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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
Q

What is a legal life estate

A

established by state law. It becomes effective automatically when certain events occur

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26
Q

What are examples of legal life estates

A

Dower
curtesy
homestead

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27
Q

What is a dower

A

the life estate of a nonowning wife in the real estate of her deceased husband to help support the her

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28
Q

What is a curtesy

A

the life estate of a nonowning husband in the real estate of his deceased wife to help support the him

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29
Q

What code has mostly abolished the use of dowers and curtesy’s and what does it do

A

the Uniform probate code

it gives the surviving spouse a share of the property if it wasnt transfered through a will

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30
Q

What states don’t use dowers and curtesy’s

A

community property states

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31
Q

What is a homestead

A

a legal life estate in real estate occupied as the family home

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32
Q

What are homestead exemption laws

A

a portion of the land or value of the property occupied as the family home is exempt from certain judgments for debts

33
Q

What are examples of judgements for debts that may be exempt in homesteads

A

charge accounts

personal loans

34
Q

What are some examples of judgements for debts that are not exempt in homesteads

A

mortgages

35
Q

What are the 4 types of leasehold estates

A

estate for years
periodic estate
estate at will
estate of sufferance

36
Q

What is estate for years

A

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
Q

What are the key points about of the right of possession with leasehold estates

A

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
Q

What is a periodic estate

A

renews automatically once landlord accepts rent

39
Q

What is an estate at will

A

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
Q

What is an estate at sufferance

A

estate that a person has a right of in the period after their tenancy expires but they havent moved out yet

41
Q

What can the owner do if an estate of sufferance occurs

A

evict the tenant or accept rent

42
Q

What happens if the tenant accepts rent during an estate of sufferance

A

it automatically becomes a periodic estate

43
Q

What are liens

A

a legal right to some type of property to satisfy a debt if an obligation isnt paid

44
Q

What are examples of liens

A

Real estate taxes, mortgages, judgments, and mechanics’ liens

45
Q

What are CC&R’s

A

covenants conditions and restrictions

46
Q

Where are CC&Rs filed

A

in the original development plans of the subdivision at the county office

47
Q

What should buyers do with CC&Rs

A

make their review a condition of purchase

48
Q

What is an easement

A

the right to use the land of another

49
Q

What are examples of easements

A

airspace

right of way

50
Q

What is an easement that runs with the property called

A

easement appurtenant

51
Q

What is required for an esasement appurtenant to exist

A

two adjacent parcels of land must be owned by two different parties

52
Q

What is the benefitor of the easement called

A

dominant tenement

53
Q

What is the person encumbranced by the easement called

A

servient tenement

54
Q

What is a party wall

A

a wall that is on the boundry line between two properties

55
Q

What is the shared interests in the shared wall called

A

cross easement

56
Q

What portion of the wall do each owner have interest in

A

the half on their property

57
Q

What is used to create the easement rights of a party wall

A

a written party wall agreement

58
Q

What should be written into party wall agreements

A

shared expenses

a shared driveway partly on each owners land

59
Q

What is an easement in gross

A

interest in the use of someones land from a company like utilities or transportation

60
Q

What typically happens to a personal easement in gross

A

it terminates with the death of the creator

61
Q

Besides a written agreemnet ebtween two party members, how else can easements be created

A

easements by necessity

easements by prescription

62
Q

What is an example of an easement by necessity

A

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
Q

Why is an easement by necessity given

A

because of the right of ingress and egresss

64
Q

What is an easement by prescription

A

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
Q

What is necessisary for an easement of prescription to be written

A

the use must be visible, open, and notorious, and the owner must have been able to learn of it.

66
Q

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

A

an easement of prescription can still be issued through the process of tacking

67
Q

When does an easement terminate

A

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
Q

What is a liscense and how does it differ from an easement

A

it give the person a priviledge to use the land

they can be terminated by the owner

69
Q

What is sometimes a rule of thumb with the creation of licenses vs easements

A

if it is given orally then it is usu a lisense

70
Q

When does a license terminate

A

death of either party or with the sale of the land.

71
Q

What is an encroachment

A

When the property of one person extends into the property of the adjacent property

72
Q

What might be given to an encroachment if it has been their for 10-21 years

A

easement of prescription

73
Q

What legal document is issued when their is a pending legal action agaisnt a property

A

lis pendens

74
Q

What are the governmental powres that supersede an individuals property rights

A

Police power
Eminent domain
Taxation
Escheat

75
Q

What is police power used to enact

A

environmental protection laws, zoning ordinances, and building codes

76
Q

What is eminent domain

A

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

77
Q

What is the process of enacting eminent domain called

A

condemnation

78
Q

What an example of inverse condemnation

A

the owners land hasnt been taken by adjacent land has and its use has diminished the value of the owners land

79
Q

What is escheat

A

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

Real Estate Agent Course (12 decks)

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