Interests in Real Estate

These flashcards cover essential vocabulary and concepts related to interests in real estate, including types of estates, encumbrances, and governmental powers.

Fee Simple Absolute

The highest interest in real estate recognized by law, entitling the owner to all rights to the property.

Fee Simple Defeasible

A qualified fee estate subject to the occurrence or nonoccurrence of a specified event.

Life Estate

A freehold estate limited in duration to the life of the holder or some other designated person.

Easement

The right to use the land of another for a specific purpose.

Encumbrance

A claim, charge, or liability that attaches to real estate.

Condemnation

The actual process of taking property under eminent domain.

Homestead

A legal life estate in real estate occupied as the family home, providing protection from creditors.

Inverse Condemnation

An action by a property owner seeking compensation for diminished value due to public use.

Covenants, Conditions, and Restrictions (CC&Rs)

Private limitations on the use of land typically employed by developers in subdivisions.

Eminent Domain

The government's right to acquire private property for public use.

Liens

A charge against property providing security for a debt or obligation of the property owner.

Escheat

The process by which the state acquires privately owned property when the owner dies without heirs.

Easement by Prescription

Acquired when a claimant has continuously used another's land for a required period without the owner's permission.

Police Power

The state's authority to enact legislation to protect public health, safety, and welfare.

Lis Pendens

A notice filed in public records of litigation pending that affects property title.

Future Interest

A legal right to property ownership that will begin in the future.