Vocabulary: Chapter 3- Interests In Real Estate Flashcards
Avulsion
The sudden tearing away way of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream
Appurtenant easement
an easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbors land
Condemnation
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
Covenants, conditions, and restrictions
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
Deed restrictions
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.
Easement
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
Easement by necessity
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
Easement by prescription
And easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law
Easement in gross
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
Eminent domain
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
Encroachment
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
Encumbrance
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
Escheat
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
Estate in land
The degree, quantity, nature, and extent of interest a person has in real property
Fee simple
The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property
Fee simple absolute
The maximum possible estate or right of ownership of real property, continuing forever
Fee simple defeasible
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
Feesimple determinable
Hey feesimple estate qualified by a special limitation. Language used to describe limitation includes the words so long as, while, or during
Fee simple subject to a condition subsequent
If an estate is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry
Freehold estate
An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate
Future interest
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
Homestead
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
Legal life estate
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
License
(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
Lien
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
Life estate
An interest in real or personal property that is limited in duration to lifetime of its owner or some other designated person or persons
Littoral rights
(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
Police power
The governments right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare
Prior appropriation
The concept of water ownership in which the landowners right to use the available water is based on the governments administered permit system
Pur autre vie
“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
Remainder interest
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
Reversionary interest
The remnant of an estate that the grantor holds after granting a life estate to another person
Riparian rights
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
Taxation
The process by which a government or municipal quasi-public body raises monies to fund its operation
