enjoyment of a parcel of real estate; for example, a right of

Unit 7 - Interests in Real Estate Flashcards Easement By NecessityAn easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land.Remainder InterestThe remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another. Remainderman is LEGAL TERM Police WallPur Autre Vie WasteA fee simple defeasible estate that may be inherited.CurtesyIdentical interest that a husband has in real estate of his deceased wife.Easement in GrossAn easement that is not created for the benefit of any land owner by the owner of the easement but that attaches personally to the easement owner. IE. a right granted by Eleanor to Joe to use a portion of her property for the rest of his life would be easement in gross.Equity in Eminent Domain ActLegislation that provides protections for private property owners when government seeks to acquire land for economic development projects, Appurtenant EasementAn easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land.(Runs with land) Doctrine of Prior AppropriationThe theory that whoever begins using the water first, has the right to continue using the water.Life TenantA person in possession of a life estate, ReverterOnly lasts 40 years.EncumbranceAnything (for example, a mortgage, tax, or judgment lienl an easement; a restriction on the use of the land) that may diminish the value or use and enjoyment of a property.Divided into Liens and physical encumbrances (restrictions, easements, licenses, and encroachments) AccretionThe increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.Increases deposits called alluvion. If boundary extended to the waters edge and then recedes the new land is acquired by reliction.Mnemonic Device - PETEPolice Power, Eminent Domain, Taxation, Escheat Eminent DomainThe right of a 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.Freehold EstateAn estate in land in which ownership is for an indetermineate length of time, in contrast to a leasehold

estate.

Estate in LandThe degree, quantity, nature, and extent of interest a person has in real property.DowerLife estate that a wife has in real estate of her deceased husband.Life EstateAn interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons A summary proceeding permitted by Illinois law in which a plantiff/condemnor may obtain immediate fee simple title to real property, including the rights of possession and use.Reliction EasementA right to use the land of another for a specific purpose, such as for a right-of-way or utilities.HomesteadLand 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 judgment debts.Uniform Probate CodeFederal legislation that gives the surviving spouse the right to take an elective share on the death of the other spouse.Police PowerThe goverment's right to imppose laws, statutes, and ordinances, including zoning ordinances and building odes, to protect the public health, safety and welfare.Leasehold EstateA tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest. Give 60 days First step of eviction5 day written notice due to nonpayment 10 days for everything else.Reversionary InterestThe remnant of an estate that the grantor holds after granting a life estate to another person.Fee Simple AbsoluteThe maximum possible estate or right of ownership of real property, continuing forever.Future InterestA 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.Easement By CondemnationAn easement created by the government or government agency that has exercised its right under eminent domain.LicenseA privilege or right granted to a person by a state operate as a real estate broker, managing broker, or leasing agent.

• The revocable permission for a temporary use of land - a

personal right that cannot be sold."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 Quick-Take Littoral Rights1. A landowner's claim to use water in large navigable lakes and oceans adjacent to her property. 2, The ownership rights to land bordering these bodies of water up to high-water mark.