Blaw Ch 49 Real Property

Front 1

real property

Back 1

legally protected interest
- includes the physical thing itself
- a right related to an interest

Front 2

land

Back 2

earth

Front 3

easement

Back 3

permanent right that one has in the land of another

Front 4

dominant tenement

Back 4

land that is benefited by an easement

Front 5

servient tenement

Back 5

land that is subject to an easement

Front 6

easement by implication

Back 6

easement not specifically created by deed that arises from the circumstances of the parties and the land location and access.

Front 7

way of necessity

Back 7

grantee's right to use land retained by the grantor for going to and from the conveyed land.

Front 8

prescription

Back 8

acquisition of a right to use the land of another

Front 9

profit

Back 9

right to take a part of the soil or produce of another's land

Front 10

license

Back 10

personal privilege to do some act or series of acts upon the land of another

Front 11

lien

Back 11

claim or right

Front 12

tax lien

Back 12

lien on property by a government agency for nonpayment of taxes.

Front 13

judgment lien

Back 13

lien by a creditor who has won a verdict against the landowner in court.

Front 14

mechanic's lien

Back 14

protection afforded by statute to various kinds of laborers and persons supplying materials

Front 15

fixture

Back 15

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.

Front 16

fee simple estate

Back 16

highest level of land ownership; full interest of unlimited duration.

Front 17

life estate

Back 17

an estate for the duration of a life.

Front 18

leasehold estate

Back 18

interest of a tenant in rented land.

Front 19

estate in fee

Back 19

largest estate possible

Front 20

fee simple defeasibles

Back 20

fee simple interest can be lost if restrictions on its use are violated.

Front 21

remainder interest

Back 21

land interest that follows a life estate.

Front 22

possibility of reverter

Back 22

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.

Front 23

trespass

Back 23

an unauthorized action with respect to person or property.

Front 24

licensee

Back 24

someone on another's premises with the permission of the occupier

Front 25

invitee

Back 25

person who enters another's land by invitation.

Front 26

attractive nuisance doctrine

Back 26

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.

Front 27

condominium

Back 27

combination of co-ownershp and individual ownership.

Front 28

cooperative

Back 28

group of two or more persons or enterprises that acts through a common agent with respect to a common objective

Front 29

deed

Back 29

an instrument by which the grantor (owner of land) conveys or transfers the title to a grantee.

Front 30

grantor

Back 30

owner who transfers or conveys an interest in land to a new owner.

Front 31

grantee

Back 31

new owner of a land conveyance

Front 32

transferee

Back 32

buyer or vendee

Front 33

quitclaim deed

Back 33

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.

Front 34

warranty deed

Back 34

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.

Front 35

acceptance

Back 35

unqualified assent to the act or proposal of another

Front 36

recorder

Back 36

public official in charge of deeds.

Front 37

race statute

Back 37

statute under which the first party to record the deed holds the title.

Front 38

notice statute

Back 38

statute under which the last good faith or bona fide purchaser holds the title.

Front 39

notice-race statute

Back 39

statute under which the first bond fide purchaser to record the deed holds the title.

Front 40

abstract of title

Back 40

history of the transfers of title to a given piece of land

Front 41

warranty of title

Back 41

implied warranty that title to the goods is good and transfer is proper.

Front 42

covenants of title

Back 42

grantor's covenants of a deed that guarantee such matters as the right to make the conveyance

Front 43

covenant of seisin

Back 43

gurantee that the grantor of an interest in land owns the estate conveyed to a new owner.

Front 44

covenant of right to convey

Back 44

gurantee that the grantor of an interest in land

Front 45

covenant against encumbrances

Back 45

gurantee that conveyed land is not subject to any right or interest of a third person.

Front 46

covenant of quiet enjoyment

Back 46

covenant by the grantor of an interest in land that the grantee's possession of the land shall not be disturbed.

Front 47

limited covenant

Back 47

any covenant that does not provide the complete protection of a full covenant.

Front 48

covenant of further assurances

Back 48

promise that the grantor of an interest in land will execute any additional documents required to perfect the title of the grantee.

Front 49

run with the land

Back 49

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.

Front 50

eminent domain

Back 50

power of government and certain kinds of corporations to take private property against the objection of the owner

Front 51

adverse possession

Back 51

hostile possession of real estate

Front 52

mortgage

Back 52

interest in land given by the owner to a creditor as security for the payment of the creditor for a debt

Front 53

adjustable rate mortgage (ARM)

Back 53

mortgage with variable financing charges over the life of the loan.

Front 54

reverse mortgage

Back 54

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.

Front 55

assumption

Back 55

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.

Front 56

foreclosure

Back 56

procedure for enforcing a mortgage resulting in the public sale of the mortgaged property and

Front 57

stay of foreclosure

Back 57

delay of foreclosure obtained by the mortgagor to prevent undue hardship.

Front 58

redemption

Back 58

buying back of one's property