Unit 3: Interests In Real Estate

Question 1

What is estate in land?

Answer 1

An ownership interest defined by the degree, quantity, nature, and extent of an owner’s interest in real estate

Question 2

What is a freehold estate?

Answer 2

Lasts for an indeterminable length of time such as for a lifetime or forever
lasts forever

Question 3

What is a fee simple estate?

Answer 3

An estate in the highest interest in real estate recognized by law.

Question 4

What is ownership entitles its owner to all rights of the property by law

Answer 4

Fee simple absolute

Question 5

What is a *fee simple defeasible?

Answer 5

A qualified free estate that is subject to the occurrence or nonoccurence of some specified event.

Question 6

What is a fee simple determinable?

Answer 6

A fee simple defeasible estate that may be inherited
so long as or while or during

Question 7

What is a life estate?

Answer 7

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

Question 8

A life estate is NOT….

Answer 8

Inheritable

Question 9

The holder of a life estate is called a?

Answer 9

Life tenant

Question 10

Life estate pur after vie

Answer 10

(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

Question 11

What is remainder interest?

Answer 11

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

Question 12

What is reversionary interest?

Answer 12

No remainderman is named. Ownership returns to the original owner upon the end of the life estate

Question 13

What is an encumbrance?

Answer 13

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

Question 14

What is a charge against property that provides security for a debt or an obligation of the property owner?

Answer 14

A lien

Question 15

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?

Answer 15

Deed restriction

Question 16

Easement appurtenance is also known as…

Answer 16

Easement by necessity; and
Easement by prescription

Question 17

What are used by a subdivision developer to maintain specific standards in a subdivision?

Answer 17

Covenants, conditions, and restrictions (CC&R’s)

Question 18

What is an easement?

Answer 18

The right to use the land of another for a particular purpose

Question 19

What is an easement appurtenant?

Answer 19

An easement attached to the ownership of real estate and allows the owner of that property the use of a neighbors land

Question 20

When it comes to an easement, who benefits from it?

Answer 20

The dominant tenement

Question 21

When does serving tenement mean?

Answer 21

“The person whose property the easement is on”
The land or parcel over which the easement runs

Question 22

What is an easement in gross?

Answer 22

An individual or company interest in or right to use someone else’s land
“I.E Utility company “

Question 23

What is an easement by necessity?

Answer 23

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

Question 24

Use of another’s land for a certain period of time, defined by state law, _______ may be acquired.

Answer 24

Easement by prescription
“Cutting through neighbors yard”

Question 25

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”

Answer 25

A license
Can be given orally or informally

Question 26

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…

Answer 26

Encroachment

Question 27

What is a lis pendens?

Answer 27

A notice filed in the public record of a pending legal action affecting the title to or possession of property.

Question 28

Government powers include..?

Answer 28

“PETE”
Police power, eminent domain, taxation, and escheat

Question 29

What does the authority known as states police power mean?

Answer 29

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

Question 30

What is the right of the government to acquire privately owned real estate for public use?

Answer 30

Eminent domain

Question 31

_____ is the process by which the government exercises its right to acquire privately owned real estate by either judicial or administrative proceedings.

Answer 31

Condemnation

Question 32

Condemnation =

Answer 32

Compensation

Question 33

What is inverse condemnation?

Answer 33

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

Question 34

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

Answer 34

Taxation

Question 35

What is escheat?

Answer 35

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