Broker Licensing

Front 1

ACCESSION

Back 1

acquiring title to additions or improvements to real property as a result of annexation

Front 2

ANNEXATION

Back 2

process of converting personal property into real property

Front 3

APPURTENANCE

Back 3

a right, privilege, or improvement belonging to, and passing with, the land; "runs with the land"

Front 4

ATTACHMENT

Back 4

the act of taking a person's property into legal custody by writ or other judicial order

Front 5

BUNDLE OF RIGHTS

Back 5

the concept of land ownership that includes ownership of all legal rights to the land - possession, control, enjoyment, exclusion & disposition

Front 6

EMBLEMENTS

Back 6

growing crops, such as grapes and corn, that are produced annually through labor & industry

Front 7

NONHOMOGENEITY

Back 7

a lack of uniformity; dissimilarity. real estate is said to be nonhomogenous

Front 8

SITUS

Back 8

the personal preference of people for one area over another

Front 9

TRADE FIXTURE

Back 9

an article installed by a tenant under the terms of a lease & removable by the tenant before lease expiration

Front 10

ACCRETION

Back 10

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

Front 11

AD VALOREM TAX

Back 11

a tax levied according to value, generally used to refer to real estate tax

Front 12

APPURTENANT EASEMENT

Back 12

an easement that is annexed to the ownership of one parcel & allows the owner the use of the neighbor's land

Front 13

AVULSION

Back 13

the sudden tearing away of land by natural causes

Front 14

BASE LINE

Back 14

the main imaginary line running east and west and crossing a principal meridian at a definte point

Front 15

CERTIFICATE OF SALE

Back 15

the document generally given to the purchaser at a tax foreclosure sale. certificate of sale does not convey title.

Front 16

CONDEMNATION

Back 16

exercising the power of eminent domain, through which a govt agency takes private property for public use

Front 17

DATUM

Back 17

horizontal plane from which heights and depths are measured

Front 18

DEED OF TRUST

Back 18

an instrument that grants a trustee under a land trust full power to sell, mortgage & subdivide a parcel of real estate.

Front 19

DEFEASIBLE FEE ESTATE

Back 19

and estate in which the holder has a fee simple title that my be divested upon the occurrence or nonoccurrence of a specified event.

Front 20

DETERMINABLE FEE ESTATE

Back 20

a fee simple estate where the property returns to the original grantor or heirs when a specified condition occurs

Front 21

DOMINANT TENEMENT

Back 21

a property that includes in its ownership the appurtenant right to use an easement over another's property

Front 22

EQUALIZATION

Back 22

the raising or lowering of assessed values for tax purposes in a particular county

Front 23

ESCHEAT

Back 23

reversion of property to the state or county, as provided by state law

Front 24

ESTOPPEL

Back 24

method of creating an agency relationship in which someone state incorrectly that another person is his or her agent

Front 25

FREEHOLD ESTATE

Back 25

an estate in land in which ownership is for an indeterminate length of time

Front 26

HOMESTEAD

Back 26

land that is owned & occupied as the family home. May be protected or exempt from judgments for debts

Front 27

LEASEHOLD ESTATE

Back 27

a tenant's right to occupy real estate during the term of a lease

Front 28

LEVY

Back 28

to assess; to seize or collect

Front 29

LIS PEDENS

Back 29

recorded legal document giving notice that an action affecting property has been filed; "litigation pending"

Front 30

LITTORAL RIGHTS

Back 30

landowner's claim to use water in large navigable lakes & oceans adjacent to their property

Front 31

MERIDIAN

Back 31

one of a set of imaginary lines running north & south and crossing a base line at a definite point.

Front 32

MILL

Back 32

1/10 of 1 cent

Front 33

P.I.T.T.

Back 33

joint tenancy, where tenants enjoy the four unities: Possession, Interest, Time & Title

Front 34

PRINCIPAL MERIDIAN

Back 34

main imaginary line running north & south and crossing a base line at a definite point

Front 35

RANGE

Back 35

a strip of land six miles wide, extending north & south and numbered east & west according to it's distance from the meridian

Front 36

REDEMPTION

Back 36

the right of a defaulted property owner to recover their property by curing the default

Front 37

REMAINDER INTEREST

Back 37

the remnant of an estate that has been conveyed to take effect & be enjoyed after the termination of the prior estate

Front 38

REVERSIONARY INTEREST

Back 38

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

Front 39

SERVIENT TENEMENT

Back 39

land on which an easement exists in favor of an adjacent property

Front 40

SUBORDINATION AGREEMENT

Back 40

written agreement between holders of liens on a property that changes the priority

Front 41

UNITY OF OWNERSHIP

Back 41

four unities that are traditionally needed to create a joint tenancy--unity of title, time, interest & possession

Front 42

WRIT OF POSSESSION

Back 42

document ordered by the court to have a sheriff enter a leased property to give possession back to owner