Il Real Estate Ch#7

Front 1

Define license:

Back 1

the revocable permission for a temporary use of land-a personal right that can not be sold

Front 2

Define eminent domain:

Back 2

the right of a goverment quasi-public body to acquire property for public use through a court action

Front 3

Define police power:

Back 3

the goverments right to impose laws,statues,and ordinances,including zoning ordinances and building codes,to protect the public health, safefty,and welfare

Front 4

Define escheat:

Back 4

the reversion of property to the state or county in cases where a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned

Front 5

Define taxation:

Back 5

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

Front 6

Define riparian rights:

Back 6

a owners rights in land that borders on or includes a stream,river,or lake--these rights include access to and use of the water

Front 7

Define littoral rights:

Back 7

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

Front 8

Define avulsion:

Back 8

the sudden tearing waay of land,as by earthquake,flood,volanic action,or the sudden change in the course of a stream

Front 9

Define accretion:

Back 9

the increase or addition of land by the deposit of sand or soil washed up natuarlly from a river,lake,or sea

Front 10

Define servient tenement:

Back 10

land on which an easement exists in favor of an adjacent property

Front 11

Define condemnation:

Back 11

a judical or adminstrative proceeding to exercise the power of eminent domain,through which a goverment agency take private property for public use and compensates the owner

Front 12

Define erosion:

Back 12

the gradual wearing away of land by water,wind,and general weather conditions--the diminishing of property by the elements

Front 13

Define remainder interest:

Back 13

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 on e party and the remainder to another

Front 14

Define fee simple determinable:

Back 14

a fee simple estate with a special limitation-it may end automatically in a way that has already been determined

Front 15

Define fee simple estates:

Back 15

unlimited duration,they are said to run "forever"--also referred to as an estate of inheritance

Front 16

Define life estate pur autre vie:

Back 16

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

Front 17

Define curtesy:

Back 17

the life estate that a husband has in the real estate on his deceased wife

Front 18

Define Uniform Probate Code:

Back 18

gives the surviving spouse a right to take elective share on the death of the other spouse--In IL

Front 19

Define dower:

Back 19

the life estate that a wife has in the rear estate of her deceased husband

Front 20

Define quick-take:

Back 20

a summary proceeding in which a plantiff/condemnor may obtain immediate fee simple title to real property,including the rights of possession and use

Front 21

Define doctrine of prior appropiation:

Back 21

the right to use any water,with the exception of limited domestic use,is controlled by the state rather than by the landowner adjacent to the water

Front 22

Define homestead:

Back 22

land that is owned and occupied as the family home

Front 23

Define encumbrance:

Back 23

anything that may dimish the value or use and enjoyment of a property

Front 24

Define appurtenant easement:

Back 24

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

Front 25

Define Deed restrictions:

Back 25

clausesin a deed limiting the future uses of the property

Front 26

Define Lien:

Back 26

the right given by law to certain creditors to have thier debts paid out of the property of a defaulting debtor,usually by means of a court sale

Front 27

Define dominant tenement:

Back 27

a property that includes in its ownership the appurtenant right to use an easement over another person's property for a specific purpose

Front 28

Define party wall:

Back 28

a wall that is located on or at a boundary line between 2 adjoining parcels of land & is used or is intended to be used by the owners of both properties

Front 29

Define easement:

Back 29

a right to use the land of another for a specific purpose,such as a right-of-way or utilities

Front 30

Define easement by condemnation:

Back 30

an easement created by the goverment that has exercised its right under eminent domain

Front 31

Define easement in gross:

Back 31

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--hunting rights on land

Front 32

Define easement by necessity:

Back 32

an easement allowed by law as necessary for the full enjoyment of a parcel of real estate

Front 33

Define easement by prescription:

Back 33

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

Front 34

Define encroachment:

Back 34

a building or some portion of it that extends beyond the land of the owner and illegally intrudes on some land of a adjoining owner or street or alley

Front 35

Define fee simple defeasible:

Back 35

an estate in which the holder has a fee simple title that may be divested on the occurence or nonoccurence of a specific event

Front 36

Define leasehold estates:

Back 36

a tenants right to occupy real estate during the term of a lease,generally considered to be a personal property interest

Front 37

Define future interests:

Back 37

a persons present right to an interest in real property that will not result in possession or enjoyment until some time in the future

Front 38

Define life tenant:

Back 38

a person in possession of a life estate

Front 39

Define life estate:

Back 39

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

Front 40

Define reversionary interest:

Back 40

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

Front 41

Define fee simple absolute:

Back 41

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

Front 42

Define estate in land:

Back 42

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

Front 43

Define freehold estate:

Back 43

an estate in land in which ownership is for an indeterminant length of time

Front 44

Name the 2 classifications for estate in land:

Back 44

1)freehold estates
2)leasehold estates

Front 45

Name the 2 major divisions of fee simple estates:

Back 45

1)fee simple absolute
2)fee simple defeasible

Front 46

Name 2 types of fee simple defeasible estates:

Back 46

1)fee simple with condition susequent
2)fee simple determinable

Front 47

Name 3 types of life estates:

Back 47

1)conventional life estate
2)life estate pur autre vie
3)legal

Front 48

Name 6 types of easements:

Back 48

1)party wall
2)easement by necessity
3)easement by prescription
4)easement by condemnation
5)easement in gross
6)appurtenant easement

Front 49

What is a survey sketch?

Back 49

a survey that only sketches the lot outline and shows the lot dimensions

Front 50

What is a spot survey?

Back 50

a survey that shows the location of all improvements located on a property and whether they extend over the lot or building lines

Front 51

What are the 4 goerment powers?

Back 51

Police power
Eminent domain
Taxation
Escheat

Front 52

What are 4 physical encumbrances?

Back 52

1)restrictions
2)easements
3)licences
4)encroachments

Front 53

(a)How much is allowed for Homestead(single and married),(b)how many at one time, and (c)how is it waived?

Back 53

a)$7500 single/$15000 married
b)one
c)in writing