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Real Estate Exam - Chapter 7: Interests in Real Estate
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Side A ------ Side B Liscense ------ Personal priviledge i.e. parking in neighbors driveway- permission can be granted and taken away Encroachments ------ - Illegal extension. Could recover damages. Removal possible Water Rights- Riparian- Littoral ------ Riparian - Rivers and Streams- If Navigable own to edge / Non-navigable to middleLittoral- Lakes and Oceans- Own to mean high water mark Freehold Estates: Legal Life Estate- Not created voluntarily by owner. A form of life estate established by law ------ Legal Life Estate- Established by state law. Automatically effective upon certain events--> Dower - Life estate wife has in real estate of deceased husband--> Curtesy - Same for deceased wife--> Homestead - legal life estate in family home i.e. creditors can't take it if bankrupt (so long as it isn't security) Or it reserves an amount of money in event of a court sale Encumbrances ------ - A claim, charge or liability that attaches to real estate**It is a right or an interest, not an estate (held by someone other than fee owner)--> Liens - monetary (house as security) i.e. mortgage --> Encumbrance - Restrictions, Easements, Encroachments More types of Encumbrances: ------ - Deed Restrictions (also referred to as covenants, conditions)--> i.e. Restrictive covenants for subdivision of land standards (chapter 19) Easements (also encumbrances) ------ Easement - Right to use land of another for a particular purpose--> Appurtenant Easement - part of dominant tenement, transfers with title (runs over the servient tenement)--> Easement in Gross - individual interest in or right in anothers land (i.e. power lines / railroad) Creation of an Easement ------ Written agreement between parties- Party wall easement: fence / wall, share boundary, own their half and have an appurtenant easement in the other- Easement by necessity: when no access (landlocked)- Easement by prescription: used openly for years- Easement by condemnation: acquired for public use via eminent domain Terminating an easement ------ - puropse doesn't exist- merger- abandonment- adverse possession- destruction of servient tenement- bla bla etc Freehold Estates: Conventional Life Estate- Lasts for the duration of a designated person/s life (owner or otherwise) ------ Regular Life Estate- Not inheritable, always subject to limitation of the life estate and terms--> Pur Autre Vie - Life estate measured against someone other than life tenant (can be inherited until that person dies)--> Remainder Interest - when life estate ends, creator can name someone (remainderman) to whom property goes--> Reversionary Interest - Creator gets back after life estate ends Freehold Estates: Fee Simple Estate- Lasts for an indeterminable/indefinite length of time ------ Fee Simple (fee simple absolute)- Is highest interest in real estate recognized by law- Passed to heirs / inheritableFee Simple defeasible --> On Condition ThatFee Simple determinable --> So long as / While / During Escheat ------ - No heirs as defined by law / no will- Property taken by state Estates in Land ------ - Define the degree, quantity, nature etc of an owners interest in real property. Many types of estates. Not all interests are estates. - Must allow possession and be measurable by duration Taxation: ------ - Charge on Real Estate to raise funds for public needs Police Power: ------ Authority of state to laws of protection / betterment etc - States authority passed --> municipalities via Enabling Acts Eminent Domain: ------ - Govmt right to seize for 'betterment' i.e. highway.**Exercises right via condemnation 4 Government Powers (PETE) ------ - Police- Eminent Domain- Taxation - Escheat Accretion:Erosion:Avulsion: ------ - Increase in land by water- Decrease- Sudden / Storm removal Doctrine of Prior Appropriation ------ Where water is scarce, this determines water ownership- Demonstrate beneficial use, apply for permit
Side A ------ Side B Liscense ------ Personal priviledge i.e. parking in neighbors driveway- permission can be granted and taken away Encroachments ------ - Illegal extension. Could recover damages. Removal possible Water Rights- Riparian- Littoral ------ Riparian - Rivers and Streams- If Navigable own to edge / Non-navigable to middleLittoral- Lakes and Oceans- Own to mean high water mark Freehold Estates: Legal Life Estate- Not created voluntarily by owner. A form of life estate established by law ------ Legal Life Estate- Established by state law. Automatically effective upon certain events--> Dower - Life estate wife has in real estate of deceased husband--> Curtesy - Same for deceased wife--> Homestead - legal life estate in family home i.e. creditors can't take it if bankrupt (so long as it isn't security) Or it reserves an amount of money in event of a court sale Encumbrances ------ - A claim, charge or liability that attaches to real estate**It is a right or an interest, not an estate (held by someone other than fee owner)--> Liens - monetary (house as security) i.e. mortgage --> Encumbrance - Restrictions, Easements, Encroachments More types of Encumbrances: ------ - Deed Restrictions (also referred to as covenants, conditions)--> i.e. Restrictive covenants for subdivision of land standards (chapter 19) Easements (also encumbrances) ------ Easement - Right to use land of another for a particular purpose--> Appurtenant Easement - part of dominant tenement, transfers with title (runs over the servient tenement)--> Easement in Gross - individual interest in or right in anothers land (i.e. power lines / railroad) Creation of an Easement ------ Written agreement between parties- Party wall easement: fence / wall, share boundary, own their half and have an appurtenant easement in the other- Easement by necessity: when no access (landlocked)- Easement by prescription: used openly for years- Easement by condemnation: acquired for public use via eminent domain Terminating an easement ------ - puropse doesn't exist- merger- abandonment- adverse possession- destruction of servient tenement- bla bla etc Freehold Estates: Conventional Life Estate- Lasts for the duration of a designated person/s life (owner or otherwise) ------ Regular Life Estate- Not inheritable, always subject to limitation of the life estate and terms--> Pur Autre Vie - Life estate measured against someone other than life tenant (can be inherited until that person dies)--> Remainder Interest - when life estate ends, creator can name someone (remainderman) to whom property goes--> Reversionary Interest - Creator gets back after life estate ends Freehold Estates: Fee Simple Estate- Lasts for an indeterminable/indefinite length of time ------ Fee Simple (fee simple absolute)- Is highest interest in real estate recognized by law- Passed to heirs / inheritableFee Simple defeasible --> On Condition ThatFee Simple determinable --> So long as / While / During Escheat ------ - No heirs as defined by law / no will- Property taken by state Estates in Land ------ - Define the degree, quantity, nature etc of an owners interest in real property. Many types of estates. Not all interests are estates. - Must allow possession and be measurable by duration Taxation: ------ - Charge on Real Estate to raise funds for public needs Police Power: ------ Authority of state to laws of protection / betterment etc - States authority passed --> municipalities via Enabling Acts Eminent Domain: ------ - Govmt right to seize for 'betterment' i.e. highway.**Exercises right via condemnation 4 Government Powers (PETE) ------ - Police- Eminent Domain- Taxation - Escheat Accretion:Erosion:Avulsion: ------ - Increase in land by water- Decrease- Sudden / Storm removal Doctrine of Prior Appropriation ------ Where water is scarce, this determines water ownership- Demonstrate beneficial use, apply for permit
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