Real Estate Unit 4

Front 1

How long does a freehold estate last

Back 1

lasts for an indeterminable length of time, such as for a lifetime or forever.

Front 2

fee simple estate

Back 2

Is the highest estate recognized by law. The holder is entitled to all rights to the property.

Front 3

Various types of freehold estate can be

Back 3

1. Fee simple Estate

2. Life estate

3. Fee simple defeasible

Front 4

life estate

Back 4

That is held only for the lifetime of a person (who may not be the holder of the life estate) and ends when that individual dies.

Life estate is not inheritable

Front 5

leasehold estate.

Back 5

A nonfreehold estate

Front 6

What happens after the Death of the owner of a fee simple estate

Back 6

1.the decedent's co-owner, if there is one and the co-ownership was accompanied by a right of survivorship;

2.the person or persons specified in the decedent's will (the devisees); or

3.if the decedent has left no will, then the person or persons designated by the state's law of intestate succession.

Front 7

fee simple defeasible estate

Back 7

is a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event.

Front 8

Fee simple determinable

Back 8

An interest in land that can end automatically and revert back to the owner without the need to bring a legal action in court if the set limitations are violated

Front 9

2 categories of defeasible estate

Back 9

1. Fee simple determinable

2. Fee simple subject to a condition subsequent

Front 10

Language used to distinguish a special limitation

Back 10

So Long as or while or during

Front 11

Possibility of reverter

Back 11

Is an interest that can be transferred to someone else if the limitation is violated.

Front 12

Fee simple subject to a condition subsequent

Back 12

An owner gives real estate on condition of ownership, which means there is a difference in the way the estate will terminate if there is a violation of the condition. The owner has the right of re entry but must bring a legal action in court to assert this right.

Front 13

Future interest

Back 13

Is the possibility of reverter (fee simple determinable) or right of entry (fee simple subject to a condition subsequent)

Front 14

Life tenant

Back 14

1. The holder of a life estate

2. Is entitled to the rights of ownership

Front 15

Life estate pur autre vie

Back 15

Provides for inheritance of the property right by the life tenants heirs, the right exist only until the death of the identified person or persons.

Created for people who are physically or mentally incapacitated in the hope of providing incentive for someone to care for them.

Front 16

Remainder interest

Back 16

The creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends

Front 17

Reversionary interest

Back 17

The creator of the life estate may choose not to name a remainderman. In that case, ownership returns to the original owner upon the end of the life estate

Front 18

Legal life estate

Back 18

Is not created by a property owner but rather is established by state law

Front 19

Dower

Back 19

Is the life estate of a wife in the real estate of her deceased husband

Front 20

Curtesy

Back 20

Is a life estate of a husband in the real estate of a deceased wife.

Front 21

Homestead

Back 21

Is a legal life estate in real estate occupied as the family home.

Front 22

How to establish a homestead

Back 22

1. Head of the household to own or lease the premises owned occupied by the family

2. Family is required by statue to record a notice of homestead rights.

A family can have only one homestead at a time

Front 23

How does Homestead exemption work

Back 23

1. Reserves a certain amount of money for the family in the event of a court sale

2. Once a sell occurs any debts secured by the home will be paid by the proceeds

3. The family will receive the amount reserved by the homestead exemption

Front 24

Encumberance

Back 24

A claim charge or liability that attaches to real estate and may or may not be monetary

Front 25

Lien

Back 25

Is a charge against a property that provides Security for a debt of a loan

Front 26

Deed restriction

Back 26

Private rule that limits the use of the property and is binding to all grantees

Front 27

Covenants conditions and restrictions

Back 27

are private limitations on the use of land.

Front 28

Easement

Back 28

Is a written agreement that gives the right to use the land of another for a specified purpose.

Front 29

Easement appurtenant

Back 29

This easement runs with the land when title is transferred

Front 30

Dominant tenant

Back 30

Benefits from the easement that runs over the servient tenement

Front 31

What must happen for an easement appurtenant to exist

Back 31

Two adjacent parcels of land must be owned by two different parties.

Front 32

Party wall

Back 32

Is an exterior wall of a building that straddles the boundary line btw two lots

Front 33

Easement in gross

Back 33

Is an individual or company interest in or right to use someone else land

Front 34

How to create an easement

Back 34

Is created by a written agreement btw two parties that establish the easement right

Front 35

Easement by necessity

Back 35

arises when land has no access to a street or public way.

Front 36

Enter

Back 36

The right of ingress

Front 37

Exit

Back 37

The right of egress

Front 38

Easement by prescription

Back 38

If the claimant has made use of another's land for a certain period of time as defined by state law

Front 39

police power

Back 39

has the power to enact legislation, to preserve order,to protect the public health and safety, and to promote the general welfare of its citizens.

Front 40

enabling acts

Back 40

Are the state's authority passed on to municipalities and counties through legislation.

Front 41

What is the police power of government used for

Back 41

It is used to enact environmental protection laws, zoning ordinances, and building codes.

Front 42

Eminent domain

Back 42

is the right of the government to acquire privately owned real estate for public use.

Front 43

Condemnation

Back 43

is the process by which the government exercises eminent domain, by either judicial or administrative proceedings.

Front 44

Inverse condemnation

Back 44

is an action brought by a property owner seeking just compensation for land adjacent to land used for a public purpose when the property's use and value have been diminished.

Front 45

Taxation

Back 45

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

Front 46

Taxes on real estate include

Back 46

1. annual real property taxes assessed by local and area governmental entities to support school districts, transportation districts, and utility districts;

2. taxes on profit realized by individuals and corporations on the sale of real property; and

3. special fees that may be levied to finance special projects, such as road or utility installation.

Front 47

Escheat

Back 47

is a process by which the state may acquire privately owned real or personal property.

Front 48

license

Back 48

is a personal privilege to enter the land of another for a specific purpose.

Front 49

encroachment

Back 49

occurs when all or part of a structure illegally intrudes on the land of another or beyond legal building lines.

Front 50

lis pendens

Back 50

Gives notice of litigation in progress that may affect title to property.

Front 51

PETE

Back 51

Is the acronym used to recall Government powers.

Front 52

What does the acronym PETE stand for

Back 52

1. Police power

2. Eminent domain

3. Taxation

4. Escheat