Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
82 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
6D certificate
|
refers to section of MGL 183A which verifies owner's payment status of fees & assets
|
MGL 183A
|
|
|
Accession
|
Additions to a property due to alluvion or abandonment of personal property
|
additions, if I left behind my old car this is an example
|
|
|
Accretion
|
Addition of real estate, gradually, by deposit of soil through natural causes such as water flow
|
left behind over time
|
|
|
Aeolin Soil
|
sand dunes that form at the shoreline due to the action of wind
|
beaches
|
|
|
Air Rights
|
ownership or lease of air space above real estate, i.e. Sheraton Hotel over the Pike or billboards atop a building
|
|
|
|
Alloidial System
|
A system of land ownership in which land is held free & clear of any rent or service due to the gov't; commonly contrasted to the feudal system. Land is held under the alloidal system in the US.
|
fee simple
|
|
|
Alluvium/Alluvion
|
Soil that is deposited by accretion.
|
soil left behind
|
|
|
Annexation
|
personal property that becomes permanently attached & is now part of the property
|
a chandelier is an example
|
|
|
Appurtenance
|
is a right that accompanies a property. An example would be a right of way through a neighbor's property.
|
benefit to your property
|
|
|
Avulsion
|
the sudden loss of land that occurs to a sudden act of nature such as wind or water
|
a land slide would be an example
|
|
|
Bill of Sale
|
an agreement which transfers personal property from one party to another
|
|
|
|
Bundle of Rights |
the rights that the owner receives when they purchase real estate |
you give one away when you mortgage your property |
|
|
By-Laws |
rules & regulations put in place by organizations such as condo associations to establish guidelines, policies & practices to be adhered to by the association members |
HOA |
|
|
Chattel
|
personal property
|
the fridge I bought is an example
|
|
|
Common Elements
|
the common or shared areas in a condominium building
|
the yard outside my condo
|
|
|
Concurrent/Co-Ownership |
Ownership by two or more people. Can take form in a variety of ways. |
more than one owner |
|
|
Condo Super Lien Bill |
Gives condo associations the authority to impose a "priority" lien (taking precedence over the first mortgage on a condo unit) on owners who fail to make required common-area payments. Signed into law in 1992 - the most sweeping revision of the MA Condo Law since its enactment. |
pay your lien first |
|
|
Condominium
|
Multi-unit developments consisting of individually owned units with shared ownership of common areas. The buyer receives a unit deed when they purchase.
|
inside the walls
|
|
|
Condominium Budget
|
a budget created by a condo association to conduct the operations of a condominium
|
what they need to operate
|
|
|
Condominium Fee
|
a fee paid by condo unit owners toward the costs associated with the operations of a condo development
|
what I pay if I live in condo - also called a HOA fee
|
|
|
Condominium Documents
|
A Master Deed, known as the enabling declaration & by-laws, rules & regulations that govern the condo association. These documents are recorded at the local Registry of Deeds.
|
HOA rules
|
|
|
Conversion
|
when a property is changed to a different use or type of ownership; condo conversion from apartments to condos
|
suddenly the apt you used to rent is for sale as a "condo"
|
|
|
Cooperative
|
A corporation that acquires a building for the purpose of providing housing. When you purchase a cooperative you receive stock certificates for t cooperative & a proprietary lease.
|
co-op
|
|
|
Corporation
|
a legal entity created to allow seperate interests between the individuals associated with the corporation & their private personal situations
|
makes the individual separate from "the business"
|
|
|
Corporeal Property
|
tangible property ; buildings, garages, trees, etc. (physical in nature)
|
thing you can touch
|
|
|
Curtesy Rights
|
upon the death of a wife who owned property in her own name only, the surviving husband is entitled to one-third life interest in the deceased spouse's property
|
female version
|
|
|
Datum
|
A reference or measuring point such as a line, surface or point used to measure land elevation. Also known as the mean sea level from New York Harbor.
|
survey stake or benchmark is an example of one
|
|
|
Declaration of Trust
|
a section of a condo document
|
condo
|
|
|
Dower Rights
|
the rights of the wife to share in the real estate of her husband if he died without a will & owned the property in his name only. She is entitled to 1/3 interest.
|
opposite of curtesy rights - rights of surviving wife
|
|
|
Emblements
|
annual or semi-annual plantings such as corn crops are considered emblements and are personal property
|
corn crops are considered this
|
|
|
Erosion
|
Gradual wearing away of land, created by the action of water or wind.
