Unit 3 Flashcards
estate in land
defines the degree, quantity, nature, and extent of an owner’s interest in real property
what must be in place for land to be an estate?
allow possession, meaning the holding and enjoyment of the property neither now or in the future
freehold estate
lasts for an indeterminable length of time, such as for a lifetime or forever
What is a nonfreehold estate commonly referred to as?
leasehold esate
What is the best freehold estate type?
fee simple/fee simple absolute
fee simple/fee simple absolute
highest interest in the real estate recognized by law; ownership in which the holder is entitled to all rights to the property
How does fee simple estate pass?
- if right of survivorship, to co-owner
- person specified in will
- person designated by state law of intestate succession
Fee simple defeasible
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)
Fee simple determinable
fee simple defeasible that can be inherited but is qualified to a special limitation
possibility of reverter
if fee simple determinable or condition subsequent are violated, rights revert back to seller
Fee simple subject to a condition subsequent
owner gives real estate on condition of ownership
Life estate
only have ownership rights as long as you have life; when you die you lose all your ownership rights
Is life estate inheritable?
no
What is the holder of a life estate called?
life tenant
Life Estate pur autre vie
life estate based on someone else’s life
Remainder interest
the creator of the life estate may name a remainderman as the person to 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 which case, the ownership returns to the original owner upon the end of the life estate
legal life estate
established by state law (nonvoluntary)
dower
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
curtsey
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
uniform probate code
gives non owning spouse rights dependent upon how long they were married; replaced dower and curtsey
homestead
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`
Encumbrance
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
Easement
the right to use the land of another for a particular purpose
lien
a charge against property that provides security for a debt or an obligation of the property owner
Easement appurtenance
attached to the ownership of real estate and allows the owner of that property the use of a neighbor’s land
Dominant tenement
person who has the easement
servient tenement
land owner serving the dominant
party wall
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
easement in gross
an individual or company interest in or right to use someone else’s land (such as for utility companies)
easement in necessity
a parcel of land that has no legal access to a street or public way except over the seller’s remaining land
cross easement
the reciprocal interest of each owner in the property of the other
easement by prescription
open, visible, continuous, hostile, notorious, certain number of years, eventually can claim an easement
how to terminate an easement
- 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
- by the nonuse of a prescriptive easement
license
personal privilege to enter the land of another for a specific purpose
How can a license be given?
orally or written
Who can terminate a license?
person granting it
Encroachment
a human made thing illegally crosses over the property line
lis pendens
a recorded notice of a pending lawsuit
What are private restrictions?
- Deed restrictions
2. CC&R - Covenants, Conditions and Restrictions
What are the 4 government powers?
- police power
- eminent domain
- taxation
- escheat
Police power
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)
Enabling Acts
state’s authority is pass on to municipalities and counties through legislation
Eminent domain
the right of the government to acquire privately owned real estate for public use
condemnation
the process by which the government exercises the right of eminent domain, by either judicial or administrative proceedings
what must the government do if they take someone’s property?
fairly compensate the property owner
Inverse condemnation
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
Taxation
a charge on real estate to raise funds to finance the operation of government facilities and services
Escheat
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
Can there be restrictions on your property in fee simple?
yes, they apply to everyone
3 legal life estates
- dower
- curtsey
- homestead
UPC
uniform probate code
Covenents, conditions and restrictions (CC&R)
restriction that applies to everyone
right of ingress
right to get on your property
right of egress
right to get off your property
nuisance
extending into someone else’s airspace
