2025/2026 Graded A+
Life Estate - An interest in real or personal property that is limited in
duration to the lifetime of its owner or some other designated person or
persons.
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
Dower vs Curtesy - Dower
-husbands life estate from deceased wife
Curtesy
-wife's life estate from deceased husband
Homestead - a family home and its surrounding lands
Lease vs Rental - Rental is <= 2 yrs, lease > 2 yrs
What Areas of R.E. Specialization need a License? - -Brokerage
-Broker
-Salesperson
-Property Manager
-Developer
-Appraiser
-Home Inspector
Encumbrances - A charge, claim, or liability that attaches to and is binding
on real estate
-unless cleared prior to sale, it continues in effect
-Types:
--Deed restrictions
--Easements
--Encroachments
Lien - A charge against property that provides security for a debt or an
obligation of the property owner.
Specific vs General Lien - specific - relates to specific property
general - relates to all of the debtors property
,Easement - right required by one party to use land of another for specific
purpose
Easement Appurtenant - Easement annexed to ownership & "run with the
land". An easement created to benefit adjacent land. Tract over which
easement runs is called servient tenement, tract that benefits is called
dominant tenement
Easement in Gross - mere personal interest or right to use land of another,
no dominant tenement, just servient
-i.e. utilities
Easement in Personal Gross - neighbors, well water, parked car... dies with
owner
Easement by necessity - An easement allowed by law as necessary for the
full enjoyment of a parcel of real estate. arises when there is no other
access to a property by a street or public way
encroachment - intrusion on a person's territory, rights, etc.
Lis Pendens - A recorded legal document giving constructive notice that an
action affecting a particular property has been filed in either a state or a
federal court.
-affecting title of property
Life tenant - interest in real property is time-ownership interest
Land Ownership - Air, water, surface, subsurface
Real Estate vs Real Property - Real estate is a term that refers to the
physical land, structures, and resources attached to it.
Real property includes the physical property of the real estate, but it
expands its definition to include a bundle of ownership and usage rights.
Real Property Benefits and Interests - -Disposition
-Enjoyment
-Exclusion
, -Possession
-Control
Title - Right and evidence of ownership
-legal title
--name only
-equitable title
--amount of $$ paid into property
Water Rights - Riparian
-granted to owners along a river, stream or moving body of water, own to
edge or center
-need permit for commercial use
Littoral
-rights to owners whose land borders commercially navigable lakes, seas,
and oceans, own to edge
Doctrine of Prior Appropriation - The right to use any water, with the
exception of limited domestic use, is controlled by the state rather than by
the landowner adjacent to the water.
Trade Fixture - An article installed by a tenant under the terms of a lease
and removable by the tenant before the lease expires.
Legal Descriptions of Land - -Rectangular Gov't Survey
-Meters & Bounds Survey System
-Lot & Block
Rectangular Gov't Survey - Meridians (north/south)
-Ranges
Base lines (east/west)
-Tiers
each square is 1 x 1 mile
Townships - 36 sections, each 1 square mile
-sections numbered from northeast corner, 1st 6 sections run east to west,
second row west to east, and so on