Unit 3 Interests in RE

Question 1

Freehold Estate

Answer 1

Lasts for an indeterminable length of time

Question 2

Fee Simple

Answer 2

Highest interest estate recognized by law. Holder is entitled to all rights

Question 3

Fee Simple Defeasiable

Answer 3

Estate that is qualified b/c it is subject to the occurrence or nonoccurrence if a specified event

Question 4

Life Estate

Answer 4

Interest that is limited in duration to the lifetime of its owner or designated person (pur autre vie)

Question 5

Encumbrance

Answer 5

Claim/charge/ liability that attached to real estate

Question 6

Lien

Answer 6

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

Question 7

Covenants, conditions, restrictions (CC&Rs)

Answer 7

Private limitations on the use of land

Question 8

Easement

Answer 8

Right to use the land of another. Created by written agreement between the parties

Question 9

Easement Appurtenant

Answer 9

Runs with the land when title is transferred

Question 10

Dominant Tenement

Answer 10

Benefits from the easement, runs over the SERVIENT TENEMENT

Question 11

Easement in gross

Answer 11

Individual/company interest in or right to use another’s land

Question 12

Easement by necessity

Answer 12

Arises when land has no access to a street or public way.

Question 13

Easement by presription

Answer 13

Acquired when a claimant has used another’s land for the period required by law. Must be continuous, nonexclusive, visible, open, and notorious.

Question 14

Termination of easement

Answer 14

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

Question 15

License

Answer 15

Personal privilege to enter land of another for specific purpose (temporary)

Question 16

Encroachment

Answer 16

When all or part of a structure illegally intrudes on the land of another or beyond legal building lines

Question 17

Lis Pendens

Answer 17

Gives notice of litigation in progress that may affect title to property. Creates a “cloud”

Question 18

Government Powers -PETE

Answer 18

-Police power
-Eminent Domain
-Taxation
-Escheat

Question 19

Police Power

Answer 19

State’s authority, passed down through enabling acts, to legislate to preserve order, protect public health and safety, promote general welfare

Question 20

Eminent Domain

Answer 20

Government’s right to acquire privately owned real estate for public or economically beneficial use through condemnation

Question 21

Taxation

Answer 21

Charge of real estate to raise funds to meet public needs

Question 22

Escheat

Answer 22

When state takes control of property after owner dies leaving no will or lawful heirs

Question 23

5th amendment

Answer 23

When taking of property occurs, owners must be compensated

Question 24

Fee simple absolute

Answer 24

max possible estate or right of ownership or real property. Continuing forever

Question 25

Fee simple determinable

Answer 25

Qualified by special limitation. “so long as”“while”“during”

Question 26

Fee simple subject to a condition subsequent

Answer 26

estate carrying the limitation that, if its no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry

Question 27

pur autre vie

Answer 27

“fur the life of another” life estate that is measured by the life of a person other than the grantee

Question 28

Remainder interest

Answer 28

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

Question 29

Reversionary interest

Answer 29

creator of the life estate may choose not to name a remainderman. Ownership returns to original owner upon end

Question 30

Legal life estate

Answer 30

Established by state law, rather than created by an owner. Effective when certain events occur. Dower (life estate of wife), Curtesy (life estate of husband), and homestead

Question 31

Uniform Probate Code (UPC)

Answer 31

Gives surviving spouse the right to an elective share on the death of the other spouse