Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
62 Cards in this Set
- Front
- Back
|
What is PETE?
|
Police Powers
Eminent Domain Escheat Taxation |
|
|
Allodial System
|
Recognizes the free and full ownership of land by private individuals which is the basis of real property law in US.
|
|
|
What is Police Power?
|
Every state has the power to enact legislation to preserve order, protect the public health & safety and promote the general welfare of its citizens
|
|
|
Enabling Acts
|
The police power authority is passed on to municipalities and counties through legislation
|
|
|
Generally what is police power used for?
|
To enact environmental protechtion laws, zoning ordinances & building codes.
|
|
|
What is Eminent Domain?
|
The right of the government to acqire privately owned real estate for public use.
|
|
|
What is Condemnation?
|
The process by which the government exercises this right, by either judicial or administrative proceedings. The proposed use must be for the public good and just compensation must be paid to the owner with the rights of the property owner protected by due proess of law.
|
|
|
What is Taxation?
|
A Charge on real estate to raise funds to meet the public needs of a government.
|
|
|
What is Escheat?
|
Property reverts to the state when an owner dies leaving no heirs or will that directs how the property is to be distributed.
|
|
|
What 2 things must be met for Estates in Land?
|
Must allow possession (now or in the future) and
be measurable by duration |
|
|
What is an Estate in Land?
|
Defines the degree, quantity, nature and extent of an owner's interest in real property.
|
|
|
What are the 2 categories of Estate in Land?
|
Freehold Estates
Leasehold Estates (non-freehold) |
|
|
What is a freehold estate?
|
ownership interest that last for an indeterminable length of time such as for a lifetime or forever.
|
|
|
What are the 3 characteristics of Freehold Estates?
|
1. Indeterminable length of time
2. Ownership 3. Deeds, wills, operation of law (transferred by) |
|
|
What are the 3 trypes of freehold estates?
|
1. Fee Simple (also known as indefeasible fee)
2. Defeasible Fee 3. Life Estates |
|
|
What does indeterminable mean?
|
for obvious reasons, the duration of a lifetime or forever ban't be defined more precisely by a date
|
|
|
What two estates continue indefinitely and may be passed along to the owner's heirs?
|
Fee Simple (indefeasible fee) & Defeasible Fee
|
|
|
What is a life estate?
|
Based on the lifetiime of a person and terminates when that individual dies.
|
|
|
What is Fee Simple?
|
Highest qualify of interest in real estate recognized by law. Its quality and not quantity of the estate. Absolute ownership.
|
|
|
What is Fee simple estate also referred as?
|
Estate of inheritance or fee ownership
|
|
|
What is a Defeasible Fee:
|
A qualified estate - subject to the occurrence or nonoccurrence of a specified event.
|
|
|
What does determinable (under defeasible fee) mean?
|
Complete ownership that lasts as long as certain stipulated conditions are met (using words as "so long as", "while", or "during"
|
|
|
What does conditional (under defeasible fee) mean?
|
Action or activity is specified that the new owner must not perform
|
|
|
What is a life estate?
|
A freehold estate that is limited in duration to the life of the owner
|
|
|
Is a life estate inheritable?
|
No, unlike other freehold estates, it passes to future owners according to the provisions of the life estate.
|
|
|
What are Ad Valorem Taxes:
|
"According to Value" - general real estate taxes - special assessment tax and improvement tax
|
|
|
What is Conventional Life Estate?
|
created by the intentional act of the owner. It may be established either by deed @ the time the ownership is transferred during the lowner's life or by a provision of the owner's will after their death.
|
|
|
What is In Reversion Life Estate?
|
Owner who created life estate may choose to retain a future interest and recapture the fee simple when life estate ends
|
|
|
What is In Remainder Life Estate?
|
Owner who create the life estate may name a remainderman as person to whom the property will pass when the life estate ends.
|
|
|
What is Life Tenant?
|
Possessess certain ownership rights, as opposed to the tenant in a lease, who rights extend only to the possession of the property.
