Unit 6: Estates and Interests Flashcards
construction lien
claim placed against a property by a worker who has not been paid yet
convey
to transfer ownership either as a sale or a gift
curtesy
a husband’s certain interests, upon his wife’s death, in any real estate she owned during their marriage
dominant estate
a property that includes the right to use an easement over another person’s property in its ownership
dower
a wife’s interests in any real estate the husband owned during their marriage, upon his death
easement
the right to use the land of another for a specific purpose; an incorporeal interest in land
easement appurtenant
an easement that goes with the land when conveyed
easement by necessity
an easement allowed by law as necessary for full enjoyment of a parcel of real estate
easement by prescription
an easement acquired by continuous, uninterrupted use of the property for a period of time prescribed by state law
easement in gross
an easement that attaches personally to the easement owner, not created for the benefit of any land owned by the owner
encroachment
illegally intruding on the land of another owner
encumbrance
any claim (mortgage, tax lien, easement etc.) that may diminish the value of a property
estate in land
the amount/kind of interest that someone has in real property
fee determinable
fee simple
ownership lasting indefinitely
freehold estate
an estate in land in which ownership is for an indeterminate length of time
general lien
financial claim placed against all property owned by the debtor
involuntary lien
a lien imposed against property without the consent of the owners
judgment
formal decision of the court regarding the claims of the parties to an action; typically becomes a general lien on the property of a defendant
leasehold estate
a tenant’s right to occupy real estate during the term of a lease; generally considered personal property
license
a privilege/right granted by a state to operate as a real estate broker/salesperson; revocable permission for the temporary use of land
lien
a right given by law to certain creditors to have their debt paid out of the property of a defaulting debtor, usually by means of court sale
life estate
an interest in real property that is limited in duration to the lifetime of its owner
lis pendens
a recorded legal document giving constructive notice that court action affecting a particular property is pending
mortgage lien
lender’s claim against specific parcel of real estate pledged as security for a debt
party wall
a building wall that is located on/at a boundary line between two adjoining parcels of land and is used by the owners of both properties
priority
the order in which liens are paid
remainderman
third party who will gain eventual ownership
reversionary interest
future interest of an owner
servient estate
the tract over which an easement runs
specific lien
claim against one parcel of real estate
tacking
adding successive periods of usage
voluntary lien
mortgage or equity loan, for example
