Modern Real Estate Practice 20th Edition Unit 3 Interest in Real Estate

Modern Real Estate Practice 20th Edition Unit 3 Interest in Real Estate Flashcards Fee Simple EstateFee Simple Absolute - Absolute ownership and is the highest interest in real estate recognized by law.Legal Life EstateIs not created by a property owner but is established by state law and becomes effective automatically when certain events occur. Dower, curtesy and homestead are the legal life estates currently used in some states.Pur autre vieA life estate based on "for the life of a another" person other than the life tenant.Easement AppurtenantAttached to the ownership of real estate and allows the owner of a property adjacent to another property the use of a neighbor's land.HomesteadA legal life estate in real estate occupied s the family home and is protected from most creditors during the ocuupant's lifetime in some part of it at least and exempt from certain judgements for debts such as charge accounts and personal loans or real estate taxes against the property. If forced sale, the family will receive the amount reserved by the homestead exemption.Lis PendensA notice filed in the public record of pending litigation affecting the title to property or a claimed ownership interest in it.TaxationA charge imposed on real estate to raise funding for government services.CurtseyHistorically was the life estate of a Husband in the realestate of her deceased wife that provides the non owning spouse with a means of support after the death of the owning spouse EscheatThe automatic transfer of real property to the state when the owner dies without heirs or a will.Easement in GrossRight of Ways of utility easements, (pipeline, power lines) or railroads on an owner land Enabling ActsThe authority of the state's police power is passed on to municipalities and counties through legislation Fee Simple DeterminableEstate that may be inheritted with special limitations which is an occurence or event. Uses language such as "so long as" or "while" or "during". If the limitation is violated, the owner of the "possibility of reverter" (heir or successor) can reaquire full ownership with no need for legal action in court. The title is automatically transferred to the person who holds the possibility of reverter.

Life EstateA freehold estate limited in duration to either the life of the holder of the estate or the life of some other designatioed person or persons.Dominant TenementThe parcel of land that benefits from the use of anothers land Estate in Landthe degree, quantity, nature, and extent of an owner's interest in real property. ( how much interest for a property) Party WallAn exterior wall of a building that straddles the boundary line between two lots or a shared partition wall between two connected properties Eminent DomainThe right of a government to acquire privately owned real estate for public use.Reversionary interestOwnership reverts back to the original owner (creator of the life estate) upon the end of a life estate Terminating an Easement1. No longer exist - 2. when the two properties become owned by one party - 3. the release of the right to the owner of the Servient Tenement (Dominant releases his right to the Servient) -4. abandonment of the easement - 5.nonuse of a prescription easement Fee Simple AbsoluteThe maximum possible estate or right of ownership of real property, continuing forever.Inverse CondemnationAction brought by a property owner seeking just compensation for the land adjacent to land used for a public purpose when the property's use and value have been diminished.Deed Restrictiona private agreement that affects the use of land.LienA charge against property that provides security for ta debt or obligation of the property owner.LicenseA personal privilege to enter the land of another for specific purpose.EasementThe right to use another's land for a particular purpose.Remainder interest (Remainderman)The person to whom the creator of the life estate may name to pass the property to when a life estate ends.Police PowerThe government's right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare.EncumbranceAn interest in real estate that does not rise to the level of ownership or possession yet still gives some degree of use or control of the property.CondemnationThe process by which the government exercises its right of eminent domain. (concept of the "taking" of property to protect public health, safety, and welfare.) Freehold EstateAn estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

Easement by the NecessityEasement is necessary due to a land locked property without access to enter or exit the property Easement by PrescriptionClaim made use of another's land for a certain period of time continued use, nonexclusive use without the permission of the owner.DowerHistorically was the life estate of a Wife in the realestate of her deceased husband that provides the non owning spouse with a means of support after the death of the owning spouse Life TenantThe holder of a life estate Fee Simple DefeasibleAn estate qualified by some action or activity that must or must not be performed (if condition not met goes back to original grantor or as specified to third party) EncroachmentWhen a building, fence or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines.Fee Simple Subject to a Condition Subsequent Giving of real estate based on a "condition" of ownership.Example There shall not be consumption of alcohol on the property). If there is a violation, the estate does not automatically terminate upon the violation but the person holding the "right of re-entry" must bring legal action in court to assert his right to take the property.Servient TenementThe parcel over which the easement runs