of the property occupied as the family home is exempt from certain judgments for debts
33
What are examples of judgements for debts that may be exempt in homesteads
charge accounts | personal loans
34
What are some examples of judgements for debts that are not exempt in homesteads
mortgages
35
What are the 4 types of leasehold estates
estate for years periodic estate estate at will estate of sufferance
36
What is estate for years
an estate with a specific termination date death of the tenant does terminate the lease estate sale of the property doesnt terminate the lease
37
What are the key points about of the right of possession with leasehold estates
the tenant or lessee hold the estate the landlord or lessor has reversionary interest any purchasers of that leased estate is subject to the original lease the lease or state determines how far in advance a notice of termination is required upon termination the right of possession reverts back to the owner
38
What is a periodic estate
renews automatically once landlord accepts rent
39
What is an estate at will
an estate for an indefinite duration that is dependent on the landlords discretion and is terminated by a notice, death or sale of property
40
What is an estate at sufferance
estate that a person has a right of in the period after their tenancy expires but they havent moved out yet
41
What can the owner do if an estate of sufferance occurs
evict the tenant or accept rent
42
What happens if the tenant accepts rent during an estate of sufferance
it automatically becomes a periodic estate
43
What are liens
a legal right to some type of property to satisfy a debt if an obligation isnt paid
44
What are examples of liens
Real estate taxes, mortgages, judgments, and mechanics’ liens
45
What are CC&R's
covenants conditions and restrictions
46
Where are CC&Rs filed
in the original development plans of the subdivision at the county office
47
What should buyers do with CC&Rs
make their review a condition of purchase
48
What is an easement
the right to use the land of another
49
What are examples of easements
airspace | right of way
50
What is an easement that runs with the property called
easement appurtenant
51
What is required for an esasement appurtenant to exist
two adjacent parcels of land must be owned by two different parties
52
What is the benefitor of the easement called
dominant tenement
53
What is the person encumbranced by the easement called
servient tenement
54
What is a party wall
a wall that is on the boundry line between two properties
55
What is the shared interests in the shared wall called
cross easement
56
What portion of the wall do each owner have interest in
the half on their property
57
What is used to create the easement rights of a party wall
a written party wall agreement
58
What should be written into party wall agreements
shared expenses | a shared driveway partly on each owners land
59
What is an easement in gross
interest in the use of someones land from a company like utilities or transportation
60
What typically happens to a personal easement in gross
it terminates with the death of the creator
61
Besides a written agreemnet ebtween two party members, how else can easements be created
easements by necessity | easements by prescription
62
What is an example of an easement by necessity
an owner sells a parcel of land by the only access the new owner has to the main road is through another parcel of land owned by the previous owner, so an easement is given
63
Why is an easement by necessity given
because of the right of ingress and egresss
64
What is an easement by prescription
from continued use over a long period of time where the person using the land didnt use it in a way that blocked the owner and they had the owners permission
65
What is necessisary for an easement of prescription to be written
the use must be visible, open, and notorious, and the owner must have been able to learn of it.
66
What happens if the person using someone land (in a way consistant with an easement of prescription) sells the property then the new owner continues to use the land in the same way
an easement of prescription can still be issued through the process of tacking
67
When does an easement terminate
when the need no longer exists, when the owner of either the dominant or the servient tenement becomes sole owner of both properties, by the release of the right of easement to the owner of the servient tenement, by the abandonment of the easement (the intention of the parties is the determining factor), or by the nonuse of a prescriptive easement.
68
What is a liscense and how does it differ from an easement
it give the person a priviledge to use the land | they can be terminated by the owner
69
What is sometimes a rule of thumb with the creation of licenses vs easements
if it is given orally then it is usu a lisense
70
When does a license terminate
death of either party or with the sale of the land.
71
What is an encroachment
When the property of one person extends into the property of the adjacent property
72
What might be given to an encroachment if it has been their for 10-21 years
easement of prescription
73
What legal document is issued when their is a pending legal action agaisnt a property
lis pendens
74
What are the governmental powres that supersede an individuals property rights
Police power Eminent domain Taxation Escheat
75
What is police power used to enact
environmental protection laws, zoning ordinances, and building codes
76
What is eminent domain
the right of the government to acquire privately owned real estate for public use
77
What is the process of enacting eminent domain called
condemnation
78
What an example of inverse condemnation
the owners land hasnt been taken by adjacent land has and its use has diminished the value of the owners land
79
What is escheat
a process by which the state may acquire privately owned real or personal property after the owner dies, leaves no heirs, and doesnt have a will

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