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84 Cards in this Set
- Front
- Back
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Commission
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Negotiable between principle and broker though normally 5%-6%.
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Property
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Rights and interests a person has in the thing owned.
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Bundle of Rights Theory
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Ownership consists of Possesion, Enjoyment, Control and Disposition
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Possesion
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One of the four basic rights of ownership involving the right to occupy, rent and keep others out.
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Enjoyment
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One of the four basic rights of ownership defined as the right to "peace and quiet" without interference from past owners and others.
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Control
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One of the four rights of ownership defined as the right to physically change or keep the property the way you like it.
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Disposition
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One of the four basic rights of ownership defined as the right to transfer all or parts of your property to others as you see fit.
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Real Property
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One of the two types of property described as the right or interest that a person has in the land or anything attached to the land. It is "immovable" by law.
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Land Ownership
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Defined as the rights to the space above the land, the surface of the land and the space below the surface.
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Mineral Rights
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Rights of an owner to minerals up to 500 feet below a property.
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Riparian Right
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Right of an owner to the reasonable use of moving free flowing water on, under, and adjacent to the property, provided that its use does not infringe on the rights of any neighboring landowners
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Littoral Right
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Right of a landowner to the reasonable usage of a non-flowing body of water with a shoreline abutting their property.
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Improvement
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Anything attached to the land such as buildings, fences, walls etc. They become real property when permanently affixed to the land.
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Personal Property
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That which is tangible and easily movable.
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Fixture
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Items of personal property attached to the land in such a way that they become real property, i.e. their removal would cause permanent damage or an unusable area.
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Metes and Bounds
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The method of identifying property by its boundaries, distances, and angles from a given starting point.
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Monument
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A fixed object and point set in the earth by surveyors to establish land locations.
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Base Line
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A horizontal line that runs east and west from any one of three starting points in California. They occur in 6 mile increments.
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Meridian Lines
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Vertical lines which run north and south from any of three starting points in California. They occur in 6 mile increments.
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Tier Lines
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East West lines that subdivide meridian and base line sections.
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Range Lines
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North South lines that subdivide sections created by meridian and range lines.
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Section
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One square mile of land consisting of 640 acres.
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Plat Map
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An approved mapping of subdivisions in an area.
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Emblements
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Planted growing crops that are cultivated annually by a tenant farmer on leased land.
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Estate
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An interest, share, right or equity in real estate that varies from the minimal right of a renter to the maximum right of a full owner.
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Fee Simple
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When an owner has transferred all rights of a property to a new owner for an indefinite duration of time.
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Fee Simple Defeasible Estate
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A fee estate that is subject to particular limitations imposed by the grantor of the estate.
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Life Estate
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An ownership interest in real property that only exists for the life of any designated person or persons.
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Estate in Reversion
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Describes the relationship of a grantor to the life estate they are granting.
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Estate in Remainder
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Claim by an estate holder who has received said title as the result of the death of a life estate holder.
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Less-Than-Freehold Estates
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Personal rights to the use of real property for a period of time, commonly referred to as leases or rental agreements.
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Estate at Sufferance
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Occurs when the person renting or leasing a particular property remains after the expiration of the stated term.
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Tenancy at Sufferance
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Occurs when a tenant remains in the property after the expiration of a lease without the owner's consent.
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Conveyance
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The document used to effect the transfer of title to property from one person to another.
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Deed
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A written instrument that conveys and evidences title.
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Grantor
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Person who grants property or property rights (seller).
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Grantee
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The person to whom the grant is made (buyer).
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Grant Deed
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A document that transfers title.
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Implied Warranties
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Warranties which are not expressed in writing but are present.
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Quitclaim Deed
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A deed that conveys all the present rights or interest that a person may have in a property, without any warranty, title, or interest.
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Cloud on Title
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A claim, encumbrance or condition that impairs the title to real property until disproved or eliminated, as, for example, through a quitclaim deed or a quiet title legal action.
