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43 Cards in this Set
- Front
- Back
Real property
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Fixedband immovable. Land, houses,buildings, barns and fences.
Growing trees, minerals still in the earth. Realty |
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Personal property
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Personalty, is movable. All property that is not real property. Tangible things automobiles, harvested grain, furniture, clothing, and jewelry. Intangible Items such as stocks and bonds.
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Chose
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French - meaning "thing"
An item of personal property. Personal chattel, an article of personalty. A personal right, not reduced to possession, but removable by a lawsuit |
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Chose in action
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A right of action for which there is a monetary value/damages
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Chose in possession
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All personal chattles that are not chooses in action
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Chattels
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An item of personal property
Furniture, automobiles, livestock, cut trees and clothing. Moveable property |
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Chattel mortgage
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An instrument in writing that transfers title of personal property as security for a debt.
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Title
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Evidence of legal ownership of property, especially real property. Title is a valid claim or right of ownership. A deed is a document of title.
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Premises
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Refers to piece of real estate , place and territory, a distinct and definite locality
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Fixtures
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Items permanently affixed to real property. If an article would be destroyed by removing it from the building it is considered a fixture.
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Lien
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A charge imposed on property by which the property is made security for a debt.
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Deed
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A written instrument, signed, sealed and delivered, transferring title to real property from one person, called the grantor, to another person, called the grantee.
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Quitclaim deed
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Conveys whatever interest a grantor has in the property. It does not guarantee possession of any title.
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Warranty deed
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Gives assurance of the title to real estate, and by giving it the seller bids himself or herself to defend the security of the title. A full covenant deed. Guarntees property is free of all ecumberences.
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Recording
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Deeds, mortgages, liens and other instruments are recorded by filing the instrument with the county clerk of the county in which the land is situated.
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Fee
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Land allotted to another by the lord who owned it for military service of some extraordinary aid to the noble. An inheritance in land.
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Fee simple
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The greatest possible interest in real estate. A person and their heirs own land absolutely, without limitations. Complete absolute ownership of land.
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Fee tail
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An estate by way of inheritance to an individual only and to heirs of his or her body only. Greatly restricts the transference of real estate.
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Habendum clause
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Latin phrase "Habendum et tenendum" which means to have and to hold. Used to define the extent of the interest conveyed.
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Testimonium clause
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The closing clause of a legal instrument immediately preceding the signature lines. Declaration by the parties to a legal paper that their signatures are attached in testimony of the preceeding part of the instrument .
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Defeasible title
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A title that may be revoked or undone upon a later condition or the happening of a future event. A title that is liable to be made void
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Defective title
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A defective title is incomplete or deficient in some respect that is required by law such as title obtained by duress or fraud
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Homestead
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A place where a family makes its home, including the land, house and outbuildings. The permanent residence of the head of the family .
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Abstract
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Comes from "abs" meaning from, and "trahere" meaning from.
A condensed or abridged version of a treatise or writing |
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Plat
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A map or representation on paper of a piece of land subdivided into lots showing streets alleys and other features. Usually drawn to scale.
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Accretion
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Growth in size by addition or accumulation
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Accession
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A natural increase or addition to property, such as growth of crops or the brith of livestock.
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Land description
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A detailed identification of a tract or parcel of land. Contained in legal instruments such as a lease, deed, or mortgage.
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Metes and bounds
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Boundary lines of land with their terminal points and angles. Established by survey.
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Eminent domain
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The government may take a person's real property for public purposes upon just compensation.
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Condemnation
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The taking of private property for public use in return for fair compensation.
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Public domain
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Property owned by the government
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Easement
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Easement is expressly granted in a deed transferring a piece of real property
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Riparian
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Ripa - Latin for bank
Refers to the bank of a river. Rights to own any waterway adjoining the real property. |
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Littoral
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Littus - Latin - seashore
Littoral land lies along a shore such as lakes, as opposed to running water. |
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Mortgage
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A debt secured by chattels or land.
Land is pledged as security for a loan. |
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Escrow
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Conditional delivery of something to a third party to be held until the happening of some event or the performance of some act
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Hypothecated
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To pledge the property to another as security. Stocks, bonds, insurance policies, and other negotiable securities may be hypothecated.
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Assessment
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The process of apportioning an amount to be paid as taxes or damages. The valuation of a person's property for taxation .
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Acceleration clause
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Provides that if the interest or any installment is not paid when due, the entire debt becomes payable at once.
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Ad valorem
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Valorem means to value.
To tax a thing with accordance to its value. To express in proportion to the value. |
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Moieties
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Half of something
One of two equal parts |
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Egress
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A going out, emergence, the right to go out.
An exit from a property. |