Unit 7 - Interests in Real Estate

Question 1

What are the governmental powers?

Answer 1

Police Powers
Eminent Domain
Taxation
Escheat

Question 2

Define Estate in Land

Answer 2

An extent of owners interest in real property. Theres freehold estate and leasehold estate

Question 3

Define Freehold Estate

Answer 3

Lasts for a lifetime or forever. Theres:
Fee Simple - Inheritable
Life Estate - Lasts a lifetime

Question 4

Define Leasehold Estate

Answer 4

Lasts for a fixed period of time

Question 5

Define Fee Simple Estate

Answer 5

Also called an estate of inheritance.
Fee Simple Absolute - Absolute Ownership
Fee Simple Defeasible - Subject to an occurance

Question 6

Define Fee Simple Defeasible Estate

Answer 6

Qualified by a condition subsequent or fee simple determinable

Question 7

Define Condition Subsequent

Answer 7

New owner must not perform some action or activity

Question 8

Define Fee Simple Determinable

Answer 8

May be inherited but qualified by a limitation

Question 9

Define a Life Estate

Answer 9

A freehold estate limited to the life of the owner or a designated person (non-inheritable)

Question 10

Define Life Tenant

Answer 10

Who is entitled to rights of ownership & benefits from possession

Question 11

Define Conventional Life Estate

Answer 11

Created intentionally by deed or will

Question 12

Define Pur Autre Vie

Answer 12

A life estate based on the life of a person other than the original owner

Question 13

Define Remainder

Answer 13

A person to whom the property will pass once the life estates ends

Question 14

Define Reversion

Answer 14

When the trustor recaptures ownership when a life estate ends because a remainder person wasnt assigned

Question 15

Define Dower

Answer 15

A life estate that a wife has due to dead husband

Question 16

Define Curtsey

Answer 16

A life estate husband has due to dead wife

Question 17

Define Homestead

Answer 17

A legal life estate in real estate occupied as the family home

Question 18

Define Encumbrance

Answer 18

Claim, charge, or liability that attaches to a home. Such as liens or physical encumbrances

Question 19

Define Easements

Answer 19

Right to use another land for personal use

Question 20

Define Servient Tenement

Answer 20

Land that serves the other party

Question 21

Define Dominant Tenement

Answer 21

The party benefiting by the easement

Question 22

Define Appurtenant

Answer 22

An easement part of both pieces of land

Question 23

What are the types of easements?

Answer 23

Necessity - No access to street
Prescription - Used for a certain period of time
Condemnation - Acquired for public purpose

Question 24

Define Encroachments

Answer 24

Occurs part of a structure illegally extends beyond the land of its owners

Question 25

Define Riparian Rights

Answer 25

Common law rights granted to land owners near rivers or streams

Question 26

Define Littoral Rights

Answer 26

Common law rights granted to land owners near lakes & oceans

Question 27

Define Accreation

Answer 27

Natural increases in land from deposit of soil

Question 28

Define Erosion

Answer 28

Decrease of land by natural forces

Question 29

Define Avulsion

Answer 29

Removal of land by act of nature

Question 30

Define Prior Appropriation

Answer 30

The rights to use water