Modern Real Estate Practice

Front 1

Governmental Powers

Back 1

Ownership rights that are subject to limitations by the government for the general welfare of the community.

Front 2

Police power

Back 2

Have the right to preserve order protect the general public, health and welfare & safety of citizens. Along with enforcing environmental protection zoning ordinances & building codes.

Front 3

Eninment domain

Back 3

Right for the government to aquire private property for government use.

Front 4

Reasons for the government to exercise the right of eniment domain

Back 4

Condemnation, taxation, echeat

Front 5

Condemnation

Back 5

The government exercise the right of eniment domain by the right of judicial or administrative proceedings

Front 6

Condemnation process

Back 6

Rights of owner is protected by due process of law & compensation to be paid. Owner & government agree on fair compensation. Property can be donated or owner can refuse. State Government delegate the power of eniment domain.

Front 7

Taxation

Back 7

A charge placed on real estate to raise funds to meet public need. Non payment gives the power to gain interest in the property.

Front 8

Echeat

Back 8

Government aquire property when a person dies with no heirs, no will, or trust to keep from being ownerless or abandoned.

Front 9

Estates in land

Back 9

Interest must allow possession by holding or enjoyment of the property either now or in the future must be measured in time

Front 10

Freehold estate

Back 10

Estate last an undetermined length of time or forever. Estate can also be passed on to heirs.

Front 11

Life estate

Back 11

Estate last until the owner dies.

Front 12

Nonfreehold estate (leasehold estate)

Back 12

Ownership time & length can be determined.

Front 13

Fee Simple or fee simple absolute

Back 13

The highest interest in real estate by law. Estate runs forever & upon death transfer to heirs. Entitled to all rights of property by law.

Front 14

Fee defeasible

Back 14

Fee estate thats subject to an occurance or non occurance of a specific event

Front 15

Fee simple determinable

Back 15

Estate is qualified by a special limitation. Ex: such as... so long as... while or during.....

Front 16

Remainder & reversion

Back 16

Fee simple estate owner creates a life plan for the ownership.

Front 17

Remainder interest

Back 17

The person to who the property passes to when a life estate ends.

Front 18

Revisionary interest

Back 18

When life estate reverts back to owner at the end of a life estate.

Front 19

Legal life estate

Back 19

Life estate is not created voluntarily by ownerits donr by state law.

Front 20

Dower courtesy

Back 20

Legal life estate after husband or wife dies

Front 21

Dower

Back 21

Husband

Front 22

Courtesy

Back 22

Wife

Front 23

Encumbrances

Back 23

Claim judge or liability attached to real estate

Front 24

2 forms of an encumbrance

Back 24

Encumbrance & lien

Front 25

Lein

Back 25

Monetary charges against a property that provide security for a debtor or obligation

Front 26

Homestead

Back 26

Life life in real estate occupied as a family home.

Front 27

Deeds restrictions

Back 27

Private restrictions place in the deed that restrict the use of land.

Front 28

Covenants, conditions & restrictions

Back 28

Private agreements that effect land use.

Front 29

Easement

Back 29

Right to use anothers land for a particular purpose

Front 30

Appurtentant easement

Back 30

Attachment of one parcelallows an ownerto use the neighbors land

Front 31

Serviant tenement

Back 31

Owner of land being used in an easement

Front 32

Dominant tenement

Back 32

User of land in an easement

Front 33

Easement in gross

Back 33

Individual or company interest or right to use someone elses land

Front 34

Easement by necessity

Back 34

Created by courts because land owner has right to enter/exit land

Front 35

Easement by prescription

Back 35

Claimant has knowingly & visibly made use of anothers land for a certain period of time (10 to 20 yrs)

Front 36

Termination of easement

Back 36

Need no longer exists, property's merge to 1 owner, abandoned easement has been determined, non- use

Front 37

License

Back 37

Permit to enter land for a purpose (can be terminated or canceled. )

Front 38

Rapirian rights

Back 38

Common law rights land along bodies of water that is granted to land owners.

Front 39

Littoral rights

Back 39

Owners whos land boarders bodies of water canenjoy water use but own adjacent land only up to the high water line.

Front 40

Accretion

Back 40

Owner is entitled to deposits of land created by accretion.

Front 41

Erosion

Back 41

Owner can only use land by way of erosion

Front 42

Avulsion

Back 42

Owner can lose land by act of nature

Front 43

Doctrine of prior appropiation

Back 43

Right to use water controlled by the state rather than landowners especially if there is a water shortage.