Chp 7 Interest in Real Estate

  1. An easement that is annexed to the ownership of
    one parcel and allows the owner the use of the neighbor’s land.
    Appurtenant easement
  2. The sudden tearing away of land, as by
    earthquake, flood, volcanic action, or the sudden change in the course of a
  3. 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.
  4. Private agreements that affect the land use.
    They may be enforced by an owner of real estate and included in the seller’s
    deed to the buyer.
    • Covenants, Conditions, and Restrictions
    • (CC&R)
  5. Clause in a deed limiting the future uses of the
    property. Deed restrictions may impose 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 building from being used for
    specific purposes of even from being used at all.
    Deed restrictions
  6. 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. An easement allowed by lay as necessary for the
    full enjoyment of a parcel of real estate (e.g., a right of ingress and egress
    over a grantor’s land).
    Easement by necessity
  8. An easement acquired by continuous, open, and
    hostile use of the property for the period of time prescribed by state law.
    Easement by prescription
  9. 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 would
    be an easement in gross.
    Easement in gross
  10. 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 the be paid to the owner.
    Eminent domain
  11. 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.
  12. 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.
  13. The reversion of property to the state or
    county, as provided by state law, in case where a decedent dies intestate
    without heirs capable of inheriting, or when the property is abandoned
  14. The degree, quantity, nature, and extent of
    interest a person has in real property.
    Estate in land
  15. The highest interest in real estate recognized
    by the law; the holder is entitled to all rights to the property.
    Fee simple
  16. The maximum possible estate or right of
    ownership of real property, continuing forever.
    Fee simple absolute
  17. See defeasible fee estate.
    Fee simple defeasible
  18. If an estate is no longer used for the purpose
    conveyed, it reverts to the original grantor by the right of reentry.
    Fee simple subject to a condition subsequent
  19. An estate in land in which ownership is for an
    indeterminate length of time, in contrast to a leasehold estate.
    Freehold estate
  20. 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 re-entry.
    Future interest
  21. 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.
  22. A 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.
    Legal life estate
  23. A 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.
  24. 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.
  25. 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.
    Life estate
  26. (1) A landowner’s claim to use water in large
    navigable lake 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.
    Littoral rights
  27. The government’s right to impose laws, statutes,
    and ordinances, including zoning ordinances and building codes, to protect the
    public health, safety, and welfare.
    Police power
  28. A concept of water ownership in which the
    landowner’s right to use available water is based on a government-administered
    permit system.
    Prior appropriation
  29. “For the life of another.” A life estate pur
    autre vie is a life estate that is measured by the life of a person other than
    the grantee
    Pure autre vie
  30. 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.
    Remainder interest
  31. The remnant of an estate that the grantor holds
    after granting a life estate to another person.
    Reversionary interest
  32. An owner’s right in land that borders on or
    includes a stream, river, or lake. These rights include access to and use of the
    Riparian rights
  33. The process by which a government or municipal
    quasi-public body raises monies to fund its operation
Card Set
Chp 7 Interest in Real Estate
Real Estate