Unit 4 Interests In Real Estate

Front 1

Estate in land

Back 1

Defines the degree quantity nature and extent of an owner's interest in real property

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Freehold estate

Back 2

A freehold estate lasts for an indeterminable length of time such as for a lifetime or forever.

Front 3

Fee simple estate

Back 3

A fee simple estate may be passed along to the owners heirs. Continues for an indefinite period.

Front 4

Life estate

Back 4

Held only for the lifetime of a person who may or may not be the holder of the life estate and ends when the individual dies.

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Fee simple estate or fee simple absolute

Back 5

The highest interest in real estate recognized by law this state is intended to run forever. The estate is passed to the co owner if there is one or the current owner accompanied by a right of survivorship the person or persons specified in the descedents well or if the defendant has left no will to the person or persons designated by the state a lot of intestate succession.

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A fee simple defeasible

Back 6

Subject to the occurrence or non occurrence that is some specified event

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Fee simple determinable

Back 7

A type of fee simple defeasible with the language used to distinguish a special limitation. Words such as so long as or while during. The former owner retains a possibility of reverter requires 400 ownership with no need to bring legal action in the court.

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Fee simple subject to a condition subsequent

Back 8

A type of fee simple defeasible in which an owner gives a real estate on condition of ownership the owner has the right of reentry but must bring legal action in court to assert his right.

Front 9

Life estate

Back 9

A life estate is a freehold estate limited in duration to either the life of the holder of the estate for the life of some other designated person or persons.

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Life tenant

Back 10

The holder of a life estate is called a life tenant.

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Pur Autre Vie

Back 11

Latin for for the life of another this provides inheritance of the property right by the life tenant eres but the right exists only until the death of the identified person or persons.

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Remainder interest

Back 12

The creator of the life estate maiden name a remainder man as a person to whom the property will pass from the life estate ends.

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Revisionary interest

Back 13

The creator of the life estate may choose not to name a remainder man in that case ownership returns to the original owner upon the end of the life estate.

Front 14

A legal life estate

Back 14

A legal life estate is not created by a property owner but rather is established by state law becomes effective automatically when a certain event occurs.

Front 15

Dower

Back 15

Dower is the life estate of a wife in the real estate of her deceased husband.

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Curtesy

Back 16

Curtesy is a life estate of a husband in the real estate of his deceased wife. The signature of the non owning spouse would be needed to release any potential interest in the property being transferred.

Front 17

List the three legal life estates

Back 17

Dower courtesy and homestead.

Front 18

Homestead

Back 18

Legal life estate in real estate occupied as the family home homestead exemption clause a portion of the land or value occupied as the family home is exempt from certain judgments of debt such as charged accounts and personal loans but not a mortgage for the purchase or improvement of the property.

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Encumbrance

Back 19

Encumbrance is a type of interest in real estate that does not rise to the level of ownership or possession yet still gives an individual business or entity some degree of use or control of the property. Encumbrance includes easements and licenses private restrictions liens encroachments.

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A deed restriction

Back 20

The deed restrictions more on with the lawn winning the use a property by the current owner of those future owners.

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Covenants conditions and restrictions or CC and R's

Back 21

Used by subdivision developer to maintain specific standards in the subdivision CC and R's the files in the public records of the county for the property is located. Future purchase service of the property should be given a copy of the CC and R's and should make review the seas yours a condition of the purchase.

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Easement

Back 22

An easement is the right to use the land of another for a particular purpose.

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Easement Appurtenant

Back 23

Attached to the ownership of realestate in allows the owner of the property to use the neighbors land the parcel the benefits from this is min is known as the dominant tenement. The parcel over with steve monroe's is known as the servient tenement.

Front 24

Party wall

Back 24

A party wall can be an exterior wall of the building that straddles the boundary line between two lots or it can be the shared petition while between two connected properties the reciprocal interest of each owner in the property of the other is often referred to as the cross easement.

Front 25

Easement in gross

Back 25

Easement in gross is an individual or company interest in or right to use someone else's land.

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Creating an easement

Back 26

An easement is created by written agreement between the parties that established the easement rights.

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Easement by necessity

Back 27

An easement that is created when the owner cell a parcel of land that has no legal access to a street or public way except over the seller's remaining land is an easement by necessity.

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Easement by prescription

Back 28

If the claimant has made use of another's land for a certain period of time as defined by state law an easement by prescription or a prospective easement may be required. The claimant's use must have been continuous non-exclusive and without the owner's permission to land must be visible open and notorious and the owner must have been able to learn of it.

Front 29

Tacking

Back 29

Part of an easement by prescription the concept of tacking provides that successive periods of continuous occupation by different parties may be combined to reach the required total number of years necessary to establish a claim for the prescriptive easement.

Front 30

List 5 ways to terminate an easement

Back 30

When the need no longer exists. When the owner of either the dominant or servient tenement becomes sole owner of both properties. By the release of the right of isn't the owner of the servient tenement. By the abandonment of the easement. By the non use of a prescriptive easement.

Front 31

Licenses

Back 31

A license is a personal privilege to enter the land of another for a specific purpose his license differs from an easement in that it can be terminated or cancelled by the owner of the property.

Front 32

Encroachment

Back 32

when a building fence or driveway is legally extends beyond the boundaries of the land of its owner or legal building lines, an encroachment occurs.

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Lis pendens

Back 33

Latin for litigation pending is a notice filed on the public record of a pending legal action affecting the title to or possession of property.

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police power

Back 34

Every state has the power to enact legislation to preserve order protect the public health and safety and promote the general welfare of the citizens that authority is known as the state's police power.

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Eminent domain

Back 35

Eminent domain is the right of the government to require privately owned real estate for public use.

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Condemnation

Back 36

Condemnation is the process by which the government exercises the right of eminent domain by either judical or administrative proceedings.

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Taking

Back 37

the concept of the taking of property for public use is found in the Fifth Amendment to the US Constitution which reads Norris show private property be taken for public use without just compensation. The rights of the owner of the property also are to be protected by due process of the law as set out in the 5th and 14th amendments.

Front 38

kelo

Back 38

The Supreme Court decision leaves it to the state to establish rules that citizen must follow when exercising eminent domain powers.

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Inverse condemnation

Back 39

Inverse condemnation is an action brought by property owner seeking out just compensation for land adjacent to land used for public purpose in the properties use and value have been diminished.

Front 40

Taxation

Back 40

Taxation is a charge on real estate to raise funds to finance the operation of government facilities and services.

Front 41

escheat

Back 41

escheat is a process by which the statement acquire privately-owned real or personal property. Escheat is intended to prevent property from being on a list or abandoned.