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Real Estate
| Question | Answer |
|---|---|
| Estate def | All that a person owns in real or personal property AND the degree, nature, quantity, or extent of a person's ownership interest in property (could be absolute ownership or just possession) |
| Tenancy | Right to possesion |
| Freehold Estates | estate whose duration is uncertain and indefinite. |
| Fee Simple | greatest estate possible. Largest bundle of ownership. Estate of inheritance, freely transferable, indefinite duration |
| Seisen | when a person owns in fee and has right to dispose in life by gift or sale or in death by will or intestate succession |
| 4 government limitations on owner's rights in property | 1. Eminent Domain 2. Escheat 3. Taxation 4. Police Power |
| eminent domain | right of government to seize property for public use or public good |
| escheat | right of state to claim land abandoned after 15 years or left by a person with no will or next of kin |
| Restrictive Convenance | private limitations on a person's right to free use of his land (usually voluntary) by deed restrictions, mortgage liens, leases, and easements. |
| Fee Simple Defeasable | estates with conditions that can restrict fee simple estate (ex - married to get land) |
| Fee Simple Condition Subsequent | condition that might happen in the future (but if or provided that are ex). Can lose property if rules broken |
| Fee Simple Determinable | a condition that could occur that leads to automatic transfer of property (until or as long as) |
| Is fee tail recognized in Hawaii? | No |
| Life Estate | estate given to someone and limited to the duration of their life. When the person dies, estate reverts back to original owner or third party |
| What can a person hold a life estate do with it? | 1. Lease 2. Mortgage 3. Sell Note - still subject to life of estate holder. |
| Encumberance | any right or interest in land, possessed by a stranger to the title, which diminishes the value or use of the owner's estate herin |
| Two classes of Encumberances | Physical - easements, restrictions, encroachments Title - tax leins, mortgage leins, judgements |
| Easement in Gross | Personal right given to an induvidual or company to use another's land for and indefinite period. This person does not own the land, they just own the right to use. |
| Easement Appurtenant | Must have 2 tracts of land owned by 2 separate parties. |
| How are easements created? | 1. Express Grant or Deed 2. Implied Grant or Deed 3. Prescription 4. Condemnation 5. Necessity 6. Dedication |
| Express Grant | When grantor grants an easement to someone over his property. Can be expressed in a deed of dominant estate |
| Express Reservation | Owner may sell portion of land but has reserved easement for own use |
| Implied Grant or Reservation | When owner sells and forgot to included however court rules he intended to. |
| Easement by Prescription | acquiring right to easement in land of another by the lapse of time (Hawaii = 20 years) |
| Eminent Domain (Condemnation) | acquiring right to easement or fee simple title for public need via condemntion. Owner must receive just compensation and property needs to be use for good of public. |
| What does Real Estate consist of | lands, tenements, and herediments |
| Tenements | lands as wells as tangible and intangile that might arise from owning the land |
| Private Property | = all property other than real property that includes most moveable items such as money, man made property, furniture, and other goods and chattels. |
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