Chapter 7 Interests in Real Estate

Question 1

What are the 4 government powers?

Answer 1

Police Power
Eminent Domain
Taxation
Escheat

Question 2

What is eminent domain?

Answer 2

The right of government to acquire private land for public use.

Question 3

What is condemnation?

Answer 3

The process by which the government exercises eminent domain either judicially or administratively.

Question 4

What is taxation?

Answer 4

A charge on real estate by the government to raise funds for public needs.

Question 5

What is escheat?

Answer 5

Process by which the state may acquire privately owned real or personal property, transfer if there are no living heirs, or succession.

Question 6

What are estates?

Answer 6

Ownership interest and are transferred using a deed?

Question 7

What is an estate in land?

Answer 7

Defines the degree, quantity, nature, and extent of an ownership interest in real estate.

Question 8

What is a freehold estate?

Answer 8

An estate that lasts for an indeterminable length of time

Question 9

What is a life estate?

Answer 9

Estate that lasts the lifetime of person.

Question 10

What else is the leasehold estate known as?

Answer 10

Nonfreehold estate.

Question 11

What is fee simple?

Answer 11

Aka Fee Simple Absolute, the highest interest in real estate. Owners is entitled to all the rights of real estate.

Question 12

What is fee simple defeasible?

Answer 12

A qualified estate that is subject to occurrence or nonoccurrence of some specified act.

Question 13

What are the two categories of fee simple defeasible?

Answer 13

Fee Simple Determinable

Fee Simple Subjects to a Condition a Subsequent

Question 14

What is fee simple determinable?

Answer 14

An estate that is qualified by a special limitation. Uses language such as “so long as” or “while” or “during”. The former owner retains a possibility of reverter. If the limitation is violated the former property owner can take back the land. (Set action) (When it happens”)

Question 15

What is fee simple subject to a condition in subsequent?

Answer 15

An estate that is given a condition of ownership, but will terminate if there is a violation to a condition. “on condition that” (“If it happens”). Right of reentry and possibility of reverter with court contest.

Question 16

What is a future interest?

Answer 16

The right of entry and possibility for reverter, that my never take effect.

Question 17

What is a life estate?

Answer 17

A freehold estate limited in duration to life of the owner or some other person, this is not inheritable.

Question 18

What is Pur Ature Vie?

Answer 18

A life estate based on the lifetime of a person other than the life tenant.

Question 19

What is a remainder interest?

Answer 19

An interest named to whom the property will pass in a life estate.

Question 20

What is a reversionary interest?

Answer 20

In a life estate no remainder is named, the property ownership will revert back to the original owner upon the end of the life estate.

Question 21

What is a legal life estate?

Answer 21

A life estate established by state law. It becomes effective automatically when certain events occur.

Question 22

What are the types of legal life estate?

Answer 22

Dower - wife has real estate when husband dies.
Curtesy - Same as dower but for husbands.
Homestead - a legal life estate occupied as the family home. Protected from most creditors during the occupants lifetime.

Question 23

What is encumbrance?

Answer 23

A claim, charge or liability that is attached to a real estate.

Question 24

What are the two types of encumbrances?

Answer 24

1-Liens
2-Encumbrance - restrictions, easements, licenses, and encroachments, that occur after the condition or use of the property.

Question 25

What is a lien?

Answer 25

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

Question 26

What is a deed restriction?

Answer 26

A private restriction that affect the use of the land. Once in a deed it passes to all owners.

Question 27

What does CC&R mean?

Answer 27

Covenants, conditions and restrictions. Private agreements that affect land use.

Question 28

What is an easement?

Answer 28

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

Question 29

What is an appurtenant easement?

Answer 29

Attached to the ownership of one parcel and allows another property owner the use of a neighbors land.

Question 30

What are the two parts of an appurtenant easement?

Answer 30

The benefit property is dominant tenement. | The easement runs through the servient tenement.

Question 31

What is an easement in gross?

Answer 31

An individual or company interest in or right to use someone else's land. Utility. Typically terminates with the death of the property owner.

Question 32

What are the 3 ways easements can be created?

Answer 32

1-By agreement 2-By necessity 3-By prescription

Question 33

What is an easement by necessity?

Answer 33

Easements for landlocked property, it is needed for ingress and egress.

Question 34

What is an easement by prescription?

Answer 34

Adverse possession. The use of someone else's property for a period of time, must be continuos, exclusive, and without the owners permission. Notorious, Adverse, Continuous, Hostile, Open

Question 35

How do you terminate an easement?

Answer 35

``` 1-Need no longer exists 2-If the properties are merged 3-Release of the right of easement to the owner of the servient tenement 4-Abandonment of easement 5-Nonuse of a prescriptive easement ```

Question 36

What are the types of physical encumbrances?

Answer 36

1-Restrictions 2-Easements 3-License

Question 37

What is an encroachment?

Answer 37

When an improvement illegally extends beyond the land of its owner.

Question 38

What are riparian rights?

Answer 38

Common-law rights granted to owners of land along a river stream or body of water. Governed by state law. Typically can't redirect or restrict the flow.

Question 39

What are littoral rights?

Answer 39

Rights granted to owners whose land borders commercially navigable lakes, seas, and oceans. Unrestricted use, but own the land adjacent to the water up to the average high water mark.

Question 40

What are 3 occurrences that can happen to land near water?

Answer 40

1-Accretion increase of land from soil deposit. 2-Erosion gradual loss of water. 3-Avulsion Sudden removal of land by an act of nature.

Question 41

What is the doctrine of prior appropriation?

Answer 41

Where water is scarce, the right to use the water is controlled by the state.