Unit 7 - Interests in Real Estate Flashcards
What are the governmental powers?
Police Powers
Eminent Domain
Taxation
Escheat
Define Estate in Land
An extent of owners interest in real property. Theres freehold estate and leasehold estate
Define Freehold Estate
Lasts for a lifetime or forever. Theres:
Fee Simple - Inheritable
Life Estate - Lasts a lifetime
Define Leasehold Estate
Lasts for a fixed period of time
Define Fee Simple Estate
Also called an estate of inheritance.
Fee Simple Absolute - Absolute Ownership
Fee Simple Defeasible - Subject to an occurance
Define Fee Simple Defeasible Estate
Qualified by a condition subsequent or fee simple determinable
Define Condition Subsequent
New owner must not perform some action or activity
Define Fee Simple Determinable
May be inherited but qualified by a limitation
Define a Life Estate
A freehold estate limited to the life of the owner or a designated person (non-inheritable)
Define Life Tenant
Who is entitled to rights of ownership & benefits from possession
Define Conventional Life Estate
Created intentionally by deed or will
Define Pur Autre Vie
A life estate based on the life of a person other than the original owner
Define Remainder
A person to whom the property will pass once the life estates ends
Define Reversion
When the trustor recaptures ownership when a life estate ends because a remainder person wasnt assigned
Define Dower
A life estate that a wife has due to dead husband
Define Curtsey
A life estate husband has due to dead wife
Define Homestead
A legal life estate in real estate occupied as the family home
Define Encumbrance
Claim, charge, or liability that attaches to a home. Such as liens or physical encumbrances
Define Easements
Right to use another land for personal use
Define Servient Tenement
Land that serves the other party
Define Dominant Tenement
The party benefiting by the easement
Define Appurtenant
An easement part of both pieces of land
What are the types of easements?
Necessity - No access to street
Prescription - Used for a certain period of time
Condemnation - Acquired for public purpose
Define Encroachments
Occurs part of a structure illegally extends beyond the land of its owners
Define Riparian Rights
Common law rights granted to land owners near rivers or streams
Define Littoral Rights
Common law rights granted to land owners near lakes & oceans
Define Accreation
Natural increases in land from deposit of soil
Define Erosion
Decrease of land by natural forces
Define Avulsion
Removal of land by act of nature
Define Prior Appropriation
The rights to use water