|
gradual
|
|
|
Fee Simple
|
Highest form of ownership one can have in real estate; there are no limitations. Indefeasible estate. It is also known as the least limited form of ownership.
|
how we hold land ownership in the US
|
|
|
Fixture
|
an item that is permanently attached to real estate; light-fixtures, built-in bookcases, sinks, etc.
|
permanent
|
|
|
Foreclosure
|
a formal legal procedure by the lender to sell a property that was utilized as collateral because the borrower did not make the payments on schedule
|
|
|
|
Freehold Estate
|
An estate that runs for an indefinite time period. Known as Fee, Fee Simple or Fee Simple Absolute. It is the highest form of ownership one could hold. Least limited ownership.
|
another form of fee simple
|
|
|
Incorporeal Property
|
Intangible property. Property that does not have physical being. Easements, a right-of-way, trademarks, copyrights.
|
cannot touch it
|
|
|
Intangible Property
|
property that doesn't have any physical being, such as property rights
|
|
|
|
Interval Ownership
|
Ownership in a timeshare. Ownership for a particular period of time.
|
timeshare
|
|
|
Joint Tenancy |
Ownership of realty by two or more persons, each of whom has an undivided interest with the right of survivorship. Typically used by related persons. (Equal shares + rights of survivorship)
4 conditions required to create joint tenancy (PITT): 1. Possession (all have equal right of possession) 2. Interest (equal shares of interest) 3. Time (title must be acquired at same time) 4. Title (all names are on one deed) |
joint ownership |
|
|
Life Estate
|
An estate or interest that someone has during their lifetime or the lifetime of another person. These are not inheritable estates & are the lowest forms of freehold estate.
|
|
|
|
Littoral Rights
|
the rights of a property owner who borders a lake, pond or seashore
|
L stands for "lake"
|
|
|
LLC
|
Limited Liability Company. A company who's liability is limited to the value of that company only. the owners do not have personal liability.
|
type of corportion
|
|
|
Master Deed
|
A legal document that creates a condominium; it describes the individual units & the common areas. It is reviewed by the lender when providing a loan. This document is recorded at the County Registry of Deeds. Units are conveyed in fee simple.
|
condo legal description
|
|
|
Master Insurance Policy
|
A policy obtained by a condo association that covers replacement or repairs of the buildings & liability
|
condo assoc umbrella policy
|
|
|
Mineral Rights
|
The rights one has within the enrichments offered in their soil, such as gas, oil, etc. If these items are removed, they become personal property.
|
Subterranean/subsurface rights
|
|
|
Non-Freehold
|
possession of a property via a leasehold
|
leasehold
|
|
|
Ownership
|
means title, conveyed property
|
|
|
|
Partition
|
a court action designed to separate ownership interest by persons who have property as joint tenants
|
court action for separation of ownership
|
|
|
Partnership |
An agreement between two or more parties. All partners are responsible for their own taxes derived from the income. All partners are also responsible for the liabilities. |
|
|
|
Personalty
|
personal property , items that are moveable
|
|
|
|
Project Broker
|
A broker designated to offer timeshares for sale. An office offering timeshares must be a separate real estate office. Residential sales & timeshare offerings can't be offered by the same office.
|
timeshare sales
|
|
|
Proprietary Lease
|
A lease utilized in association with a Cooperative. The lease allows one to occupy space in the building & to use common areas.
|
if you lease from a co-op
|
|
|
Quarter Ownership
|
A form of timeshare ownership. Yo ownership rigs extend for 3 months a year.
|
partial ownership of a timeshare
|
|
|
Real Property
|
Land & anything associated with the land. Buildings, fences, trees, outbuildings & additional property rights (such as water rights, air rights, mineral rights & easements) are part of real property.
|
not moveable
|
|
|
REIT
|
Rel Estate Investment Trust. Ownership in break estate held in a trust form f the beneficiaries by a trustee. In the event of a bankruptcy, an investor who puts money into a REIT only loses the mony they invested. The organizing force is responsible for additional debts.
|
trust
|
|
|
Reliction
|
Land acquired by receding water. A withdrawal of water exposing land. The rights to property continue to belong to the owner.
