Vocabulary: Chapter 3- Interests In Real Estate

Question 0

Avulsion

Answer 0

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

Question 1

Appurtenant easement

Answer 1

an easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbors land

Question 2

Condemnation

Answer 2

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 3

Covenants, conditions, and restrictions

Answer 3

Private agreements that affected the land-use. They may be enforced by an owner of real estate and included in the sellers deed to the buyer

Question 4

Deed restrictions

Answer 4

Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all.

Question 5

Easement

Answer 5

A right to use the land of another for a specific purpose, such as for a right-of-way or utility; an incorporeal interest in the land

Question 6

Easement by necessity

Answer 6

And easement allowed by law as necessary for the full enjoyment of a parcel of real estate EG a right of ingress and egress over a grantors land

Question 7

Easement by prescription

Answer 7

And easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law

Question 8

Easement in gross

Answer 8

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 Franks to Joe fish to use a portion of her property for the rest of his life would be an easement in gross

Question 9

Eminent domain

Answer 9

The right of the 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 10

Encroachment

Answer 10

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

Question 11

Encumbrance

Answer 11

Anything such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land; or an outstanding dower right that may diminish the value or use and enjoyment of the property

Question 12

Escheat

Answer 12

The reversion of property to the state or county, as provided by state law, in cases where a decendent dies intestate without heirs capable of inheriting, or where the property is abandoned

Question 13

Estate in land

Answer 13

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

Question 14

Fee simple

Answer 14

The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property

Question 15

Fee simple absolute

Answer 15

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

Question 16

Fee simple defeasible

Answer 16

An estate in which the holder has a fee simple title that may be divested upon the occurrence or non-occurrence of a specified event. There are two categories of defeasible fee estate: feesimple on condition precedent and feesimple on condition subsequent

Question 17

Feesimple determinable

Answer 17

Hey feesimple estate qualified by a special limitation. Language used to describe limitation includes the words so long as, while, or during

Question 18

Fee simple subject to a condition subsequent

Answer 18

If an estate is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry

Question 19

Freehold estate

Answer 19

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

Question 20

Future interest

Answer 20

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 21

Homestead

Answer 21

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 22

Legal life estate

Answer 22

A form of life estate established by state law, rather than created voluntarily by an owner. It becomes effective when certain events occur. See dower, curtesy, and homestead for legal life estate used in some states

Question 23

License

Answer 23

(1) the privilege or right granted to a person by a state operate as a real estate broker or sales person
(2) the revocable permission for a temporary use of land a personal right that cannot be sold

Question 24

Lien

Answer 24

Hey right given by law to certain creditors to have the debts paid out of the property of the defaulting debtor usually that means of course sale

Question 25

Life estate

Answer 25

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

Question 26

Littoral rights

Answer 26

(1) landowners claim to use water in large navigable lakes and oceans adjacent to his or her property
(2) the ownership rights to the land bordering these bodies of water up to the high water mark

Question 27

Police power

Answer 27

The governments right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare

Question 28

Prior appropriation

Answer 28

The concept of water ownership in which the landowners right to use the available water is based on the governments administered permit system

Question 29

Pur autre vie

Answer 29

“For the life of another”a life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee

Question 30

Remainder interest

Answer 30

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 31

Reversionary interest

Answer 31

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

Question 32

Riparian rights

Answer 32

And owners rights in the land that borders on or include to stream, river, or Lake. These rights include access to and use of the water

Question 33

Taxation

Answer 33

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