Term
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Definition
| Defines the degree, quantity, nature, and extent of an owner's interest in real property. |
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Term
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Definition
| Lasts for an indeterminable length of time, such as for a lifetime or forever. |
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Term
| Fee Simple or Fee Simple Absolute |
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Definition
| Highest interest in real estate recognized by law. The holder is entitled to all rights to the property by law and is intended to run forever. |
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Term
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Definition
| A qualified fee estate that is subject to the occurrence or nonoccurrence of a specified event. |
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Term
| What are the two categories of a fee simple defeasible estate? |
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Definition
1. Fee simple determinable - a fee simple defeasible estate that may be inherited. (as so long as or while or during)
2. fee simple subject to a condition subsequent - an owner gives real estate ON CONDITION of ownership, which means there is a difference in the way the estate will terminate if there is a violation of the condition. |
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Term
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Definition
1. fee simple determinable
2. an interest that can be transferred to someone else |
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Term
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Definition
1. fee simple subject to a condition subsequent
2. must bring legal action to assert this right |
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Term
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Definition
| A freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons. |
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Term
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Definition
| The holder of a life estate. |
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Term
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Definition
* "for the life of another"
* provides for inheritance of the property right by the life tenant's heirs, but the right exists only until the death of the identified person or persons. |
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Term
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Definition
| The creator of the life estate may name a remainder-man as the person whom the property will pass when the life estate ends. |
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Term
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Definition
| The creator of the life estate may choose not to name a remainderman. In that case, ownership returns to the original owner upon the end of the life estate. |
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Term
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Definition
| Not created by a property owner, but rather is established by state law. (ie. dower, curtesy, and homestead) |
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Term
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Definition
| Life estate of a wife in the real estate of her deceased husband. |
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Term
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Definition
| Life estate of a husband in the real estate of his deceased wife. |
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Term
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Definition
| legal life estate in real estate occupied as the family home. Exempt from certain judgments for debts such as charge accounts and personal loans. |
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Term
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Definition
| Type of interest in real estate that does not rise to the level of ownership or possession, yet still gives an individual, business, or other entity some degree of use or control of the property. (ie. easements, licenses) |
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Term
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Definition
| Charge against property that provides security for a debt of an obligation of the property owner. |
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Term
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Definition
| Will run with the land, limiting the use of the property by the current owner, as well as future owners to whom the property is transferred. |
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Term
| Covenants, conditions, and restrictions (CC&Rs) |
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Definition
| Used by a subdivision developer to maintain specific standards in a subdivision. |
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Term
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Definition
| The right to use the land of another for a particular purpose. |
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Term
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Definition
| Attached to the ownership of real estate and allows the owner of that property the use of a neighbor's land. |
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Term
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Definition
| Parcel that benefits from the easement. |
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Term
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Definition
| Parcel over which the easement runs. |
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Term
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Definition
| Exterior wall of a building that straddles the boundary line between two lots, or it can be a shared partition wall between two connected properties. |
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Term
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Definition
| An individual or company interest in or right to use someone else's land. (ie. railway, utitilites) |
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Term
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Definition
| Created by court order based on the principle that owners must have the right to enter and exit their land. |
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Term
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Definition
| Claimant has made use of another's land for a certain period of time as defined by state law. |
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Term
| An easement terminates when: |
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Definition
1. The need no longer exists
2. The owner of either the dominant or the servient tenement becomes the sole owner of both properties.
3. By the release of the right of easement to the owner of the servient tenement.
4. By the abandonment of the easement.
5. By the nonuse of a prescriptive easement. |
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Term
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Definition
| Personal privilege to enter the land of another for a specific purpose. |
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Term
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Definition
| When a building , fence, or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines. |
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Term
| Lis pendens (litigation pending) |
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Definition
| Notice filed in the public record of a pending legal action affecting the title to or possession of property. |
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Term
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Definition
Government powers:
Police
Eminent Domain
Taxation
Escheat |
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Term
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Definition
| Every state has the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens. |
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Term
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Definition
| Right of the government to acquire privately owned real estate for public use. |
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Term
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Definition
| Process by which the government exercises the right of eminent domain. |
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Term
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Definition
| Taking of land for public use; Fifth Amendment |
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Term
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Definition
| An action brought by a property owner seeking just compensation for land adjacent to land used for a public purpose when the property's use and value have been diminished. |
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Term
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Definition
| Charge on real estate to raise funds to finance the operation of government facilities and services. |
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Term
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Definition
| Process by which the state may acquire privately owned real or personal property. (ie. when an owner dies and leaves no heirs) |
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