Unit 3: Interests in Real Estate Flashcards
An interest or right in real property that allows or will allow possession
estates
two types of estates: ___ and ___
freehold, leasehold
____ estates: ownership for an indefinite duraiton
freehold
_____ (non-freehold): possession for a fixed term
leasehold
_____ ____ absolute is highest level of ownership
fee simple
you own it but there are some conditions that go along with it. not as much ownership as fee simple absolute, but close to it on the spectrum of level of ownership. the answer is fee simple _____ or ____ fee
fee simple defeasible / qualified fee
most complete bundle of rights. also known as fee estate or fee simple. Transferable, inheritable, and lasts forever. Think of “fee” as inheritable
fee simple absolute
transferable and inheritable fee simple ____ or ____ fee
fee simple defeasible or qualified fee
this type of ownership is transferrable, but not inheritable and it doesn’t last forever. known as a ____ estate. toward the middle on the spectrum of complete ownership and leasing
life estate
_____ give ______ a deed as a life estate. when the ______ dies, it goes back to the ______ (reversionary interest) (reverter) or a ____ ____ (remainderman) (remainder interest)
grantor, grantee, grantee, grantor, third party
life estate is transferable, but not ____able
inherit
Estate for years, periodic estate, estate at will, estate at sufferance is ____
possession
the landlord/leasor hold a leased fee estate with a reversionary interest and tenant/leasee holds a leasehold estate. The purchaser of a leased property obtains ownership “subject to” the ___
lease
specific termination date - no notice required, death of landlord or tenant does not terminate, sale of property does not terminate. there is a set termination date: ____ (tenancy) for ____
estate (tenancy) for years
renews automatically upon landlord acceptin rent for the period. Example: month to month. terminated by dvanced notice of either party
periodic estate (tenancy)
indefinite duration - tenant occupies at landlord’s discrresion
estate (tenancy) at will
holdover after legal enancy expires (lowest estate)
estate (tenancy) at sufferance
any claim, right, or interest held by a party who is not the legal owner of the property; a nonpossessory interest
encumbrance
an appurtenance - attaches to and binds real property
encumbrance
types of encumbrance are ___ restrictions, ___, _____, _____
deed, lien, encroachment, easement
right to use the land of another for a specific purpose. attaches to and runs with the land - transfers with the deed.
easement
_____ easement has a dominant tenement: the property receiving the benefit of the easement and a servient tenement, which is the property encumbered by the easement
appurtenant
Easements transfer with the land. Does not increase the ____ of the dominant land, but may increase its ______. dominant land is the land using the servient land for some specific purpose.
size, value
examples of ____: driveway crossing a neighbor’s land for ingress and egress. party walls, shared driveways, lake access. this is not able to be revoked unless both parties approve.
easement
_____ in _____: commercial easement held by company, government, or a person. Has no dominant property, only servient property. person or entity benefits. example: utility easement
easement in gross
court-ordered easements: includes _____ __ ______ (created when an owner sells a contiguous parcel of land that has no legal access. only granted if there is no other access to a street or public way. prevents creation of land-locked property) and ____ __ _____ (acquired by meeting statutory requirements)
Easement by necessity, easement by prescription
Easements can be terminated in which three ways
merger, release, abandonment
holder of servient property acquires the dominant party is called a _____
merger
holder of dominant interest releases rights to servient owner (via quitclaim deed)
release
not automatic’ must be proven in court. type of termination of easement
abandonment
unless terminated, an _____ will transfer with the deed
easement
claim on land to secure a payment of a debt. allows creditor to take and sell property if not paid
liens
created by state stature to protect a primary residence from unsecured creditors
homestead exemption
a(n) ______ is the unauthorized use of another persons land or physical object intruding onto neighboring property. examples: part of a structure, fence, roof, or tree limb. “trespassing”
encroachment
Revocable permission that grants a privilege to use the property is a ____
licenses
four governement rights in land
police powier, eminent domain, taxation, excheat (PETE)
right to enact and enforce laws governing land use. planning, zoning, building codes, permits, inspecitons, certificats of occupancy, determines how land can be developed
police power
right to take private land for public use. process used is called condemnation, example of involuntary alienation - a compulsory transfer of title, compensation = value plus damanges. not voluntary
eminent domain
property taxes: paid to the country where the porperty is located. enforced by a tax forfeiture lien. this is a type of governmental power when it comes to land
taxation
government’s reversionary right to take property that has been abandoned. exercised when owner dies with no will (intestate) and without heirs
escheat
intestate: died with no will and no ____
heirs
