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92 Cards in this Set
- Front
- Back
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Adverse possession |
the acquisition of title to real property by occupying it openly without the consent of the owner for a specified time by state statute. |
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Closing |
The final step of the sale in real estate. |
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Community property |
Concurrent ownership where each spouse technically owns an undivided half the interest of the property acquired during the marriage |
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Commercial use |
use of land of business activities |
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Concurrent ownership |
joint ownership |
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Condemnation |
The process of taking private property for public use through the government’s power of eminent domain. |
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Constructive eviction |
Eviction when the landlord fails to perform adequately any of the undertakings required by lease making the tenant’s further use difficult |
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Conveyance |
the transfer of title to land from one person to another by deed |
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Deed |
a document by which the title to property is passed |
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Easement |
a nonpossessory right to use another’s property in a manner established by either express or implied agreement |
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Eminent domain |
the power of a government to take land for public use from private citizens for just compensation |
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Eviction |
a landlord’s act of depriving a tenant of possession of the leased premises. |
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Fee simple absolute |
an ownership interest in land where the owner has the greatest possible aggregation of rights, privileges, and power. |
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Fixed-term tenancy |
where the property is leased for a specific period of time |
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Grant deed |
a deed that simply recites words of consideration and conveyance |
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Implied warranty of habitability |
an implied promise from a landlord where rented residential premises are fit for human habitation |
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Implication |
a way of creating an easement/profit when it is reasonable to imply its existence from the circumstances surrounding the division |
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Industrial use |
Land use for manufacturing, shipping, or transportation |
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Inverse condemnation |
the taking of private property by the government w/o payment of just compensation as required in the constitution |
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Joint tenancy |
joint ownership by 2+ co-owners where each co-owner owns an undivided portion of the property |
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Lease |
a contract by which the owner grants to a person an exclusive right to use and possess the property |
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Leasehold estate |
an estate held by a tenant under a lease |
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License |
A revocable right of a person to come on another person’s land |
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Life estate |
an interest in land that exists only for the duration of the life of some person |
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Marketable title |
title to real estate that is reasonably free from encumbrances and other matters that affect title |
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Nonpossessory interest |
interests in real property owned by others. Interests in land that do not include the rights to possess the property |
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Periodic tenancy |
a lease for an indefinite period involving payment of rent at fixed intervals |
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Profit |
the right to enter and remove things from the property of another |
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Quitclaim deed |
a deed intended to pass any title, interest, or claim that the grantor may have in the property by not warranting that such title is valid |
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Recording statute |
statutes that allow real property transactions to be recorded so as to provide notice to future purchasers |
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Restrictive covenant |
a private restriction on the use of land. |
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Residential use |
use of land for human habilitation |
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Prescription |
Openly using the property w/o the owner’s full consent for the required period of time |
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Special warranty deed |
the grantor/seller held good title during their ownership of the property |
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Special use permit |
Allows for a specific exemption to zoning regulations for a particular piece of land w/ zoning characteristics |
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Sublease |
a lease executed by the lessee to a third person |
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Taking |
the taking of private property by the government for public use |
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Tenancy at sufferance |
One who after rightfully possessing leased premises continues to wrongfully occupy the property after the lease is terminated |
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Tenancy at will |
where either party can terminate the tenancy without any notice |
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Tenancy by the entirety |
joint ownership of property |
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Tenancy in common |
co-ownership in which each party owns an undivided interest that passes to their heirs at death |
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Title insurance |
Insurance purchased to protect against loss in the event that the title is not free from liens |
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Variance |
a form of relief of exception from zoning and of the laws that is granted to a property owner |
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Waste |
the destructive use of property by one who is in rightful possession of it but does not have title to it |
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Zoning laws |
the rules and regulations that collectively manage the development and use of the land |
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Annuity |
a policy that pays the insured fixed payment for life after the insured reaches a certain age |
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Antilapse provision |
a clause that gives the insured a grace period to pay an overdue premium |
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Binder |
a temporary insurance policy |
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Cash surrender value |
the amount that the insurer has agreed to pay to the insured in a life insurance is cancelled before death |
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Endowment insurance |
combines life insurance with an investment so that if the insured outlives the policy, the face value is paid to them. |
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Incontestability clause |
states that after the policy has been in force for a specific length of time, the insurer cannot contest statements made in the policyholder’s application |
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Insurance |
one party agrees to compensate the other for loss on a specific subject |
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Limited-payment life |
premiums are payable for a definite period after the policy is fully paid |
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Omnibus clause |
protects the vehicle owner w/ the policy and anyone who drives the vehicle with the owner’s permission |
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Policy |
a contract where the insurer agrees to compensate the insured for loss on a specific subject by a specified peril |
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Premium |
the price paid for insurance protection for a specified time |
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Risk |
a prediction concerning potential loss based on known and unknown factors |
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Risk management |
planning that is undertaken to protect one’s interest should some event threaten to undermine its security |
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Term insurance |
a type of insurance where premiums are paid for a specified term |
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Underwriter |
The insure the one assuming a risk in return for the payment of the premium |
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Universal life |
insurance that combines some aspects of term insurance with some aspects of whole life insurance |
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Whole life |
life insurance where the insured pays a level premium for their entire life and there is a constantly accumulating cash value that can be withdrawn against the borrower |
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Administrator |
one is appointed to handle the probate of a person’s estate if that person dies intestate |
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Bequest |
a gift by will of personal property |
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Charitable trust |
where the property held by a trustee must be used for a charitable purpose |
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Codicil |
a written modification to a will. |
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Constructive trust |
an equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property |
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Devise |
to makes a gift of real property by will |
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Durable power of attorney |
a document that authorizes a person to act on behalf of an incompetent person when they become incapacitated |
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Escheat |
the transfer of property to the state when the owner of the property dies without heirs |
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Estate planning |
planning in advance how one’s property and obligations should be transferred on one’s death |
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Executor |
a person appointed by a testator to see that their will is administered appropriately |
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Health-care power of attorney |
designates a person who will have the power to choose what type/how much medical treatment a person will receive when they can no longer make said decisions themselves |
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Holographic will |
a will written entirely in the signer’s handwriting and usually not witnessed |
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Inter vivos trust |
trust created and effective during the grantor’s lifetime |
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Intestacy laws |
state statutes that specify how property will be distributed when a person dies intestate |
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Intestate |
one who has died w/o having a valid will |
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Legacy |
a gift of personal property under a will |
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Living will |
allows a person to control the methods of medical treatment that may be used after a serious accident |
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Nuncupative will |
an oral will made before witnesses |
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Per capita |
meaning per person. Distributing an intestate’s estate where each heir receives an equal share |
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Per stirpes |
meaning by the roots. Distributing an intestate’s estate, an heir takes the share that would have been entitled to a deceased ancestor |
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Probate |
the process of proving and validating a will and the settling of all matters pertaining to administration and guardianship |
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Resulting trust |
another party holds the the actual legal title to another’s property but only for that person’s benefit |
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Spendthrift trust |
trust created to prevent the beneficiary from spending all the money that they were entitled |
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Testamentary trust |
a trust that is created by will and therefore does not take effect until the death of the testor |
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Testate |
the condition of having died with a valid will |
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Testator |
the one who makes and executes a will |
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Totten trust |
a trust created by the deposit of a person’s own money in their name as a trustee for another. |
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Trust |
an arrangement in which the title to property is held by one person for the benefit of another |
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Will |
an instrument directing what is to be done with the testator’s property once they have died. Made by them and is revocable. |
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Will substitutes |
a way to avoid probate and extra fees. |
