Real Estate Notes: PSI Exam Prep: Property Ownership Part 4

the dominant estate owner must take some action that shows a clear intent to stop using the easement.

this occurs when the owner of either the servient or dominant estate purchases the other property. A property owner can’t have an easement over his or her own land.

an easement allows someone to travel to and from the land.

This easement isn’t legal, and is created through the continued, uninterrupted, obvious, exclusive, and adverse use of someone’s property without permission.

itprovides a pass-through to other property but doesn’t allow usage of the land.

is temporary permission for one person, at the discretion of the property owner, to do something on another’s land without actually possessing any interest or ownership in the land. it is not assignable or inheritable.

If this provision is included, the mortgagee agrees not to evict tenants who are current on their rent if the mortgagee has to foreclose on the property.

it is an interest in real property where the owner’s possession of the property isn’t of fixed duration, as it would be in a lease (leasehold estate)

it is a type of freehold estate that conveys the most rights available. Property held as a fee simple can be sold and is inheritable.

it is a type of freehold estate in which ownership is subject to either the occurrence or non-occurrence of a particular event.

the current property owner conveys ownership to a new owner as long as some event does or doesn’t occur. For example, Morris gives a plot of land to a local parks district as long as the district only uses it for youth soccer fields. He gives the possibility of reverter to his son Joe, someone else named by Joe, or Joe’s heirs if the parks district changes the property’s use. If the use changes, the estate automatically ends and the property reverts to whoever holds the possibility of reverter.

he current property owner conveys ownership to a new owner on a specific condition. For example, Trinity conveys her home to her son, Gabriel, on the condition that the property remains residential. If Gabriel converts the property to some other use, the estate doesn’t automatically revert to the original owner; however, Trinity (or her other heirs or successors) has the right to re-acquire full ownership. But she’ll have to go to court to do so.

it is an estate in which the holder has a possessory interest in a property but no ownership.

it is a lease that ends on a specific date and must be renewed by mutual agreement between the landlord and tenant.

it is a lease that automatically renews at the end of its term (such as a month-to-month lease).

it is a lease without an established ending that can be terminated by either party.

it is one in which a tenant (referred to as a holdover tenant) didn’t leave when the lease expired.

Can ownership in severalty be inherited?

it is a form of co-ownership in which each co-owner is entitled to possession of the whole. An owner’s ownership is inheritable and, upon the owner’s death, doesn’t necessarily pass to the other owners.

is a form of co-ownership in which equal ownership requires unity of time, title, interest, and possession.
includes the right of survivorship, which means that the surviving co-owner(s) will own the property of the person who dies.

Can common tenancy be inherited?

Can Joint tenancy be inherited?

Timeshares, condominiums, and cooperatives are primary examples of

Can timeshares be inherited?

it is a type of freehold estate in which ownership is limited to someone’s lifetime. The future owner is determined based on the life estate’s terms.

it is s based on the life of the estate holder/life tenant. For example, Christine gives her son this type of life estate in a property, and the estate lasts until her son’s death.

is based on the life of someone other than the holder of the life estate/life tenant. For example, Jarrod grants his ex-wife, Margo, this type of life estate in a house where Jarrod’s mother Rose and Margo, who cares for Rose, both reside. The life estate stipulates that Margo’s interest in the property will cease when Jarrod’s mother dies.

Any act by the estate holder that significantly reduces the value of the property at the end of the life estate is called

When a life estate ends, ownership of and interest in the property is determined in one of two ways.

When a life estate ends, the remainderman or reversion holder holds the estate in

The bundle of rights includes:

Property ownership gives the title holder a bundle of rights. What’s significant about the concept of a bundle of rights?

our client Frank is interested in selling a 54,450-square-foot lot. A comparable property in the vicinity sold for $3,500 per acre. What would be reasonable list price for Frank’s property?

In this description, what does “Beginning at the corner of State Route 61 and Hallowell Road” represent?

Without this easement—usually involving access to a road—the owner requiring the right of passage would be landlocked.

43,560 square feet is

A section is

A hectare is a

What forms the boundaries of a township?

What is an encumbrance?