Kaplan Real Estate Course 1 - Unit 7

Police Power

the state's authority to preserve order, protect the public health and safety, and promote the general welfare of its citizens.- passed down to the municipalities and counties through enabling acts.

Enabling Acts

to enact non discriminatory legislation to - preserve order, protect the public health and safety, and promote the general welfare of citizens.

Eminent Domain

the government's right to acquire privately owned real estate for a public or economically beneficial use.

Eminent domain is done through

Condemnation and just compensation

Condemnation

a process that begins with a judicial or an administrative proceeding In the taking of property,

Just compensation

which must be paid to the property owner

Taxation

a charge on real estate to raise funds to meet public needs.

Escheat

Occurs when the deceased has no will or lawful heirs .In some states, real property escheats to the county where the land is located; in other states

Estate in Land

defines the degree, quantity, nature, and extent of an owner's interest in real property.

Freehold estate

lasts for an indeterminable length of time

Fee Simple or fee simple absolute

the highest estate recognized by law. Fee simple ownership is ownership in which the holder is entitled to all rights to the property by law. This estate is intended to run forever; upon the death of its owner, it passes to the owner's heirs.

Fee simple defeasible

a qualified estate subject to occurrence or nonoccurence of some specified events. Two categories od defeasible estates exist: fee simple determinable and fee simple subject to a condition subsequent.

Fee Simple Determinable

is a fee simple defeasable estate that may be inherited. This estate is qualified by special limitation. (An occurance or event. - Possibility of reverter.

Encumberance

a claim, charge, or liability that attaches to real estate and may be one of the following: liens, covenants, conditions, and restrictions.

Liens

charges against property that provide security for a debt or obligation of the property owner.

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 other than the grantee.

Doctrine of prior appropriation

some states provides that water use, aside from limited domestic use, is controlled by the state rather than the landowner adjacent to the water;to use the water, the landowner must demonstrate beneficial use - such as irrigation of crops.

Covenants, conditions, and restricts (CC & Rs)

are private agreements that affecet the use of land.

Easements

rights to use the land of another. Usually created by a written agreement between parties.

Types of easements

appurtenant easement, easement in gross, easement by necessity, easement by prescription.

Appurtenant easement

is attached to the ownership of one parcel and allows this owner the use of a neighbor's land. For an appurtenant easement to exist, two adjacent parcels of land must be owned by two different parties.is said to run with the land when title is transferred

Easement in gross

an individuals or company interest in or right to use another's land.

Easement by necessity

arises when land has no access to a street of public way when an owner sells a parcel of land that has no access to a street or public way except over the seller's remaining land

easement by prescription

acquired when a claimant has used another's land for 10 to 21 years. The use must be visible, open, and notorious.

License

a personal privilege to enter the land of another for a specific purpose.

Encroachment

occurs when all or part of a structure illegally intrudes on the land of another or beyond legal bulding lines.

Water rights

are determined by common laws and statue.

Riparian Rights

common law rights granted to owners of land along rivers, streams, or similar bodies of water.

Littoral rights

belong to owners of land that borders commercially navigable lakes, seas, and oceans.

Life Estate

a freehold estate limited in duraction to the life of the owner or the life of some other designated person or persons. It is not inheritable > it passes to future owners according to the provisions of the life estates.

The future owner of the fee simple estate may be designated in one of two ways:

Remainder Interest and Reversionary Interest.

Remainder Interest

the creator of the life estate may name a remainderman as the person to whom the property will pass when the life estate ends.

Reversionary Interest

The creator of the life estate may choose not to name a remainderman. In that case, ownership is said to revert to the original owner upon the end of the life estate.

Legal Life Estate

not created voluntarily by an owner. Rather is is a form of life estate established by state law.

Kelo v. City of New London

the city, initiated condemnation proceedings on land owned by nine property owners who refused to have their property taken. The development plan involved land for commercial, residential, and recreational purposes.The court found that the city's proposed

leasehold estates

Nonfreehold estates are those for which the length of time can be determined

Deed restrictions

private restrictions that affect the use of the land. Once placed in the deed by a previous owner, they "run with the land," limiting the use of the property and binding to all grantees.

Covenants, conditions, and restrictions
CC&Rs

...

servient tenement

The parcel over which the easement runs

dominant tenement.

the neighboring parcel that benefits IN easement

tacking

provides that successive periods of continuous occupation by different parties may be combined (tacked) to reach the required total number of years necessary to establish a claim for a prescriptive easement.

Avulsion

is the sudden removal of soil by an act of nature. It is an event that causes the loss of land much less subtly than erosion.

prior appropriation

A concept of water ownership in which the landowner's right to use available water is based on a government-administered permit system.

Accretion

Increase in land resulting form the deposit of soil by the water's action

party wall

an exterior wall of a building that straddles the boundary line between two lots, or it can be a commonly shared partition wall between two connected properties. Each lot owner owns the half of the wall on his or her lot, and each has an appurtenant easem

Terminating An Easement

when the need no longer exists;
when the owner of either the dominant or the servient tenement becomes sole owner and the properties are merged under one legal description;
by the release of the right of easement to the owner of the servient tenement;
by

PETE:Government powers

Police power, Eminent domain, Taxation, Escheat