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):
1

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.

2

License

considered giving temporary permission

3

Lien

A financial claim against real estate.

4

Priority

The order in which liens are paid.

6

Lis pendens

This is a NOTICE that a Lien may be filed.

8

Voluntary liens

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

10

Specific lien

A claim against one parcel of real estate.

13

Mortgage lien

The lenders claim against real estate.

14

Remainderman

A third-party who will eventually gain ownership.

15

General lien

A claim against all property somebody owns.

16

Reversionary interest

Future interests of an owner.

17

Tracking

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

18

Servient estate

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

19

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.

20

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.

21

Life estate

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