Vocabulary: Chapter 3- Interests In Real Estate Flashcards Preview

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Flashcards in Vocabulary: Chapter 3- Interests In Real Estate Deck (34)
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Appurtenant easement

an easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbors land

1

Avulsion

The sudden tearing away way of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream

2

Condemnation

A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner

3

Covenants, conditions, and restrictions

Private agreements that affected the land-use. They may be enforced by an owner of real estate and included in the sellers deed to the buyer

4

Deed restrictions

Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all.

5

Easement

A right to use the land of another for a specific purpose, such as for a right-of-way or utility; an incorporeal interest in the land

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Easement by necessity

And easement allowed by law as necessary for the full enjoyment of a parcel of real estate EG a right of ingress and egress over a grantors land

7

Easement by prescription

And easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law

8

Easement in gross

An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. For example, a right granted by Eleanor Franks to Joe fish to use a portion of her property for the rest of his life would be an easement in gross

9

Eminent domain

The right of the government or municipal quasi- public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner

10

Encroachment

A building or some portion of it a wall or fence, for instance that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner or street or alley

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Encumbrance

Anything such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land; or an outstanding dower right that may diminish the value or use and enjoyment of the property

12

Escheat

The reversion of property to the state or county, as provided by state law, in cases where a decendent dies intestate without heirs capable of inheriting, or where the property is abandoned

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Estate in land

The degree, quantity, nature, and extent of interest a person has in real property

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Fee simple

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

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Fee simple absolute

The maximum possible estate or right of ownership of real property, continuing forever

16

Fee simple defeasible

An estate in which the holder has a fee simple title that may be divested upon the occurrence or non-occurrence of a specified event. There are two categories of defeasible fee estate: feesimple on condition precedent and feesimple on condition subsequent

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Feesimple determinable

Hey feesimple estate qualified by a special limitation. Language used to describe limitation includes the words so long as, while, or during

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Fee simple subject to a condition subsequent

If an estate is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry

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Freehold estate

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate

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Future interest

A person's present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry

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Homestead

Land that is owned and occupied as the family home in many states, a portion of the area or value of this land is protected or exempt from judgments for Debts

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Legal life estate

A form of life estate established by state law, rather than created voluntarily by an owner. It becomes effective when certain events occur. See dower, curtesy, and homestead for legal life estate used in some states

23

License

(1) the privilege or right granted to a person by a state operate as a real estate broker or sales person
(2) the revocable permission for a temporary use of land a personal right that cannot be sold

24

Lien

Hey right given by law to certain creditors to have the debts paid out of the property of the defaulting debtor usually that means of course sale

25

Life estate

An interest in real or personal property that is limited in duration to lifetime of its owner or some other designated person or persons

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Littoral rights

(1) landowners claim to use water in large navigable lakes and oceans adjacent to his or her property
(2) the ownership rights to the land bordering these bodies of water up to the high water mark

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Police power

The governments right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare

28

Prior appropriation

The concept of water ownership in which the landowners right to use the available water is based on the governments administered permit system

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Pur autre vie

"For the life of another"a life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee