Unit 7 - Interests in Real Estate

Question 1

Accretion

Answer 1

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

Question 2

Appurtenant Easement

Answer 2

An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor’s land.

Question 3

Avulsion

Answer 3

The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.

Question 4

Condemnation

Answer 4

A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner.

Question 5

Conventional Life Estate

Answer 5

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.

Question 6

Deed Restriction

Answer 6

Clauses in a deed limiting the future uses of the property.

Question 7

Dominant Tenement

Answer 7

A property that includes in its ownership the appurtenant right to use an easement over another person’s property for a specific purpose.

Question 8

Easement

Answer 8

A right to use the land of another for a specific purpose, such as for a right-of-way or utilities.

Question 9

Easement By Condemnation

Answer 9

An easement created by the government or government agency that has exercised its right under eminent domain.

Question 10

Easement By Necessity

Answer 10

An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor’s land.

Question 11

Easement By Prescription

Answer 11

An easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law.
Can be terminated for non-use

Question 12

Easement In Gross

Answer 12

An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner.

For example, a right granted by Eleanor to Joe to use a portion of her property for the rest of his life would be an easement in gross.

Question 13

Eminent Domain

Answer 13

The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner.

Question 14

Encroachment

Answer 14

A building or some portion of it (for example, a wall or fence) that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner or a street or alley.

Question 15

Encumbrance

Answer 15

Anything (for example, a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land) that may diminish the value or use and enjoyment of a property.

Question 16

Equity In Eminent Domain Act

Answer 16

Legislation that provides protections for private property owners when government seeks to acquire land for economic development projects.

Question 17

Erosion

Answer 17

The gradual wearing away of land by water, wind, and general weather conditions; the diminishing of property by the elements.

Question 18

Escheat

Answer 18

The reversion of property to the state or county in cases where a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned.

Question 19

Estate In Land

Answer 19

The degree, quantity, nature, and extent of interest a person has in real property.

Question 20

Fee Simple Absolute

Answer 20

The maximum possible estate or right of ownership of real property, continuing forever.

Question 21

Fee Simple Defeasible

Answer 21

An estate in which the holder has a fee simple title that may be divested on the occurrence or nonoccurrence of a specified event.

There are two categories of defeasible fee estates:
fee simple on condition precedent (also called fee simple determinable) and fee simple on condition subsequent.

Question 22

Fee Simple Determinable

Answer 22

A fee simple defeasible estate that may be inherited.

Question 23

Freehold Estate

Answer 23

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

Question 24

Future Interest

Answer 24

A person’s present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.

Question 25

Homestead

Answer 25

Land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected or exempt from judgments for debts.

Question 26

Leasehold Estate

Answer 26

A tenant’s right to occupy real estate during the term of a lease, generally considered to be a personal property interest.

Question 27

License

Answer 27

(1) A privilege or right granted to a person by a state to operate as a real estate broker, managing broker, or leasing agent.

(2) The revocable permission for a temporary use of land—a personal right that cannot be sold.

Question 28

Lien

Answer 28

A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.

Question 29

Life Estate

Answer 29

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.

Question 30

Life Tenant

Answer 30

A person in possession of a life estate.

A life tenant receives the property and is responsible for maintenance of the property and paying taxes. If a life tenant allows a property to deteriorate, it would be “committing waste”

A life tenant cannot leave the property to someone in their will. A life tenant may sell, mortgage, or lease the property for the duration of the estate. So any contracts would end upon the death of the life tenant.

Question 31

Littoral Rights

Answer 31

(1) A landowner’s claim to use water in large navigable lakes and oceans adjacent to her property.

(2) The ownership rights to land bordering these bodies of water up to the high-water mark.

Question 32

Party Wall

Answer 32

A wall that is located on or at a boundary line between two adjoining parcels of land and is used or intended to be used by the owners of both properties.

Question 33

Police Power

Answer 33

The government’s right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare.

Question 34

pur autre vie life estate

Answer 34

a French legal phrase which means “for another’s life.” This phrase is durational in meaning as it is “another’s life,” not that of the possessor, that is used to measure the amount of time someone has a right to possess real property.

Question 35

Quick-take

Answer 35

A summary proceeding permitted by Illinois law in which a plaintiff/condemnor may obtain immediate fee simple title to real property, including the rights of possession and use.

Question 36

Reliction / Accretion

Answer 36

The increase in land caused by the gradual recession, shrinkage, or change in course of a body of water (such as a lake, sea, or river) which gives the owner of the riparian property more dry land.

Question 37

Remainder Interest

Answer 37

The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.

Question 38

Reversionary Interest

Answer 38

The remnant of an estate that the grantor holds after granting a life estate to another person.

Question 39

Servient Tenement

Answer 39

Land on which an easement exists in favor of an adjacent property (called a dominant estate). Also called a servient estate.

Question 40

Tacking

Answer 40

the ability of successive landowners to combine the time of their adverse possession so that the last owner can meet the 10 year requirement. In order that one adverse possession may be tacked to another, there must exist privity of possession between the successive individuals.

Question 41

Taxation

Answer 41

The process by which a government or municipal quasi-public body raises monies to fund its operation.

Question 42

Uniform Probate Code

Answer 42

Federal legislation that gives the surviving spouse the right to take an elective share on the death of the other spouse.

Question 43

Waste

Answer 43

Any damage to real property by a tenant which lessens its value to the landlord, owner or future owner.

An owner can sue for damages for waste, terminate a lease of one committing waste and/or obtain an injunction against further waste.

Question 44

Without leaving a will

Answer 44

Intestate

Question 45

Correlative use (Water)

Answer 45

allows a property owner the use of underground water or water from a river for
irrigation.