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23 Cards in this Set
- Front
- Back
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Bundle of Rights |
Includes possession, use/control, enjoyment, disposition |
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Encumbrances |
Limitations/restrictions on the bundle of rights |
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Estate in land |
Present or future right to possess the property |
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Freehold estate |
Lasts indefinitely and can be inherited |
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Fee simple absolute estate |
Most complete ownership of rights to land |
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Fee simple determinable |
"for so long as" the land is used for x reason. Automatically reverts |
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Fee simple on condition subsequent |
"on the express condition" that the land is used for x reason. Must sue for possession |
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Encumbrances |
External limitations that restrict an owners rights |
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Police power |
The right of government to enact and enforce laws that regulate the use of private property. No guaranteed compensation |
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Eminent Domain |
Governments power to take property when it is needed for a public purpose. Must be just compensation |
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Escheat |
State governments right to take over property that is abandoned or owner without a will or heirs dies |
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Lien |
A monetary claim a creditor has on the property as security for payment of a debt |
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Vendors lien |
Seller finance lien |
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Vendees lien |
Buyers lien for amount of the deposit and related expenses |
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Attachment lien |
Grants the court custody of a specific property to prevent the owner from transferring ownership during a suit |
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Judgement lien |
General lien against any real or personal property owned by the defendant in that county |
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Lis pendens |
Alerts titles searchers that a suit is pending |
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Easement |
Non-possessory, incorporeal right one person has to use another's land in a specified manner for a specified purpose |
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Personal Easement in gross |
Irrevocable use of the land for a specified reason during the lifetime of the grantee and not transferable |
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License |
Personal permission to use without the creation of an estate. Short-term and can be terminated by owner at anytime |
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Covenant |
Promise made in a sales contract, lease or deed that specifies how the property shall be used |
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Laches |
Waiting too long to exercise one's right may nullify that right |
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Conditions |
Found in deeds and are indefinite |
