Study Cards - Tucker School of Real Estate

Chapter 7

Appurtenant Easement

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Owner of property "A's" right to use or cross "B's" property. (These rights are a part of the ownership of property "A" and transfer if sold).

Accretion

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The gradual depositing of soil naturally eroded by wind and water from elsewhere.

Avulsion

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Sudden loss of land from earthquake or mudslide.

License

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Revocable permission to use another's land, usually for a specific purpose. (i.e. Someone allowing you to fish in their pond or tickets to a ball game.)

Police Power

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Government's authority to make and enforce laws or regulations.

Condemnation

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Process by which the government exercises its right of eminent domain to acquire title to property for public use or benefit.

Easement by Prescription

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Use right created by a claimant's uninterrupted use of another's land for the prescribed period of time. (Similar to "squatter's rights". Use must be without owner's approval and not on public land).

Easement in Gross

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Individual interest or use right in another's land; usually commercial in nature. (i.e. utility lines, and rail roads)

Defeasible Fee

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O wnership with "strings attached." Grantor prohibits or limits specific uses of property. Breach could "revert" or return ownership to grantor.

Eminent Domain

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Government's right to acquire private property for "public use" through condemnation with just compensation paid to the owner.

Encroachment

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Improvements illegally placed upon an adjoining property or beyond set back lines.

Encumbrance

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Monetary claim, lien, easement or other restriction attached to real estate decreasing its value.

Homestead

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Protection of the family homestead from unsecured creditor(s). Could create a life estate.

Escheat

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Process by which ownership of real property could transfer to the state upon owner's abandonment or death without will or heirs.

Life Estate

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Ownership interest, limited by grantor, to the life of the grantee (life tenant) or other named party. (A less than fee simple interest where the grantor effectively controls where the property goes upon grantees death).

Fee Simple Absolute

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Highest form of ownership recognized by law.

Littoral Rights

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Common law water rights of property owners bordering navigable lakes, seas and oceans.

Reversionary Interest

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Rights that will return upon the occurrence of certain events. (i.e. Rights of the grantor during the term of a life estate, or the rights of the lessor during the term of a lease.)

Riparian Rights

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Common law water rights of owners bordering streams or rivers. Such rights include access and use.

Remainder Interest

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Future rights of ownership of the party named by the grantor following the end of a life estate.