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100 Cards in this Set
- Front
- Back
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land and everything that is permanently attached to land
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real estate, real property and realty
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evidenced by a deed
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title to real property
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everything that is not land or that is not permanentlyattached to land.
readily movable. |
personal property, chattel and personalty
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an instrument that may be used to transfer ownershipof personal property.
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bill of sale
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immobility, permanence,uniqueness
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physical charecteristics of land
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economic characteristics of land
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scarcity, permanence of investment and situs
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necessary to protect the vested interests of the general public as well as the interests of surrounding landowners.
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land use controls
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use which will provide the property owner the best possible return on an investment over a specified time period, resulting in the highest possible present value of land.
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highest and best use
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exsist in the form of zoning and city planning, state and regional planning, building codes, suitability for occupancy requirements, and environmental control laws.
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public land use controls
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regulation of land use in the private sector
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protective and restrictive covenants
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increase in market value during the time the investor holds the property
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appreciation
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a contract wherein the property owner employs a real estate broker to market his property
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listing contract
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the real estate broker contracts with the buyer to act as the buyer's agent.
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buyer's agency agreement
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an instruction of a court requiring a defaulting party to a contract to buy and sell real property to carry out his obligation under the contract
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specific performance
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an economic condition in which a buyer and seller are able to negotiate a purchase and sale without undue pressure, urgency, or outside influences other than the law of supply and demand.
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free market
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ownership of and the rights to the area above the surface of the earth.
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air rights
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transfer of title to real property
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alienation
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the system of land ownership in the USA
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allodial system
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all rights or privleges that result from ownership of a particular property and that move with title.
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appurtanances
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a right of use in the adjoining land of another that moves with the title to the property benefiting from the easement.
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appurtanant easement
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the right to possession of the property: the right to quiet enjoyment, the right to dispose of by gift, by sale, or by will: and the right to control the use of the property within the limits of the law.
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bundle of rights
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the taking of property under the power of eminant domain.
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condemnation
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a form of ownership of real property. It consists of individual and co-ownership of the property
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condominium
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ownership of shares of stock in a corporation that owns a building containing cooperative apartments.
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cooperative
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title to real property held by two or more people at the same time. Also called concurrent ownership.
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co-ownership
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a husband's interest in the real property of his wife
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curtesy
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the instrument used to record restrictive covenants on the public record
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declaration of restrictions
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a title that is subject to being lost if certain conditions occur
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defeasible fee
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a wife's interest in the real property of her husband
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dower
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a nonpossessory right of use in the land of another
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easement
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a personal right of use in the land of another without the requirement that the holder of the right own adjoining land.
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easement in gross
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personal property growing in the soil that requires planting and cultivation and the right of the former owners to reenter the property to cultivate and harvest the annual crops.
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emblements
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a trespass on the land of another as a result of intrusion by some structure or other object
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encroachment
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a claim,lein,charge or liability attached to and binding upon real property
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encumberance
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the power of the government to take title to property left by a person who has died without leaving a will or qualified heirs
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escheat
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the right of a life tenant or lessee to cut timber on the property for fuel or to use in making repairs
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estovers
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an inheritable freehold estate in land that is the greatest form of real property ownership
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fee simple absolute
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personal property that has become real property by having been permanently attached to the real property
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fixture
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the land between high and low water marks
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foreshore
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a right of title to land
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freehold estate
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growing things that need require planting each season
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fruits of industry
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growing things that do not need planting each season. they grow naturally and are perennial.
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fruits of the soil
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all of the corporeal and incorporeal attributes of real estate that can be inherited.
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hereditaments
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distribution of property by descent as provided by statute
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intestate succession
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a form of co-ownership that includes the right of survivorship
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joint tenancy
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a general lein resulting from a court authorization
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judgement lein
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the surface of the earth, the area above and below the surface, and everything attached naturally.
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land
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the right of land to be supported in it's natural state by adjacent land
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lateral support
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nonfreehold estate. A leaseshold estate is of limited duration and provides the right to possession ans control but not title.
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leasehold estate
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imposition of a tax executing a lein
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levy
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a claim that one person has against the property of another for some debt or charge which entitles them to have the claim satisfied from the the property of the debtor.
