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Definition
Annually cultivated vegetation
fructus industriales
Considered personal property |
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| Perennial shrubbery, trees, grasses and other plants that do not require annual cultivation is ... |
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Term
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the degree, quantity, nature, and extent of an owner's interest in real property
To be an estate in land, an interest must allow possession, meaning the holding and enjoyment of the property either now or in the future, and must be measured according to time. |
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Term
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Ownership for an indeterminable length of time.
You own it forever.
Can be either a "fee simple estate" or a "life estate." |
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Term
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- AKA Fee Simple Absolute
- highest interest in real estate recognized by law
- holder is entitled to all rights to the property by law
- intended to run forever |
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| Upon the death of the owner, a fee simple estate can be passed to ... |
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Definition
- the dependent's co-owner, if there is one and the co-ownership was accompanied by a right of survivorship;
- the person or persons specified in the dependent's will (the devisees); or
- if the decedent has left no will, to the person or persons designated by the state's law of intestate succession. |
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Term
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qualified fee estate that is subject to the occurrence or nonconcurrence of some specified event
Two categories, include:
"fee simple determinable" and "fees simple subject to a condition subsequent" |
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Term
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Definition
- "for the life of another"
- a life estate based on the lifetime of a person other than the life tenant |
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Term
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Definition
- a freehold estate limited in duration to either the life of the holder of the estate or the life of some other dognaped person or persons
- it is not inheritable
- the holder of a life estate is called a life tenant |
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Term
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Definition
- Holder of a life estate
- entitled to the rights of ownership
- can benefit from both possession and ordinary use, and profits arising from ownership
- Can be sold, mortgaged or leased, but always subject to the finite limitation of the life estate |
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Term
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Definition
| The creator of the life estate may name a "remainder man" as the person to whom the property will pass when the life estate ends. |
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Term
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| The creator of the life estate may choose not to name a remainder man. In that case, ownership returns to the original owner upon the end of the life estate. |
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| Legal life estate in real state occupied as the family home |
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Term
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Definition
- the home is protected (or some part of it) is protected from most creditors during the occupant's lifetime
- a portion of the land or value of the property occupied as the family home is exempt from certain judgements for debts, such as charge accounts and personal loans, but not a mortgage for the purchase or improvement of the property
- if a debt is secured by the property, including funds advanced under a home equity line of credit, the property cannot be exempt from a judgement on that debt
- the homestead is not protected from real estate taxes billed against the property
- once a sale occurs, any debt secured by the home will be paid from the proceeds; then the family will receive the amount reserved by the homestead exemption; finally, whatever remains will be applied to the family's unsecured debt |
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Term
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Definition
- A charge against the property that provides security for a debt or an obligation of the property owner
- If the obligation is not repaid, the lien holder is entitled to have the debt satisfied from the proceeds of a court-ordered or forced sale of the debtor's property |
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Definition
| The right to use the land of another for a particular purpose |
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Definition
- attached to the ownership of real estate and allows the owner of that property the use of a neighbor's land
- for it to exist, two adjacent parcels of land must be owned by two different parties
- one is a dominant tenant and one is a servient tenant |
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Term
| Dominant tenement vs. Servant tenement |
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Dominent: the parcel that benefits from the easement
Servient: the parcel over which the easement runs |
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Term
| An easement terminates when... |
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Definition
- the need no longer exists
- the owner of either the dominant or serviette tenement becomes the sole owner of both properties
- the owner of servant tenement releases the right of the easement to the owner
- the easement is abandoned (with the intention of the parties as the determining factor)
- the easement is no longer used in a prescriptive easement |
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Term
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Definition
| a process by which the state may acquire privately owned real or personal property when an owner dies and leaves no heirs (as defined by law) and there is no will or living trust instrument that directs how the real estate is to be distributed |
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Term
| Kelo v. City of New London |
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Definition
- June 2005 judgement from the US Supreme court which significantly changed the definition of public use
- The court held that local governments can condemn homes and businesses for economic development purposes, even then a private developer is a beneficiary |
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Term
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Definition
- the state's authority to enact legislation that preserves order, protects the public health and safety, and promote the general welfare of its citizens
- it is used to enact environmental protection laws, zoning ordinances, and building codes
- include regulations that govern the use, maximum occupancy, size, location, and construction of real estate |
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Term
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Definition
- two or more people
- each tenant holds an undivided interest in the property
- the co-ownders have unity of possession (each owner is entitled to possession and use of the entire property even though each only own a fraction)
- ownership interest and not property is what is divided
- if no fractions are stated on the deed, it is presumed that each tenant owns an equal share |
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Term
| Three methods to describe real estate |
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Definition
1. metes and bounds
2. rectangular (or government) survey
3. lot and block (recorded plat) |
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Term
| Agency relationships in real estate transactions are governed by... |
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Definition
- Common law: the rules established by tradition and court decisions
- Statutory law: the laws enacted by the legislature
- Administrative law: the rules and regulations created by real estate commissions and departments, as authorized by the legislature |
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