Chapter 6: Estates And Interests. Key Terms Part 2 Flashcards Preview

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Flashcards in Chapter 6: Estates And Interests. Key Terms Part 2 Deck (16)
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1
Q

Leasehold estate

A

an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a LEASEHOLD ESTATE is typically considered personal property.

2
Q

License

A

considered giving temporary permission

3
Q

Lien

A

A financial claim against real estate.

4
Q

Priority

A

The order in which liens are paid.

6
Q

Lis pendens

A

This is a NOTICE that a Lien may be filed.

8
Q

Voluntary liens

A

These are known and brought about by the owner for example a mortgage or equity loan.

10
Q

Specific lien

A

A claim against one parcel of real estate.

13
Q

Mortgage lien

A

The lenders claim against real estate.

14
Q

Remainderman

A

A third-party who will eventually gain ownership.

15
Q

General lien

A

A claim against all property somebody owns.

16
Q

Reversionary interest

A

Future interests of an owner.

17
Q

Tracking

A

Adding successive periods of usage. Usually these periods are hostile.

18
Q

Servient estate

A

The owner of land who has given the neighboring owner an easement. (it is the tractor over which the easement runs.)

19
Q

Involuntary lien

A

Claim imposed against a property without the consent of its owner(s). Involuntary liens are placed usually by government revenue authorities for unpaid duties or taxes.

20
Q

Party wall

A

A structure owned by two adjoining landowners. And example is a stone wall that separates the property both parties on this wall and are responsible for taking care of it.

21
Q

Life estate

A

This is complete ownership until the designated person dies at which point it reverts back to the original owner or a remainderman.

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