Unit 2: Interests in Real Estate Flashcards

Front

covenants, conditions, and restrictions (CC&Rs)

Back

Private agreements that affect land use. They may be enforced by an owner of real estate that benefits from them and can be included in the seller's deed to the buyer.

Front

deed restrictions

Back

Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions - for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all.

Front

easement

Back

A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land because it does not include a right of possession.

Front

easement appurtenant

Back

An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land.

Front

easement by prescription

Back

An easement acquired by open, notorious, continuous, hostile and adverse use of the property for the period of time prescribed by state law.

Front

easement in gross

Back

An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. For example, a right granted by a property for the rest of the friend's life would be an easement in gross.

Front

eminent domain

Back

The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner.

Front

encroachment

Back

A building or some portion of it - a wall or fence, for instance - that extends beyond the land of the owner and illegally intrudes on the land of an adjoining owner or a public street or alley.

Front

encumbrance

Back

Anything - such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land; or a an outstanding dower right - that may diminish the value or use and enjoyment of a property.

Front

escheat

Back

The reversion of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned.