CH 4 - Interests in Real Estate Flashcards Preview

Real Estate (General Portion) > CH 4 - Interests in Real Estate > Flashcards

Flashcards in CH 4 - Interests in Real Estate Deck (24):
1

Freehold Estate

lasts forever

2

Fee simple

the highest estate recognized by law

3

Fee simple defeasible

an estate that is qualified because it is subject to the occurrence or nonoccurrence of a specified event.

4

Life Estate

based on the lifetime of the tenant or someone else (pur autre vie/for the life of another)

5

encumbrance

claim, charge, or liability that attaches to real estate.

6

lien

charge against property that provides security for a debt or obligation of the property owner.

7

Covenants, conditions, and restrictions (CC&Rs)

private limitations on the use of land

8

Easement

the right to use the land of another, usually a written agreement

9

Easement appurenant

Runs with the land when title is transferred

10

The dominant tenement:

benefits from the easement, which runs over the servient tenement.

11

Easement in gross

an individual or company interest in or right to use another's land

12

Easement by necessity

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

13

Easement by prescription

acquired when a claimant has used another's land for the period required by law. The use must be continuous, nonexclusive, visible, open, and notorious.

14

Termination of easement

1. when the need for an easement no longer exists
2. when the owner of a either the dominant or servient tenement becomes the owner of both
3. when the owner of a servient tenement releases the right of easement
4. if the easement is abandoned
5. or by the nonuse of a prescriptive easement

15

License

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

16

Encroachement

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

17

Lis Pendens

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

18

Government Powers (PETE):

P Police Power
E Eminent Domain
T Taxation
E Escheat

19

Police Power

the State's authority, passed down to counties and municipalities through enabling acts, to legislate to preserve order, protect the public health and safety, and promote the general welfare of citizens.

20

Eminent domain

the government's right to to acquire privately owned real estate for a public or economically beneficial use through condemnation.

21

Taxation

a charge on real estate to raise funds to meet public needs

22

Escheat

when the state takes control of property after the owners dies leaving no will or lawful heirs

23

Taking of property

The Fifth Amendment to the U.S. Constitution requires that the owner be given just compensation.

24

Inverse Condemnation

A property owner wants to claim compensation if an adjacent public land use diminishes the value of the owner's property but the property has not been condemned for public use