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AZK RE L-04 C-04 Interests in RE

  1. Estate in Land
    - defines the degree, quantity, nature and extent of owner's interest (possession - holding and enjoyment the property ) in real property
  2. Freehold estate
    • - length of time (lifetime or forever)
    • - 2 kinds
    •    1) Fee Simple Estate (forever)
    •    2) Life Estate (lifetime of the person)
  3. Fee Simple Estate
    • - kind of Freehold estate
    • - indefinite period (forever)
    • - may be passed along to the owner’s heirs
    • - not inheritable
    • - 2 kinds
    •    1) Fee Simple Absolute
    •       - forever
    •    2) Fee Simple Defeasible
    •       - occurrence or not occurrence of some special event
  4. Life Estate
    • - kind of Freehold estate
    • - only for the lifetime of a person "life tenant"
    • - 2 kinds:
    •    1) Conventional Life Estate
    •       - created by property owner
    •    2) Legal Life Estate
    •       - created by state law
  5. Fee Simple Absolute
    • - kind of Fee Simple Estate 
    • - highest interest in RE
    • - forever
    • - upon the death of owner property interest passes to:
    •    a) decedent's co-owner, if there is one
    •    b) person specified in the decedent's will
    •    c) if no will, to the person designated by the state's law of intestate succession
  6. Fee Simple Defeasible
    • - kind of Fee Simple Estate 
    • - occurrence or not occurrence of some special event
    • - 2 kinds:
    •    1) Fee Simple Determinable
    •       - as long as… 
    •    2) Fee Simple Subject to a Condition Subsequent
    •       - on the condition that...
  7. Fee Simple Determinable
    • - kind of Fee Simple Defeasible 
    • - special limitation – words such as:
    •    - as long as… 
    •    - while… 
    •    - during…
    • - possibility of reverter (interest can be transferred to someone else)
    • - may be inherited
    • - title is automatically transferred to the person who holds the possibility of reverter
    • .
    • - land giving to the church as long as the land is used for only religious purposes
  8. Fee Simple Subject to a Condition Subsequent
    • - kind of Fee Simple Defeasible 
    • - owner gives RE on condition of ownership (on condition that…)
    • - possibility of reverter (interest can be transferred to someone else)
    • - does not automatically terminate upon violation of the condition
    • .
    • - land giving on the condition that there be no consumption of alcohol on the premises
  9. Conventional Life Estate
    • - created by property owner
    • - kind of Life Estate 
    • - 2 kinds:
    •    1) Ordinary with Remainder or Revision
    •       - based on lifetime of "Life tenant"
    •    2) Pur Autre Vie 
    •       - based on lifetime of a person another then "life tenant"
  10. Legal Life Estate
    • - created by State Law
    • - kind of Life Estate 
    • - not legal in CT
    • - effective automatically when searching events occur (3):
    •    1) Dover
    •       - Life Estate of wife of her deceased husband
    •    2) Courtesy
    •       - Life Estate of husband of his deceased wife
    •    3) Homestead
    •       - RE occupied as a family home
    •       - home is protected from most creditors during the occupant’s lifetime (but not from mortgage or RE taxes)
  11. Ordinary with Remainder or Revision
    • - based on lifetime of "Life tenant"
    • - kind of Conventional Life Estate
  12. Pur Autre Vie with Remainder or Revision
    • - based on lifetime of a person another then "life tenant"
    • - kind of Conventional Life Estate
    • - created for people who are physically or mentally incapacitated
  13. Dover
    • - life estate of wife of her deceased husband
    • - event of Legal Life Estate (not in CT)
  14. Courtesy
    • - life estate of husband of his deceased wife
    • - event of Legal Life Estate (not in CT)
  15. Homestead
    • - RE occupied as a family home
    • - event of Legal Life Estate (not in CT)
    • - Homestead Exemption Laws
    •    - home (or part of it) is protected (exempt) from most creditors (certain judgements for debts) during the occupant’s lifetime (but not from mortgage or RE taxes) for the purchase or improvement of the property
  16. Remainder
    • - creator names remaindeman
    • - after the end of life estate property will pass to remainderman
  17. Revision
    • - creator does not name remainderman
    • - after the end of life estate property will pass to original owner
  18. Encumbrances
       - covers (4)
    • - закладная на имущество
    • - type of interest that does not rise to the level of ownership or possession
    • .
    • - covers (4)
    •    1) Easements and licenses
    •        - permit a limited use of property
    •    2) Private restrictions found in property Deeds
    •    3) Liens (право наложения ареста на имущество должника - залог)
    •       - which give notice of a claim against the property
    •    4) Encroachment (вторжение)
    •       - which can result if a neighboring improvement extends over a property boundary
  19. Lien
    • - is a charge against property that provides security for a debt or an obligation of the property owner
    • - RE taxes, mortgages, judgments...
  20. CC&Rs
    • - Covenants (договор), Conditions and Restrictions
    • - used by subdivision developer to maintain specific standards (certain architectural design specification)
  21. Private restrictions on the use of Real Estate (4)
    • - restrictions that affect the use of RE
    • - pleased in the Deed by previous owner
    • - once placed by previous owner (Deed Restriction) limiting the use of the property by the current owner, as well as future owners

