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Real Estate - Ch. 3
Interests in Real Estate
| Term | Definition |
|---|---|
| condemnation | A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner. |
| 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. |
| deed restrictions | Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions. |
| easement | A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land because it does not include a right of possession. |
| 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 by necessity | An easement allowed by law as necessary for the full enjoyment of a parcel of real estate (e.g., a right of ingress and egress over a grantor’s land). |
| easement by prescription | An easement acquired by open, notorious, continuous, hostile and adverse use of the property for the period of time prescribed by state law. |
| 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. |
| eminent domain | The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner. |
| 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 the land of an adjoining owner or a public street or alley. |
| 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. |
| escheat | The reversion of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned. |
| 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/defeasible fee estate | An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event. |
| fee simple determinable | A fee simple estate qualified by a special limitation. Language used to describe the limitation includes the words so long as, while, or during. |
| fee simple subject to a 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. |
| freehold estate | An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. |
| 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. |
| 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 other than those secured by the property. |
| inverse condemnation | An action brought by a property owner seeking just compensation for diminished use and value of land because of an adjacent property’s public use. |
| 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. |
| 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. |
| lien | A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale. |
| 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. |
| pur autre vie | “For the life of another.” A life estate pur autre vie is a life estate that is measured by the life of a person or persons other than the grantee. |
| 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. |
| 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. |
| taxation | The process by which a government body raises monies to fund its operation. |
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katiestapley
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