Chp 7 Interest in Real Estate
Home > Flashcards > Print Preview
The flashcards below were created by user
on FreezingBlue Flashcards
. What would you like to do?
An easement that is annexed to the ownership of
one parcel and allows the owner the use of the neighbor’s land.
The sudden tearing away of land, as by
earthquake, flood, volcanic action, or the sudden change in the course of a
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.
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
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.
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.
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
An easement acquired by continuous, open, and
hostile use of the property for the period of time prescribed by state law.
Easement by prescription
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
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.
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.
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.
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
The degree, quantity, nature, and extent of
interest a person has in real property.
Estate in land
The highest interest in real estate recognized
by the law; the holder is entitled to all rights to the property.
The maximum possible estate or right of
ownership of real property, continuing forever.
Fee simple absolute
See defeasible fee estate.
Fee simple defeasible
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
An estate in land in which ownership is for an
indeterminate length of time, in contrast to a leasehold estate.
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.
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.
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
Legal life estate
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.
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.
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.
(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.
The government’s right to impose laws, statutes,
and ordinances, including zoning ordinances and building codes, to protect the
public health, safety, and welfare.
A concept of water ownership in which the
landowner’s right to use available water is based on a government-administered
“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
Pure autre vie
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.
The remnant of an estate that the grantor holds
after granting a life estate to another person.
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
The process by which a government or municipal
quasi-public body raises monies to fund its operation
What would you like to do?
Home > Flashcards > Print Preview