Limitations on Real Estate Pt. 2 Flashcards
(23 cards)
Easement is
the right to use or enter another person’s land for a specific purpose
With every easement, there is a ____ estate and a ____ estate.
Dominant, subservient
A dominant estate/tenement
benefits from the easement, the one that is granted the “right of way”
Servient estate/tenement
burdened by the easement, granted the “right of way” to the dominant estate
If the property is sold does the easement run with the land?
It depends on if the easement “runs with the land”.
Easement appurtenant is
an easement that “runs with the land” regardless of the future owners.
Easement in gross is
an easement that “runs with the person”, and therefore not carried over to future owners.
Lien is
the claim on a property (personal or real) to secure a debt
Voluntary lien is
a contract lien that you gave consent to. (e.g. Mortgages)
Involuntary lien is
a lien that is imposed on property without your consent
A Mechanic Lien is an example of?
& what is a Mechanic Lein?
an involuntary lien (Mechanic liens are usually filed by contractors, subcontractors, or suppliers that never received payment for work that they performed or materials provided on the property)
A judgment lien is
a claim placed on a property by creditors via a court decision
A mechanic lien is
a claim placed on a property by someone who didn’t receive payment for work completed on the property.
A tax lien is
a claim placed on a property due to non-payment of assessed taxes
A tax lien must be ___ before transferring ownership to someone else.
paid-off
Encroachment is when
a permanent object from one property extends over another property illegally.
There are ___ and ___ limitations on real estate ownership.
private, public
6 private limitations on real estate ownership
Deed restrictions, leases, mortgages, easements, liens, encroachments
4 public limitations of real estate ownership
Police power, taxation, eminent domain, escheat
3 examples of police power
Zoning, building/fire codes, and environmental regulations
2 examples of taxation limitations on real estate ownership
Property tax & special assessments
Eminent domain is
the right of a government or its agent to expropriate private property for public use, with payment of compensation
Escheat is
the right of a government to take ownership of estate assets or unclaimed property. It most commonly occurs when an individual dies with no will or no heirs.
