Estates

Question 0

Common Driveway

Answer 0

A type of easement where each of two abutters have the right to cross over the property of the other to gain access to there property ( usually a garage ).

Question 1

Commercial Easement in Gross

Answer 1

An Easement in gross that is of a business or nature ; example: utility line.

Question 2

Concurrent Estate

Answer 2

Ownership by two or more persons at the same time. Example Joint tenancy , by the entirety, tenancy in common.

Question 3

Curtesy

Answer 3

The right of the husband to share of the wife’s estate at the time of her death. ( in Massachusetts, cutesy rights are one third of the wife’s estate at the time of her death )

Question 4

Dominant Estate

Answer 4

An estate that derives benefit from another estate ( Servient Estate ) as in an easement.

Question 5

Dower

Answer 5

The right of a wif to share of her husbands estate at the time of his death. ( In Massachusetts dower rights are one- third of the husbands estate at the time of death.

Question 6

Easement

Answer 6

An interest that one party ( Dominant Estate ) has to use the property of another ( Servient Estate) as in a Right of Way

Question 7

Easement Appurtenant

Answer 7

The right one property owner ( Dominant Estate ) has in the property of another ( Servient Estate ). Passes forward with the land. Ex. A common driveway or the right of Lot A property owner to cross Lot B to access a lake.

Question 8

Easement by Necessity

Answer 8

Easement created by the courts and required by need. Must have common grantor for dominant and Servient estates. Example; Right of way to road when property is land -locked.

Question 9

Easement by Prescription

Answer 9

Easement created by open notorious and continuous use ( 20 years in Massachusetts similar to acquiring title by adverse possession.

Question 10

Easement of Gross

Answer 10

An easement that does not pass with the land and has no dominant estate. Example; Utility easement

Question 11

Encroachment

Answer 11

When the property of one party intrudes on the property of another, that is ; a roof or deck overhanging the lot line.

Question 12

Encumbetance

Answer 12

Anything that lessens the value of a parcel of property; including liens and any encroachment

Question 13

Estate

Answer 13

The legal interest and rights that a party has in real property.

Question 14

Fee Simple

Answer 14

The highest form of estate -the holder possesses all of the rights possible-limited only by government rights and the rights of others. Also known as Fee or Fee Simple.

Question 15

Fee Simple Defeasible

Answer 15

A fee simple estate subject to a specific condition. There are two types , Fee Simple Determinable and Fee Upon Condition.

Question 16

Fee Simple Determinable

Answer 16

An estate in which the holders a Fee Simple title that ends upon the happening of a specific condition that can be determined from the deed and automatically ends when that specific condition takes place.

Question 17

Fee Simple on Condition Subsequent

Answer 17

An estate in which the holder has a Fee Simple title that ends upon the occurrence of a certain condition. The original grantor must take action to regain title- not automatic.

Question 18

Freehold Estate

Answer 18

An estate for an indefinite period of time ( as compared to a Non-Freehold or lease.

Question 19

Homestead

Answer 19

Land that is owned and used as the family home. Many states allow protection from creditors for a homestead.

Question 20

Joint Tenancy

Answer 20

A type of concurrent estate ( two or more persons ) with co-owners having equal rights. Upon the death of one party interest passes to the surviving party. ( Right of Survivorship ).

Question 21

License

Answer 21

A use of property permitted by an owner for a specific purpose. Revocable at any time. May be verbal. Also a certification by the state to sell Real Estate. Ex: fishing , hunting and camping

Question 22

Lean

Answer 22

A right or interest that one party has in the property of another as security for a debt. ( A financial encumbrance; a mortgage

Question 23

Life Estate

Answer 23

An interest in real or personal property that is limited to the life of the owner or some other specified individual.

Question 24

Littoral Rights

Answer 24

Rights of land owners abutting oceans of standing bodies of water ( Riparian Rights deal with rivers and streams - flowing bodies of water ).

Question 25

Non-Freehold Estate

Answer 25

An estate for a definite period of time ; a lease ( As compared to a Freehold Estate as in a deeded transfer of title )

Question 26

Personal Easement in Gross

Answer 26

An easement in gross that is of a personal nature and not commercial Ex. Charlie has the right to cross Mary's property for access.

Question 27

Remainder Estate

Answer 27

A type of estate held as a future interest by the one who will receive title at the end of a life estate ( upon death of holder of a life estate, the remainder estate becomes a Fee Simple estate ).

Question 28

Remainderman

Answer 28

The party holding a future interest as the third party to a life estate.

Question 29

Restrictive Covenant

Answer 29

A private restriction in a deed that limits future use and rights. Not tied to zoning. Example; lot size, type of architecture; runs with the land.

Question 30

Reversionary Estate

Answer 30

The estate left with the grantor when the estate being transferred is less than the estate previously received

Question 31

Rights of Servivership

Answer 31

The right in Joint Tenancy( and Tenancy by the Entirety ) for title to pass to the surviving joint tenant(s) upon the death of one of the owners.

Question 32

Riparian Rights

Answer 32

The rights associated with property that abuts a flowing body of water such as a river or stream. Similar rights associated with the ocean, lake or other standing body of water are called Littoral Rights.

Question 33

Servient Estate

Answer 33

Property over which another piece of property ( Dominant Estate ) has a right of way.

Question 34

Severalty

Answer 34

When title to property is held by one individual

Question 35

Tenancy by the Entirety

Answer 35

A type of Joint Tenancy restricted to husband and wives. Provides for right of survivorship

Question 36

Tenancy in Common

Answer 36

A type of concurrent estate ( two or more persons ) where co-owners each have an undivided interest in the property. No right of survivorship

Question 37

Tenancy in partnership

Answer 37

Ownership by a partnership as an entirety and subject to the terms of the partnership , regards rights of the partners. Ui

Question 38

Water Rights

Answer 38

The rights a property owner has in regards to water within or abutting property owned. Includes Sub-Surface Water and Surface Water Rights in flowing bodies of water are Riparian while rights to standing bodies of waters are littoral.

Question 39

Types of Freehold estates are;

Answer 39

1. Fee Simple 2. Fee Simple Determinable 3. Fee Simple on condition Subsequent 4. Life Estate.

Question 40

Types of Concurrent Estates

Answer 40

1. Tenancy by the Entirety 2. Joint Tenancy 3. Tenancy in Common

Question 41

Three forms of business ownership

Answer 41

1. Single Proprietor 2. Partnership 3. Corporation

Question 42

Easements can be created by deed, prescription or necessity.

Answer 42

1. Deed- A written document that transfers title 2. Prescription -Open , continuous and adverse use for 20 years in Massachusetts - other states vary 3. Necessity- Owner must be granted access over the land of another ( a landlocked parcel is an example.