|
|
|
What is Estate pur autre vie?
|
for the lifetime of another (ie Jim can own as long as Jeff lives)
|
|
|
What is legal life estate also known as?
|
Statutory life estate
|
|
|
What does Legal Life Estate mean?
|
The surviving spouse is permitted a specified % of the value to the deeased spouse's estate at the time of death
|
|
|
Dower (under legal life estates)
|
widow's right in the real estate of her deceased husband
|
|
|
Courtesy (under legal life estates)
|
Same right for a widower (man)
|
|
|
What is encumbrance?
|
claim, charge, or liability that attaches to & is binding on real estate. (right or interest held by someone other than fee owner that affects title to real estate). It doesn't prevent transfer of title.
|
|
|
Encumbrances by be divided into 2 genreal classifications:
|
1. Liens (usually monetary charges)
2. Encumbrances (restrictions, easements and encroachments that affect the physical condition of the property). |
|
|
What is a Lien:
|
a charge against property that provides security for a debt or obligation of the property owner.
|
|
|
What is a judgment?
|
A decree issued by a court
|
|
|
What does Lis pendens refer too?
|
Means liltigation pending and is when a suit is filed that affects title to real estate
|
|
|
What does attachment refer too?
|
Court retains custody of property until suit concludes
|
|
|
What is a Lein?
|
A charge against property that provides security for a debt or obligation of the property owner.
|
|
|
What a common liens affecting real estate?
|
Real estate taxes, mortgages & trust deeds, judgments and mechanics liens
|
|
|
What is an Easement?
|
The right to use the land of another party for a particular purpose (may exist on any portion including the airspace)
|
|
|
What are the 2 general categories of Easements:
|
1. Appurtenant
2. Gross |
|
|
What is appurtenant easement?
|
One parcel of land to permit the owner of this land to use an adjacent parcel of land (benefits the land)
|
|
|
What is an easement in gross?
|
An individual interest in or limited right to use someone else's land (benefits a person rather than the land).
|
|
|
What is a servient tenement?
|
Meaning the parcel over which the easement runs serves the other property.
|
|
|
What is a dominant tenement?
|
Meaning the neighboring parcel that benefits from the easement.
|
|
|
What is an Easment by Necessity?
|
Based on principle that owners have the right to enter and exit their land (shouldn't be landlocked)
|
|
|
What is Easment by Prescription?
|
Creted when the person claiming the easement has made use of another's land for a time period (21 yrs in PA). Use must be continuous, exlcusive and w/o the owner's approval.
|
|
|
What is CANOE (under prescriptive easement)?
|
Continuous
Adverse Notorious Open Exclusive |
|
|
Terminating Easments Reasons (9 of them)
|
Purpose no longer exists; owner becomes both properties; release of right, abondonment of the easeent; by nonuse; by adverse possession; by destruction of; by lawsuite; when converted (residential to commercial)
|
|
|
What is a Liense?
|
Personal privilege to enter land of another for a specific purpose (can be terminated).
|
|
|
What is Encroachment?
|
when all of part of an improvement illegally extends beyond the land of its owner or beyond the legal building lines.
|
|
|
Riparian Rights are?
|
Rights granted to owners of land along the course of a river, stream or similar body of water. Owns the land under water to the exact center of waterway.
|
|
|
Littoral Rights are?
|
Owners whose land borders commercially navigable lakes, seas & oceans. Own land to the water only up to average high-water mark.
|
|
|
What is accretion?
|
Increases in the land resulting from the deposit of soil by water's action
|
|
|
What is Alluvion?
|
The deposit (created by accretion)
|
|
|
What is Erosion?
|
Gradual & imperceptible wearing away of land by natural forces such as wind, rain & flowingwater
|
|
|
What is Avulsion?
|
Sudden removal of soil by an act of nature.
|
|
|
What is Doctrine of Prior Appropriation:
|
The state, rather than the adjacent landowner, controls the right to use any water, with the exeption of limited domestic use.
|
