Unit 4 Vocabuarly Flashcards

1
Q

estate in land

A

defines the degree, quantity, nature, and extent of an owner’s interest in real property.

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2
Q

A freehold estate

A

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

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3
Q

fee simple

A

is the highest interest in real estate recognized by law

Fee simple ownership is ownership in which the holder is entitled to all rights to the property by law.

Upon the death of the owner of a fee simple estate, the property interest passes to

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4
Q

fee simple defeasible

A

estate is a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event

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5
Q

fee simple determinable

A

is a fee simple defeasible estate that may be inherited

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6
Q

fee simple subject to a condition subsequent

A

an 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.

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7
Q

future interest

A

In the defeasible fee estates, the possibility of reverter (fee simple determinable) or right of entry (fee simple subject to a condition subsequent) will only be possible at some time in the future, and may never take effect.

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8
Q

life estate

A

is 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.

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9
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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10
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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11
Q

Reversionary interest

A

The creator of the life estate may choose not to name a remainderman. In that case, ownership returns to the original owner upon the end of the life estate.

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12
Q

legal life estate

A

is not created by a property owner, but rather is established by state law

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13
Q

homestead

A

is a legal life estate in real estate occupied as the family home.

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14
Q

encumbrance

A

is 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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15
Q

lien

A

is a charge against property that provides security for a debt or an obligation of the property owner.

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16
Q

deed restriction

A

will run with the land, limiting the use of the property by the current owner, as well as future owners to whom the property is subsequently transferred.

17
Q

Covenants, conditions, and restrictions (CC&Rs)

A

are used by a subdivision developer to maintain specific standards in a subdivision, such as by requiring adherence to certain architectural or design specifications for improvements.

18
Q

easement

A

is the right to use the land of another for a particular purpose

19
Q

easement appurtenant

A

is attached to the ownership of real estate and allows the owner of that property the use of a neighbor’s land

20
Q

easement in gross

A

is an individual or company interest in or right to use someone else’s land