KW PREP UNIT 3

Freehold Estate

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

Estate in Land

The degree, quantity, nature, and extent of interest a person has in real property.

Fee Simple

The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property.

Fee Simple Absolute

The maximum possible estate or right of ownership of real property, continuing forever.

Fee Simple Defeasible

also known as a defeasible fee estate, is a type of property interest that is subject to a condition or specific event.

Fee Simple Determinable

A fee simple estate qualified by a special limitation. Language used to describe limitation includes the words so long as, while, or during.

Life Estate

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.

Fee Simple Subject to Condition Subsequent

An estate carrying the limitation that, if it is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry.

Future Interest

A person's present right to an interest in real property that will not result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.

Life Tenant

The holder of a life estate.

Pur Autrie Vie

Created by a property owner who grants an estate to someone for the duration of another individual's life.

Remainder Interest

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.

Reversionary Interest

The remnant of an estate that the grantor holds after granting a life estate to another person.

Legal Life Estate

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 some states.

Dower

The rights that a wife acquires in her husband's fee simple property.

Curtesy

The rights that a husband acquires in the wife's property upon her death.

Uniform Probate Code (UPC)

Gives a surviving spouse the right to an elective share on the death of the other spouse, if the surviving spouse is not satisfied with the decedent's disposition of the property by will.

Homestead

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.

Deed Condition

usage restriction that can trigger REPOSSESSION by a previous owner if violated

Remainderman

One entitled to receive a remainder interest in some estate sometime in the future.

Escheat

The state takes property upon an owners death if there is no will & no heirs exist.

Leasehold Estate

A tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest.

Estate (tenancy) at sufferance

The tenancy of a lessee who lawfully comes into possession of a landlord's real estate but who continues to occupy the premises improperly after his or her lease rights have expired.

Encumbrance

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.

Lien

A charge against property that provides security for a debt or an obligation of the property owner.

Deed Restriction

Clauses in a deed limiting the future uses of the property. Deed restrictions may 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 buildings from being used for specific purposes or even from being used at all.

Covenants, conditions, and restrictions (CC&Rs)

Private agreements that affect land use. They may be enforced by an owner of real estate that benefits from them and can be included in the seller's deed to the buyer.

Easement

the right to use land for a specific and limited purpose, such as right of way or utilities.

Easement Appurtenant

An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land.

Easement in Gross

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.

Easement by necessity

An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor's land.

Easement by Prescription

An easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law. Generally, runs from 10-21 years.

license

(1) In real estate practice, the 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.

Encroachment

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. Property line dispute, creating a cloud on the title

Lis Pendens (Litigation Pending)

A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court.

Police Power

The government's right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare.

Eminent domain

The right of a government or its municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides the use is a public use and determines the compensation to be paid to the owner.

Taking

Process of land being taken from a property owner for public use through eminent domain with the requirement that the owner be compensated fairly.

Inverse Condemnation

An action brought by a property owner seeking just compensation for land taken for public use when the taker of the property does not intend to bring eminent domain proceedings. Property is condemned because its use and value have been diminished due to an adjacent property's public use.

Taxation

A charge on real estate to raise funds to meet the public needs of a government.