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49 Cards in this Set

  • Front
  • Back

What are the 4 Government Rights in Land?

Think PETE


P - Police Power


E - Eminent Domain


T - Taxation


E - Escheat

What is police power?

Public Control of land


1. Right to enact and enforce laws governing land use (ordinances)


2. Planning, zoning, building codes, permits, inspections, certifications of occupancy


3. Determine how land can be developed

What is Eminent Domain?

1. Right to take private land for public use


2. Process used is called Condemnation


*condemnation is NOT a right

Condemnation

The process used to take private land for public use (process for eminent domain)

Taxation:


Property Taxes

Paid to the county where the property is located

Taxation:


Property taxes are enforced by...

A tax forfeiture lien


* most powerful lien

Taxation:


Special Assessments

Charges against specific properties that benefit from a public improvement


Examples/ paving, curb, gutter, street lights

What is escheat?

Governments reversionary right to take property that has been abandoned

When is Escheat exercised?

When an owner dies with NO WILL and without heirs

Estate

An interest or right in real property that allows or will allow possession

What are the 2 types of Estates?

Freehold Estate


Leasehold Estate

Freehold Estate

Owner for an indefinite duration

Leasehold Estate

Possession for a fixed term

3 types of freehold estates

Fee simple absolute


Fee simple defeasible/qualified fee


Life Estate

Fee simple absolute

It’s is the most complete bundle of rights


1. Maximum ownership estate in real property


2. Lasts indefinitely

Fee Simple Defeasible/Qualifies Fee

1. Created with a deed condition; often a gift


2. Lasts as long as the deed condition is not violated


3. If deed condition is violated, may revert to grantor or heirs

Life Estate

1. Life tenant (grantee) is the property owner


2. Upon death of the life tenant, the estate returns to Fee Simple Absolute and reverts to either:


a) the grantor - reverter


b) a third party - remainderman

Who holds a leasehold estate?

Tenant/leasee

Who holds a leased fee estate with a reversionary interest?

Landlord/lessor

The _________ of leased property obtains ownership ___________ the lease.

Purchaser


“Subject to”

4 types of leasehold estates?

1. Estate for years


2. Periodic Estate


3. Estate at Will


4. Estate at sufferance

Estate for years

1. Specific termination date - NO NOTICE REQUIRED


2. Death of landlord or tenant does not terminate


3. Sales of property does not terminate

Periodic Estimate

1. Renews automatically upon landlord accepting rent for the period i.e month to month


2. Terminated by advance notice

Estate (tenancy) at will

1. Indefinite duration - tenant occupies at landlords discretion.


a) no agreement specifying terms and payment of rent


b) terminated by notice, death, or sale of the property

Estate (tenancy) at sufferance

1. Holdover after legal tenancy expires (lowest estate)


2. Owner may evict tenant or accept rent

Encumbrance

A nonpossessory interest in real property; right or interest held by someone other than the property owner, which may be a lien, an easement, or a restrictive covenant

An encumbrance is an ___________ - attaches to and binds real property

Appurtenance

Easement

The rights to use the land of another for a specific purpose

How do easements transfer?

By deed because easements attach to and run with the land

Once easements are granted, they are __________.

Not revocable

Types of easements:


Appurtenant Easement has a dominant tenement and has a servient tenement. Explain each

Dominant - the property receiving the benefit of the easement


Servient - which is the property encumbered by the easement

How do appurtenant easements transfer?

They transfer with the land

Dominant holders do not own the land, but have rights to use the land. Give Examples.

1. Driveway, crossing a neighbors land for ingress and egress


2. Party walls, shared driveways, lake access

Easement in gross

1. Commercial easement held by company, government, or person


2. Has no dominant property, only servient property


3. A person or entity benefits


Example: utility easement

Easement by necessity is also know as

Court ordered easement

In what ways can an easement be terminated?

1. merger - servient property acquires dominant property


2. Release - dominant interest releases rights to servient owner


3. Abandonment - not automatic must be proven in court


4. Unless terminated, easement will transfer with the land

Deed restriction

Privately created controls on land use


Examples: no RVs allowed in driveways, no fences in front yard, houses must be a certain size, brick siding required, prairie settings, etc

Deed restrictions must be for ___________.

Lawful purpose


Can not restrict property owners based on race or other protected groups

Deed restrictions may be _________ than zoning.

More Strict

What lien only attaches to the real property?

Specific liens like mortgage liens, property tax liens, or mechanics liens


Homestead exemption rights do not apply

Liens

A claim on land to secure payment of a debt

A homestead exemption is created by state statue to ______________from unsecured creditors.

Protect a primary residence

Judgements are...

General liens thy attach to everything the defendant owns

In some states, what other legal rights are there?

Dower, curtesy, marital, and community property

Encroachment

The unauthorized use of another persons land or a physical object intruding into neighboring property

Can a survey be done if the buyer suspects an encroachment?

Yes

If an encroachment is found after closing, what is required?

The help of an attorney

What reveals encroachments?

A survey

What are licenses?

Revocable permission that grants a privilege to use the property