|
you get more property as a lake dries up
|
|
|
Remainderman
|
person named to receive an interest in a property in the future
|
the remainder
|
|
|
Reversionary Interest
|
A future interest one has in a property. Could be via a life estate or the right to gain control of q leased property.
|
future interest
|
|
|
Right of First Refusal
|
The right one party has to purchase a property being offered for sake by another property owner. There is a timeframe to which this right can be exercised.
|
first right to buy
|
|
|
Right of Survivorship
|
The right one party has to claim the interests of another property owner, if that owner died. Joint tenants have this right.
|
joint tenants have this right
|
|
|
Riparian Rights
|
Land that borders a body of water that flows, such as rivers, streams & lakes. Same rights as water rights - to swim, boat & fish, as per local regulations. If the water is a navigable body of water, your rights extend to the waters edge. If it isn't navigable, your rights extend to the middle of the water source.
|
river
|
|
|
Rod
|
A unit of measurement. One rod is 16.5 feet. Rods may be when measuring watermarks.
|
unit of measurement
|
|
|
Severance
|
When a piece of real property becomes personal property. A tree is real property. When it is cut down and chopped into firewood it has been "severed" from the property.
|
cut tree
|
|
|
Special Assessment
|
An assessment or charge levied by a condo association or town for improvements or enhancements to a condominium or somebody's particular home.
|
extra charge
|
|
|
Syndication
|
A group of individuals who join together to accomplish a (REIT) common goal. Real Estate Investment Trusts are established to purchase property. Syndicate.
|
a group who "syndicate" to purchase property
|
|
|
Tangible Property
|
A property that has physical existence, buildings, trees. Another term for corporeal property.
|
|
|
|
Tenancy by the Entirety |
A form of ownership reserved for husbands & wives. Upon the death of one spouse, the surviving spouse becomes sole owner - now having tenancy in severalty.
Divorce makes it a tenancy in common b/c you have to be married to have tenancy by entirety. |
married only - what is "entirely" mine is "entirely" yours (the parties own it together) |
|
|
Tenancy in Common |
Ownership of one property by different people, with each person having equal rights. They do not need to have equal shares of ownership. It is inheritable. Unless a deed indicates differently, ownership by married persons is considered Tenancy in Common - not Tenancy by the Entirety) |
not married, but equal rights |
|
|
Tenancy in Severalty
|
Property owned by one person or business entity - Sole Ownership
|
opposite of "several" people owning a property
|
|
|
Tidal Water
|
Ocean front property
|
|
|
|
Timeshare
|
A form of ownership known as "interval ownership". An individual can own a particular week (for their life or a specific period of time). Utilized in vacation properties.
|
|
|
|
Trade Fixtures
|
Personal property that is used in the ordinary course of business. Although attached, are removable & considered personal property belonging to the business owner.
|
washing machines are a 'trade fixture' of a
laundromat |
|
|
Trust
|
A legal arrangement to transfer property ownership to a third party to hold for the benefit for another.
|
|
|
|
Uniform Partnership Act
|
A law that allows a partner of a company to purchase a property utilizing partnership funds while taking title under their own name. The law indicates that the property does not have to be placed in the name of the partnership.
|
|
|
|
Unit Deed
|
A document provided to a purchaser of a condominium. It outlines the person's interest they hold in the condominium & their proof of ownership.
|
|
|
|
Unities
|
A joint tenancy carries four unities: (PITT)
1. Possession 2. Interest 3. Time 4. Title |
PITT
|
|
|
Water Rights
|
The rights of a property owner who abuts the water. They have a right to use the water for swimming, boating and fishing. The are still bound by local regulations.
|
|
|
|
"ee" vs. "or" |
"ee" is the receiver "or" is the giver |
|
|
|
Spring Back |
Deed lists conditions to ownership. If those conditions are violated, the ownership "springs back" to the original owner. |
|
|
|
Few Determinable/Fee Condition Subsequent |
Property can be reclaimed & reverts back to original owner for broken conditions (spring-back). |
Deed is only transferred if certain conditions are met, as spelled out in the "Fee Condition Subsequent" |
|
|
Pur Autre Vie |
Estate that someone would have based on the life of another. Ex: John gave his sister a life estate. John's sister can live in this property as long as their mother is alive. When mother passes, the estate ends as well for John's sister. |
|
|
|
Remainderman |
The person who takes an estate after the life estate ends (ie the life estate holder dies). They then own it in fee simple. |
|
