real estate unit 3 legal aspects
A. abstract of judgment
One-page, recordable document that contains information about a court
judgment
B. appurtenant easement
Easement that “runs with the land”
C. CC&Rs
Rules and regulations established for a parcel of land and accepted
by the
owner when the property is purchased or transferred
D. condition
Limitation imposed by a grantor in a deed that can cause the
ownership
of the property to revert to the grantor who imposes
the condition if the
condition is not satisfied
E. covenant
Promise that a certain act will, or will not, be performed
F. Declaration of Homestead
Recorded notice to protect the equity in a home from forced sale by
unsecured creditors
G. dominant tenement
Land benefiting from an easement
H. easement
Interest for use owned by one person in the land of another person
I. easement in gross
Easement that is a personal right of one person to use land owned by
another
J. encumbrance
Interest in real property that is held by someone who is not the owner
K. estate
The quantity, quality, degree, and nature of a person’s interest in
real
property that may become possessory
L. fee simple absolute
Freehold estate that includes all rights to sell, exclude others,
finance, and
do any other thing with real property allowed by law
M. fee simple determinable
Freehold estate with present possessory interest in a grantee with a
reversionary interest in the grantor
N. financial encumbrances
Encumbrance that affects title to property
O. freehold estate
Estate with indefinite duration or that is measured by the length of
someone’s life
P. future interest
Interest that cannot be exercised today, but which might be exercised
in
the future
Q. homestead property
Home, occupied by a family, exempt from the claims of unsecured
creditors
R. interest
Various rights, privileges, powers, and immunities with respect to
real
property
S. judgment creditor
Party to a lawsuit who obtains a money judgment against the other party
T. license
Permissive use of land that is freely revocable by the grantor
U. life estate
Freehold interest that allows the owner to live on a parcel until
death, but
that cannot be bequeathed via a will
V. non-financial encumbrance
Encumbrance that affects the physical use or condition of the property
W. nonfreehold estate
Estate with a fixed or determinable duration
X. periodic tenancy
Leasehold interest for an indefinite period of time
Y. possessory interest
Present right to physically occupy land and to exclude others from
that
same land
Z. present interest
Interest in land that can be exercised by the owner today
AA. profit-à-prendre
Right to enter another’s land to remove soil, substances of the soil,
or
other resource
BB. servient tenement
Land burdened by an easement
CC. tenancy for years
Leasehold interest with a fixed term and definite end date
DD. writ of execution
Document directing the sheriff to commence a lien-sale of a parcel of
real
property