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100 Cards in this Set

  • Front
  • Back

Ch 4


Absolute Delivery



A grantor's hand delivery of a deed to the grantee

Ch 4


Abstract of Title



A condensed history of all conveyances, liens, encumbrances, judgements, and other court decisions affecting the property

Ch 1


Accession



The acquisition of title by the owner of real property to those things attached to the property by others, such as tenants or trespassers or by nature

Ch 4


Accretion



The gradual addition to land resulting from some natural force, such as the action of water or wind. The two processes of accretion are alluvion and dereliction

Ch 4


Acknowledgement



A formal declaration made by the grantor in the presence of an authorized official, usually a notary public, that the deed was signed voluntarily. The purpose is to prevent forgery and the fraudulent inducement of a conveyance. Required in most states for recording but has no effect on validity



Ch 1


Acre



A measure of land area equal to 43,560 square feet

Ch 4


Action to Quiet Title



A court action to settle a title dispute or clear a title of defects

Ch 4


Actual Notice



Knowledge that one acquires from what is heard, read or observed

Ch 4


Administrator



A person appointed by a probate court to oversee distribution of property and to satisfy all debts out of the assets of the estate of a person who died without leaving a valid will or did not name an executor

Ch 4


Administrator's Deed



A deed executed by an administrator to convey title to real property owned by a person who died intestate or did not name an executor

Ch 5


Ad Valorem Tax



A tax assessed against real property based upon its value. Revenue from such taxes is used to pay for the general operational expenses of the taxing authority

Ch 4


Adverse Possession



A method of acquiring title to real property by the unauthorized occupation of another person's land. The adverse claimant's possession must be actual, hostile, open, notorious, exclusive and continuous for a period of time required by state law.

Ch 4


After Acquired Title, Doctrine of



A principle of law which enables a prior grantee to automatically acquire title to real estate after a grantor has attempted to convey title, but, in fact, did not have good title.

Ch 1


Air Lot



A designated air space over a parcel of land. In condominiums each individual unit occupies a separate air lot

Ch 1


Air Rights



The right to use and enjoy the air space above a parcel of land. Such rights may be leased or sold separately from the land

Ch 2


Allodial System



A system of land ownership which recognizes the right of individuals to own land independently of political superiors but allows the government to retain the rights of eminent domain, police power, taxation and escheat.



Ch 4


Alluvion



A form of accretion where soil is gradually accumulated on land bounded by a river, lake, or other body of water as a result of action of the water

Ch 4


Alluvium



Soil accumulated by the process of alluvion

Ch 4


ALTA



American Land Title Association. An organization of title insurance companies, title attorneys, and others interested in land titles whose purpose is to promote professional standards and ethics throughout its industry

Ch 5


Appropriation



The formal legislative enactment of how a taxing authority intends to acquire funds through taxation, along with a detailed account of how the money is intended to be used

Ch 1


Appurtenance



Anything that may be used with the land for its benefit and goes to the new owner when ownership of the land is transferred. Mineral rights, air rights, water rights, easements, improvements and natural attachments are appurtenant to the land

Ch 1


Artificial Monuments



Man-made objects such as streets, fences, iron pins, concrete posts, etc

Ch 5


Assessed Value



An amount used for tax purposes and arrived at by multiplying a fixed percentage times the property's fair market value. The percentage is predetermined by the taxing authority and in some cases by state law

Ch 5


Assessment



An amount used for tax purposes and arrived at by multiplying a fixed percentage times the property's fair market value. The percentage is predetermined by the taxing authority and in some cases by state law



Ch 5


Assessment Rate



Percentage which, when multiplied times market value, determines assessed value

Ch 5


Assessment Roll

A record of all taxable properties in a taxing jurisdiction, along with their assessed value. Also called the tax base

Ch 2


Attachment Lien



An encumbrance created against land when the court is granted custody of the property to prevent the owner from conveying title while a suit for damages is being decided. By attaching the property the person seeking damages is assured that the property will be available to satisfy a judgement if it is awarded by the court

Ch 4


Attestation



The act of witnessing a person's signing a document, such as a deed or will, and then signing the document as witness

Ch 4


Avulsion



The loss of land caused by a sudden or violent change in the course of a river, stream, or other body of water

Ch 4


Bargain and Sale Deed



A deed which contains neither expressed nor implied warranties of title, but the grantor implies ownership of the property described in the deed

Ch 1


Baseline



Certain reference lines which run east and west; used in the rectangular survey system to locate land

Ch 1


Bench Mark

A permanent reference point of known location used by surveyors. A bench mark may be a point established by a government survey team or a fixed monument such as a road right-of-way

