7. Interests in Real Estate Flashcards Preview

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Flashcards in 7. Interests in Real Estate Deck (35)
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1
Q

ACCRETION

A

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

2
Q

APPURTENANT EASEMENT

A

An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor’s land.

3
Q

AVULSION

A

The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.

4
Q

CONDEMNATION

A

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.

5
Q

DEED RESTRICTION

A

Clause in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions—for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all.

6
Q

EASEMENT

A

A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land.

7
Q

EASEMENT BY CONDEMNATION

A

An easement created by the government or government agency that has exercised its right under eminent domain.

8
Q

EASEMENT BY NECESSITY

A

An 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.

9
Q

EASEMENT BY PRESCRIPTION

A

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

10
Q

EASEMENT IN GROSS

A

An 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. For example, a right granted by Eleanor Franks to Joe Fish to use a portion of her property for the rest of his life would be an easement in gross.

11
Q

EMINENT DOMAIN

A

The 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.

12
Q

ENCROACHMENT

A

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 some land of an adjoining owner or a street or alley.

13
Q

ENCUMBRANCE

A

Anything—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.

14
Q

EROSION

A

The gradual wearing away of land by water, wind, and general weather conditions; the diminishing of property by the elements.

15
Q

ESCHEAT

A

The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned.

16
Q

ESTATE IN LAND

A

The degree, quantity, nature, and extent of interest a person has in real property.

17
Q

FEE SIMPLE

A

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

18
Q

FEE SIMPLE ABSOLUTE

A

The maximum possible estate or right of ownership of real property, continuing forever.

19
Q

FEE SIMPLE DEFEASIBLE

A

A qualified estate that is subject to the occurrence or nonoccurrence of some specified event. See also defeasible fee estate.

20
Q

FEE SIMPLE DETERMINABLE

A

A fee simple estate qualified by a special limitation. Language used to describe limitation includes the words, “so long as” or “while” or “during.”

21
Q

FREEHOLD ESTATE

A

An estate in land in which owner ship is for an indeterminate length of time, in contrast to a leasehold estate.

22
Q

FUTURE INTEREST

A

A person’s present right to an interest in real property that will not result in possession or enjoyment until some time in the future, such as a reversion or right of reentry.

23
Q

HOMESTEAD

A

Land 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.

24
Q

LEASEHOLD ESTATE

A

A tenant’s right to occupy real estate during the term of a lease, generally considered to be a personal property interest.

25
Q

LICENSE

A

The revocable permission for a temporary use of land—a personal right that cannot be sold.

26
Q

LIEN

A

A 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.

27
Q

LIFE ESTATE

A

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.

28
Q

LITTORAL RIGHTS

A

(1) A landowner’s claim to use water in large navigable lakes and oceans adjacent to his or her property. (2) The ownership rights to land bordering these bodies of water up to the high-water mark.

29
Q

PARTY WALL

A

A wall that is located on or at a boundary line between two adjoining parcels of land and is used or is intended to be used by the owners of both properties.

30
Q

POLICE POWER

A

The government’s right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare.

31
Q

PRIOR APPROPRIATION

A

A concept of water ownership in which the landowner’s right to use available water is based on a government-administered permit system.

32
Q

REMAINDER INTEREST

A

The 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.

33
Q

REVERSIONARY INTEREST

A

The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease.

34
Q

RIPARIAN RIGHTS

A

An owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

35
Q

TAXATION

A

The process by which a government or municipal quasi-public body raises monies to fund its operation.