Ch 3, Ch 4

Front 1

conciliation

Back 1

A form of alternative dispute resolution in which a conciliator meets with each of the parties separately to help them settle their differences voluntarily without the formality of a hearing or trial.

Front 2

redlining

Back 2

The illegal practice by a lending insitution of denying loans or restricting their number for certain areas of a community.

Front 3

condemnation

Back 3

Condemnation:” A judicial or administrative proceeding to exercise the power of eminent domain, through which a govt agency takes private property for public use and compensates the owner.” the process by which the government exercises this right, by either judicial or administrative proceedings.

Front 4

covenants, conditions and restrictions (CC&R's)

Back 4

Covenants, conditions and restrictions (CC&R’s): Private agreements that affect land use. They may be enforced by an owner of real estate that benefits fromthem and can be included in theseller’s deed to the buyer.

Front 5

Deed restrictions

Back 5

Deed restrictions: clauses in a deed limiting the future uses of the property. Vast types.

Front 6

Easement

Back 6

Easement: a right to use the land of antother for a specific purpose, such as for a right of way or utilities; an incorporeal interest in land because it does not include a right of possession.

Front 7

Easement appurtenent

Back 7

Easement appurtenent: An easement that follows along with the land

Front 8

Easement by necessity

Back 8

Easement by necessity: an easemkent allowed by law as necessary for the full enjoyment of a parcel of real estate.

Front 9

Easement by Rx

Back 9

Easement by prescription: an easement acquired by open, notorious, continuous, hostile and adverse use o that property for the period of time prescribed by state law.

Front 10

Easement in gross

Back 10

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. Ex: a right granted by a property owner to a friend to use a portion of the prperty for the rest of the friend’s life

Front 11

Eminent domain

Back 11

The govt's right to take your property

Front 12

Encroachment

Back 12

Encroachment: A building or some portion of it- a wall or fence, for instance- that extends beyond the land of the owner and illegally intrudes on the land of an adjoining owner or a public street or alley.

Front 13

encumbrance

Back 13

Encumbrance: anything- such as a mortgage, tax or judgement lien an easement; a restriction on the use of land; or an outstanding dower right- that may diminish the value or use and enjoyment of a property.

Front 14

escheat

Back 14

Escheat: The reversion of property to the state or county, as provided by state law, in cases in which a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned.

Front 15

Estate in Land

Back 15

Estate in land: The degree, quantity, nature, and extent of intrerest a person has in real property.

Front 16

Fee simple

Back 16

Fee simple: The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property.

Front 17

Fee simple absolute

Back 17

Fee simple absolute: The maximum possible estate or right of ownership of real property, continuing forever.

Front 18

Free simple defeasible

Back 18

Fee simple defeasible: See defeasible fee estate: An estate in which the holder has a fee simple title that may be divested upon the occurence or nonoccurrence of a specified eent. Two categories of defeasible fee estates: fee simple on cond. Of precedent and fee simple on condition subsequent.

Front 19

Fee simple determinable

Back 19

Fee simple determinable: A fee simple estate qualified by a special limitation that, if it is not longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry.

Front 20

Fee simple subject to condition subsequent

Back 20

Fee simple subject to a condition subsequent: An estate carrying the lmitation that, if it is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry.

Front 21

Freehold estate

Back 21

Freehold estate: An estate in land in which ownership is for an indeterminate length of time, in contrast to a lease hold estate.

Front 22

future interest

Back 22

Future interest: A person’s present right to an interest in real property that will nto result in possession or enjoyment until sometime in the future, such as a reversion or right of reentry.

Front 23

homestead

Back 23

Homestead: land that is owned and occuupied as the family home. In manyu states, a portion of the area or value of this land is protected or exempt from judgements for debts other than those secured by the property.

Front 24

inverse condemnation

Back 24

Inverse condemnation: an action brought by a property owner seeking just compensation for land adjacent to land used for a public purpose when the property’s use and value have been diminished.

Front 25

Legal life estate

Back 25

Legal life estate: A form of life estate established by state law, rather than created voluntarily by an owner. Becomes effective when certain events occur.

Front 26

License

Back 26

License: In real estate practice, the privilege or right granted to a person by a state to operate as a real estate broker or salesperson. 2. The revocable permission for a temporary use of land- a personal right that cannot be sold.

Front 27

Lien

Back 27

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.

Front 28

Life Estate

Back 28

Life estate: an interest in jreal or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.

Front 29

Police power

Back 29

Police power: The government’s right to impose laws, statuetes and ordinances, including zoning ordinances and building codes, to protect the public health, safety and welfare.

Front 30

Pur autre vie

Back 30

Pur autre vie: “for the life of another” A life estate that is measured by the life of a person or persons other than the grantee.

Front 31

Remainder interest

Back 31

Remainder interest: The remnant of an estate that has been 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.

Front 32

Reversionary interest

Back 32

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

Front 33

Taking

Back 33

Taking : Process of land being taken from a property owner for public use through eminent domain with the requirement that the owner be compensated fairly.

Front 34

Taxation

Back 34

Taxation: “The process by which a government body raises monies to fund its operation.” a charge on real estte to raise funds to finance the operation of government facilities and services.