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lien
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a freehold estate created for the duration of the life of another. it is noninheritable
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life estate
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one holding a life estate
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life tenant
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a lawsuit pending
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lis pendens
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the rights of owners bordering large bodies of water such as oceans to access of that body of water
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littoral rights
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those created by the exercise of the right of husband or wife.
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marital life estates
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a nonfreehold estate in the area below the surface of land
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mineral lease
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an estate of less than freehold, ie. rental
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nonfreehold estate
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legislation passed in 1986 that sets requirements for the sale and resale of condos. Right to recind for 7 days,disclosure,special escrow rules and timely handling of required documents.
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north carolina condominium act
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a legal proceeding dividing property of co-owners so that each holds title in severalty to a specific portion of the property
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partition
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a common wall used by two adjoining structures
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party wall
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the power of government to regulate the use of real property for the benefit of the public interest
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police power
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a method of aquiring an easement by continuous and uninterrupted use without permission
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prescription
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the right to participate in the profits of the land of another
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profit or profit a prendre
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for the life of another
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pur autre vie
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a future interest in a life estate
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remainderman
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a return of title to the holder of a future interest, such as a grantor in a life estate not in remainder
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reversionary interest
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the rights of an owner of property adjoining a body of water such as a river, including access to use
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riparian rights
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ownership or estate in which only one person holds title to a piece of real property
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severalty
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the right to have one's land supported from below
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subjacent support
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the right of the surviving co-owner to recieve automatically a deceased co-owner's title of property immediately without probate
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survivorship
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a form of co-ownership limited to husband and wife with the right of survivorship
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tenancy by the entirety
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a form of co-ownership that does not include the right of survivorship
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tenancy in common
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the right to occupy one unit or one of several units for at least 5 non-consecutive periods over a span of at least 5 years.
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time share
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a dwelling unit in a housing complex in which the owner of an individual unit owns the unit and the land under the unit and the HOA owns and maintains the common areas
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townhouse
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a standardized and comprehensive set of commercial laws regulating security interests in personal property
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Uniform Commercial Code UCC
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a formal statement before a notary public by a person who executed a deed,contract, or other documentthat it was a free act.
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acknowledgement
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a form of involuntary alienation of title
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adverse posession
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a gift of personal property by will
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bequeast
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the successive conveyances of title
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chain of title
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a defective claim to a title
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color of title
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requires certain documents,deeds,,purchase contracts, and leases over 3 years)to be recorded to be enforceable against third parties
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Connor Act
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notice of a fact that is considered known to everyone. It is on the public record.
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constructive notice
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a promise in a deed that there are no encumberances against the title except those written in the deed
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covenant against encumberances
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a promise in the deed that the grantee,owner, will not be disturbed because of a defect in the grantor's title
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covenant of quiet enjoyment
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a promise in the deed that the grantor has the legal capacity to convey the title
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covenant of right to convey
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a promise in a deed assuring grsntee that the the grantor has the title being conveyed
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covenant of seisin
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a promise in the deed that the grantor will guarantee and defend the title against unlawful claimants
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covenant of warranty
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a written instrumant that transfers interest in real property when signed by the grantor and delivered to the grantee
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deed
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the distribution of property of one who has died intestate to the legally qualified heirs
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descent
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a gift of real property by will
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devise
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the recipient of the gift of real property by will
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devisee
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a state tax that a grantor must affix to a deed.
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excise tax
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one executed by an official with court authorization
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judicial deed
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North Carolina legislation designed to ditinquish old defects in the title by providing that when a chain of title can be established for 30 years without conflicts,claims ooutside this chain are extinquished.
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Marketable Title Act
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a deed that contains no warranty of title. It is used to remove a cloud on a title.
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quitclaim deed
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It conveys any interest, if any, the grantor has.
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quitclaim deed
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a deed containing a limited warranty of title limited to the time the seller owned the property
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special warranty deed
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a law in effect in all states requiring certain contracts to be in writing to be valid
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Statute of Frauds
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a suit brought before the court to eliminate cloud on a title or to establish title in an adverse possession claim
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suit to quiet title
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