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87 Cards in this Set
- Front
- Back
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community property
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theory in which all property required under a marriage is considered to be equally owned by each spouse regardless of the finnancial contribution made by each party.
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alienable
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a property owner's right to transfer interests owned in property during his or her life
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descenible
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a property owner's right to transfer interest owned in property to legal heirs if the owner dies w/out an official will.
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devisable
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a property owner's right to tranfer interest owned in property via will.
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fee simple absolute
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the fullest and most complete set of ownership rights one can posses in real property.
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riparian theory
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theory that permits landowners whose land underlies or borders NON-NAVIGABLE bodies of water to use all the water needed as long as the use does not deprive other landowners who are entitled to use some of the water.
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life estate
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an ownership intrest in real property that normally ends upon the death of a named person.
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prior appropriation
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theory that states that the 1st person that use a body of water for some beneficial economic purpose has the right to use all the water needed, even though landowners who later find use for the water may be preluded from using it.
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freehold estate
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ownership interests in real property.
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leasehold estate
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a tenant's right to use or posses, but not own, a property as defined by lease agreement.
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possibility of reversion
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the future interest that follows a qualified fee determinable estate.
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qualified fee determinable estate
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an estate that terminates automatically should some condition be violated. (possibility of reversion)
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power of termination
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the future interest that follows a qualified fee conditional estate.
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qualified fee conditional estate
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an estate that a court may rule has been terminated should some condtion be violated (power of termination)
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reversion
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the future interst associated with a life estate held by a grantor.
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remainder
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the future interest associated w/ a life estate held by someone other than the grantor.
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fixture
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an item that was once personal property but has become part of the real estate
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trade fixture
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personal property used in a trade or business.
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condominium
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a form of joint ownership whereby property owners own their individual units but share ownership of common areas.
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cooperative
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a form of joint ownership whereby the propertyy owners share stock in a coperation that own a property and are entitled to occupy space within the building.
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tenancy for a stated period
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a leasehold estate that has defined starting and ending dates
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tenancy from period to period
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a leasehold estate that continues from period to period unless terminated by either party.
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tenancy at will
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an informal leasehold estate of interminable length that may last as long as the parties agree.
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tenancy at sufferance
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a leasehold estate that defines a tenant's rights to occupy the property against the wishes of the lessor
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tenancy in common
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a from of concurrent estate in which each owner has an undivided interest in the property.
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joint tenancy
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joint ownership in which owners have an equal, but undivided interest in the property.
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tenancy by the entirety
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a form of concurrent estate by which a husband and wife can own a property jointly.
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grantor
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the party who transers a freehold estate in real property to a grantee
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grantee
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the party who recieves a freehold estate in real property from a grantor
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rectangular survey system
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a grid based system used to describe the location of a property.
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metes and bounds
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legal description to describe the exact location of a property. Metes refer to distances, and Bounds refers to directions of a property's boundaries.
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plat
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a detailed land survey drawing that shows a property's features and its legal description
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section
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1 square mile rectangles that divide a townships into 36 equal areas of 640 acres each.
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township
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A 36 square-mile area formed by township and range lines in the rectangular survey sysem.
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easment
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a right given to another party by a landowner to use a property in a specific manner.
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easement appurtenant
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an easement with clearly identifiable dominant and servient estates.
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easement in gross
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an easement with only a servient estate.
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dominant state
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the property benefited by the existece of an easement appurtenant.
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servient estate
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the property burdened by the existence of an easement appurtenant or easement in gross.
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lien
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a claim on a property as security for a debt or fulfillment of some monetary charge or obligation
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general lien
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a security interest on all property owned by an individual
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express reservation
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method of expressly creating an easement on a grantee's property.
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express grant
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method of expressly creating an easement on a grantor's property.
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license
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a revocable personal privilege to use land for a specific purpose
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encroachment
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an unauthorized invasion or intrusion of a fixture, builiding, or another improvement onto another's property.
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restrictive covenants
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limitations placed on a property by a landowner or previous landowner that prevents a property being used in certain ways.
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adverse possession
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the acquisition of property as a result of "actual and exclusive, open and notorious, hostile and continous" possession under a claim of right for a stationary period of time. (Klien's case)
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profit a prendre
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a nonpossessory interest in real property that permits the holder to remove specific natural resources from a property.
