Unit 7: Interest in Real Estate Flashcards
Accretion
The amount of land an individual owns may be affected by the natural action of water
An owner is entitled to all land created through accretion–increases in the land resulting from the deposit of soil by the water’s action
Appurtenant Easement
Attached to the ownership of one parcel and allows the owner the use of a neighbor’s land. For an appurtenant easement to exist, two adjacent parcels of land must be owned by two different parties
An appurtenant easement is part of the dominant tenement. If the dominant tenement is conveyed to another party, the beneficial easement transfers with the title, or “runs with the land”
Avulsion
The sudden removal of soil by an act of nature. It is an event that causes the loss of land much less subtly than erosion
For example, a major earthquake or mudslide can cause an individual’s land holdings to become much smaller very quickly
Condemnation
The process by which the government exercises the eminent domain right, by either judicial or administrative proceedings
It is the actual process of taking the property
Conventional Life Estate
Created intentionally by the owner. It may be established either by deed at the time the ownership is transferred during the owner’s life or by a provision of the owner’s will after the owner’s death
Deed Restrictions
Private agreements that affect land use
Once placed in the deed by a previous owner, they “run with the land,” limiting the use of the property and binding to all grantees
Deed restrictions are enforced by an owner of real estate and are included in the seller’s deed to the buyer
Covenants, conditions, and restrictions (CC&Rs) are private agreements that affect land use
Doctrine of Prior Appropration
Whether for agricultural, recreational, or other purposes, waterfront real estate has always been desirable. Each state has strict laws that govern the ownership and use of water, as well as the adjacent land
Where water is scarce, a state may control all but limited domestic use of water according to the doctrine of prior appropriation
Dominant Tenement
The dominant tenement is the dominating party benefitted by the easement
For an appurtenant easement to exist, two adjacent parcels of land must be owned by two different parties. The parcel over which the easement runs is called the servient tenement; the neighboring parcel that benefits is called the dominant tenement
Easement
The right to use the land of another for a particular purpose. Easements are by agreement at any time or created by a seller when a property is conveyed
An easement is commonly created by a written agreement between parties that establishes the easement right. It may be created by the grantor in a deed of conveyance. in which the grantor either reserves an easement over the sold land or grants the new owner an easement over the grantor’s remaining land
Easement by Condemnation
Acquired for a public purpose, through the right of eminent domain. The owner of the servient tenement must be compensated for any loss in property value
Easement by Necessity
An easement that is created when an owner sells a parcel of land that has no access to a street or public way except over the seller’s remaining land is an easement by necessity
An easement by necessity is created by court order based on the principle that owners must have the right to enter and exit their land–the right of ingress (enter) and egress (exit); they cannot be landlocked
Easement by Prescription
If the claimant has made use of another’s land for a certain period of time as defined by state law, an easement by prescription may be created
To create a prescriptive easement, the claimant’s use must have been continuous, exclusive, and without the owner’s approval (“adverse”)
The use must be visible, open, and notorious
NACHO: Notorious, Adverse, Continuous, Hostile, Open
Easement in Gross
An individual or company interest in or right to use someone else’s land
For example, a railroad’s right-of-way, utility easements (such as for a pipeline or high-tension power line)
Eminent Domain
The right of the government to acquire privately owned real estate for public use, private or economic development purposes
Enroachment
Occurs when all or part of a structure (such as a building, fence, or driveway) illegally extends beyond the land of its owner
An enroachment usually is disclosed by either a physical inspection of the property or a spot survey
Encumbrance
A claim, charge, or liability that attaches to real estate
A right or an interest held by someone other than the property owner that affects title to the real estate but does not necessarily prevent a transfer of title
May decrease the value or obstruct the use of the property
Encumbrances can be liens (usually monetary charges) and physical encumbrances (restrictions, easements, licenses, and enroachments)
Equity in Eminent Domain Act
This law places the obligation on the government to prove that an area is blighted before forcing property owners to sell their property for private development projects
The act helps owners receive fair market value for their property, requires relocation costs for displaced residents and businesses, and pays attorneys’ fees when property owners successfully sue to keep their property
Erosion
An owner may lose land through erosion–the gradual and imperceptible wearing away of the land by natural forces such as wind, rain, and flowing water