    • 1) Easements
    •    - the right to use the land of another for a particular purpose
    • 2) Licenses
    •    - is a personal privilege to enter the land of another for a specific purpose
    • 3) Encroachments
    •    - when a building, fence or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines
    • 4) Lis Pendens
    •    - Latin for litigation pending (ожидающий судебного процесса)
    •    - notice filed in the public record (foreclosure)
  22. Easements (2)
    • - Private restriction on the use of RE
    • - the right to use the land of another for a particular purpose
    • .
    • - 2 kinds
    •    1) Easement Appurtenant
    •       - (удобство принадлежность)
    •       - allows the owner of that property the use of a neighbor's land (shared driveway)
    •    2) Easement in Gross
    •       - individual or company interests in or right to use someone else's land (railroads)
  23. Easement Appurtenant (4)
    • - kind of Easement
    • - (удобство принадлежность)
    • - allows the owner of that property the use of a neighbor's land (shared driveway)
    • - 4 kinds
    •    1) Dominant Tenement
    •       - parcel that benefits from the easement (Миша)
    •    2) Servient Tenement
    •       - parcel over which the easement runs (Хосэ)
    •    3) Party Wall
    •    4) Cross Easement
    •       - reciprocal (взаимный) interest each owner in the property of the other
  24. Dominant Tenement
    • - kind of Easement Appurtenant 
    • - parcel that benefits from the easement (Миша)
  25. Servient Tenement
    • - kind of Easement Appurtenant 
    • - parcel over which the easement runs (Хосэ)
  26. Party Wall
    • - kind of Easement Appurtenant 
    • - exterior wall of a building that straddles the boundary line between two lots
    • - shared partition wall between two connected properties
  27. Cross Easement
    • - kind of Easement Appurtenant 
    • - reciprocal (взаимный) interest each owner in the property of the other
  28. Easement in Gross
    • - kind of Easement
    • - individual or company interests in or right to use someone else's land (railroads)
    • - may be assigned, conveyed, inherited
  29. Creating an Easement (2 ways)
    • - created by a Written Agreement between the parties
    •    1) Easement by Necessity 
    •       - created when an owner sells a parcel of land that has no legal access to a street except over the sellers remaining land
    •    2) Easement by Prescription
    •       - use of another land for a certain period of time (10-20 years) (15 in CT)
    •       - must meet 3 conditions:
    •          1) continuous
    •          2) non-exclusive (owner is not excluded from using that part)
    •          3) without the owner's permission
  30. Easement by Necessity
    • - creation of Easement 
    • - created when an owner sells a parcel of land that has no legal access to a street except over the sellers remaining land
  31. Easement by Prescription
    • - creation of Easement 
    • - use of another land for a certain period of time (10-20 years) (15 in CT)
    • .
    • - must be 
    •    1) continuous
    •    2) non-exclusive (owner is not excluded from using that part)
    •    3) without the owner's permission

