Unit 3 Interests in RE Flashcards
Freehold Estate
Lasts for an indeterminable length of time
Fee Simple
Highest interest estate recognized by law. Holder is entitled to all rights
Fee Simple Defeasiable
Estate that is qualified b/c it is subject to the occurrence or nonoccurrence if a specified event
Life Estate
Interest that is limited in duration to the lifetime of its owner or designated person (pur autre vie)
Encumbrance
Claim/charge/ liability that attached to real estate
Lien
Charge against property that provides security for a debt or obligation of the owner
Covenants, conditions, restrictions (CC&Rs)
Private limitations on the use of land
Easement
Right to use the land of another. Created by written agreement between the parties
Easement Appurtenant
Runs with the land when title is transferred
Dominant Tenement
Benefits from the easement, runs over the SERVIENT TENEMENT
Easement in gross
Individual/company interest in or right to use another’s land
Easement by necessity
Arises when land has no access to a street or public way.
Easement by presription
Acquired when a claimant has used another’s land for the period required by law. Must be continuous, nonexclusive, visible, open, and notorious.
Termination of easement
When need no longer exists, when the owner of either dominant or servient becomes owner of both. When owner of a dominant tenement RELEASES the right of easement to the owner of the servient tenement, if the easement is ABANDONED, or by the NONUSE of a prescriptive easement
License
Personal privilege to enter land of another for specific purpose (temporary)
Encroachment
When all or part of a structure illegally intrudes on the land of another or beyond legal building lines
Lis Pendens
Gives notice of litigation in progress that may affect title to property. Creates a “cloud”
Government Powers -PETE
-Police power
-Eminent Domain
-Taxation
-Escheat
Police Power
State’s authority, passed down through enabling acts, to legislate to preserve order, protect public health and safety, promote general welfare
Eminent Domain
Government’s right to acquire privately owned real estate for public or economically beneficial use through condemnation
Taxation
Charge of real estate to raise funds to meet public needs
Escheat
When state takes control of property after owner dies leaving no will or lawful heirs
5th amendment
When taking of property occurs, owners must be compensated
Fee simple absolute
max possible estate or right of ownership or real property. Continuing forever