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ad volorem tax
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a tax levied as a percentage of the value of the taxed item.
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eminent domain
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the governments power to take private property for public use upon payment of just compensation.
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escheat
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the government's right to own real estate following one's death if he or she has no will or legal heirs.
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incentive zoning
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a practice used by communities to encourage developers to provide certain publicly desired features in their developments in exchange for relaxed enforcement of the zoning code.
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inverse condemnation
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a lawsuit initiated by a property owner to force the government to purchase a property whose value has been diminsihed by a government action
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performance zoning
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regulations that restrict landuse based on the environmental carrying capacity of the site.
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police power
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the governments power to regulate the way private property is used to protect the health, safety, morals, and general welfare of the public.
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variance
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permission granted by a government for landowner to use the property in a manner not ordinarily permitted.
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procedual due process
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all affected property owners must be informed of proposed zoning regualtions and have an oppertunity to comment on the impact of the impending zoning.
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deed
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a written document that provides evidence of ownership.
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bargain and sale deed
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a deed that simply states that the grantor has title to property and the right to convey it but does not contiain any covenants or warranties to the title's validity.
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general warranty deed
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the deed that offers the most protection to the grantee, complete with all relevant covenants and warranties.
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special warranty deed
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similiar t the general warranty deed, except the covenants and warranties apply only to events that occured during the grantor's period of ownership.
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quitclaim deed
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a deed used to transfer any interest a grantor may or may not have in a property, w/out implying that the grantor has a valid interest to convey.
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covenant
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a promise or guarantee made by a grantor in a deed.
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covenant against encumbrances
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an assurance made by the grantor that no liens or encumbrances other than those of public record exist against the property.
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covenant of further assurances
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an assurance made by the grantor that the grantor will execute any future documents needed to perfect the grantee's title.
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covenant of quite enjoyment
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an assurance made by the grantor that no other party will disturb the grantee claiming to own the property or to have a lien on it - a promise from the lessor that the tenant has exclusive rights to the property during the time of the lease.
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covenant of seisin
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an assurance made by the grantor that he or she is in full possession of the interest being conveyed by a deed and thus has the right to convey it.
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consideration
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anything that incurs legal detriment or forgoing of a legal benifit.
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insurable title
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a title in real estate that a reputable insurance company is willing to insure.
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marketable title
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a title free and clear of all past, present, and future claims that would casue a resonable purchaser to reject such title.
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torrens system
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a system of land registration used by a few states as an alternative to grantor/grantee indexes.
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gross lease
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a lease contract stipulating that the landlord will pay all operating expenses, taxes, and insurances of the property during the lease period.
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net lease
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a lease that stipulates that the leasee will pay operating expenses for a property during the lease period.
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net-net lease
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a lease that stipulates that the leasee will pay operating expenses and insurance during the lease period.
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net-net-net lease
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a lease that stipulates that the leasee will pay operating expenses, insurance, and taxes for the property during the lease period.
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fixed rent lease
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a lease contract that stipulates a fixed rent for the lease period.
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graduated rent lease
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a lease contract that stiulates scheduled rent increases over the period of the lease.
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reappraisal lease
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a lease contract that stipulates that the rent will be adjusted periodically as the value of the building changes, as determined by an appraisal.
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percentage of sale lease
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a lease contract for a propert used for commercial purposes and the rent is specified by a percentage of the sales made on the property.
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indexed lease
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a lease in which rent is changed based on living expenses.
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assignment
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the act of passing all of one's right and responsibilities under a legal agreement with a thrid party.
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statue of frauds
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a law designed to prevent fradulent practices involving contracts.
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partial performance
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fulfillment of the terms of an agreement to such an extent that the existence of the agreement may be reasonably inferred.
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concratual capacity
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the mental ability to understand what a contract represents and the meaning of its terms.
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option to buy
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a contract tgat gives one party the right, but not n obligation, to purchase a property within a specific time horizon at a specified price.
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land contract
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a contract that establishes an obligation to transfer title from a seller to a buyer at some future date based on an agreed upon payment schedule.
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contingency
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term of a contract that may result in the contract being cancled if certain events occur.
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