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RE LEGAL 03TERMS

RE Legal Unit 03Terms

TermDefinition
interest Various rights, privileges, powers, and immunities with respect to real property
possessory interest Present right to physically occupy land and to exclude others from that same land
present interest Interest in land that can be exercised by the owner today
future interest Interest that cannot be exercised today, but which might be exercised in the future
estate The quantity, quality, degree, and nature of a person’s interest in real property that may become possessory
freehold estate Estate with indefinite duration or that is measured by the length of someone’s life
nonfreehold estate Estate with a fixed or determinable duration
fee simple absolute Freehold estate that includes all rights to sell, exclude others, finance, and do any other thing with real property allowed by law
fee simple determinable Freehold estate with present possessory interest in a grantee with a reversionary interest in the grantor
life estate Freehold interest that allows the owner to live on a parcel until death, but that cannot be bequeathed via a will
periodic tenancy Leasehold interest for an indefinite period of time
tenancy for years Leasehold interest with a fixed term and definite end date
encumbrance Interest in real property that is held by someone who is not the owner
financial encumbrances Encumbrance that affects title to property
judgment creditor Party to a lawsuit who obtains a money judgment against the other party
abstract of judgment One-page, recordable document that contains information about a court judgment
writ of execution Document directing the sheriff to commence a lien-sale of a parcel of real property
non-financial encumbrance Encumbrance that affects the physical use or condition of the property
easement Interest for use owned by one person in the land of another person
dominant tenement Land benefiting from an easement
servient tenement Land burdened by an easement
license Permissive use of land that is freely revocable by the grantor
appurtenant easement Easement that “runs with the land
easement in gross Easement that is a personal right of one person to use land owned by another
profit-à-prendre Right to enter another’s land to remove soil, substances of the soil, or other resource
CC&Rs Rules and regulations established for a parcel of land and accepted by the owner when the property is purchased or transferred
covenant Promise that a certain act will, or will not, be performed
condition Limitation imposed by a grantor in a deed that can cause the ownership of the property to revert to the grantor who imposes the condition if the condition is not satisfied
homestead property Home, occupied by a family, exempt from the claims of unsecured creditors
Declaration of Homestead Recorded notice to protect the equity in a home from forced sale by unsecured creditors
Created by: julietmongia