PA Real Estate-Chapter 5

License

1) a privilege or write grants it to a person by a state to operate as a real estate broker or sales person. 2) the revocable permission for a temporary use of land. A personal right that cannot be sold.

Littoral Rights

1) land owners claim to use water in large navigable lakes and oceans adjacent to their property. 2) the ownership rights to land bordering these bodies of water up to the high water mark.

Deed Restrictions

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

Doctrine of Prior Appropriation

A government principle of water rights law whereby the right to use water is controlled by the state rather than the landowner adjacent to the water

Condemnation

A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner. See eminent domain.

Appurtenant Easement

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

Easement by Condemnation

An easement created by the government or governmental agency that has exercised its right under eminent domain

Defeasible Fee Estate

An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event. There are two categories of defeasible fee estate 1) fee simple on condition precedent (fee simple determinable) and 2) fee simple on condition subsequent

Pur Autre Vie

French for "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

Accretion

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea

Encroachment

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

Freehold Estate

a estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

Fee Simple Determinable

a fee simple estate qualified by a special limitation, language used to describe limitation include the words so long as, while, or during.

Future Interest

a person's present right to an interest in real estate that will not result in possession or enjoyment until sometime in the future, such as a reversion or right off re entry.

Lien

a right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale

Easement

a right to use the land of another for a specific purpose, such as for a right-of-way or utilities; and incorporeal interest in land

Leasehold Estate

a tenani right to occupy real estate during the term of a lease, generally considered to be a personal property interest.

Party Wall

a wall that is located on or at a boundary line between two adjoining parcels of land and is used or is intended to be used by the owner of both properties.

Easement by Prescription

an easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law

Easement by Necessity

an easement allowed by law as necessary for the full enjoyment of a parcel of real estate, for example a right of ingress and egress over a grantor's land

Easement in Gross

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 write granted by women to a man to use a portion of her property for the rest of his life would an easement in gross

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

Encumbrance

anything- such as a mortgage, a tax, a judgment lien, an easement, a restriction on the use of the land, or an outstanding dower right-that may deminish the value of a property

Fee Simple Subject to a Condition Subsequent

if the state is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry.

Estate in Land

the degree, quantity, nature, an extent of interest that a person has in real property.

Police Power

the government's right to impose laws, statues, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare.

Erosion

the gradual wearing a way of land by water, when, and general weather conditions. The diminishing of property caused by the elements.

Fee Simple

the maximum possible estate or right of ownership of real property, continuing forever, also known as fee simple absolute.

Riparian Rights

the owners right in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

Taxation

the process by which a government or municipal quasi-public body raises money to find its operations.

Remainder Interest

the remnant of an estate that is conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.

Reversionary Interest

the remnant of an estate that the grantor hold after granting a life estate to another person

Escheat

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

Eminent Domain

the right of a government or municipal quasi-public body to acquire property for public use through the legal process called condemnation