Chapter 6: Estates And Interests. Key Terms Part 2 Flashcards
Leasehold estate
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.
License
considered giving temporary permission
Lien
A financial claim against real estate.
Priority
The order in which liens are paid.
Lis pendens
This is a NOTICE that a Lien may be filed.
Voluntary liens
These are known and brought about by the owner for example a mortgage or equity loan.
Specific lien
A claim against one parcel of real estate.
Mortgage lien
The lenders claim against real estate.
Remainderman
A third-party who will eventually gain ownership.
General lien
A claim against all property somebody owns.
Reversionary interest
Future interests of an owner.
Tracking
Adding successive periods of usage. Usually these periods are hostile.
Servient estate
The owner of land who has given the neighboring owner an easement. (it is the tractor over which the easement runs.)
Involuntary lien
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.
Party wall
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.
