Unit 3 - Interests in Real Estate

Question 1

condemnation:

Answer 1

The act of the government exercising its power of eminent domain to acquire privately owned real estate for a public or economically beneficial use through legal proceedings.

Question 2

covenants, conditions, and restrictions (CC&Rs)

Answer 2

Private limitations on the use of land, typically found in a deed, contract, or homeowners association agreement.

Question 3

deed restrictions

Answer 3

Limitations or conditions placed on the use of real estate, often included in the deed, that restrict certain activities or specify certain uses of the property.

Question 4

easement:

Answer 4

A right to use the land of another for a specific purpose, either by written agreement or through legal recognition.

Question 5

easement appurtenant

Answer 5

An easement that runs with the land when the property title is transferred. The property benefiting from the easement is the dominant tenement, while the property burdened by the easement is the servient tenement.

Question 6

easement by necessity:

Answer 6

An easement that arises when a property has no access to a street or public way, and the easement is necessary for the reasonable use and enjoyment of the property.

Question 7

easement by prescription

Answer 7

An easement acquired by continuous, nonexclusive, visible, open, and notorious use of another person’s land for a certain period of time, as required by law.

Question 8

easement in gross

Answer 8

An individual or company’s personal right or interest in or right to use another person’s land, unrelated to any ownership or possession of the land.

Question 9

eminent domain

Answer 9

The government’s right to acquire privately owned real estate for a public or economically beneficial use through condemnation, with the requirement to provide just compensation to the property owner.

Question 10

encroachment:

Answer 10

occurs when all or part of a structure illegally intrudes on the land of another or extends beyond legal building lines.

Question 11

encumbrance:

Answer 11

A claim, charge, or liability that attaches to real estate, such as a lien or easement.

Question 12

escheat:

Answer 12

The transfer of property to the state when a person dies without a will and without any lawful heirs.

Question 13

estate in land:

Answer 13

Refers to an individual’s legal rights or interests in real property, including ownership or possession.

Question 14

fee simple:

Answer 14

The highest estate recognized by law, giving the owner complete ownership rights with no limitations or conditions.

Question 15

fee simple absolute:

Answer 15

Another term for fee simple, representing absolute ownership without any limitations or conditions.

Question 16

fee simple defeasible

Answer 16

An estate that is qualified because it is subject to the occurrence or nonoccurrence of a specified event.

Question 17

fee simple determinable:

Answer 17

A fee simple defeasible estate that automatically terminates upon the occurrence of a specified event.

Question 18

fee simple subject to a condition subsequent:

Answer 18

A fee simple defeasible estate that does not automatically terminate upon the occurrence of a specified event, but the grantor has the right to reacquire the property.

Question 19

freehold estate

Answer 19

An estate in real property that lasts for an indeterminable length of time, such as fee simple or life estate.

Question 20

future interest:

Answer 20

An ownership interest in property that will be enjoyed in the future, such as a remainder interest or reversionary interest.

Question 21

homestead:

Answer 21

A legal life estate created by state law to protect spousal or homestead rights in property, providing certain protections and exemptions.

Question 22

inverse condemnation:

Answer 22

A legal action in which a property owner seeks compensation when an adjacent public land use diminishes the value of their property, even if the property has not been formally condemned for public use.

Question 23

legal life estate

Answer 23

A life estate created by state law to protect spousal or homestead rights in property.

Question 24

license:

Answer 24

A personal privilege or permission granted by the owner of the land to enter or use the land for a specific purpose.

Question 25

lien:

Answer 25

A charge against property that provides security for a debt or obligation of the property owner, typically involving the right to foreclose or sell the property to satisfy the debt.

Question 26

life estate

Answer 26

An estate based on the lifetime of a person, known as the life tenant, or based on the lifetime of someone else, known as pur autre vie.

Question 27

police power:

Answer 27

The state’s authority to legislate and regulate to preserve order, protect public health and safety, and promote the general welfare of citizens.

Question 28

pur autre vie:

Answer 28

A life estate based on the lifetime of someone other than the life tenant.

Question 29

remainder interest:

Answer 29

A future interest in property that becomes possessory after the termination of a prior estate, such as a life estate.

Question 30

reversionary interest:

Answer 30

A future interest in property that returns to the grantor or grantor’s heirs after the termination of a prior estate.

Question 31

taking:

Answer 31

Refers to the government acquiring private property for public use through eminent domain, with the requirement to provide just compensation to the property owner.

Question 32

taxation:

Answer 32

The government’s authority to impose charges or levies on real estate to raise funds for public needs.

Question 33

Uniform Probate Code (UPC)

Answer 33

A set of laws that governs the administration of estates and the distribution of property after death, including provisions related to spousal property interests.