Principles of Real Estate Ch. 8

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  1. Old English common law, the government or King held title to all lands known as ________ of ownership.  However this system evolved in the 17th century into the _______ of ownership, which individuals the the owners
    • -feudal system
    • -allodial system
  2. What are the four government powers?
    • PETE
    • -police power
    • -eminent domain
    • -taxation
    • -escheat
  3. Police power
    • power vested in the state to preserve order and protect the public health, safety, and morals and promote general welfare.  
    • -environmental protection laws and zoning and building ordinances.
  4. Eminent domain
    the power of the state or public entity (railroad company) to take private property for public use with payment of compensation to the owner.
  5. What are some examples of acquiring eminent domain?
    • -highways
    • -public buildings
    • -airports
    • -parks
    • -street-widening projects
    • -utility services
  6. Before a governmental or private entity begins negotiations with a property owner to acquire real property by eminent domain, a landowner must...
    -be given the "Landowner's Bill of Rights
  7. What happens if the parties cannot agree on the eminent domain?
    the entity may begin a condemnation suit, the legal process for the taking of private property.
  8. Taxation
    charged on real estate to raise funds to meet the public needs of a government.
  9. Escheat
    The return of a property to the state in the event the property is abandoned or the owner dies without leaving a will and has no heirs to whom the property may pass.
  10. Types of Estate in Land
    • -Fee Simple
    • -Defeasible estate
    • -Life Estate Conventional
    • -Life Estate Legal
  11. Free simple
    complete ownership
  12. Defeasible fee
    a fee simple that may be defeated on the occurrence or nonoccurrence of a specified event.ex; I gave a church land to use only for religious reasons, and they decide to use the land as a playground.  I get back the land.
  13. What are the two types of defeasible fees?
    • -Determinable fee; automatic end of ownership to receiver; church gives back land to me
    • -Fee simple subject to a condition subsequent; same thing you just have to go to court to get the land back
  14. A grant_ gives title to a grant_.
    • -grantor; grantee
    • -the or gives to the ee
  15. Conventional Life Estate
    • -Created by agreement of the parties
    • -Ownership limited to the life of the owner or another designated person; I give real estate to friend, friend dies, I get the real estate back
  16. Reminder Interest (Conventional Life Estate)
    • passes real estate to third party.
    • Grantor--->Life Tenant--->Remainderman
  17. Reversionary interest (Conventional Life Estate)
    • reverts to the grantor or heirs
    • -grantor--->life tenant-->back to grantor
  18. Legal Life Estate.  What is it called in Texas?
    • -created by law; in Texas, referring to the Homestead
    • -Protects families against eviction by general creditors; other than mortgage and government
    • -have six months to find a house after selling house
  19. Homestead exemptions
    • -taxes on property
    • -purchase money mortgages
    • -mechanics' claims for the cost of improvement on property
    • -a homeowners association assessment lien, if certain filing requirements have been met
    • -an owelty lien, including a loan against the homestead to settle property claims in cases of divorce or death
    • -refinance of a lien against a homestead, including a federal tax lien
    • -Home equity loans for any purpose
    • -reverse mortgages, under which advances against a home's equity are provided to a borrow who is 62 or older
    • -conversion and refinance of a personal property lien secured by a manufactured home to a lien on real property, including the refinance of the purchase price of the home and the land and the cost of installing the home on the land
  20. A claim, charge, or liability that attaches to and is binding on real estate is...
    -An encumbrance
  21. What are types of encumbrances?
    • -Liens
    • -restrictions
    • -easements
    • -licenses
    • -encroachments
  22. Liens
    • -a claim against property that provides security for repayment of a debt or obligation of the property owner.
    • -If the obligation is not repaid, the lienholder, has the right to have it repaid from the proceeds of the sale of the debtor's property unless, property is exempt under the homestead laws.
  23. Restrictions and what is the two ways it is called?
    • -private agreements placed in the public record that affect the use of land are deed restrictions or restrictive covenants. 
    • -Deed restrictions; imposed by the developer to maintain specific stands in a subdivision.
    • -Restrictive covenants; cover such things as lot size, building lines, types of architecture, and uses to which the property may be put.
  24. Easement
    a right acquired by one party to use the land of another party for a special purpose.
  25. Easement Appurtenant
    • -when a piece of property is used for the benefit of an adjacent landowner.
    • -ex; only way to a house is through another persons property.
  26. Easement in Gross
    • -a person interest or a right to use the land of another
    • -railroads, utility companies
  27. Ways to create an easement
    • -expressed grant; in the deed
    • -easement by necessity; you have to use their property in order to access your own. --easement by perception; obliviously using the other owner's land consistently over 10 years, so they gain rights to it.
    • -Easement by Implications; another party owns the rights to part of your property; mineral rights
  28. Termination of easement; 4 ways
    • 1,the easement no longer servers its purpose; 2, merger, owner of one property, becomes owner of both properties;
    • 3; release, dominate party gives up their right;
    • 4, abandonment, party stops using the easement.
  29. License of land
    -like an easement but can be canceled; i tell you for now you can use my lake
  30. Encroachments
    I illegally build something on your property, it can become an easement if you don't notice for 10 years; has to be shown in title
  31. Surface Water Rights
    • -Riparian rights; refers to rivers, streams, and similar waterways; granted to owners of land located along the course of a rive or stream; the owners had the rights to use the water for domestic purposes, provided they did not interrupt the flow or contaminate the water; this CHANGED; after 1895, every river, stream, lake, canyon, ravine, and watershed is the property of the State of Texas, unless a riparian owner can prove otherwise and would still have limited use; Texas classifies streams as being navigable or nonnavigable; nonnavigable, broader owner of water owns land under the water.  Navigable; broader owner owns up to broader of water.
    • -littoral rights; lakes, oceans, and similar bodies of water, own land up to vegetation line.
    • -Prior appropriation; the right to use any water, with the exception of limited domestic use, is controlled by the state rather than by the adjacent landowner; to secure water rights, a person must show a beneficial use for the water, such as crop irrigation and obtain a permit from the Texas Commission of Environmental Quality (TCEQ).  TCEQ can cancel a state surface right if it has not been used for a period of 10 years.
  32. Groundwater Water Rights
    • -water under the earth's surface below the saturation point
    • -provides about 60%, of Texas state's water needs
    • -Texas landowners own the groundwater as real property and can drill and remove groundwater; however landowners can get into trouble if taking the groundwater causes damages to their neighbors (sinking).
  33. Open Beach Law
    law reserves to the public the perpetual right to use the public beaches

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Author:
Blue2xa88
ID:
317852
Filename:
Principles of Real Estate Ch. 8
Updated:
2016-03-25 04:06:35
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Principles Real Estate
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Principles of Real Estate Ch. 8
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