Real Estate Definations Chapter 07

Front 1

Accretion

Back 1

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

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Appurtenant Easement

Back 2

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

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Avulsion

Back 3

The sudden tearing away of land, as by earth-quake, flood, volcanic action, or the sudden change in the course of a stream.

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Condemnation

Back 4

A judicial or administrative proceeding to exercise the power of eminent domain, through which a goernment agency take s private proerty for public use and compensates the owner.

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Deed Restrictions

Back 5

AKA Covenants, conditions, restrictions. Private agreements that affect the use of the land.

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easement

Back 6

A right to use the land of another for a specific purpose, such as for a right of way or utilities, an incorporeal interest in land

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easement by condemnation

Back 7

An easement created by the government or government agency that has exercised its right under eminent domain

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Easement by necessity

Back 8

An easment allowed by law as necessary for the full enjoyment of a parcel of real estate for example: The right of ingress and egress over a grantor's land.

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easement by prescription

Back 9

An easement acquired by continuous, open and hostile use of the property for the period of time prescribed by state law.

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easement in gross

Back 10

an easment that is not created for the bebefit of any land owned by the owner of the easement but that attaches personally to the easement owner Example; a right by Eleanor F. to Joe P. to use a portion of her property for the rest of his life

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eminent domain

Back 11

The right of governement or municipal quasi-public body to acquire property for public use through a court action called condemnation in which the court decides that the use is a public use and determines the compensation to be paid to the owner

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encroachment

Back 12

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

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encumbrance

Back 13

Anything such as a mortgage, tax or judgement lien, an easement, a restriction on the use of the land, or an outstanding dower right-that may diminish the value or use and enjoyment of a property

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erosion

Back 14

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

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Escheat

Back 15

The reversion of property to the state or county, as provided by state law in cases where a decendent dies intestate without heirs capable of inheriting or when the property is abandoned. way to remember is (the state is cheat)

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Estate in land

Back 16

The ddegree, quantity, nature and extent of interest a person has in real property. (an owners interest in land)

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future interest

Back 17

A persons present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of re-entry

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Homestead

Back 18

Lan that is owned and occupied as the family home. In many states a portion of the area or value of this land is protected or exempt from judgments for debts.

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leasehold estate

Back 19

A tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest.

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legal life estate

Back 20

A form of real estate created by state law. dower, curtesy, homestead are legal life estates used in the U. S.

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license

Back 21

the privledge to use anothers land for a specific purpose

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lien

Back 22

A right given by law to certain creditors to have their debts paid out fo the property of a defaulting debtor. Usually by means of a court sale.

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Fee Simple

Back 23

The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property. Majority of land owners are this

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fee simple absolute

Back 24

The maximum possible estate or right of ownership of real property, continuing forever. (can do unlimited things) limited only by government powers

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fee simple defeasible

Back 25

an estate in which the holder has a fee simple title that may be divested upon the occurrence or non occurrence of a specified event. There are two catagories of defeasible fee estates: fee simple on condition precedent (fee simple determinable) and fee simple on condition subsequent

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fee simple determinable

Back 26

a fee simple estate qualified by a special limitation. Language used to describe limitation includes the words :so long as" or "while" or "during"

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freehold estate

Back 27

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate

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life estate

Back 28

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

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littoral rights

Back 29

(1) A landowner's claim to use water in large navigable lakes and oceans adjacent to his or her porperty. (2) the ownership rights to land bordering these bodies of water up to the high-water mark.

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Party wall

Back 30

A wall that is located on or at a boundry line between two adjoining parcels of land and is used or is intended to be used by the owners of both properties

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P.E.T.E. Government Powers

Back 31

Police Power Eminent Domain Taxation Escheat

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Police Power

Back 32

The governments right to impose laws, statutes, and ordinances including zoning ordinances and building codes, to protect the public health, safety, and welfare

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Prior appropriation

Back 33

A concept of water ownership in which the landowner's right to use available water is based on a government administered permit system

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Remainder interest

Back 34

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 one party and the remainder to another

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Reversionary interest

Back 35

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

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Riparian rights

Back 36

An owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

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Tacking

Back 37

A concept that comes from the takings clause of the fifth amendment to the US constitution and means that when land is taken for public use through the governments power of eminent domain or condemnation the owner must be compensated

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taxation

Back 38

The process by which a government or municipal quasi-public body raises monies to fund it's operation.