Unit 3 Interests in Real Estate

Question 1

What are the 4 government powers?

Answer 1

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.

Question 2

What is a freehold estate?

Answer 2

lasts for an indeterminable length of time.

Question 3

What is fee simple?

Answer 3

Highest estate recognized by law

Question 4

What is fee simple defeasible?

Answer 4

estate that is qualified because it is subject to the occurrence of or nonoccurence of an event.

Question 5

What is a life estate?

Answer 5

Based on the life tenant or someone else (pur autre vie)

Question 6

What is an encumbrance?

Answer 6

a claim, charge or liability that attaches to real estate?

Question 7

What is a lien?

Answer 7

A charge against a property that provides security for a debt or obligation.

Question 8

What are CC&Rs?

Answer 8

Covenants, conditions, and restrictions are private limitations on the use of land.

Question 9

What is an easement?

Answer 9

the right to use the land of another, usually in writing between 2 parties.

Question 10

What is an easement appurtenant?

Answer 10

runs with the land

Question 11

What is the difference between dominant tenement vs servient tenement?

Answer 11

Dominant tenement benefits from the easement which runs over the servient tenement.

Question 12

What is an easement in gross?

Answer 12

An individual or company interest in or right to use another’s land.

Question 13

What is an easement by necessity?

Answer 13

Arises when land has no access to street or pubic way

Question 14

What is an easement by prescription?

Answer 14

acquired when a claimant has used another’s land for the period required by law. Use must be continuous, nonexclusive, visible, open, and notorious.

Question 15

When is an easement terminated?

Answer 15

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

Question 16

Can the dominant tenement “release” the easement?

Answer 16

Yes

Question 17

What is a license?

Answer 17

Personal privilege to enter the land of another for a specific purpose.

Question 18

What is an encroachment?

Answer 18

Occurs when all or part of a structure illegally intrudes on the land of another.

Question 19

What is a lis pendens?

Answer 19

Notice of litigation in progress that may affect the title or property.

Question 20

What is the process used to acquire property when exercising eminent domain?

Answer 20

taking

Question 21

What is inverse condemnation?

Answer 21

A property owners claim for compensation when adjacent public land use diminishes the value of the owner’s property.

Question 22

What is fee simple determinable?

Answer 22

a special limitation marked by:

• so long as,
• while,
• during

Question 23

What is fee simple subject to a condition subsequent?

Answer 23

-on condition that - gives the owner right of reentry

Question 24

What is a remainder and reversionary interest?

Answer 24

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.

Question 25

What is tacking?

Answer 25

the successive periods of continuous occupation by different parties