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58 Cards in this Set

  • Front
  • Back
real property
legally protected interest
- includes the physical thing itself
- a right related to an interest
land
earth
easement
permanent right that one has in the land of another
dominant tenement
land that is benefited by an easement
servient tenement
land that is subject to an easement
easement by implication
easement not specifically created by deed that arises from the circumstances of the parties and the land location and access.
way of necessity
grantee's right to use land retained by the grantor for going to and from the conveyed land.
prescription
acquisition of a right to use the land of another
profit
right to take a part of the soil or produce of another's land
license
personal privilege to do some act or series of acts upon the land of another
lien
claim or right
tax lien
lien on property by a government agency for nonpayment of taxes.
judgment lien
lien by a creditor who has won a verdict against the landowner in court.
mechanic's lien
protection afforded by statute to various kinds of laborers and persons supplying materials
fixture
personal property that has become so attached to or adapted to real estate that is has lost its character as personal property and is part of the real estate.
fee simple estate
highest level of land ownership; full interest of unlimited duration.
life estate
an estate for the duration of a life.
leasehold estate
interest of a tenant in rented land.
estate in fee
largest estate possible
fee simple defeasibles
fee simple interest can be lost if restrictions on its use are violated.
remainder interest
land interest that follows a life estate.
possibility of reverter
nature of the interest held by the grantor after conveying land outright but subject to a condition or provision that may cause the grantee's interest to become forfeited and the interest to revert to the grantor or heirs.
trespass
an unauthorized action with respect to person or property.
licensee
someone on another's premises with the permission of the occupier
invitee
person who enters another's land by invitation.
attractive nuisance doctrine
a rule imposing liability upon a landowner for injuries sustained by small children playing on the land when the landowner permits a condition to exist or maintains equipment that a reasonable person should realize would attract small children who could not realize the danger. The rule does not apply if an unreasonable burden would be imposed upon the landowner in taking steps to protect the children.
condominium
combination of co-ownershp and individual ownership.
cooperative
group of two or more persons or enterprises that acts through a common agent with respect to a common objective
deed
an instrument by which the grantor (owner of land) conveys or transfers the title to a grantee.
grantor
owner who transfers or conveys an interest in land to a new owner.
grantee
new owner of a land conveyance
transferee
buyer or vendee
quitclaim deed
deed by which the grantor purports to give up only whatever right or title the grantor may have in the property without specifying or warranting transfer of any particular interest.
warranty deed
deed by which the grantor conveys a specific estate or interest to the grantee and makes one or mroe of the covenants of the title.
acceptance
unqualified assent to the act or proposal of another
recorder
public official in charge of deeds.
race statute
statute under which the first party to record the deed holds the title.
notice statute
statute under which the last good faith or bona fide purchaser holds the title.
notice-race statute
statute under which the first bond fide purchaser to record the deed holds the title.
abstract of title
history of the transfers of title to a given piece of land
warranty of title
implied warranty that title to the goods is good and transfer is proper.
covenants of title
grantor's covenants of a deed that guarantee such matters as the right to make the conveyance
covenant of seisin
gurantee that the grantor of an interest in land owns the estate conveyed to a new owner.
covenant of right to convey
gurantee that the grantor of an interest in land
covenant against encumbrances
gurantee that conveyed land is not subject to any right or interest of a third person.
covenant of quiet enjoyment
covenant by the grantor of an interest in land that the grantee's possession of the land shall not be disturbed.
limited covenant
any covenant that does not provide the complete protection of a full covenant.
covenant of further assurances
promise that the grantor of an interest in land will execute any additional documents required to perfect the title of the grantee.
run with the land
concept that certain covenants in a deed to land are deemed to run or pass with the land so that whoever owns the land is bound by or entitled to the benefit of the covenants.
eminent domain
power of government and certain kinds of corporations to take private property against the objection of the owner
adverse possession
hostile possession of real estate
mortgage
interest in land given by the owner to a creditor as security for the payment of the creditor for a debt
adjustable rate mortgage (ARM)
mortgage with variable financing charges over the life of the loan.
reverse mortgage
mortgage in which the owners get their equity out of their home over a period of time and return the house to the lender upon their deaths.
assumption
mortgage transfers in which the transferee and mortgagor are liable and the property is subject to foreclosure by the morgagee if payments are not made.
foreclosure
procedure for enforcing a mortgage resulting in the public sale of the mortgaged property and
stay of foreclosure
delay of foreclosure obtained by the mortgagor to prevent undue hardship.
redemption
buying back of one's property