Unit 3: Interests In Real Estate Flashcards
What is estate in land?
An ownership interest defined by the degree, quantity, nature, and extent of an owner’s interest in real estate
What is a freehold estate?
Lasts for an indeterminable length of time such as for a lifetime or forever
lasts forever
What is a fee simple estate?
An estate in the highest interest in real estate recognized by law.
What is ownership entitles its owner to all rights of the property by law
Fee simple absolute
What is a *fee simple defeasible?
A qualified free estate that is subject to the occurrence or nonoccurence of some specified event.
What is a fee simple determinable?
A fee simple defeasible estate that may be inherited
so long as or while or during
What is a life estate?
A freehold estste limited in duration either to the life of the holder of the estate or the life of some other designated person or persons
A life estate is NOT….
Inheritable
The holder of a life estate is called a?
Life tenant
Life estate pur after vie
(For the life of another)
Provides for inheritance of the property right by the life tenants heirs, but the right exists only until the death of the identified person or persons
What is remainder interest?
The creator of the life estate may name a remainder an as the person to whom the property will pass when the life estate ends
What is reversionary interest?
No remainderman is named. Ownership returns to the original owner upon the end of the life estate
What is an encumbrance?
A type of interest in real estate that does not rise to the level by ownership or possession, yet still gives an individual, business, or other entity some degree of use or control of the property
What is a charge against property that provides security for a debt or an obligation of the property owner?
A lien
What runs with the land, limiting the use of the property by the current owner, as well as future owners to whom the property is subsequently transferred?
Deed restriction
Easement appurtenance is also known as…
Easement by necessity; and
Easement by prescription
What are used by a subdivision developer to maintain specific standards in a subdivision?
Covenants, conditions, and restrictions (CC&R’s)
What is an easement?
The right to use the land of another for a particular purpose
What is an easement appurtenant?
An easement attached to the ownership of real estate and allows the owner of that property the use of a neighbors land
When it comes to an easement, who benefits from it?
The dominant tenement
When does serving tenement mean?
“The person whose property the easement is on”
The land or parcel over which the easement runs
What is an easement in gross?
An individual or company interest in or right to use someone else’s land
“I.E Utility company “
What is an easement by necessity?
Created when an owner sells a parcel of land that has no legal access to a street or public way except over the sellers remaining land
Use of another’s land for a certain period of time, defined by state law, _______ may be acquired.
Easement by prescription
“Cutting through neighbors yard”
A personal privilege to enter the land of another persons for a specific purpose.
“I.E. parking your RV on someone else’s land, hunting, fishing, etc”
A license
Can be given orally or informally
When a building, fence, or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines it’s considered an…
Encroachment
What is a lis pendens?
A notice filed in the public record of a pending legal action affecting the title to or possession of property.
Government powers include..?
“PETE”
Police power, eminent domain, taxation, and escheat
What does the authority known as states police power mean?
Every state has the power to enact legislation to preserve order, protect the public health and safety and promote the general welfare of its citizens
What is the right of the government to acquire privately owned real estate for public use?
Eminent domain
_____ is the process by which the government exercises its right to acquire privately owned real estate by either judicial or administrative proceedings.
Condemnation
Condemnation =
Compensation
What is inverse condemnation?
An action brought by a property owner seeking just compensation for land used for a public purpose when the property’s use and value have been diminished
____ is a charge on real estate to raise funds to finance the operation of government facilities and services.
Taxation
What is escheat?
State law provides for ownership to transfer to the state when an owner dies and leaves no heirs and there is no will or living trust
