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Chapter 4
Interests in Real Estate
40
Real Estate & Planning
Post-Graduate
06/02/2016

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Term
Estate in Land
Definition
Defines the degree, quantity, nature, and extent of an owner's interest in real property.
Term
Freehold estate
Definition
Lasts for an indeterminable length of time, such as for a lifetime or forever.
Term
Fee Simple or Fee Simple Absolute
Definition
Highest interest in real estate recognized by law. The holder is entitled to all rights to the property by law and is intended to run forever.
Term
Fee Simple Defeasible
Definition
A qualified fee estate that is subject to the occurrence or nonoccurrence of a specified event.
Term
What are the two categories of a fee simple defeasible estate?
Definition
1. Fee simple determinable - a fee simple defeasible estate that may be inherited. (as so long as or while or during)
2. fee simple subject to a condition subsequent - an owner gives real estate ON CONDITION of ownership, which means there is a difference in the way the estate will terminate if there is a violation of the condition.
Term
Possibility of Reverter
Definition
1. fee simple determinable
2. an interest that can be transferred to someone else
Term
Right of entry
Definition
1. fee simple subject to a condition subsequent
2. must bring legal action to assert this right
Term
Life estate
Definition
A freehold estate limited in duration to either the life of the holder of the estate or the life of some other designated person or persons.
Term
Life tenant
Definition
The holder of a life estate.
Term
Pur Autre Vie
Definition
* "for the life of another"
* provides for inheritance of the property right by the life tenant's heirs, but the right exists only until the death of the identified person or persons.
Term
Remainder interest
Definition
The creator of the life estate may name a remainder-man as the person whom the property will pass when the life estate ends.
Term
Reversionary interest
Definition
The creator of the life estate may choose not to name a remainderman. In that case, ownership returns to the original owner upon the end of the life estate.
Term
Legal life estate
Definition
Not created by a property owner, but rather is established by state law. (ie. dower, curtesy, and homestead)
Term
Dower
Definition
Life estate of a wife in the real estate of her deceased husband.
Term
Curtesy
Definition
Life estate of a husband in the real estate of his deceased wife.
Term
homestead
Definition
legal life estate in real estate occupied as the family home. Exempt from certain judgments for debts such as charge accounts and personal loans.
Term
Encumbrance
Definition
Type of interest in real estate that does not rise to the level of ownership or possession, yet still gives an individual, business, or other entity some degree of use or control of the property. (ie. easements, licenses)
Term
Lien
Definition
Charge against property that provides security for a debt of an obligation of the property owner.
Term
Deed Restriction
Definition
Will run with the land, limiting the use of the property by the current owner, as well as future owners to whom the property is transferred.
Term
Covenants, conditions, and restrictions (CC&Rs)
Definition
Used by a subdivision developer to maintain specific standards in a subdivision.
Term
Easement
Definition
The right to use the land of another for a particular purpose.
Term
Easement appurtenant
Definition
Attached to the ownership of real estate and allows the owner of that property the use of a neighbor's land.
Term
Dominant tenement
Definition
Parcel that benefits from the easement.
Term
Servient tenement
Definition
Parcel over which the easement runs.
Term
Party Wall
Definition
Exterior wall of a building that straddles the boundary line between two lots, or it can be a shared partition wall between two connected properties.
Term
Easement in gross
Definition
An individual or company interest in or right to use someone else's land. (ie. railway, utitilites)
Term
Easement by Necessity
Definition
Created by court order based on the principle that owners must have the right to enter and exit their land.
Term
Easement by Prescription
Definition
Claimant has made use of another's land for a certain period of time as defined by state law.
Term
An easement terminates when:
Definition
1. The need no longer exists
2. The owner of either the dominant or the servient tenement becomes the 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 of the easement.
5. By the nonuse of a prescriptive easement.
Term
License
Definition
Personal privilege to enter the land of another for a specific purpose.
Term
Encroachment
Definition
When a building , fence, or driveway illegally extends beyond the boundaries of the land of its owner or legal building lines.
Term
Lis pendens (litigation pending)
Definition
Notice filed in the public record of a pending legal action affecting the title to or possession of property.
Term
PETE
Definition
Government powers:
Police
Eminent Domain
Taxation
Escheat
Term
Police Power
Definition
Every state has the power to enact legislation to preserve order, protect the public health and safety, and promote the general welfare of its citizens.
Term
Eminent Domain
Definition
Right of the government to acquire privately owned real estate for public use.
Term
Condemnation
Definition
Process by which the government exercises the right of eminent domain.
Term
Taking
Definition
Taking of land for public use; Fifth Amendment
Term
Inverse condemnation
Definition
An action brought by a property owner seeking just compensation for land adjacent to land used for a public purpose when the property's use and value have been diminished.
Term
Taxation
Definition
Charge on real estate to raise funds to finance the operation of government facilities and services.
Term
Escheat
Definition
Process by which the state may acquire privately owned real or personal property. (ie. when an owner dies and leaves no heirs)
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