unit 3 modern real estate practice 21st edition Flashcards

unit 3 modern real estate practice 21st edition Flashcards Inverse CondemnationAn action brought by a property owner seeking just compensation for diminishing use and value of land because of an adjacent property's public use.estate in landThe degree, quantity, nature, and extent of interest a person has in real property.Easement in GrossAn 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.Easement Appurtenantan easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land encroachmentA 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 a street or alley easementThe right to use the land of another for a particular purpose.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 or persons other than the grantee eminent domainPower of a government to take private property for public use.reversionary interestThe remnant of an estate that the grantor holds after granting a life estate to another person.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.Uniform Probate Code (UPC)replaced spousal property interests that were formerly part of the common law Legal Life EstateA 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 estates used in some states.Deed RestrictionsClauses in a deed limiting the future uses of the property.Fee Simple DeterminableA fee simple estate qualified by a special limitation.Language used to describe limitation includes the words so long as, while, or during.Fee Simple Subject to a Condition Subsequent An estate carrying the limitation that, if it is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry.

Easement by PrescriptionAn easement acquired by open, notorious, continuous, hostile and adverse use of the property for the period of time prescribed by state law.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.Fee Simple AbsoluteThe maximum possible estate or right of ownership of real property, continuing forever.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 judgments for debts other than those secured by the property.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.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.encumbranceAnything-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 a property.Fee SimpleThe highest interest in real estate recognized by the law; the holder is entitled to all rights to the property.taxationThe process by which a government body raises monies to fund its operation.

Fee Simple Defeasibledefeasible fee estate: An estate in which the holder has a

fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event. there are two categories of defeasible fee estates; fee simple on condition precedent (fee simple determinable) and fee simple on condition subsequent.lienA right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.condemnationA 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.escheatThe reverting of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned.license(1) In real estate practice, the privilege or right granted to a person by a state to operate as a real estate broker or

salesperson. (2) The revocable permission for a temporary use of land-a personal right that cannot be sold.

Freehold EstateAn estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.covenants, conditions, and restrictions (CC&Rs) 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.takingProcess of land being taken from a property owner for public use through eminent domain with the requirement that the owner be compensated fairly.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.