Ch. 7 Interests In Re

Front 1

the 4 government powers

Back 1

Police power

Eminent domain

Taxation

Escheatment

Front 2

police power

Back 2

regulations that govern the use, occupancy, size, location, and construction of RE.

Front 3

Eminent domain

Back 3

the right of the gov. to acquire privately owned RE for public use.

Front 4

condemnation

Back 4

the process by which the gov. exercises the right of eminent domain

Front 5

Equity in Eminent Domain Act

Back 5

IL law that places obligation on the gov. to prove that an area is blighted before forcing property owners to sell their property for private development projects.

Front 6

Taxation

Back 6

a charge on RE to raise funds to meet the public needs of a gov.

Front 7

escheatment

Back 7

the process by which the gov. (the county) acquires privately owned real or private property when someone dies intestate (without a will).

Front 8

estate in land

Back 8

the degree, quantity, nature, and extent of an owner's interest in real property.

Front 9

freehold estates

Back 9

last for an indeterminate length of time

(lifetime or forever)

Front 10

fee simple estates

(estate of inheritance)

Back 10

continue for an indefinite period of time and can be passed on to heirs

Front 11

life estates

Back 11

a freehold estate based on the lifetime of a person - it ends when that individual dies

Front 12

leasehold estates

Back 12

last for a fixed period of time

(estates for years and estates from period to period)

Front 13

fee simple absolute estate

Back 13

the highest interest in RE recognized by law

Front 14

fee simple defeasible estate

(defeasible fee)

Back 14

is a qualified estate - it is subject to the occurrence or nonoccurrence of some specified event.

Front 15

condition subsequent

Back 15

(fee simple defeasible estate) the new owner must not perform some action or activity.

Front 16

fee simple determinable

Back 16

a fee simple defeasible estate that may be inherited. The estate is qualified by a special limitation - language like "so long as/while/during"

Front 17

possibility of reverter/right of reverter

Back 17

if a limitation in a defeasible estate is violated the former owner will reacquire full ownership.

(in IL the right of reverter is 40 years)

Front 18

future interest

Back 18

the interest a grantor holds in a fee simple defeasible estate.

Front 19

life tenant

Back 19

not a renter - life tenant is entitled to the rights of ownership

(tenant of a life estate)

Front 20

conventional life estate

Back 20

created intentionally by the owner

Front 21

Pur Autre Vie

Back 21

for the life of another - a life estate based on the lifetime of a person other than the life tenant

Front 22

reminder interest

Back 22

the creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends.

Front 23

reversionary interest

Back 23

the creator of the life estate may choose not to name a remainderman, in which case the creator will recapture ownership when the life estate ends

Front 24

legal life estate

Back 24

not created voluntarily by owner, it is established by state law in the event of dower, curtesy, or homestead.

Front 25

dower

Back 25

the life estate that the wife has in the RE of her deceased husband

Front 26

curtesy

Back 26

the life estate that the husband has in the RE of his deceased wife

(nonowning spouse has right to 1/2 or 1/3 for the rest of their life)

Front 27

Uniform Probate Code

Back 27

IL abolished common law concepts of dower and curtesy for the uniform probate code

Front 28

Homestead

Back 28

a legal life estate in RE occupied as the family home

IL homestead exemption 15k for singles and 30k for married couples

Front 29

encumbrance

Back 29

a claim, charge, or liability that attaches to RE

Front 30

lien

Back 30

a charge against property that provides security for a debt

Front 31

deed restrictions

Back 31

private agreements that affect land use

Front 32

Covenants, conditions, and restrictions (CC&R)

Back 32

are private agreements that affect land use

Front 33

easement

Back 33

the right to use the land of another for a particular purpose

Front 34

appurtenant easement

Back 34

is attached to the ownership of one parcel and allows the owner the use of a neighbor's land

Front 35

servient tenement

Back 35

the parcel over which the easement runs

Front 36

dominant tenement

Back 36

the neighboring parcel that benefits

Front 37

Party wall

Back 37

can be an exterior wall of a building that straddles the boundary line between 2 lots, OR it can be a commonly shared partition wall between two connected properties

(each owner owns half of the wall and has an easement in the other half)

Front 38

easement in gross

Back 38

an individual or company interest in/right to use someone else's land

(RR tracks or powerlines)

Front 39

easement by necessity

Back 39

an easement created when an owner sells a parcel of land that has no access to a street or public way

Front 40

ingress and egress

Back 40

an owner's right to enter and exit their land

Front 41

easement by prescription

Back 41

when the claimant has made use of another's land for a certain period of time as determined by state law

(IL 20 uninterrupted years)

Front 42

tacking

Back 42

successive periods of continuous occupation of different parties combining towards the 20 yrs

Front 43

easement by condemnation

Back 43

acquired by a public purpose through eminent domain

Front 44

license

Back 44

a personal privilege (not a right) to enter the land of another for a specific purpose

(can be given orally)

Front 45

encroachment

Back 45

when all or part of a structure extends beyond the land of its owner

Front 46

riparian rights

Back 46

common law rights granted to the owners of land along the course of a river/stream

-(if land is adjoining a commercially navigable waterway, the land is owned up to the water's edge)

-(if not, owns the land under the water to the exact center)

Front 47

littoral rights

Back 47

the rights of owners of land that borders commercially navigable lakes/seas/oceans

(own land adjacent to the water up to the mean high water mark)

Front 48

accretion

Back 48

increases in the land resulting from the deposit of soil by the water's action

Front 49

reliction

Back 49

when water recedes and new land is acquired

Front 50

avulsion

Back 50

the sudden removal of soil by an act of nature

Front 51

doctrine of prior appropriation

Back 51

relevant in states where water is scarce - the right to use any water is controlled by the state

Front 52

waste

Back 52

injury to property by a life tenant