Real Estate School > Unit 3 > Flashcards

Unit 3 Flashcards

(71 cards)

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1
Q

estate in land

A

an ownership interest defined by the degree, quantity, nature, and extent of an owner’s interest in real property

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2
Q

freehold estate

A

lasts for an indeterminable length of time, such as a lifetime or forever

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3
Q

fee simple

A

the highest interest estate in real estate recognized by law

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4
Q

fee simple absolute

A

ownership that entitles its owner to all rights to the property by law—estate intended to run forever

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5
Q

fee simple defeasible

A

a qualified fee estate that is subject to the occurence or nonoccurence of some specified event

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6
Q

fee simple determinable

A

fee simple defeasible estate that may be inherited and is qualified by a special limitation—does not require court if violated, possibility of reverter

uses words such as “so long as” or “while”or “during”

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7
Q

fee simple subject to a condition subsequent

A

owner gives real estate on condition of ownership, which means there is a difference in the way the estate will terminate if there is a violation of the condition—requires court if violated, right of reentry

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8
Q

future interest

A

will only be possible at some time in the future, and may never take effect

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9
Q

life estate

A

freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons, not inheritable

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10
Q

pur autre vie

A

provides for inheritance of the property right by the life tenant’s heirs, but the right exists only until the death of the identified person or persons

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11
Q

remainder interest

A

the creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends

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12
Q

reversionary interest

A

if the creator of the life estate may chooses not to name a remainderman, ownership returns to the original owner upon the end of the life estate

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13
Q

legal life estate

A

an estate created by state law rather than by a property owner

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14
Q

dower

A

the life estate of a wife in the real estate of her deceased husband

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15
Q

curtesy

A

a life estate of a husband in the real estate of his deceased wife

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16
Q

Uniform Probate Code (UPC)

A

gives a surviving spouse the right to an elective share on the death of the other spouse, if the surviving spouse is not satisfied with the decedent’s disposition of the property by will

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17
Q

homestead

A

legal life estate in real estate occupied as the family home

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18
Q

Ownership goes back to the original owner upon the end of the life estate

A

Reversionary interest

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19
Q

The person named by the creator of a life estate to receive the property when the life estate ends

A

Remainder interest

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20
Q

The highest interest in real estate recognized by law in which the holder is entitled to all rights to the property

A

fee simple

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21
Q

A freehold estate limited in duration to the life of the owner or the life of some other designated person or persons

A

life estate

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22
Q

T/F: Unlike other freehold estates, a life estate is not inheritable. It passes to future owners according to the provisions of the life estate.

A

True

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23
Q

T/F: Freehold estates last for a specified length of time, such as one year.

A

False. A freehold estate lasts for an indeterminable length of time, such as a lifetime or forever.

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24
Q

encumbrance

A

a type of interest in real estate that does not rise to the level of ownership or possession, yet still gives an individual, business, or other entity some degree of use or control of the property

