Unit 3 Flashcards
Interest in Real Estate (30 cards)
A spouse dies, leaving real estate owned as separate property to the surviving spouse, but with the provision that when the surviving spouse dies, the real estate goes to a specified charity. The surviving spouse owns a bundle of rights, but does not own the right to
will the property
Every workday for the past 20 years , an accountant has paid to park in a specific place in a nearby parking garage. Today, the accountant received a notice that the garage will be replaced by an office building. Can the property owners do this after all the years the accountant parked there?
Yes, the accountant only had a license
A property owner conveyed a one -acre parcel of land to a preschool. The deed stated that the property was to be used only as a playground; the property owner reserved a right of reentry. what kind of estate has been granted?
Fee simple subject to a condition subsequent
There is notice in the public record of pending litigation affecting the title to a property. pending legal action “cloud over the property”
A lis pendens
A property owner gave land to a school ‘so long as the land is used only for academic and recreational purposes” The ownership interest granted here is called
fee simple determinable
If the government acquires privately owned real estate through a condemnation suit, it is exercising its power of
eminent domain
A resident of sunny Oaks owned two acres of land , sold one acre, and reserved an easement appurtenant for entrance and exit over that acre to reach the public road. The acre that was sold is
a servient tenement
A large undeveloped parcel of land on the slide of a hill borders a road on its lower edge. the owner of the parcel sells the lower portion of the property to a buyer who builds a home on it. Several years later, the upper portion of the property is sold to somebody else. The upper portion of the property does not border any road. To gain access to the road, the owner of that property has a legally implied right to an easement
by necessity
If the dominant estate merges with the servient estate, What happens to the Easement?
The easement is terminated
The homestead exemption in a town is $15,000. Four years ago, a resident purchased a home for $58,000 and then experienced hard times. At a court-ordered sale, the property is purchased for 60,000. IF the resident has an outstanding mortgage balance of $35,000 and credit card debts amounting to $24,360, how much is protect by the homestead exemption?
$15,000
In some states, a husband could not sell his property unless his wife also signed the deed. The wife’s interest was called
dower
The states authority to enact legislation to protect the public is passed through to municipalities and counties by
enabling acts (Police Powers)
The state requires enough land to build a four -lane highway. For the state to acquire the needed land from a property owner, the state must do all of these
demonstrate that the taking of the land is for the public good
allow the property owner the right to appeal and decision
pay a fair and just compensation to the owner
A patient died in a nursing home. The deceased left no will and had no heirs. What happens to the deceased ‘s $250,000 estate.
It escheats to the state or county
Which of these is defined as any claim, charge, or liability that attaches to real estate?
Encumbrance
Which of these must exist for an appurtenant easment to exist.
Two adjacent parcels, different owners
What are deed restrictions?
Private agreements affecting the use of the land
What are deed restrictions ?
Private agreements affecting the use of the land
The electric company has the right to extend its wires over 50 parcels of land. what right does the electric company have
Easement in gross
For as long as anyone can remember, neighbor families have used a footpath to get to the river. Recently, the current owner of the footpath erected a fence across the path. Which of these easement might the neighbors claim would require the owner of the foot path to remove the fence?
Easement by prescription
The holder of a life estate is called
a life tenant
Fee simple
the highest interest in real estate
Fee simple absolute
all rights to property - forever
Fee simple defeasible
subject to occurrence- two types
fee simple determinable- special limitations - so long as or while or during
fee simple subject to a condition subsequent- any violation of condition property returns to owner- no alchol , no hunting , harvesting trees for profit
