Interests In Real Estate Flashcards Preview

Real Estate Practice > Interests In Real Estate > Flashcards

Flashcards in Interests In Real Estate Deck (8)
Loading flashcards...
1

fee simple defeasible

a qualified estate, that is, it is subject to the occurrence or nonoccurrence of some specified event. Two types of defeasible estates exist: those subject to a condition subsequent and those qualified by a special limitation.

2

fee simple determinable

A fee simple estate qualified by a special limitation. Language used to describe limitation includes the words, "so long as" or "while" or "during."

3

an estate pur autre vie

"for the life of another. Although a life estate is not considered an estate of inheritance, a life estate pur autre vie provides for inheritance by the life tenant's heirs only until the death of the person against whose life the estate is measured.

4

homestead

Land that is owned and occupied as the family home. In many states a portion of the area or value of this land is protected or exempt from judgments for debts.

5

appurtenant easement

An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land.

6

easement in gross

an individual interest in or right to use someone else's land.

7

easement by necessity.

An easement by necessity is created by court order based on the principle that owners have the right to enter and exit their land (the right of ingress and egress)—they should not be landlocked.

8

easement by prescription

An easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law.