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Freehold Estate
Lasts for an indeterminable length of time.
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Fee Simple Estate/Fee Simple Absolute
Highest estate recognized by law.
The right to use a fee simple estate is limited only by public and private restrictions, such as zoning laws and restrictive covenants.
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Fee Simple Defeasible
an estate that is qualified because it is subject to the occurrence or nonoccurrence of a specified event.
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Life Estate
based on the lifetime of the life tenant or someone else (pur autre vie).
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Encumbrance
a claim, charge, or liability that attaches to real estate.
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Lien
a charge against property that provides security for a debt or obligation of the property owner.
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Covenants, Conditions, and Restrictions (CC&Rs)
private limitations on the use of land.
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Easement
- A right to use the land of another.
- Usually created by written agreement between the parties.
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Easement Appurtenant
runs with the land when title is transferred.
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Dominant Tenement
benefits from the easement, which runs over the servient tenement.
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Easement in Gross
an individual or company interest in or right to use another's land.
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Easement by Necessity
arises when land has no access to a street or public way.
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Easement by Prescription
acquired when a claimant has used another's land for the period required by law. The use must be continuous, nonexclusive, visible, open, and notorious.
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When is an easement terminated?
- when the need for it no longer exists.
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- when the owner of either the dominant or servient tenement becomes the owner of both.
when the owner of a dominant tenement releases the right of easement to the owner of the servient tenement.
if the easement is abandoned.
by the nonuse of a prescriptive easement.
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License
a personal privilege to enter the land of another for a specific purpose.
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Encroachment
occurs when all or part of a structure illegally intrudes on the land of another or beyond legal building lines.
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Lis Pendens
gives notice of litigation in progress that may affect title to property.
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What is the acronym PETE?
Police power, Eminent Domain, Taxation and Escheat.
Government powers can be recalled by using PETE.
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Police Power
the state's authority, passed down to counties and municipalities through enabling acts, to legislate to preserve order, protect the public health and safety, and promote the general welfare of citizens.
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Eminent Domain
he government's right to acquire privately owned real estate for a public or economically beneficial use through condemnation.
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Taxation
can include a charge on real estate to raise funds to meet public needs.
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Escheat
occurs when the state takes control of property after the owner dies leaving no will or lawful heirs.
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What happens when a taking of property occurs?
the Fifth Amendment to the U.S. Constitution requires that the owner be given just compensation. A property owner may claim compensation under inverse condemnation if an adjacent public land use diminishes the value of the owner's property but the property has not been condemned for public use.
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Estate in Land
defines the degree, quantity, nature, and extent of an owner's interest in real property.
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Fee Simple Determinable
a fee simple defeasible estate that may be inherited.
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Fee Simple Absolute Ownership
ownership in which the holder is entitled to all rights to the property by law. This estate is intended to run forever.
Upon the death of the owner of a fee simple estate, the property interest passes to
the decedent's co-owner, if there is one and the co-ownership was accompanied by a right of survivorship;
the person or persons specified in the decedent's will (the devisees);
if the decedent has left no will, to the person or persons designated by the state's law of intestate succession.
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