Unit 4: Interest In Real Estate

Front 1

Estates in land

Back 1

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

Front 2

Freehold estate

Back 2

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

Front 3

Fee simple

Back 3

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

Front 4

Fee simple defeasible

Back 4

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

Front 5

Fee simple determinable

Back 5

A fee simple defeasible estate that may be inherited.

Front 6

Fee simple subject to a condition subsequent

Back 6

And estate carrying the limitation that if it's no longer used for the purpose conveyed it revert to the original grantor by the right of reentry

Front 7

Future interest

Back 7

A persons 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 re-entry

Front 8

Life estate

Back 8

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

Front 9

A life estate based on the life of the holder of the estate is not inheritable true or false

Back 9

True

Front 10

A life estate passes to the Future owner according to the provisions by which the life estate was created true or false

Back 10

True

Front 11

The holder of a life estate is called a _________

Back 11

Life tenant

Front 12

Life estate pur autre vie

Back 12

A life estate that is measured by the life of a person or persons other than the grantee

Front 13

Remainder interest

Back 13

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

Front 14

Reversionary interest

Back 14

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

Front 15

Legal life estate

Back 15

A form of life estate established by state law.

Front 16

Homestead

Back 16

Land that is owned and occupied as the family home

Front 17

Encumbrance

Back 17

A claim, charge, or liability that attaches to real estate and may or may not be monetary

Front 18

Lien

Back 18

A charge against property providing security for a debt or an obligation of the owner

Front 19

Deed restrictions

Back 19

Clauses in a deed limiting the future uses of the property

Front 20

Covenants conditions and restrictions (cc&r's)

Back 20

Private agreements that affect land use. They may be enforced by an owner of real estate that benefits from them and can be included in the seller's deed to the buyer

Front 21

Easement

Back 21

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

Front 22

Easement appurtenant

Back 22

An easement attached to the ownership of real estate and allows the owner of that property the use of a neighbor's land.

Front 23

For an easement appurtenance to exist two adjacent Parcels of land must be owned by two different parties. True or false

Back 23

True

Front 24

Easement in Gross

Back 24

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

Front 25

Easement by necessity

Back 25

An easement Allowed by law is necessary for the full enjoyment of a parcel of Real Estate

Front 26

Easement by prescription

Back 26

An easement acquired by open notorious continuous hostile and a diverse use of the property for the period of time prescribed by state law.

Front 27

Terminate an easement

Back 27

The need no longer exists

Abandonment

Nonuse

Release of right

Front 28

Encroachment

Back 28

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 the land of an adjoining owner or public Street or alley.

Front 29

Lis pendens

Back 29

A notice filed in the public record of a pending legal action affecting the title to or possession of property.

Front 30

Police power

Back 30

The government's right to impose laws, statues, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and Welfare

Front 31

Eminent Domain

Back 31

The right of the government to acquire privately owned real estate for public use

Front 32

Condemnation

Back 32

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

Front 33

Taking

Back 33

Process of land being taken from a property owner for public use through eminent domain with the requirement that the owner be compensated fairly

Front 34

Inverse condemnation

Back 34

Action brought by a property owner seeking just compensation for diminished use and value of land because of an adjacent property's public use

Front 35

Taxation

Back 35

A charge on real estate to raise funds to finance the operation of government facilities and services

Front 36

Escheat

Back 36

The reversion of property to the state or county has provided by state law in cases in which a descendant dies in the state without heirs capable of inheriting, or when the property is abandoned.