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Modern RE Practice 3
Modern Real Estate Practice 3
| Term | Definition |
|---|---|
| The right of a government body to take ownership of real estate use is called | Eminent domain. The right of eminent domain; the process by which the right is exercised is condemnation. Escheat and police owner are other examples of government limitations on rights of private ownership. |
| One who has ownership rights of real estate that could continue forever and which provide that no other person can claim to be the owner of or have any ownership control over the property has | Fee simple absolute ownership-an inheritable interest 'w/no strings attached' life estate is noninheritable; fee on condition subsequent & determinable fees are estates involving another person w/an interest aka possibility of (either reverter or) reentry |
| The owner of fee simple title to a vacant lot adjacent to a hospital decided gift lot to the hospital. The deed conveyed ownership of the lot to the hospital "so long as it is used for hospital purposes." After completing of the gift the hospital will own | Fee simple determinable has special limits & may end automatically if noncompliance occurs, and uses language like 'so long as or while.' A hospital would lose ownership if it no longer provide hospital services & return to the original owner/heirs |
| Your neighbors use your driveway to reach the garage on their property. Your attorney explains that the neighbors' real estate includes an easement appurtenant giving them the right to do this. Your property is | Servient tenement. Your driveway is on the property over which the easement runs and is the servient tenement. The adjacent property owned by the neighbors is known as the dominant tenement. |
| A license is an example of | Personal privilege. A license is a personal, revocable right of use. It is temporary in that it can be withdrawn at will by the one who issued it. |
| An easement appurtenant | Runs with the land. An easement appurtenant can only be create if the adjacent properties involved have different owners. This easement runs with the land and transfers with the deed. |
| A property on Main Street that was formerly a retail store will become the site of a new city hall, made possible by the government's power of | Eminent domain. Eminent domain is the right of the government to acquire privately owned real estate for public use. |
| Which of the following is NOT an example of government power? | Remainder. The four governmental powers that limit private rights to ownership of land are represented by the acronym PETE (police power, eminent domain, taxation, and escheat.) |
| A property owner who has the legal right to use a neighbor's land holds | Easement. An easement is a right of use or passage, not of ownership-nor is it is an example of encroachment or the exercise of a government's police power. |
| Which of the following is a legal life estate? | Homestead. Homestead rights are granted by statue in some states to provide some protection to debtors and their families against the execution of judgement liens on their homes by the action of unsecured creditors. |
| An owner conveys ownership of a residence to a church but reserves a life estate in the residence. The future interest held by the church is | Remainder. Until the owner dies, the church will have a remainder interest. The owner reserved a life estate. The church may legally sell its future (remainder) interest, even during the lifetime of the life tenant. |
| The new owner of a property installs a fence on the property. By mistake, the fence extends one foot over the lot line onto a neighbor's property. The fence is an example of | Encroachment. To build over a property line is to encroach on the property of another. |
| A homeowner may be allowed certain protection from judgements of creditors as a result of the state's | Homestead rights. Homestead rights are granted by statute in some states to provide some protection to debtors and their families against the execution of judgement liens on their homes by the action of unsecured creditors. |
| A person has permission from a property owner to hike on the owner's property during the autumn months. The hiker has | License. Such permission given to an individual is personal, nontransferable, and can be withdrawn. |
| A homestead is a legal life estate in real estate that is | Occupied as the family home. In many states, a portion of the area or value of this land is protected or exempt from judgement for debts other than those secured by the property. |
| Because a homeowner failed to pay the real estate taxes on time, the tax authority imposed a claim against the homeowner's property. The claim is known as | Lien. Unpaid real estate taxes are a lien on the property because they are a charge against the property that provides security for a debt or an obligation of the property owner. |
| The type of easement that is right-of-way for a utility company's power lines is | An easement in gross. Easements in gross are individual rights to use someone's land, as in the case of the utility company. A commercial (but not personal) easement in gross can be assigned, conveyed, and inherited. |
| The process by which government takes control of a property after the owner dies without a will or lawful heirs is | Escheat is a process by which the state may acquire privately owned real or personal property. State laws provide ownership to transfer to the state when an owner dies leaving no heirs (as defined by law) & no will or living trust directs RE distribution |
| A landowner divides a large parcel of land into smaller parcels & sells a tract near a nature preserve that is landlocked & can't be entered except by 1 of the other tracts. The buyer of that property may be granted what type of easement by court action | Easement by necessity, arises when there is no ingress or egress (entry or exit) from one piece of property without crossing over a parcel of land owned by another. This is not merely for convenience or imposed to validate a shortcut. |
| All of the following will terminate an easement EXCEPT | Release of the right to easement to the dominant tenement. An easement is terminated when the owner of the dominant tenement releases that right to the owner of the servient tenement. |
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jr84