Unit 4 Vocabuarly

Question 1

estate in land

Answer 1

defines the degree, quantity, nature, and extent of an owner’s interest in real property.

Question 2

A freehold estate

Answer 2

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

Question 3

fee simple

Answer 3

is the highest interest in real estate recognized by law

Fee simple ownership is ownership in which the holder is entitled to all rights to the property by law.

Upon the death of the owner of a fee simple estate, the property interest passes to

Question 4

fee simple defeasible

Answer 4

estate is a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event

Question 5

fee simple determinable

Answer 5

is a fee simple defeasible estate that may be inherited

Question 6

fee simple subject to a condition subsequent

Answer 6

an owner gives real estate on condition of ownership, which means there is a difference in the way the estate will terminate if there is a violation of the condition.

Question 7

future interest

Answer 7

In the defeasible fee estates, the possibility of reverter (fee simple determinable) or right of entry (fee simple subject to a condition subsequent) will only be possible at some time in the future, and may never take effect.

Question 8

life estate

Answer 8

is a freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons.

Question 9

pur autre vie

Answer 9

provides for inheritance of the property right by the life tenant’s heirs, but the right exists only until the death of the identified person or persons.

Question 10

Remainder interest

Answer 10

The creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends.

Question 11

Reversionary interest

Answer 11

The creator of the life estate may choose not to name a remainderman. In that case, ownership returns to the original owner upon the end of the life estate.

Question 12

legal life estate

Answer 12

is not created by a property owner, but rather is established by state law

Question 13

homestead

Answer 13

is a legal life estate in real estate occupied as the family home.

Question 14

encumbrance

Answer 14

is a type of interest in real estate that does not rise to the level of ownership or possession, yet still gives an individual, business, or other entity some degree of use or control of the property.

Question 15

lien

Answer 15

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

Question 16

deed restriction

Answer 16

will run 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.

Question 17

Covenants, conditions, and restrictions (CC&Rs)

Answer 17

are used by a subdivision developer to maintain specific standards in a subdivision, such as by requiring adherence to certain architectural or design specifications for improvements.

Question 18

easement

Answer 18

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

Question 19

easement appurtenant

Answer 19

is attached to the ownership of real estate and allows the owner of that property the use of a neighbor’s land

Question 20

easement in gross

Answer 20

is an individual or company interest in or right to use someone else’s land