Chapter 7: Interest In Real Estate Flashcards Preview

Real Estate > Chapter 7: Interest In Real Estate > Flashcards

Flashcards in Chapter 7: Interest In Real Estate Deck (81):
1

The right of the government to acquire privately owned real estate for public use

Eminent domain

2

Process by which the government exercises eminent domain by either judicial or administrative proceedings

Condemnation

3

Charge on real estate to raise funds to meet the public needs of a government

Taxation

4

Process by which the state may acquire privately owned real or personal property

Escheat

5

Defines the degree, quantity, nature, and extent of an owners interest in real property

Estate in land

6

Last for and indeterminable length of time

Freehold estate

7

Unlimited duration they are said to run forever

Fee simple estate

8

The highest interest and real estate recognized by law

Fee simple absolute

9

Qualified estate is subject to the occurrence or not occurrence of some specified event

Feesimple defeasible

10

A freehold estate limited induration to the wife of the owner the light of some other designated person

Life estate

11

The creator of the life estate may name A remainderman is the person to whom the property will pass when the life estate ends

Remainder interest

12

The creator of the life estate may choose not to name a remaindermen in that case the creator will recapture ownership in the life estate ends

Reversionary interest

13

Not created voluntary by an owner

Legal life estate
Dower
Curtesy
Homestead

14

A charge against property that provide security for a debt or obligation at the property owner

Lien

15

Private agreement that affect land-use. Once placed in the deed by a previous owner they run with the land

Deed restrictions

16

The right to use the land of another for a particular purpose

Easement

17

Attached to the ownership of one parcel and allows the owner to use the neighbors land

Appurtenant easement

18

The land that serves the other party

Servient tenement

19

Dominating party benefited by the easement

Dominant Tenement

20

Individual or company interest in a right to use someone else's land

Easement in gross

21

How do you create an easement

A written agreement between parties that establishes the easement rights

22

Created by court order based on the principle that owners must have the right to enter and exit their land

Easement by necessity

23

Made use of another's land for a certain period of time as defined by state law

Easement by prescription

24

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

License

25

All or part of the structure illegally extends beyond the land of its owner beyond the legal building lines

Encroachment

26

Common-law rights granted to owners of land along the course of the river, stream, or similar body of flowing water

Riparian rights

27

Owners whose land borders commercially navigable lake, seas and oceans

Littoral rights

28

Gradual and imperceptible wearing away of the land by natural forces such as wind, rain, and flowing water

Erosion

29

The sudden removal of soil by an act of nature

Avulsion

30

Increases the land resulting from the deposit of soil by the waters action

Accretion

31

The rights to use any water, with in the exception of a limited domestic use, is controlled by the state rather than by the landowner adjacent to the water

Doctrine of prior appropriation

32

A city decides to build a new library. Which of the following terms best describes the actions taken by the city to acquire the land for the new library?

The city has the right to take the land by eminent domain as long as just compensation is paid the property owner

33

A purchaser of real estate learned that his ownership rights could continue forever and that no other person could claim to be the owner or exert any ownership control over the property. This person owns a?

Fee simple absolute interest

34

A person owned the feesimple title to a vacant lot adjacent to a hospital and was persuaded to make a gift of the lot. She wanted to have some control over its use, so her attorney prepared her deed to convey ownership of the lot to the hospital so long as it is used for hospital purposes. After completion of the gift, the hospital will own a?

Fee simple determinable

35

Your neighbors regularly use your driveway to reach their garage, which is on their property. Your attorney explains that ownership of the neighbors real estate includes an easement appurtenant giving them the right to do this. Your property is?

Servient tenement

36

A tenant who rents an apartment from the owner of the property holds a?

Leasehold interest

37

If the owner of real estate does not take action against a persistent trespasser before the statutory period has passed, the trespasser may acquire?

Easement by prescription

38

Property deeded to a town so long as it is used for recreational purposes conveys a?

The simple determinable

39

Property owner has the legal right to pass over the land owned by her neighbor. This is a?

Easement

40

What is a legal life estate?

Homestead

41

A father conveys ownership of his residence to his daughter but reserves for himself a life estate in the residence. The interest the daughter owns during her father's life time is?

A remainder

42

And owner has the fence on her property. By mistake, the fence extends one foot onto the property of a neighbor. The fence is an example of a?

Encroachment

43

Encumbrances on real estate?

Include easements and encroachments

44

A person has permission from the property owner to hike on the owners property during the autumn months. The hiker is a?

License

45

What can terminate an easement?

Owner of either property become sole owner of both

46

The type of easement that is the right-of-way for utility companies powerlines is a?

Easement in gross

47

Every state has the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens

Police power

48

A statutory life the state that a family has in its residents is called?

