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CLI Prelicensing > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

estate in land

A

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

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2
Q

what must be in place for land to be an estate?

A

allow possession, meaning the holding and enjoyment of the property neither now or in the future

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3
Q

freehold estate

A

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

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4
Q

What is a nonfreehold estate commonly referred to as?

A

leasehold esate

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5
Q

What is the best freehold estate type?

A

fee simple/fee simple absolute

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6
Q

fee simple/fee simple absolute

A

highest interest in the real estate recognized by law; ownership in which the holder is entitled to all rights to the property

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7
Q

How does fee simple estate pass?

A
  1. if right of survivorship, to co-owner
  2. person specified in will
  3. person designated by state law of intestate succession
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8
Q

Fee simple defeasible

A

places personal condition on your ownership - if you buy the property you must not do something with it (condition subsequent) or you must do something with it (determinable)

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9
Q

Fee simple determinable

A

fee simple defeasible that can be inherited but is qualified to a special limitation

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10
Q

possibility of reverter

A

if fee simple determinable or condition subsequent are violated, rights revert back to seller

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11
Q

Fee simple subject to a condition subsequent

A

owner gives real estate on condition of ownership

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12
Q

Life estate

A

only have ownership rights as long as you have life; when you die you lose all your ownership rights

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13
Q

Is life estate inheritable?

A

no

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14
Q

What is the holder of a life estate called?

A

life tenant

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15
Q

Life Estate pur autre vie

A

life estate based on someone else’s life

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16
Q

Remainder interest

A

the creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends

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17
Q

Reversionary interest

A

the creator of the life estate may choose not to name a remainderman, in which case, the ownership returns to the original owner upon the end of the life estate

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18
Q

legal life estate

A

established by state law (nonvoluntary)

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19
Q

dower

A

only applies if husband and wife buy a property but they decide that one of them should not be on the deed; life estate that a wife in the real estate of her deceased husband

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20
Q

curtsey

A

only applies if husband and wife buy a property but they decide that one of them should not be on the deed; life estate of a husband in the real estate of his deceased wife

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21
Q

uniform probate code

A

gives non owning spouse rights dependent upon how long they were married; replaced dower and curtsey

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22
Q

homestead

A

prevents a general creditor from seizing a property to satisfy a debt but if there is a court ordered sale, it allows the homeowner to keep some of the proceeds from the sale`

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23
Q

Encumbrance

A

type of interest in real estate that does not rise to the level of ownership or possession the still gives an individual, business or other entity some degree of use or control of the property

24
Q

Easement

A

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

25
Q

lien

A

a charge against property that provides security for a debt or an obligation of the property owner

26
Q

Easement appurtenance

A

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

27
Q

Dominant tenement

A

person who has the easement

28
Q

servient tenement

A

land owner serving the dominant

29
Q

party wall

A

an exterior wall of a building that straddles the boundary line between two lots, or it can be a shared partition wall between two connected properties

30
Q

easement in gross

A

an individual or company interest in or right to use someone else’s land (such as for utility companies)

31
Q

easement in necessity

A

a parcel of land that has no legal access to a street or public way except over the seller’s remaining land

32
Q

cross easement

A

the reciprocal interest of each owner in the property of the other

33
Q

easement by prescription

A

open, visible, continuous, hostile, notorious, certain number of years, eventually can claim an easement

34
Q

how to terminate an easement

A
  1. when the need no longer exists
  2. when the owner of either the dominant or the servient tenement becomes sole owner of both properties
  3. by the release of the right of easement to the owner of the servient tenement
  4. by the abandonment of the easement
  5. by the nonuse of a prescriptive easement
35
Q

license

A

personal privilege to enter the land of another for a specific purpose

36
Q

How can a license be given?

A

orally or written

37
Q

Who can terminate a license?

A

person granting it

38
Q

Encroachment

A

a human made thing illegally crosses over the property line

39
Q

lis pendens

A

a recorded notice of a pending lawsuit

40
Q

What are private restrictions?

A
  1. Deed restrictions

2. CC&R - Covenants, Conditions and Restrictions

41
Q

What are the 4 government powers?

A
  1. police power
  2. eminent domain
  3. taxation
  4. escheat
42
Q

Police power

A

the right of the government to pass laws to preserve order, protect the public health and safety, and promote the general welfare of its citizens (starts at federal level)

43
Q

Enabling Acts

A

state’s authority is pass on to municipalities and counties through legislation

44
Q

Eminent domain

A

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

45
Q

condemnation

A

the process by which the government exercises the right of eminent domain, by either judicial or administrative proceedings

46
Q

what must the government do if they take someone’s property?

A

fairly compensate the property owner

47
Q

Inverse condemnation

A

action brought by a property owner seeking just compensation for land adjacent to land used for a public purpose when the property’s use and value have been diminished

48
Q

Taxation

A

a charge on real estate to raise funds to finance the operation of government facilities and services

49
Q

Escheat

A

when an owner of real estate dies and they do not have a will and there are absolutely no heirs to that property, the state can claim the property as their own

50
Q

Can there be restrictions on your property in fee simple?

A

yes, they apply to everyone

51
Q

3 legal life estates

A
  1. dower
  2. curtsey
  3. homestead
52
Q

UPC

A

uniform probate code

53
Q

Covenents, conditions and restrictions (CC&R)

A

restriction that applies to everyone

54
Q

right of ingress

A

right to get on your property

55
Q

right of egress

A

right to get off your property

56
Q

nuisance

A

extending into someone else’s airspace

CLI Prelicensing (23 decks)

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