Ch 3


Beneficiary



One for whom title is held under a trust and is entitled to receive income from the trust

Ch 14


Beneficiary



The lender when a trust deed is used in lieu of a mortgage

Ch 4


Bequest



Personal property received by will

Ch 1


Bill of Sale



A document which conveys ownership to personal property

Ch 5


Blockbusting



The illegal practice of inducing homeowners in a neighborhood to sell their property by calling attention to the possibility that minority families may be moving in, resulting in a lessoning of property values, a decline in the quality of education, and an increase in crime

Ch 5


Board of Equalization



A state authority whose function is to apply equalization factors to assessed values of properties located in counties which use different assessment rates. The purpose of this procedure is to assure fair and and equitable treatment of taxpayers required to pay a state ad valorem tax

Ch 3


Broker



An individual or legal entity (corporation or partnership) licensed to act as the agent of another in buying, selling, exchanging, renting, leasing, managing, or auctioning real estate for another

Ch 18


Broker



The term under "BRETTA" means any individual or entity that has been issued a real estate license under the authority of the Georgia Real Estate Commission and includes, for the purpose of this section, any affiliated licensees

Ch 5


Buffer Zone



A parcel of land which separates other land uses for different purposes. For instance, a playground may be used as a buffer zone to separate residential property from commercially used land

Ch 5


Building Codes



Regulations, either local or state, which set construction standards for materials, methods and safety procedures

Ch 2


Bundle of Rights



All of the rights a person can have in real property. Included in the bundle are the rights of possession, control, enjoyment and disposition

Ch 3


C, C, & R's



Covenants, conditions and restrictions which regulate the use of property held under condominium ownership and other subdivisions

Ch 1


Call



The compass direction and distance for each boundary line

Ch 5


Certificate of Occupancy



Authorizations from a building inspector that construction has been completed in compliance with building codes and is ready for occupancy



Ch 4


Certificate of Title



A title examiner's written opinion of the current condition of a property title based on a search of the public records dating back for a specified number of years

Ch 4


Chain of Title



The recorded history if conveyances affecting a property's title beginning with the original patent or grant from the government and continuing to the current owner

Ch 1


Chattel



Personal property

Ch 5


Civil Rights Act of 1866



The first federal legislation intended to prohibit racial discrimination in the sale or rental of all types of properties

Ch 1


Closure



The metes and bounds legal description must return to the point of beginning or the description is incomplete

Ch 4


Cloud on the Title



Any claim, lien, or encumbrance that impairs title to real estate

Ch 4


Codicil



A written instrument executed for the purpose of amending an existing will

Ch 4


Color of Title



A title condition which appears to be good but in fact is not valid due to a certain defect, such as a forged deed

Ch 2


Commercial Easement in Gross



A right to use the land of another. It does not benefit any particular property. The right is transferable and freely inheritable. Typical examples include utility easements, railroad right-of-ways and billboard easements

Ch 3


Common Elements



Those areas in a condominium that each unit owner has the right to use in common with the other owners. Examples include land, buildings, recreational and parking areas, and other improvements

Ch 3


Community Property



A type of concurrent ownership between husband and wife which entitles each spouse to one-half of all property acquired by their mutual efforts during marriage

Ch 3


Concurrent Ownership



A form of ownership where more than one person has an interest in the same property at the same time

Ch 4


Condemnation



A legal proceeding to exercise the power of eminent domain to take private property for public use

Ch 2


Condition



A provision in a deed which subjects the ownership of land to certain restrictions. The party creating the condition (the grantor) reserves a future right in the property. Upon the concurrence or nonoccurrence of a stated condition, either the title automatically reverts to the grantor, or the grantor has the right to sue for possession and terminate the estate

Ch 3


Condominium



A form of concurrent ownership in which each occupant of a multiple unit building holds fee simple title to an individual unit. Common areas like land and recreational facilities are co-owned by the unit as tenants in common

Ch 4


Constructive Notice



Knowledge that one is presumed by law to have, even though there is no actual knowledge of the fact. Constructive notice may be given by recording an instrument in the public records or for taking possession.

Ch 2


Consummate Dower



A wife's right in her husband's estate after his death.

Ch 2


Contingent Remainder



Non-possessory estate created when a fee simple owner grants a lesser estate and designates another person to take possession of the fee simple estate upon termination of the lesser estate and the occurrence a stated condition



Ch 1


Contour Map



A map that shows the elevations of the earth's surface.

Ch 1


Contour



The shape of the earth's surface

Ch 2


Conventional Life Estate



A freehold estate (i.e. ownership interest in real property) The indefinite duration of the estate is measured by the life of some person.

