Section 1 - Chapter 7 Flashcards Preview

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Flashcards in Section 1 - Chapter 7 Deck (46):
1

police power

state's power to enact legislation to preserve order, protecct public health and safety, and promote the general welfare of its citizens

2

4 governmental powers

police power, eminent domain, taxation, escheat

3

eminent domain

right of govt to acquire privately owend real estate for public use

4

condemnation

act of taking the property via eminent domain; just compensation paid to owner, rights of prop owner must be protected by law

5

taxation

charge on real estate to raise funds to meet the public needs of govt

6

escheat

process by which the state may acquire privately owned real or personal property; intended to prevent property from becoming abandoned

7

estate in land

defines the degree, quantity, nature, and extent of an owners interest in real property; an interest must allow possession either now or in the future

8

freehold estates

last for an indefinite period of time; fee simple (also called indefeasible fee), defeasible fee, life estates

9

leasehold estates

last for a fixed period of time; such as estates for years and estates from period to period

10

fee simple estates

unlimited duration and "run forever", upon death passes to owners or by will; fee simple absolute and fee simple defeasible are the two types

11

fee simple absolute

highest interest in real estate recognized by law; holder entitled to all right of property

12

fee simple defeasible

qualified estates, subject to occurrence or nonoccurrence of some event; 2 types include "condition subsequent" and "fee simple determinable" (a special limitation)

13

condition subsequent

new owner must not perform some specified activity; if so, former owner can retake property through legal action

14

fee simple determinable

qualiied by a special limiitation using "so long as" or "while" or "during". former owner has "possibility of reverter" where they can retake property without going to court

15

life estate

freehold estate limited in duration to life of the owner or another designated person; not inheritable

16

life tenant

rights of ownership and possession like fee simple, but can't harm the property. ability to use it limited to official owner's lifetime

17

conventional life estate

created intentionally by the owner. estate conveyed to an individual called the life tenant. when that person dies, estate goes on to a pre-assigned person or back to original owner

18

pur autre vie

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

19

remainderman, remainder interest

in a conventaional life estate, the person to whom the property will pass when the life estate ends

20

reversionary interest

when a life esate ends, the property goes back to original owner

21

legal life estate

not created voluntarily by owner; establised by state law (dower, curtesy, and homestead are 3 types)

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dower

life estate that a wife has in real estate of deceased husband

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curtesy

interest that husband has in deceased wife's real property

24

homestead

legal life estate occupied as the family home where home is protected from unsecured creditors

25

encumbrance

claim, charge, or liability that attaches to real estate; 2 categories - leins (monetary charges) and encombrances (restrictions, encroachments, licenses, easements)

26

lein

charge against property that proivdes security for a debt or an obligation of the property owner (like real estate taxes, mortgages, judgements, mechanics' leins)

27

deed restrictions

private agreements that affect land use and "run with the land"

28

covenants, conditions, restrictions

private agreements typically imposed by developer or subdivider to maintain specific standards

29

easement

right to use the land of another for a particular purpose

30

appurtenant easement

attached to ownership of one parcel and allows the owner the use of a neighbor's land

31

servient tenement

land which serves the other property

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dominant tenement

the dominating party benefited by the easement

33

easement in gross

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

34

easement by necessity

by court order, buyer of land must have rights to enter (ingress) and exit (egress), by way of seller's remaining land

35

easement by prescription

made use of another's land for a certain period of time; use must be continuous, exclusive, and without owner's approval (adverse); use must also be visible, open, and notorious (owner must have been able to learn of it)

36

easement by condemnation

acquired for public purpose, through right of eminent domain; owner of servient tenement must be compensated for any loss in property value

37

license

personal privilege (not a right) to enter the land of another for a specific purpose

38

encroachments

all or part of a structure illegally extends byond the land of its owner

39

spot survey

shows the location of all improvements located on a property and whether they extend over the lot or building lines

40

survey sketch

shows only lot dimensions

41

riparian rights

common law rights granted to owners of land along course of a river, strea, or similar body of flowing water; non-navigable

42

littoral rights

rights of property owners whose land borders commerically navigable lakes, seas, and oceans (littoral and riparian are appurtenant - attached - to the land)

43

accretion

owner entitled to all land resulting from deposit of soil by water's action; reliction is new land acquired by water receding

44

erosion

losing land by land being worn away by nature

45

avulsion

removal of land by sudden act of nature

46

doctrine of prior appropriation

right to use water is controlled by state, not landowner adjacent to the water