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Real Estate > Unit 3 - Interests in Real Estate > Flashcards

Unit 3 - Interests in Real Estate Flashcards

1
Q

What is 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 is a Freehold Estate

A

An ownership interest that continues for an indefinite period of time

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3
Q

What is a Non-Freehold Estate

A

Length of time of the property’s use can be determined. (Lease) AKA-Leashold Estate

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4
Q

What is a Fee Simple/Fee Simple Absolute Estate

A

Ownership in which the holder is entitled to all the rights to the property by law

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5
Q

What is a Fee Simple Defeasible Estate

A

A qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event. (Limits control)

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6
Q

What is Fee Simple Determinable

A

Estate is qualified by a special limitation with words such as “so long as”, “while”, “during”. Reverts back to owner if limitations are violated, without courts needed. (Possibility of Reverter)

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7
Q

What is Fee Simple Subject to a Condition Subsequent

A

Estate is qualified by special limitation with words such as, “on condition that”. Owner has the right of reenty if violated but must bring a legal action in court. (Right of Entry)

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8
Q

What is Future Interest in Fee Simple Estates

A

In defeasible fee estates, Possibility of Reverter and Right of Entry can be possible at some time in the future.

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9
Q

What is a Life Estate

A

A Freehold Estate limited in duration to either the life of the holder of the estate or the live of some other designated person. Not inheritable.

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10
Q

What is a Life Tenant

A

The holder of a Life Estate

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11
Q

What is Pur Autre Vie (For the Life of Another)

A

Provides for the inheritance of the property right by the life tenant’s heirs, but the right exists only until the death of the identified person or persons.

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12
Q

What is Remainder Interest in Life Estate

A

Creator of Life Estate may name a remainderman as the person to whom the property will pass when the life estate ends.

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13
Q

What is Reversionary Interest in Life Estate

A

Creator of Life Estate may choose not to name a remainderman and ownership would return to the original owner upon the end of the life estate.

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14
Q

What is Legal Life Estate

A

Not created by property owner, but by state law when certain events occur. (Dower, Curtesy, Homestead)

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15
Q

What is Dower and Curtesy in Legal Life Estate

A

Dower-wife gets property if husband dies. Curtesy-husband gets property if wife dies.

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16
Q

What is Homestaed in Legal Life Estate

A

The family home is protected from most creditors during the occupant’s lifetime. Protects house from unsecured loan.

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17
Q

What is an Encumbrance

A

Type of interest in real estate that does not rise to the level of ownership or possession, but does give some degree of use of control of the property

18
Q

What are 4 types of Encumbrances - PEEL

A

Private restrictions found in deeds, Easements and Licenses, Encroachments, Liens

19
Q

What is a Lien

A

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

20
Q

What is a Deed Restriction

A

Will run with the land, limiting the use of the property by the current owner, as well as future owners to whom eht property is subsequently transferred.

21
Q

What are Covenants, Conditions and Restrictions - CC&R’s

A

Used by subdivision developer to maintain specific standards in subdivision.

22
Q

What is an Easement

A

Right to use the land of another for a particular purpose.

23
Q

What is an Easement Appurtenant

A

Attached to the ownership of real estate and allows the owner of that property the use of a neghbor’s land. Two adjacent parcels must be owned by two different parties.

24
Q

What is Dominant Tenement and Servient Tenement

A

Dominant - The parcel that benefits from the easement.
Servient - The parcel over which the easement runs

25
Q

What is a party wall

A

Exterior wall of a building that straddles the boundary line between two lots, or a shared partition wall between two connected properties, similar to a condo “shared” wall

26
Q

What is an Easement in Gross

A

An individual or, company interest in or right to use someone else’s land. (Railroad or Utility company)

27
Q

What is an Easement by Necessity

A

Created by court order based on the principle that owners must have the right to enter and exit their land. They cannot be landlocked

28
Q

What is Easement by Prescription

A

When claimant has made use of another’s land for a certain period of time and meets the following criteria: Open, Hostile, Notorious, Adverse, Continuous/Uninterupted, 9 years.

29
Q

What is Tacking in Easement by Prescription

A

Provides that successive periods of continuous occupation by different partmes my be combined to reach the 9 year requirement.

30
Q

What are 5 ways an Easement terminates

A

-when need no longer exists
-when owner of dominant or servient tenement owns both
-release of right of easment to the owner of the servient side
-abandonment of easement (determined by parties intentions)
-by nonuse of a prescriptive easement

31
Q

What is a License

A

A personal privilege to enter the land of another for a specific purpose, given orally or informally. License ends with the death of either party or with the sale of the land.

32
Q

What is an Encroachment

A

When a building, fence, or driveway illegally extends beyone the boundaries of the land of its owner or leagal building lines.

33
Q

What is Lis Pendens

A

A notice filed in the public record of a pending legal action affecting the title or possession of property. “Thinking about suing you”

34
Q

What are the 4 Governmental Powers that limits ownership
PETE

A

Police Powers, Eminent Domain, Taxation, Escheat

35
Q

What is Police Powers

A

Power of state to enact legislation to preserve order, protect the public healthe, and safety; and promote the general welfare of its citizens

36
Q

What are Enabling Acts

A

Enables government to take property

37
Q

What is Eminent Domain

A

Government’s right to acquire private property for public use by process of Condemnation.

38
Q

What is Condemnation

A

The actual process the government uses to take property

39
Q

What is Taking

A

Fifth Amendment allows for taking of property under Eminent Domain, stating owner must be compensated fairly.

40
Q

What is Inverse Condemnation

A

An action brought by a property owner seeking just compensation for land adjacent to land taken under Eminent Domain, and the property’s use and value have been diminished.

41
Q

What is Taxation

A

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

42
Q

What is Escheat

A

Process by which the state my acquire privately owned real or personal property. When an owner dies and leaves no heirs, and there is no will.

Real Estate (13 decks)

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