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Intro to Real Estate > Ch 7 > Flashcards

Flashcards in Ch 7 Deck (37)
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1
Q

PETE

A

limitations on the ownership imposed by the government for the general welfare of community; supersede rights or interests of the individual owner

2
Q

P= Police power

A
  1. Enabling acts grant authority from the state to local governments to protect the public health and safety and general welfare.
  2. Zoning ordinances, building codes, environmental protection laws, and other regulations (19)
3
Q

E= Eminent domain

A
  1. The right of the gov to take privately owned real estate for public use; condemnation is the process by which this right is exercised.
  2. Right extends to quasi-government bodies; can include renewal projects
4
Q

Legal protections for the property owner

A
  1. Past, use had to be for legitimate public use; however condemnation has been defined more broadly; Kelo v. city of New London case where the court found that the city invoked a state statute that authorized use of eminent domain to promote economic development
  2. Just compensation must be paid to the owner for property taken and diminished value
  3. The rights of the owner must be protected under due process of law
5
Q

T= Taxation

A

a charge on real estate to raise funds to meet the costs of government operations (10)

6
Q

E= Escheat

A

provides that the ownership of real estate will revert to the state ( or county ) in which it is located when its former owner dies without a will ( intestate) and has no heirs capable of being discovered by the state.

7
Q

Estates in Land

A

defines the owner’s degree, quantity, nature, and extent of interest in real property

8
Q

Freehold estates

A

estates for an indeterminable period of time

9
Q

Encumbrances

A

claim, charge, or liability that attaches to real estate

  1. Liens-monetary charge
  2. Encumbrances- restrictions, easements, encroachments that affect the condition or use of the property
10
Q

Lien

A

charge against property that provides security for the debts or other obligations of the property owner (10)

11
Q

Deed restriction

A

private agreement that affects the use of land (19)

12
Q

Easement

A

right to use the land of another for a particular purpose

13
Q

Appurtenant easement

A

attached to the ownership of one parcel and allows this owner the use of a neighbor’s land

  1. Servient tenement
  2. Dominant tenement
14
Q

Party wall easement

A

used for a wall that straddles the property line of adjacent properties with different owners

15
Q

Easement in gross

A

an individual or company interest in or right to use the land of another ( frequently for utilities)

16
Q

Easement by necessity

A

arising because owners must have ingress to and egress from their land

17
Q

Easement by prescription

A

arises when use has been continuous, exclusive, and without the owner’s approval

a. Open, notorious, visible, without owner’s approval
b. Tacking

18
Q

Terminating an easement

A
  1. When purpose for which created no longer exists
  2. Merger-Dominant or servient becoming owner of both under one legal description
  3. Abandonment of the easement
  4. Nonuse of a prescriptive easement by its owner
19
Q

License

A

the privilege to use another’s land for a specific purpose; can be terminated or canceled by the licensor

20
Q

Encroachment

A

anything that illegally extends from one property across the property line onto another parcel or beyond legal building lines

21
Q

Riparian rights

A

rights granted to owners of land along a river, stream, or similar body of water

22
Q

Littoral rights

A

rights of owners whose land boders commercially navigable lakes, seas, and oceans

23
Q

Accretion, erosion, avulsion

A

Accretion- increases in land resulting from deposit of soil by water’s action
Erosion- loss of soil by gradually wearing away by natural forces
Avulsion- sudden removal of soil due to act of nature

24
Q

Doctrine of prior appropriation

A

the right to use any water, except for limited domestic use, is controlled by the state rather than the adjacent landowner

25
Q

Fee Simple estate

A

the highest type of interest in real estate recognized by law

26
Q

Fee simple absolute

A

no limitations except for public and private restrictions, such as zoning laws and restrictive covenants

27
Q

Fee simple defeasible

A

qualified ( limited ); subject to the occurrence or nonoccurrence of a specified event

28
Q

Fee simple subject to a condition subsequent

A

exists provided condition is not violated; former owner retains a right of reentry if the condition is broken

29
Q

Fee simple determinable

A

( qualified by special limitation ) exists “ so long as “ limitation is met; former owner retains a possibility of reverter

30
Q

Life estate

A

limited to the duration of a lifetime, either that of the owner or of another designated person

31
Q

Pur autre vie

A

created by the owner by deed or will for a life tenant for the life of a person other than the life tenant

32
Q

Remainder interest

A

a future interest in the fee simple estate for the remainderman ( the person to whom the property will pass when the life estate ends

33
Q

Reversionary Interest

A

returns to the original owner ( or the original owner’s heirs ) when the life estate ends

34
Q

Legal life estates

A

created by state statute rather than voluntarily by the owner

35
Q

Dower

A

the life estate interest of a wife in the real property of her deceased husband

36
Q

Curtesy

A

the life estate interest of a husband in the real property of his deceased wife

37
Q

Homestead rights

A

a legal life estate in real estate occupied as the family home; protects the equity in a residence from a judgement by unsecured creditors ( during the occupant’s lifetime )