Maryland Real Estate: Chapter 3

what is estate in land

it means the degree, quantity, nature and extent of an owners interest

What is a freehold estate?

an estate that lasts for an indeterminable amount of time

what is a fee simple estate?

an indefinite estate that can be passed on to heirs

what is a life estate

lasts for the lifetime of a person and ends when they die

what is a nonfreehold estate

its when the length of property ownership can be determined for a length of time

what is another word for nonfreehold estate

a leasehold estate

what is a fee simple absolute

its the highest form of home ownership allowed

what rights come with a fee simple absolute

every single right until they die or it gets passed on to their next of kin

what is a fee simple defeasible estatr

meaning the person can only have the property if something does or doesnt occur

what is a fee simple determinable estate

its an extension of fee simple defeasible except it can be inherited

what are terminologies used in fee simple defeasible and determinable

so long as, while, or during

what does a fee simple determinable have on it

a reverter which means the originally owner can make a transfere

does the original owner need the law to reenter on a fee simple determinable

no

what is a fee simple subject to condition subsequent

owner gives real estate based on a condition and if the condition is violated, ownership gets terminated

does a fee simple subject to condition subsequent require legal action

yes, to re-enter by owner or owners heirs, it does

what are future interest estates

fee simple determinable and fee simple subject to a condition

what is a life estate

a freehold estate that relies on the life of the holder

are life estates inheritable

no

what is a life tenant

its the holder of the life estate

what can a life tenant do with a property

it can own, sell, or lease itduring their lifetime, but cannot will it to heirs.

what is pur autre vie

when the estate is not based on the life tenant

what are pur autre vies usually created for

those with a disability that may need someone to take care of them while theyre alive

can pur autre vie be left to heirs

it can if the person wills it that way

what happens to life estates

they typically go into aa fee simple estate and go to a remainder or it reverts back

what is a legal life estate

its when it becomes created by the law, dowery, curtesy or homestead

what does a dowery or curtesy do?

gives the widow rights to the estate, usually ½ or 1/3

what is homestead

a legal life estate when a home is declared the family homewh

what does homestead do

it will protect part of the home, when it is sold, from creditors to give back to the owners

how many homesteads can be had

just one at a time

what is an encumberance

its when some control of a property is given to someone that isnt an ownerw

what are forms of encumberances

easements, permits, private restrictions like deed restrictions, liens, or encroachments

what is a lien

a charge against a property for a debt to be paid, its a security

what are forms of liens

taxes, mortgages, judgements, and mechanical liens

what do private restrictions do

they are automatically in the deed and will run with the land

what are CC&R’s

they are convenants, conditions and restrictions

what is an easement

it is a right to use part of the land but does not give ownership

what is an easement appurtenant

allows neighbors ot use part of the land and it runs forever with the landand benefits the dominant estate.

what is a party wall

both owners own either side of the wall, but on the opposite side they hold an easement to it

what is an easement in gross

its where there is a private or company interest in a piece of land

what is an easement by necessity

its court ordered that a person has to have the right to enter and exit their property

what is an easement by prescription

when a person has continuously and without permission used a part of someones land for an extended period of time

how can an easement be terminated

when there is one sole owner, when it is no longer needed, when servient tenant releases the right, when it is abandoned, or nonuse of prescriptive occurs

what is a license

a privilege to enter the land for a specific purpose

who can revoke a license

the owner can or through death or property sale

what is an encroachment

when someone illegally builds or extends their property onto youra

how are encroachments typically found

through a survey or an inspection

what is a lis pendens

it is litigation over the title of a property, this in turn creates a cloud

what are local, state, and federal property laws called

PETEw

what does PETE stand for

police power, eminent domain, taxes, and escheat

what does police power do?

it makes sure that no one is harming the peace and protection fo the public, they protect environmental laws, zoning and building codes

what is eminent domain

the right for government to acquire personal land for public usew

what is condemnation

the exercising of eminent domain

during condemnation, what needs to happen with the property owner

they need to be properly compensated for their land

what happened during Kelo vs City of New London

all properties that were condemned needed to be used for beneficial public use like roads or muncipal buildings

what is inverse condemnation

its when a property owner seeks compensation for their property depreciating in value due to the public use that was put into operation

what is taxation

it is the way for the local and state governments to be funded

what is eschat

when states acquire properties because their is no next of kin and there is no will.