    •    - visible
    •    - open
    •    - notorious (известный)
    •    - owner must have been able to learn of it
  32. Tacking
    • (та’кин) – not taking
    • - concept provides that successive period of continuous occupation by different parties may be combined (tacked) to reach the required total number of years necessary to establish a claim for a prescriptive assessment
  33. For the past 22 years the neighbor to the east has driven across the properties front yard several times a day to reach the garage from a more comfortable angle
    • - Easement by prescription
    • - meets all three criteria
  34. For 15 years the neighbor to the north parked a car on the same property next to the garage. 6 years ago, the house to the north was sold to a person who continued to park a car next to the garage of the adjoining property. Last year the buyer acquired an...?
    - easement by prescription through tacking
  35. Terminating an easement (5)
    • 1) Need no longer exists
    • 2) Owner becomes 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 (оставление) of the easement
    • 5) Buy the nonuse (refusal or failure to use something) of a prescriptive easement
  36. For 25 years the neighbor to the west was driven across the same front yard 2 or 3 times a year to reach his property when he is in a hurry
    • - does not have an easement by prescription
    • - was not continuous
  37. License
    • - Private restriction on the use of RE
    • - is a personal privilege to enter the land of another for a specific purpose
    • - license (differ from easement) can be terminated or canceled by the owner
    • - usually is given orally or informally
    • - ends with
    •       - death of either party
    •       - sale of the land
  38. Encroachments
    • - Private restriction on the use of RE
    • - when a building, fence or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines
  39. Lis Pendens
    • - Private restriction on the use of RE
    • - Latin for litigation pending (ожидающий судебного процесса)
    • - foreclosure
    • - notice filed in the public record of a pending legal action affecting the title to or possession of property

    • - creates a "Cloud on the title"
    •    - prevents property from being sold or farther encumbered
  40. Cloud on the title
    • - created by Lis Pendens
    • - Latin for litigation pending (ожидающий судебного процесса)
    • - prevents property from being sold or farther encumbered
  41. Governmental powers
       - limitation on the ownership of Real Estate (4)
    •    - PETE
    • - Police Power
    •      - environmental
    •      - zoning
    •      - building codes
    • - Eminent Domain
    •      - acquire private property for public use
    • - Taxation
    • - Escheat
    •      - no hairs and no will
  42. Police Power
    - limitation on the ownership of RE by government - PETE

    • - state power to enact legislation to
    •       - preserve order
    •       - protect the public health and safety
    •       - promote the general welfare of its citizens

    • - is used to enact
    •       - Environmental Protection laws
    •       - zoning ordinances
    •       - building codes
  43. Eminent Domain
    • - limitation on the ownership of RE by government - PETE
    • - is the government's right to acquire private property for public use

    • - 3 kinds:
    •    1) Condemnation
    •       - actual process of taking property
    •    2) Taking
    •       - owner must be compensated fairly
    •    3) Inverse Condemnation
    •       - compensation for land adjacent to land used for a public purpose
  44. Taxation (on RE)
    • - limitation on the ownership of RE by government - PETE
    • - to raise funds to finance the operation of government facilities and services

    • - Include (3)
    •    1) annual real property taxes
    •       - schools, transportation, utility
    •    2) taxes on profit
    •       - on the sale of real property
    •    3) special fees
    •       - to finance special projects (road or utility installation)
  45. Escheat (эсчи'т)
    • - limitation on the ownership of RE by government - PETE
    • - is a process by which the state may acquire private real property when an owner dies and leaves no hairs and there is no will or living trust
    • - to prevent ownerless or abandoned
Author
flashsmilenet
ID
344735
Card Set
AZK RE L-04 C-04 Interests in RE
Description
AZK RE L-04 C-04 Interests in RE
Updated

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