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Quiet Title Action
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A court proceeding to remove a cloud on title to real property.
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Manual Delivery
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One of the three basic methods of delivery of a deed: direct transfer of the deed from the grantor to the grantee.
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Delivery Through Recording
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One of the three basic methods of delivery of a deed: putting the title of record in the grantee's name at the county recorder's office.
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Conditional Delivery
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One of the three basic methods of delivery of a deed: requires that a specific event take place before title can be passed, and must be handled by a disinterested third party.
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Dying Testate
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Having made and left a valid will.
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Testator/Testatrix
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One who makes a will.
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Bequeath
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To transfer personal property by will.
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Devise
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To transfer real property by will.
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Codicil
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A change in a will before the maker's death.
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Witnessed Will
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A typed document usually prepared by an attorney, dated, signed by the property owners and declared to be a will by at least two witnesses.
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Holographic Will
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One which is entirely handwritten by the owner, dated, and signed.
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Revocable Living Trust
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A trust that is effective during the life of the owner, rather than upon his or her death.
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Probate
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A Superior Court procedure to determine a will's validity, any creditors' claims, and establish the identity of the beneficiaries.
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Intestate Succession
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The procedure used for transferring the deceased's property to his or her heirs in the event that there is no will.
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Escheat
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When there is no will and there are no heirs; the property will go to the state of California.
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Accession
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The acquisition of title to additional land by result of natural growth.
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Accretion
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The addition to land from natural causes, such as earthquakes, volcanoes, or the action of moving water.
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Encroachment
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Placement of improvements and permanent fixtures on property that do not legally belong to the person who laced them.
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Abandonment
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One of the three types of occupancy that grant ownership. The relinquishing of a right or interest with the intention of never again reclaiming it.
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Adverse Possession
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One of the three types of occupancy that grant ownership. Acquiring title to another's property through continuous and notorious occupancy for five years under a claim of title.
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Prescription
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One of the three types of occupancy that grant ownership. An easement, or the right to use another's land, which can be obtained through five years of continuous use.
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Dedication
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The gift of land, by its owner, for some public use.
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Title
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The right to ownership of land and the evidence of that ownership.
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Vesting
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The placing of a person's name on the deed and the description of the method by which that person will hold title.
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Severalty
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The sole and separate ownership of property by one individual or by a corporation.
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Corporation
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A body of persons treated by law as a single "legal person," having a personality and existence distinct from that of its shareholders.
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Tenancy in Common
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When two or more people own property together with the right to will or sell it.
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Partition Action
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When the courts have the responsibility of physically dividing or selling the property.
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Unity of Possession
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Right of tenants in common to occupy the property.
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Joint Tenancy
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Occurs when two or more people have identical interests in the whole property with the same right of possession and the right of survivorship.
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Tenancy in Partnership
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Two or more people who are co-owners in a business.
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General Partnership
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When the partners share all profits and losses and share management responsibilities.
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Limited Partnership
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A partnership consisting of one or more general partners and limited partners.
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Community Property
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All the property acquired by a husband and wife during their marriage.
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Separate Property
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Any property obtained by either the husband or wife before marriage.
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Community Property with the Right of Survivorship
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The transfer of ownership to the spouse at death with income tax benefits.
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Constructive Notice
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Notice of documents presumed by law to have been acquired by a person whether or not they have actually examined them. Can be accomplished by recording a deed or taking possession of the property.
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Actual Notice
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Knowing and the responsibility of knowing that a transaction has taken place.
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Acknowledgment
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Refers to a signed or verbal statement by the named person that he/she has signed that document of his/her own free will.
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Notary Public
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A person who is authorized by the Secretary of State to witness the acknowledgment of documents.
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Verification
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An oath or affirmation made before a notary public that the content of an instrument is true.
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Affirmation
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A solemn and legally binding declaration made under the penalty of perjury by a person whose religious or other beliefs prohibit the taking of an oath.
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Affidavit
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A verified written statement of facts.
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