Chapter 6 - Estates and Interests Flashcards Preview

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Flashcards in Chapter 6 - Estates and Interests Deck (29):
0

Construction lien

Claim placed against the property by a worker who has not been paid.

1

Convey

To transfer ownership by sale or gift.

2

Curtesy

A right that a husband retains in his wife's estate. As of May 28, 1980, New jersey abolished the creation of any new dower or curtesy rights and instead, now gives both husband an wife the right of joint possession of the property that is their main marital residence.

3

Dominant estate

A property that includes in its ownership the right to use an easement over another person's property for a specific time.

4

Dower

A right that a wife retains in her husbands estate. As of May 28, 1980, New jersey abolished the creation of any new dower or curtesy rights and instead, now gives both husband an wife the right of joint possession of the property that is their main marital residence.

5

Easement

A right to use the land of another for a special purpose, as a right-of-way or utilities; an incorporeal interest in land.

6

Easement appurtenant

An easement that passes with the land when conveyed. In order for a lien appurtenant to exist it must be two adjacent tracts of land owned by different parties.

7

Easement by prescription

An easement acquired by continuous, uninterrupted, exclusive, and adverse use of property for a period of time prescribed by state law. in New Jersey that is 20 years.

8

Easement in gross

An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement. Example would be where a power company owns an easement in gross on the boundary of two lots If the need for the easement were to cease, the easement would cease to exists.

9

Encroachment

The extension of an improvement beyond the land of an owner, illegally intruding on the land of an adjacent owner.

10

Encumbrance

Any claim by another - such as a mortgage, tax or judgement lien, an easement, encroachment, or deed restriction on the use of land - may diminish the value of property.

11

Estate in land

The amount and kind of ownership a person has in real property.

12

Fee determinable

Also known as conditional fee or defeasible fee, is an estate in land that can terminate on the occurrence or nonoccurence of a specified event. e.g as long as it is a wildlife preserve.

13

Fee simple

Highest type of interest in real estate recognized by law. One in which the holder is entitled to all rights in the property. There is no time limit, it is said to run forever. Upon death it passes to heirs. Fee, fee simple and fee simple absolute are used interchangeably.

14

Freehold estate

Estates of an indeterminable length of time. May run for a lifetime or may own forever. Three freehold estates are recognized in New Jersey - Fee simple, fee determinable and life estates.

15

General lien

Affects all the property someone owns. e.g. judgement lien for a large unpaid bill. Include money judgements, federal and estate taxes, debts of person who has died, IRS taxes. These can be placed against debtor's real and personal property.

16

Involuntary lien

A financial claim against property that is imposed without the owners consent.Property taxes, for example are involuntary liens.

17

Leasehold estate

Involve tenants and are estate for a period of time. Leaseholds are considered to be personal property, not real property.

18

License

Permission to enter the land of another for a specific purpose. It is not a permanent right and may be withdrawn. Examples include permission to park in neighbor's driveway and permission to erect a billboard. may be written or oral.

19

Lien

A financial claim against property that provides security for a debt or obligation of the property owner. if the obligation is not repaid, the lienholder, or creditor, has the right to have it paid out of the property, ususally from the proceeds of a court sale.

20

Life estate

Limited to the life of a specific person. the owner of a life estate does not have the right to pass ownership to heirs. Sometimes governed by a reversionary interest which means title would revert back to grantor. If title would pass to another directly from grantor or a remainderman. Life states can also be tied to the life of a third party. Which would be a life estate pur autre vie (for another's life).

21

Lis pendens

A recorded legal document giving constructive notice taht court action affecting a particular property is pending.

22

Mortgage lien

Lenders lien against a specific parcel pledged as security for a debt.

23

Party wall

a building wall that is located on or at a boundary line between two ajoining parcels of land and is used by the owners of both properties.

24

Priority

Determines order in which debts will be paid off in case of a foreclosures. Real estate taxes and special assessments for improvements that enhance the value of property take priority over all other liens. Others are paid out in order of their priority normally determined by date of recording in public records of the county where the property is located.

25

Servient state

Land on which easement exists in favor of an adjacent property (called the dominant estate); also called the servient tenement.

26

Specific lien

A lien affecting or attaching to a certain specific parcel ofland or piece of property.

27

Tacking

Adding or combining successive periods of continuous occupation of real property by different adverse possessors.

28

Voluntary lien

Financial claim placed against property by owner. e.g owner gives bank a claim against real property in return for a mortgage loan.