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46 Cards in this Set
- Front
- Back
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What are the four government powers that limit ownership of real estate?
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PETE
police power eminent domain taxation escheat |
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police power
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legislation that serve to preserve order, protect the public health and safety, and promote the general welfare of its citizens
regulate by enacting environmental protection laws, zoning ordinances, building codes, control of occupancy, size, location and construction of real estate |
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eminent domain
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the right of the government to acquire privately owned estate for public use
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condemnation
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the process by which the government exercises its right to acquire land through eminent domain by way of judicial or administrative proceeding
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just compensation
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the process by which the government exercises its right to acquire land through eminent domain by way of compensation paid to the property owner
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Kelo vs City of New London
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2005
a court case where it was decided that property owners were to have their land condemned under eminent domain for the purpose of creating economic rejuvenation; the court proceedings found that economic development fit within the definition of public purpose |
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taxation
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a charge in real estate to raise funds to meet the public needs of a government
nonpayment of taxes gives the government the right to claim an interest in property |
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escheat
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"revert"
process of ownership transfer which the state acquires privately owned real or personal property if the property owner dies and leaves no heirs |
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estate
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an ownership interest that is transferred using a deed
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fee simple estate
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aka fee simple absolute
ownership by which the holder is entitled to all rights to the property by law; intended to run forever by passing ownership through the owner's heirs only limited by public and private restrictions |
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freehold estates
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estates that last for an indeterminable length of time and can be passed through the owner's heirs
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leasehold estates
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estates that last for a determined amount of time
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fee simple defeasible
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an estate that is subject to the occurrence or nonoccurrence of some specified event (either fee simple determinable or fee simple subject to a condition subsequent)
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fee simple determinable
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a fee simple defeasible estate that may be inherited
-qualified by special limitation (so long as, or while, during) "You can own and use this property so long as it is used for religious purposes" -the former owner retains "possibility of reverter," where if the limitation is violated the former owner can reacquire full ownership without the need to go to court |
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fee simple subject to a condition subsequent
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a fee simple defeasible estate where the owner gives real estate, on condition of ownership, that if violated the owner reserves the right of reentry into the property and must go through the court to assert the right of re-ownership
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future interest
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an owner's right to assert the right of entry or possibility of reverter in the future
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life estate
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a freehold estate limited in duration to the life of the owner or the life of another designated person(s)
is not inheritable where the life tenant is entitled to ownership rights and can benefit from possession and ordinary use, and profits arising from that ownership life tenants ownership may be sold, mortgaged, or leased but is subject to the limitation of the life estate |
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pur autre vie
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"for the life of another"
a life estate based on the lifetime of a person other than the life tenant provides for inheritance by the life tenant's heirs only until the death of the 3rd party |
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pur autre vie with remainder or reversion
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based on the lifetime of a person other than the life tenant; provides for inheritance by the life tenant's heirs until the death of the 3rd party
creator of the life estate can name a remainderman as the person to whom the property will pass when the life estate ends (remainder interest) or the creator of the life estate can choose not to name a remainderman and ownership will revert to the original owner upon the end of the life estate (reversionary interest) |
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legal life estate
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life estate formed by law
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What are the 3 types of legal life estate?
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Dower
Curtesy Homestead |
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dower
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legal life estate where a widowed wife has ownership interest in the real estate of her deceased husband
has a lifetime right to 1/2 or 1/3 interest in real estate even if the owner wills the property to others; proper documents must be signed for spouses to exercise this right |
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curtesy
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legal life estate where a widowed husband has ownership interest in the real estate of his deceased wife
has a lifetime right to 1/2 or 1/3 interest in real estate even if the owner wills the property to others; proper documents must be signed for spouses to exercise this right |
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homestead
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legal life estate in real estate occupied as the family home
--gives the ability to claim land if it was worked on for a period of time homestead exemption in MA:** -protected from most creditors during the occupant's lifetime |
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encumbrance
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some burden -- restrictions, easements, licenses, and encroachments that affect the condition and use of the property
a right or interest held by someone other than the owner that affects title to the real estate but does not prevent a transfer of title |
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liens
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monetary charges that provide security for a debt or an obligation of the property owner
-if obligations are not fulfilled, the lienholder can have the courts make the owner pay or force sale of the property |
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deed restrictions
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private restrictions that affect the use of land to all grantees
restrictions run with the land, if set by a previous owner, the restriction keeps its effect |
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CC&Rs
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Covenants, conditions and restrictions
-private agreements that affect land use -are enforced by the owner and included in the seller's deed to the buyer |
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easement
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right to use the land of another for a particular purpose
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appurtenant easement
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attached to the ownership of one parcel (the dominant tenement) and allows the owner the use of a neighbor's land (servient tenement)
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What happens to an appurtenant easement of property of the dominant tenement is conveyed to someone else?
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the easement also transfers with title because it runs with the land
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What is a party wall?
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an exterior wall of a building that is on the boundary line between 2 lots
each lot owner owns half of the wall and each has an appurtenant easement over the other half of the wall |
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easement in gross
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individual or company interest to use someone else's land
(i.e. a utility company's interest to run power lines across 2 adjacent parcels of land) personal easement in gross terminates on the death of the owner |
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How are easements created?
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by written agreement, easement by necessity, or easement by prescription
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easement by necessity
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when an owner sells a parcel of land that has no access to street/public way except over the seller's remaining land
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easement by prescription
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when the claimant made use of another's land for a certain period of time
in MA: over a period of 20 years where: -use of the easement must be continuous, exclusive, and without the owner's permission -use is visible, open, notorious, and the owner must have been able to learn of it |
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tacking
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continuous use by different parties where the parties were successors of interest (i.e. ancestor and heir, landlord and tenant, seller and buyer)
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How are easements terminated
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-when there is no need of it anymore
-when the owner of either the dominant or servient tenement becomes the sole owner and the properties are merged into one under legal description -release of the right of easement to the owner of the servient tenement -abandonment of the easement -nonuse of a prescriptive easement |
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license
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personal privilege to enter the land of another for a specific purpose can be terminated or canceled
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encroachment
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a building, fence, or driveway that illegally extends beyond the land of its owner or legal building lines
-disclosed by physical inspection of the property/spot survey -if encroachment occurs, the owner of the land can recover damages or secure removal of that encroachment |
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riparian rights
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common law rights granted to owners of land along the course of a river, stream, or similar body of water for the unrestricted right to use water
-cannot interrupt or alter the flower of water or contaminate it -owners of land that borders nonnavigable waterways owns the land under the water to the exact center of the waterway; if the land borders navigable waterways, owners own the land up to the water's edge |
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littoral rights
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rights of owners whose land borders commercially navigable lakes, seas, and oceans
-are able to use the water, but own the land adjacent to the water up to the average high-water mark -do not own the water and the land beneath it (that is owned by the gov't) |
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accretion
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an increase in land resulting from the deposit of soil by water's action
-owner is entitled to land created through accretion |
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erosion
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gradual wearing away of land by natural forces
-owner loses land |
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avulsion
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the sudden removal of soil by natural forces
-owner loses land quickly |
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doctrine of prior appropriation
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where the ownership and use of water are determined by the state in places where water is scarce
-an owner's water rights are only secured through his/her demonstration that his/her plans are for beneficial use -if water rights are secured, are allowed only for that limited purpose and only for a specified amount of time |
