Principals 1 Unit 13 Interest in Real Estate

Match the following terms

• transfer of ownership

• Restriction

• any claim or right against a property

• Encumbrance

• rules of what you can or can't do

• Conveyance

• illegal use of another land

• Encroachment

• right to use another individuals land

• Easement

Match the following

• house in the process of being sold

• Leasehold Estate

• owned by two or more individuals

• Concurrent State

• individual has some degree of ownership

• Freehold Estate

• created as a matter of state law

• Statutory Estate

• one person owns, another person lives in

• Equitable Estate

Match the following

• lien brought by the government

• Lis Pendens

• lien against only the real estate

• General Lien

• owner fails to pay for materials or work

• Specific Lien

• Lien for real estate & personal property

• Mechanic's Lien

• notice of lawsuit pending

• Statutory Lien

Match the following

• duration of another persons life

• Avulsion

• gradual decrease in land by water

• Estate

• ones interest in property

• Accretion

• primary residence

• Homestead

• gradual increase in land by water

• Pur Autre Vie

Match the following

• legal process to decide who inherits

• Life Estate

• recipient of a life estate

• Probate

• retake ownership automatically

• Remainderman

• must go to court to retake ownership

• Fee Simple subject to condition subsequent

• estate will end upon death of tenant

• fee simple determinable estate

Which two rights refer to waterfront properties?

• riparian and littoral

• coastal and riparian

• littoral and lakefront

• littoral and coastal

Juan is in contract to purchase a house, but the sale has not yet closed. The seller, Anthony, still has ownership interest, but Juan, by entering into a sales contract with Anthony, now has what type of estate?

• equitable estate

• leasehold estate

• life estate

• fee simple defeasible estate

When a person rents a property for a specific period of time, what type of estate does this person have?

• equitable estate

• leasehold estate

• life estate

• fee simple defeasible estate

What type of estate does a person have if they have the right to use a property for the rest of their life?

• equitable estate

• leasehold estate

• life estate

• fee simple defeasible estate

If a person owns a property and has the right to transfer, sell, or will it to someone else, what type of estate does this person have?

• equitable estate

• leasehold estate

• life estate

• fee simple defeasible estate