Wesk Flashcards
No dominant tenement, just a servient.
Easement in gross
Claimants must have been continuous, without the owners approval, visible, open and notorious.
Easement by prescription
If the deed or will names a third party to whom title will pass is said to own ______ interest.
Remainder
If the fed does not convey remainder interest to a third party, then upon death of the life estate owner, full ownership reverts to the original few simple owner
Reversionary interest
Increase inland resulting from soil deposited by the natural force of water
Accretion
Estates of ownership for indeterminable length.
Freehold estates
Continues for an indefinite period; may be inherited. estate extinguished on the occurrence of a designated event, the time of such occurrence being uncertain
Fee simple defeasible
Limited ownership for the duration to life of life tenant, or lives of some other designated person or persons.
Life estate
Not an estate of inheritance, because estate terminated at the death of the life tenant or the designated person; may be created for the life of another person and future interests in the property after the death of the life estate owner.
Life estate
The continuous, open, hostile, notorious, and ____ of another’s property without his or her permission.
Adverse possession
Association of two or more persons to carry on business as co-owners and share in the profits and losses of that business.
Partnerships
All partners participate in the operation of the business and may be held personally liable for business losses and obligations.
General partnership
Includes general as well as limited, or silent partners.
Limited partnership
Corporations by law are considered to be a single entity. Ownership in _____
Severalty.
Each stockholders liability is generally limited to ______.
The amount of the investment.
Joining together of two or more parties to create and operate a real estate investment.
Syndicate.
Ownership of real estate by a group of individual investors who purchase certificates of ownership in the trust.
Real estate investment trust or REIT
Lease for a definite period of time terminating automatically without notice by either party.
Tenancy or estate for years.
Lease for an indefinite period of time without a specific expiration date; notice must be given to terminate
Tenancy from year to year or periodic estate.
Lease that gives the tenant the right to possess with the consent of the landlord for an indefinite period of time; terminated by either party giving notice or by the death of either the landlord or the tenant.
Tenancy at will.
Title to the land and the building are held by the corporations whose sole interest is the property; each purchaser becomes a corporate stockholder and receives a proprietary lease.
Cooperatives
Taxes and the mortgage are liens against the corporation generally given to the shareholders; owners-occupants may be forced to pay expenses for the shareholders who are unable to pay to prevent foreclosure on the entire building.
Cooperatives.
Generally created under a horizontal act, owner holds a fee simple title to one unit and a specified share in the common elements as tenants in common; default in payment of taxes, mortgage payments, or monthly assessments by one unit owner may result in a foreclosure sale of that owners unit. This does not affect title of the remaining owners.
Condominiums
Allows multiple owners to buy interests in real estate with each buyer receiving the right to use the facilities for a specified period of time. Owners use and occupancy is limited to the contractual period that was purchased.
Time share
Each owner is assessed for common expenses and maintenance based on the ratio of the ownership period to the total number of ownership or a leasehold estate. Is a contractual right under which the developer owns the real estate. This may be a seeded interest.
Time share ownership
Legal concept that gives the owner of the land all legal rights to land, such as possession, disposition and exclusion. Ownership rights are not unlimited in that some of the rights may have been taken away or sold.
Bundle of rights
Private limitations on rights could result from owner agreeing to a deed restriction. Public limitations would result from a city’s zoning ordinance, which would control the use of the property.
Bundle of rights
Acquiring the title to additions or improvements to real property as a result of accretion of alluvium or annexation of fixtures
Accession
Actual soil increase deposit resulting from accretion
Alluvion
Rights belonging to the land
Appurtenances
Transfer of rights and or duties under a contract.
Assignment
Procedure by which property of debtor is placed in the custody of the law and is held as security, pending the disposition of a creditors suit.
Attachment
Permanent metal marker embedded in cement, which is used as a reference to indicate he elevation above sea level and actual physical location.
Benchmark
Any claim that may impair the title to a property.
Cloud on title
Gradual washing away of soil caused by flowing water or air.
Erosion
Also a transfer of rights and or duties under a contract where the original contract is canceled and the new contract is negotiated with the same parties or a new second party.
Novation
Court action to establish the title to a specific property, for example, where there is a cloud on title.
Quiet title action
Law that refers to the length of time within which a party may sue.
Statue of limitations
Weir filed during a lawsuit that prevents the debtor from transferring title to the property involved in the suit.
Writ of attachment
The surviving spouse is frequently allowed to take a specific portion of estate in free, rather than life, estate.
Statute of descent and distribution
An item installed by a commercial tenant accounting to the terms of a lease and removable by the tenant before the expiration of the lease
Trade fixture