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25
lien
a charge against property that provides security for a debt or an obligation of the property owner
26
deed restriction
limiting the use of the property bypass the current owner, as well as future owners to whom the property is subsequently transferred
26
covenants, conditions, and restrictions (CC&Rs)
used by a subdivision developer to maintain specific standards in a subdivision
27
easement
the right to use the land of another for a particular purpose
27
easement appurtenant
attached to the ownership of real estate and allows the owner of that property the use of a neighbor's land
28
easement in gross
an individual or company interest in or right ot use someone else's land
29
easement by necessity
created when an owner sells a parcel of land that has no legal access to a street or public way except over the seller's remaining land
30
easement by prescription
if the claimant has made use of another's land for a certain period of time as defined by state law
31
license
a personal privilege to enter the land of another for a specific purpose
32
encroachment
when a building, fence, or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines
33
lis pendens (or cloud on the title)
a notice filed in the public record of a pending legal action affecting the title to or possession of property
34
Does Bernardo have the right to use Debra's driveway?
The answer is no, because the easement he gave to Marissa is no longer valid. When Bernardo became the owner of both the first and second houses (before he sold to Debra), the easement that he had given to Marissa was extinguished by the doctrine of merger. The property was treated as a single property.
35
What is Bernardo's BEST recourse at this point?
The answer is build a new driveway that is on the property he now owns. Because Debra has refused to allow Bernardo to have an easement over that property, Bernardo will have to build a new driveway that is entirely on the property he now owns to the public road. Lawsuits are not likely to work out in his favor because the easement was terminated when Bernardo became owner of both properties.
36
What should Bernardo have done to have the right to use Debra's driveway?
Reserved an easement right over the original property when he sold it to Debra
37
a claim, charge, or liability that attaches to real estate, and may or may not be monetary
encumbrance
37
a charge against property providing sercurity for a debt or an obligation of the owner
lien
38
private rule that limits the use of property and is binding on all future grantees
deed restriction
39
the right to use the land of another for a particular purpose
easement
40
a personal privilege to enter the land of another for a specific purpose—can be terminated or cancelled
license
41
T/F: An encumbrance is not an estate, so it does NOT allow possession.
True
42
T/F: Covenants, conditions, and restrictions (CC&Rs) are police powers that affect land use.
False
43
police power
the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens
44
eminent domain
the right of the government to acquire privately owned real estate for public use
45
taking
when land is taken for public use through the government's power of eminent domain, the owner must be compensated fairly
46
inverse condemnation
an action brought be a property owner seeking just compensation for land adjacent to land use for a public purpose when the property's use and value have been diminished
47
taxation
a charge on real estate to raise funds to finance the operation of government facilities and services
48
escheat
process by which the state may acquire privately owned property when an owner dies and leaves no heirs, no will or living trust
49
T/F: Condemnation is the right of the government to acquire privately owned real estate for public use. Eminent domain is the process by which the government exercises this right, by either judicial or administrative proceedings.
The answer is false. Eminent domain is the right of the government to acquire privately owned real estate; condemnation is the proceeding by which the right is exercised.
50
T/F: Escheat is a process by which the state may acquire privately owned real or personal property.
True
51
The state's power to regulate land use is
challengeable
52
The process by which government takes control of a property after the owner dies without a will or lawful heirs is
escheat
53
Which of these must exist for an appurtenant easement to exist?
Two adjacent parcels, different owners
54
A suit for condemnation would be used to exercise which governmental right?
Eminent domain
55
A life estate that is not created by a property owner is
the legal life estate
56
A statutory right that a family has in its residence is called
homestead
57
Which of the following is TRUE about an estate in land?
It defines an owner's interest in real property
58
A landowner has divided a large parcel of land into smaller parcels and has recently sold a tract near a nature preserve that is landlocked and cannot be entered except through one of the other tracts. The buyer of that property will probably be granted what type of easement by court action?
easement by necessity
59
The holder of a right of reentry of real estate (or the holder's heir or successor) can assert the right
by bringing a legal action in court
60
Government powers include police power, eminent domain, taxation, and
escheat
61
Upon the death of the life tenant, the property returned to the grantor. The type of interest held by the grantor in the life estate must have been
a reversionary interest
62
A mortgage or deed of trust recorded against real property to secure the payment of a debt is
a lien
63
The city wants to acquire private land for a park. The city can obtain the land by paying fair value under the right of
eminent domain
64
A property on Main Street that was formerly a retail store will become the site of a new city hall, made possible by the government's power of
eminent domain
65
A homestead is a legal life estate in real estate that is
occupied as the family home
66
The state's authority to enact legislation to protect the public is passed through to municipalities and counties by
enabling acts
67
An easement is terminated by
release of the right of easement to the servient tenement
68
Upon the death of a life tenant, the holder of the remainder estate will have which type of estate?
The answer is fee simple absolute estate. Upon the death of the life tenant, the estate either returns to the grantor through a reversionary interest or goes to the designated remainderman. In either case, the estate will be a fee simple absolute.

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