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21 Cards in this Set

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Fee Simple
The greatest interest one can have in the land.
Estate of inheritance
is and estate in fee.
Estate in remainder
When a life estate terminates and the interest is to pass to one other than the original grantor.
emcumbrance
correct spelling
All liens are emcumbrances
but not all emcumbrances are liens.
appurtenant easement
goes with the land whereas an Easement-in-gross goes to a person.
Easement in gross
typically, a utility company holds an easement-in-gross to service property owners.
unlocated easement
is valid. e.g. old utility company easements that are difficult to locate.
easement-in gross
is an easement to an individual who does not have an ownership interest in the land.
Easement by prescription
establishes use, whereas adverse possession may establish title claim.
lien
a money emcumbrance
general lien
affects all property of the debtor
judgement
an example of a general lien
judgment
is good for ten (10) years in the county where recorded.
Attachment
a prejudgment action, is good for 3 years and does not terminate upon death of the property owner.
lis pendens action
tells of pending lawsuit affecting the title to land and clouds the title until a final judgement is rendered, or the matter is dismissed or removed.
notice of non-responsibility
to be recorded and posted within 10 days of notice of work performed, but not ordered by the owner.
Mechanic's lien
take priority over all liens except taxes and special assessments, but are on a parity with each other.
parity ( equal basis )
The date that a mechanic's lien takes is the date the project began because of parity.
An architect and truck driver (drayman) can file a mechanic's lien if
unpaid.
completion bond
when posted, the insurance company has ultimate responsibility for completing the job if contractor cannot, and becomes responsible for mechanic's lien.