Ch 4


Conveyance



The document used to transfer interest in real property. Such as deeds, leases, mortgages, etc.

Ch 3


Cooperative



A form of concurrent ownership of a multiple unit building in which a corporation holds title to the land and improvements. Each unit owner buys stock in the corporation for the exclusive right to use a particular unit for the life of the corporation. Unit owner is assured of this right through a proprietary lease

Ch 3


Co-owner



One who owns an interest in property simultaneously with another. Also known as co-tenant

Ch 3


Co-ownership



A form of ownership where more than one person has an interest in the same property at the same time

Ch 4


Correction Deed



A deed which corrects an error in another deed

Ch 1


Correlative Rights



The doctrine of law which allows riparian owners in certain states to use only a reasonable share of the water during periods of drought

Ch 3


Co-tenant



A form of ownership where more than one person has an interest in the same property at the same time

Ch 4


Covenant Against Encumbrances

A deed provision which assures the grantee that title to the property is free from any and all encumbrances not excepted in the deed or visible on the premises, or recorded in the public records.

Ch 4


Covenant of Further Assurances

A deed provision in which the grantor promises to perform any acts necessary to produce whatever documents are required to perfect title to the grantee

Ch 1


Constructive Severance

The transfer to someone other than the owner of the land the rights to remove attachments such as timber, or buildings, or the right to remove minerals

Ch 5


Ad Valorem Tax

A tax assessed against real property based upon its value. Revenue from such taxes is used to pay for the general operational expenses of the taxing authority

Ch 19


Blockbusting

The illegal practice of inducing homeowners in a neighborhood to sell their property by calling attention to the possibility that minority families may be moving in, resulting in a lessoning of property values, a decline in the quality of education, and an increase in crime

Ch 4


Accession

The acquisition of title by the owner of real property to those things attached to the property by others, such as tenants or trespassers or by nature

Ch 4


Covenant of Quiet Enjoyment

A deed provision in which the grantor promises that the grantee shall be free of interference from the acts or claims of others having a superior title to the property

Ch 4


Covenant of Seisin

A deed provision in which the grantor promises that at the time of conveyance, he/she owns the property and has the right to convey title to it

Ch 4


Covenant of Warranty Forever

A deed provision in which the grantor promises to compensate the grantee for any loss suffered while defending the title against persons asserting a genuine claim to the property from anytime in the past

Ch 2


Covenant

A restriction in a lease or deed which specifies that the property will or will not be used in a certain manner. An example of a covenant is a subdivision restriction. Covenants must be enforced by seeking an injunction or damages. Covenants have a time limit after which they are no longer effective.

Ch 4


Covenants of Title

Either expressed or implied deed provisions in which the grantor promises that certain conditions of title exists. If it is later proven that those conditions do not exist, the grantor is obligated to compensate the grantee for any actual damages which results.

Ch 6


Customer

Under "BRETTA", a customer is someone who is working with a broker concerning real estate matters but has not entered into a brokerage engagement with the broker. In a situation where the broker works with a "customer", this law allows the broker to perform "Ministerial Acts" for the customer while working with them in a specific real estate transaction

Ch 1


Datum

A point of service of known location from which heights and depths are measured. The basic point from which vertical land (air rights and mineral rights) is described.

Ch 4


Decedent

A deceased person.

Declaration of Restrictions

An instrument which contains all the restrictive covenants affecting the lot in the subdivision. By recording the instrument, the subdivision restrictions are incorporated by reference into the deans to each individual lot

Ch 4

Dedication
The act of giving to a government real property which is designated for public use
Ch 4

Deed

A written instrument which, when properly executed and delivered by the grantor during the grantor's lifetime, conveys the granto'rs interest to the person who accepts it, known as a grantee

Ch 4


Deed in Foreclosure

A deed which conveys title to property sold to satisfy either a mortgage lien, judgment lien, or tax lien

Ch 4


Deed in Partition

A deed issued by the court when property is sold at a partition sale for the purpose of dividing a joint tenancy or tenancy in common ownership

Ch 4


Deed of Reformation

A deed which correct an error in another deed

Ch 4


Deed of Trust

A deed used in many states in lieu of a mortgage. Title is held by a trustee on behalf of a lender (beneficiary) until the borrower (trustor) repays the loan
Ch 4

Dereliction

A process of accretion whereby usable land is gradually exposed when a body of water receded and remains below its normal waterline

Ch 6


Designated Agent

An agent representing either buyer or seller in a transaction where both parties have agents who are with the same broker, and are delegated by the broker to continue serving their clients
Ch 4

Devise

A gift of real property by will

Ch 4


Devisee

A person named to receive real property by will

Ch 4


Devisor

A person who disposes of real property by will