Unit 3 Flashcards
What is a estate in land
the interest or right in real property that allows possession
Are all interests in real estate considered estates
no
What is a requirement to be an estate in land
an interest must allow possession and must be measured according to time
What is a free hold estate
ownership interest that continues for an indefinite period.
What are the two types of freehold estates
fee simple estate
life estate
What are the two types of fee simple estates
fee simple absolute
fee simple defeasible
What are the two types of life estates
cnoventional life estate
legal life estate
What is a nonfreehold estate and whats another name for it
possession for a fixed term
leasehold estates
What is a fee simple absolute estate
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
What happens to fee simple estates after the owner dies
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
What is another name for people in wills
devisees
What is a fee simple defeasible estate
estate that is still transferable and inheiritable that is also subject to the occurrence or nonoccurrence of specified events
What are the two types of fees simple defeasible estates
fee simple determinable and fee simple subject to a condition subsequent.
What is a fee simple determinable
a fee simple defeasible estate that may be inherited and that has limitations set in place for the use of the land
What are some words used in fee simple determinable estates
“So long as”
“While”
“During”
What right does the owner have when their fee simple determinable estate isnt used in the agreed way
the possibility of reverter
Do you need to go to court the enact the possibiilty of reverter
no
What is a fee simple subject to a condition subsequent
owner gives real estate “on condition of” ownership
What happens with a violation in fee simple subject to a condition subsequent estates
the owner has the “right of reentry”
Whats the difference between the right of reentry and the possibility of reverter
the right of reentry needs legal action
What is a life estate
a freehold estate limited to either the life of the holder of the estate or the life of some other designated person
What is the holder of a life estate called
life tenant
What rights does a life tenant have
they can benefit from the profits and possession and they can sell mortgage lease their ownership
When a fee simple owner creates a life estate and that estate ends, how is the new owner designated
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
What is a legal life estate
established by state law. It becomes effective automatically when certain events occur
What are examples of legal life estates
Dower
curtesy
homestead
What is a dower
the life estate of a nonowning wife in the real estate of her deceased husband to help support the her
What is a curtesy
the life estate of a nonowning husband in the real estate of his deceased wife to help support the him
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
What states don’t use dowers and curtesy’s
community property states
What is a homestead
a legal life estate in real estate occupied as the family home
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
What are examples of judgements for debts that may be exempt in homesteads
charge accounts
personal loans
What are some examples of judgements for debts that are not exempt in homesteads
mortgages
What are the 4 types of leasehold estates
estate for years
periodic estate
estate at will
estate of sufferance
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
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
What is a periodic estate
renews automatically once landlord accepts rent
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
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
What can the owner do if an estate of sufferance occurs
evict the tenant or accept rent
What happens if the tenant accepts rent during an estate of sufferance
it automatically becomes a periodic estate
What are liens
a legal right to some type of property to satisfy a debt if an obligation isnt paid
What are examples of liens
Real estate taxes, mortgages, judgments, and mechanics’ liens
What are CC&R’s
covenants conditions and restrictions
Where are CC&Rs filed
in the original development plans of the subdivision at the county office
What should buyers do with CC&Rs
make their review a condition of purchase
What is an easement
the right to use the land of another
What are examples of easements
airspace
right of way
What is an easement that runs with the property called
easement appurtenant
What is required for an esasement appurtenant to exist
two adjacent parcels of land must be owned by two different parties
What is the benefitor of the easement called
dominant tenement
What is the person encumbranced by the easement called
servient tenement
What is a party wall
a wall that is on the boundry line between two properties
What is the shared interests in the shared wall called
cross easement
What portion of the wall do each owner have interest in
the half on their property
What is used to create the easement rights of a party wall
a written party wall agreement
What should be written into party wall agreements
shared expenses
a shared driveway partly on each owners land
What is an easement in gross
interest in the use of someones land from a company like utilities or transportation
What typically happens to a personal easement in gross
it terminates with the death of the creator
Besides a written agreemnet ebtween two party members, how else can easements be created
easements by necessity
easements by prescription
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
Why is an easement by necessity given
because of the right of ingress and egresss
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
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.
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
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.
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
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
When does a license terminate
death of either party or with the sale of the land.
What is an encroachment
When the property of one person extends into the property of the adjacent property
What might be given to an encroachment if it has been their for 10-21 years
easement of prescription
What legal document is issued when their is a pending legal action agaisnt a property
lis pendens
What are the governmental powres that supersede an individuals property rights
Police power
Eminent domain
Taxation
Escheat
What is police power used to enact
environmental protection laws, zoning ordinances, and building codes
What is eminent domain
the right of the government to acquire privately owned real estate for public use
What is the process of enacting eminent domain called
condemnation
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
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
