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52 Cards in this Set
- Front
- Back
- 3rd side (hint)
Test of Intent of Parties
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Whether item as a fixture or not. Indicate w/ written agreement.
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Riparian Rights
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In Eastern U.S. All owners with land underlying or bordering water have equal rights to water.
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Eastern U.S.
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Prior Appropriation Doctrine
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Western U.S. First come, first serve basis. Where first landowner gets rights.
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Western U.S.
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Fee Simple Absolute Estate
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Fullest and most complete ownership rights. Most common.
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Most common.
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Qualified Fee Estate
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Owner's rights can be lost in the future.
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Future rights.
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Life Estate
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Terminates immediatley upon death of named person.
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Death related.
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Estate pur autre vie
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Life tenant is someone other than the person the estate is tied to.
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Estate for life of another.
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Covenant Estates
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Joint Ownership
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Tenancy in Common
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Each owner holds undivided, proportional interest.
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Think Equality.
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Joint Tenancy
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Tenancy in common, except with right of survivorship, so when partner dies, other partners get their share
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Survivorship.
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Tenancy by Entirety
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Joint tenancy bw husbands and wives
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Marriage.
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Condominium Ownership
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Fee simple titles
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Co-op
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Land and building owned by non-profit corp. Residents own stock. Proprietary lease (indefinite.)
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Principal Meridians
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Run N. and S.
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Base Lines
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Run E. and W.
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Townships
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Created by range lines and township lines.
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Covenants, Conditions, and Restrictions
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Private encumbrances that limit way property owner can use property.
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Specific Lien
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Secure debts associated with particular parcel of RE.
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Ex. Mechanic's lien and mortgages
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General Lien
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Judgement lien or income tax lien.
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Easement Appurtenant
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Easement legally connected to adjoining property.
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Dominant and Servient estates.
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Easement in Gross
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No dominant or servient estates.
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Power lines from util. companies
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License
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Revokable personal privellage to use land for a particular purpose.
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Revokable
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Conservation Easement
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Negative easement that prevents specific uses of RE by owner.
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Protect Open Space.
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Profit a Prendre
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Nonpossessory interest in real property permits holder to remove part of soil or produce of land.
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Encroachment
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Unauthroized invasion or intrusion of a fixture, building, or other improvement.
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Fence straying across property line.
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Adverse Possession
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Allows individuals to acquire titile to land that they don't own bc they have openly possessed it for a statutory period of time.
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Usually w/ boundary disputes.
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Assessed Value
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Portion of market value of property subject to taxation.
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Taxable Value
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Assessed value - Exemptions
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Power of Escheat
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If a landowner dies w/o a valid will or heirs, the government gets title to property.
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Death w/o a will or heirs
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Inverse Condemnation
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Occurs when a property owner seeks to force the purchase of property by condemnation preceedings against the gov.
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Opposite of Eminent Domain
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Comprehensive General Plan
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Ensure urban areas develop in an orderly fashion.
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Min. Lot Size and Setback Req.
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most commmon method of regulation
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Planned Unit Development
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Zoning that allows waivers of certain bulk and use regs.
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Performance/Impact Zoning
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Techniques to relate permitted uses of land to certain performance standards
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To protect environment
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Nonconfronting Use
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Continuing use, legal before zoning ordinance passed, but doesn't comply with current zoning reg.
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Deed
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Written document that transfers RE from grantor to grantee
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Covenants
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Any agreements or promises
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Warranty
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Guarantee that statements are true.
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General Warranty Deed
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Broadest type of deed. Grantor makes promises that cover traditional covenants and warranty.
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Special Warranty Deed
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Limits extent of seller's warranties to events that occured while seller owned property
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Limits Seller Liab.
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Bargain and Sale Deed
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Deed implies grantor has title to property and right to convey it, but doesn't contain express covenants as to title's validity
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Quitclaim Deed
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Transfers any interest that the grantor may have in the prop, but doesn't imply that grantor has any valid interest in it.
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Divorced Spouse
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Ground Lease
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Long-term lease involving unimproved land, greater than 50 years, land developed by tenant.
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Expense Stop
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Max amount of operating expenses that landlord will pay.
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Assignment
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All tenant's rights under lease transferred to new tenant.
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Consideration
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Each party must give up something, Title for $
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Statute of Frauds
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Require RE contracts be in writing
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Partial Performance
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Fulfillment of terms of an agreement to an extent that existance can be legally inferred.
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Specific Performance
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Requires terms of contract be exactly complied with.
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Financing Contingency
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Allows buyer to cancel contract if can't get necessary financing.
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Sales Contract
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Provide for eventual transfer of title to real property
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Contract for Deed
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Arrangement stretches out payments to seller over time, while allowing seller to retain legal title until debt paid.
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