Unit 3 Interests in Real Estate Flashcards
What are the 4 government powers?
Police - regulation
Eminent Domain - is the power to take private land for public use (condemnation is the process).
Taxation - a charge against real estate to meet public needs
Escheat - state takes control of property after the owner dies.
What is a freehold estate?
lasts for an indeterminable length of time.
What is fee simple?
Highest estate recognized by law
What is fee simple defeasible?
estate that is qualified because it is subject to the occurrence of or nonoccurence of an event.
What is a life estate?
Based on the life tenant or someone else (pur autre vie)
What is an encumbrance?
a claim, charge or liability that attaches to real estate?
What is a lien?
A charge against a property that provides security for a debt or obligation.
What are CC&Rs?
Covenants, conditions, and restrictions are private limitations on the use of land.
What is an easement?
the right to use the land of another, usually in writing between 2 parties.
What is an easement appurtenant?
runs with the land
What is the difference between dominant tenement vs servient tenement?
Dominant tenement benefits from the easement which runs over the servient tenement.
What is an easement in gross?
An individual or company interest in or right to use another’s land.
What is an easement by necessity?
Arises when land has no access to street or pubic way
What is an easement by prescription?
acquired when a claimant has used another’s land for the period required by law. Use must be continuous, nonexclusive, visible, open, and notorious.
When is an easement terminated?
1-When the need for it no longer exists.
2-when the owner of either servient or dominant tenement becomes sole owner of both properties
3-release of the right of the easement to the owner of the servient
4-by the abandonment
5-by the nonuse of a prescriptive easement
Can the dominant tenement “release” the easement?
Yes
What is a license?
Personal privilege to enter the land of another for a specific purpose.
What is an encroachment?
Occurs when all or part of a structure illegally intrudes on the land of another.
What is a lis pendens?
Notice of litigation in progress that may affect the title or property.
What is the process used to acquire property when exercising eminent domain?
taking
What is inverse condemnation?
A property owners claim for compensation when adjacent public land use diminishes the value of the owner’s property.
What is fee simple determinable?
a special limitation marked by:
- so long as,
- while,
- during
What is fee simple subject to a condition subsequent?
-on condition that - gives the owner right of reentry
What is a remainder and reversionary interest?
Remainder interest names the remainderman in a life estate
Reversionary interest - without a remainderman the interest of life estate reverts back to the original owner.
What is tacking?
the successive periods of continuous occupation by different parties