Homestead

49

A person who has complete control over a parcel of real estate would most likely own a?

Feesimple estate

50

A portion of an owners building was inadvertently built on her neighbors land. This is called a?

Encroachment

51

Many states determine the order of water rights according to which users of the water hold a recorded beneficial use permit. This allocation of water rights is determined by?

The doctrine of prior appropriation

52

The purchase of a ticket for professional sporting event gives the bearer?

License to enter and claim a seat for the duration of the game

53

What estate would not have a definite duration?

Freehold estate

54

If the owner of the dominant tenement become the owner of the servient tenement and merges the two properties?

The easement is terminated

55

A descendent left a will giving a neighbor the right to use a well on the descendants land as long as the neighbor was alive. The neighbors interest in the property is properly called?

A personal easement in gross

56

A homeowner acquired the ownership of land that was deposited by a river running through a property. The additional land was acquired by?

Accretion

57

A fee simple owner of a vacant lot adjacent to a hospital was persuaded to make a gift of the lot. The owners attorney prepare a deed that conveyed the ownership of the lot to the hospital so long as it is used for medical purposes. After the completion of the gift, the hospital will own a?

Fee simple determinable estate

58

The most all-inclusive type of real property ownership is a?

Feesimple estate

59

The right of the owner of a property located along the banks of a river are called?

Riparian rights

60

Local utility company dug up a property owners garden to install a natural gas line. The company claims it had a valid easement improved it through the county records. The property owner claims the easement was not valid because the owner did not know about it. Does the company have a valid easement?

Yes, the easement was valid even though the owner did not know about it

61

The ownership rights to real estate do not include

Navigable rivers running through the property

62

Property owner tells her neighbor that he can store his bulldozer in her yard for a few weeks. The property owner did not charge her neighbor rent for the use of her yard. The property owner has given her neighbor?

A license

63

Creditors suing a homeowner who is entitled to a homestead exemption as provided by state law?

May request a court ordered sale and have the proceeds in excess of the statutory exemption and exempted liens applied to the debt

64

A property owner of 2 acres of land sold 1 acre to a neighbor and reserved an appurtenant easement over the neighbors land for ingress and egress. The neighbors land?

The servient tenement

65

And owner of 50 acres of land with 500 feet of frontage on the lake wishes to subdivide the parcel into lots but wants to retain control over the lake frontage while allowing lot owners to have access to the Lake. What would grant the greatest protection for a prospective purchaser?

An appurtenant easement

66

A homestead exemption protects against judgments..

Of unsecured creditors

67

The major intent of zoning regulations is too?

Ensure the health, safety, and welfare of the community

68

The owner of a secluded area adjacent to the Atlantic Ocean noticed that people from town walked along the shore in front of his property. The owner learned that the local citizens have been walking along the speech for years. The owner went to court to try to stop people from walking along the water's edge in front of the owners property. The owner is likely to be?

Unsuccessful because the owners property extends only to the high watermark and the public can use the land beyond that point

69

A deed conveys ownership to the grantee so as long as the existing building is not torn down. What type of the estate did this deed create?

A determinable fee estate

70

What is an example of a legal life estate?

Homestead estate

71

For land to be taken by the government under it's right of eminent domain, which of the following must apply?

The taking must be for a public purpose

72

A feesimple owner of the property conveys a life estate to a grandson and stipulates that upon the feesimple owners death, the estate will pass to the owner son-in-law. The son-in-law has?

An estate in remainder

73

A son conveys the ownership of his house to his mother and stipulates that upon her death he will recapture the ownership. The interest the son has in the ownership is?

Reversionary interest

74

The process by which the government can take ownership of a building that has deteriorated, with bricks falling on a public sidewalk, is?

Condemnation

75

And owner of an apartment building conveys the ownership of the building into a nursing home, anticipating that the rental income will help pay for the owners care there. When the owner dies, the estate will recapture ownership of the apartment building. The nursing home holds?

Life estate per auture vie

76

Developer grants the gas company the right to install transmission lines. This right is called?

An easement in gross

77

A lot is encumbered by a sewer easement that runs where the foundation of the building would be. How will this affect the owner who wants to build a house?

House must be constructed to avoid the easement

78

Owner divides the parcel into two lots, one of which is surrounded by other lots and has no street access. What is true?

An easement by necessity should be created for the landlocked parcel

79

A person wants to ensure that the ownership of real property can be will to her children. What form of ownership with the person want?

A fee estate

80

What are examples of an encumbrance?

A lien

An easement

A mortgage

81

A person who acquired ownership that can be inherited, with the provision of the land must always be used for religious purposes, has what?

A conditional fee estate