Vocab 3

Question 1

Estate in land

Answer 1

is the degree, quantity, nature, or extent of interest which a person has in land or in real property.

Question 2

freehold estate

Answer 2

is an estate in which you have exclusive rights to enjoy the possession of a property for an undefined length of time. May be passed along to the owners heirs.

Question 3

nonfreehold estate

Answer 3

a type of real property that you have a limited right to use or occupy but don’t own. In effect, you lease the property without holding any ownership over it. For example, a nonfreehold estate may include a condo you rent.

Question 4

fee simple

Answer 4

a landowner’s complete and total ownership of a piece of land and all properties on it. The fee simple owner may do anything they wish on the land, as long as it falls within established easements and zoning laws.

Question 5

fee simple absolute

Answer 5

Fee simple absolute is the highest form of holding title in real estate in which the property owner has unconditional and absolute ownership of real property. Fee simple absolute is an estate that is perpetual. It exists beyond the life of the owner and can be inherited.

Question 6

fee simple determinable

Answer 6

ownership is dependent upon the buyer meeting specific conditions, which are clearly spelled out by the seller in the contract. If the buyer violates these conditions at any point, then the property could legally revert back to the seller, or to a specified third party.

Question 7

fee simple subject

Answer 7

Owners must meet certain conditions to retain ownership of their properties or land. But if they violate these conditions, they might not lose their land. That’s because the original owners don’t automatically retake possession. The former owners can choose to ignore the violations and let the new owners retain ownership.

Question 8

future interest

Answer 8

the right to possess property in the future. A future interest may be conditioned upon the occurrence of a certain condition or event, or it can also be unconditional.

Question 9

life estate

Answer 9

created by a deed that gives the land to the person “for life” (not an inheritance) and identifies what should happen to it after that person dies. For example, a deed stating that land would go “to John Doe for life, then to Jane Doe” gives John a valid life estate, and Jane a remainder.

Question 10

life tenant

Answer 10

is not a renter. entitled to right of ownership and benefit from both possession & ordinary use and profits arising from ownership.

Question 11

Pur Autre Vie

Answer 11

for the life of another. Is a life estate that is measured by the life of a person or persons other than the grantee

Question 12

Remainer Interest

Answer 12

the value or portion of the property inherited by an individual after the death of another heir. The remainder interest can be created by a will, a trust agreement, or a deed. In turn, a remainderman is a person who holds a remainder interest in property.

Question 13

reversionary interest

Answer 13

the creator of the life estate may choose not to name a remainderman in that case ownership returns to the original owner upon the end of the life estate.

Question 14

Legal life estate

Answer 14

A type of life estate established by state law rather than voluntarily by an owner.

Question 15

dower

Answer 15

was the life estate of a wife in the real estate of her deceased husband

Question 16

curtesy

Answer 16

was a life estate of a husband in the real estate of his deceased wife

Question 17

homestead

Answer 17

help protect some or all of the equity in homeowners’ primary residence from creditors, by allowing them to declare a portion of their real estate as a “homestead.” Homestead protection laws are generally used in the context of bankruptcies or actions on the part of creditors.

Question 18

lease hold

Answer 18

a lease that allows the tenant to have possession of real property for an extended period of time. The lease specifies the amount of time the tenant will have possession of the property as well as the rights and obligations of both the tenant and the landlord.

Question 19

estate for years

Answer 19

specific term date no notice required

Question 20

periodic estate

Answer 20

month to month. renews automatically upon landlord accepting rent for the period. terminated by advanced notice of either party.

Question 21

estate at will

Answer 21

indefinite duration. tenant occupies at landlords discretion. no agreement specifically term or payment of rent. term by notice, death or sale of property.

Question 22

estate a sufferance

Answer 22

a leasehold estate that applies to a tenant who stays in possession of a rental property after their lease expires or terminates.

Question 23

encumbrance

Answer 23

is a claim against an asset by an entity that is not the owner. Common types of encumbrances against real property include liens, easements, leases, mortgages, or restrictive covenants. Encumbrances impact the transferability and/or use of subjected properties.

Question 24

lien

Answer 24

A lien refers to a legal claim against property that can be used as collateral to repay a debt. Depending on the type of debt owed, liens can be attached to real property, such as a home, or personal property

Question 25

deed restrictions

Answer 25

clauses on your home’s deed that limit how you can use your property. can come from an HOA, the builder of the home or a local governing body.

Question 26

Covenants, Conditions and Restrictions

Answer 26

private agreements that affect land use used by subdivisions developers to maintain specific stands in a subdivision.

Question 27

Easement

Answer 27

the title to a specific piece of land remains with the landowner, but another individual or entity is given the right to use that land for a distinct purpose.

For example, a utility company may have an easement that allows them access to an electrical pole on your property.

Question 28

easement appurtenant

Answer 28

a specific type of easement where two properties are linked together as servient tenement and dominant tenement estates. The servient estate is the estate that allows the easement, while the dominant estate is the one that benefits from the easement.

Question 29

easement in gross

Answer 29

an easement legally gives someone other than the property owner the right to use that property in a specific way. With an easement in gross, that allowance gets extended to a specific entity, such as an individual, a family or even a company.

Question 30

easement by necessity

Answer 30

created by court order based on the principle that owner sells a parcel of land that has no legal access to a street or public way except over the dwellers remaining land

Question 31

easement by prescription

Answer 31

occurs where someone uses another’s property for a certain amount of time without permission in a way in which the owner should be aware of. States set the time limits required for someone to achieve a prescriptive easement which can range from a few years to over twenty.

Question 32

licenses

Answer 32

permission to enter or use land or property owned by another in a manner that would otherwise constitute a trespass. License to use or enter another’s land may be either express or implied. (personal privilege)

Question 33

encroachments

Answer 33

one property owner violating their neighbor’s rights by building or extending some feature and crossing onto their neighbor’s property lines. Examples of a major encroachment would be extending a building over property lines or an overhanging tree branch that could potentially cause serious injury.

Question 34

lis pendens

Answer 34

an official, public notice that a property has a pending lawsuit or claim attached to it.

Question 35

police powers

Answer 35

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 36

enabling acts

Answer 36

The state’s authority is passed on to municipalities and counties through legislation.

Question 37

Eminent domain

Answer 37

is the right of the government to acquire privately owned real estate for public use.

Question 38

taking

Answer 38

Process of land being taken from a property owner for public use through eminent domain with the requirement that the owner be compensated fairly.

Question 39

Inverse condemnation

Answer 39

An action brought by a property owner seeking just compensation for diminished use and value of land because of an adjacent property’s public use.

Question 40

taxation

Answer 40

The process by which a government body raises monies to fund its operation.

Question 41

Taxes on real estate include?

Answer 41

special fees that may be levied to finance special projects, taxes on profit realized by individuals and corporations on the sale of real property; annual real property taxes assessed by local and area governmental entities to support school districts, transportation districts, and utility districts.

Question 42

Escheat

Answer 42

State laws provide for ownership to transfer to the state when an owner dies and leaves no heirs (as defined by the law) and there is no will or living trust instrument that directs how the real estate is to be distributed

Question 43

Condemnation

Answer 43

is the process by which the government exercises this right, by either judicial or administrative proceedings.