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52 Cards in this Set

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  • Back
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Test of Intent of Parties
Whether item as a fixture or not. Indicate w/ written agreement.
Riparian Rights
In Eastern U.S. All owners with land underlying or bordering water have equal rights to water.
Eastern U.S.
Prior Appropriation Doctrine
Western U.S. First come, first serve basis. Where first landowner gets rights.
Western U.S.
Fee Simple Absolute Estate
Fullest and most complete ownership rights. Most common.
Most common.
Qualified Fee Estate
Owner's rights can be lost in the future.
Future rights.
Life Estate
Terminates immediatley upon death of named person.
Death related.
Estate pur autre vie
Life tenant is someone other than the person the estate is tied to.
Estate for life of another.
Covenant Estates
Joint Ownership
Tenancy in Common
Each owner holds undivided, proportional interest.
Think Equality.
Joint Tenancy
Tenancy in common, except with right of survivorship, so when partner dies, other partners get their share
Survivorship.
Tenancy by Entirety
Joint tenancy bw husbands and wives
Marriage.
Condominium Ownership
Fee simple titles
Co-op
Land and building owned by non-profit corp. Residents own stock. Proprietary lease (indefinite.)
Principal Meridians
Run N. and S.
Base Lines
Run E. and W.
Townships
Created by range lines and township lines.
Covenants, Conditions, and Restrictions
Private encumbrances that limit way property owner can use property.
Specific Lien
Secure debts associated with particular parcel of RE.
Ex. Mechanic's lien and mortgages
General Lien
Judgement lien or income tax lien.
Easement Appurtenant
Easement legally connected to adjoining property.
Dominant and Servient estates.
Easement in Gross
No dominant or servient estates.
Power lines from util. companies
License
Revokable personal privellage to use land for a particular purpose.
Revokable
Conservation Easement
Negative easement that prevents specific uses of RE by owner.
Protect Open Space.
Profit a Prendre
Nonpossessory interest in real property permits holder to remove part of soil or produce of land.
Encroachment
Unauthroized invasion or intrusion of a fixture, building, or other improvement.
Fence straying across property line.
Adverse Possession
Allows individuals to acquire titile to land that they don't own bc they have openly possessed it for a statutory period of time.
Usually w/ boundary disputes.
Assessed Value
Portion of market value of property subject to taxation.
Taxable Value
Assessed value - Exemptions
Power of Escheat
If a landowner dies w/o a valid will or heirs, the government gets title to property.
Death w/o a will or heirs
Inverse Condemnation
Occurs when a property owner seeks to force the purchase of property by condemnation preceedings against the gov.
Opposite of Eminent Domain
Comprehensive General Plan
Ensure urban areas develop in an orderly fashion.
Min. Lot Size and Setback Req.
most commmon method of regulation
Planned Unit Development
Zoning that allows waivers of certain bulk and use regs.
Performance/Impact Zoning
Techniques to relate permitted uses of land to certain performance standards
To protect environment
Nonconfronting Use
Continuing use, legal before zoning ordinance passed, but doesn't comply with current zoning reg.
Deed
Written document that transfers RE from grantor to grantee
Covenants
Any agreements or promises
Warranty
Guarantee that statements are true.
General Warranty Deed
Broadest type of deed. Grantor makes promises that cover traditional covenants and warranty.
Special Warranty Deed
Limits extent of seller's warranties to events that occured while seller owned property
Limits Seller Liab.
Bargain and Sale Deed
Deed implies grantor has title to property and right to convey it, but doesn't contain express covenants as to title's validity
Quitclaim Deed
Transfers any interest that the grantor may have in the prop, but doesn't imply that grantor has any valid interest in it.
Divorced Spouse
Ground Lease
Long-term lease involving unimproved land, greater than 50 years, land developed by tenant.
Expense Stop
Max amount of operating expenses that landlord will pay.
Assignment
All tenant's rights under lease transferred to new tenant.
Consideration
Each party must give up something, Title for $
Statute of Frauds
Require RE contracts be in writing
Partial Performance
Fulfillment of terms of an agreement to an extent that existance can be legally inferred.
Specific Performance
Requires terms of contract be exactly complied with.
Financing Contingency
Allows buyer to cancel contract if can't get necessary financing.
Sales Contract
Provide for eventual transfer of title to real property
Contract for Deed
Arrangement stretches out payments to seller over time, while allowing seller to retain legal title until debt paid.