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108 Cards in this Set
- Front
- Back
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An object that has been attached to land so as to become real estate
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Fixture
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Any form of land development, such as building, roads, fences, and pipelines
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Improvement
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Imaginary lines running north and south, used as references in mapping land
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Meridians
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A detailed method of land description that identifies a parcel by specifying its shape and boundaries
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Metes and bounds
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An iron pipe, stone, tree, or other fixed point used in making a survey
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Monument
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A right or interest in things of a temporary or movable nature; anything not classed as real property
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Personal Property
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Land and improvements in a physical sense as well as the rights to own or use them; see also real property
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Real Estate
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A subdivision map filed in the county recorder's office that shows the location and boundaries of individual parcels of land
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Recorded plat
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The right of a landowner whose land borders a river or stream to use and enjoy that water
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Riparian right
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An article of personal property
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Chattel
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The right or privilege one party has to use land belonging to another for a special purpose not inconsistent with the owner's use of the land
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Easement
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The right of government to take privately held land for public use, provided fair compensation is paid
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eminent domain
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the unauthorized intrusion of a building or other improvement onto another person's land
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Encroachment
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Any impediment to a clear title, such as a lien, lease or easement
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Encumbrance
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Legal interest or rights in land
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Estate
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The largest, most complete bundle of rights one can hold in land; land ownership
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Fee simple
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A hold or claim which one person has on the property of another to secure payment of a debt or other obligation
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Lien
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The right to or ownership of something; also the evidence of ownership, such as a deed or bill of sale
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Title
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Spouses are treated as equal partners, with each owning a one-half interest
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Community property
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Ownership by two or more persons at the same time
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Concurrent ownership
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Owned by one person; sole ownership
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Estate in severalty
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A form of property co-ownership that features the right of survivorship
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Joint tenancy
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Organization of members or managers with little formal organization and limited liability
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Limited Liability Company
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Composed of general partners who mainly organize and operate the partnership and limited partners who provide the capital
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Limited Partnership
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A feature of joint tenancy whereby the surviving joint tenants automatically acquire all the rights, title, and interest of the deceased joint tenant
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Right of survivorship
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A form of joint ownership reserved for married person; right of survivorship exists and neither spouse has a disposable interest during the lifetime of the other
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Tenancy by the entirety
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Shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists
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Tenants in common
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Ownership by two or more persons that gives each the right to use the entire property
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Undivided interest
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Acquisition of land through prolonged and unauthorized occupation
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Adverse possession
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A deed that contains no covenants but does imply that the grantor owns the property being conveyed
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Bargain and sale deed
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Any claim, lien, or encumbrance that impairs title to property
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Cloud on the title
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Some plausible but not completely clear-cut indication of ownership rights
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Color of title
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Anything of value given to induce another to enter into a contract
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Consideration
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A written agreement or promise
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Covenant
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A written document that when properly executed and delivered conveys title to land
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deed
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The person named in a deed who acquires ownership
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Grantee
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the person named in a deed who conveys ownership
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Grantor
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A legal instrument used to convey whatever title the grantor has; it contains no covenants, warranties nor implication of the grantor's ownership
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Quitclaim deed
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Grantor warrants title only against defects occurring during the grantor's ownership
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Special warranty deed
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An assurance or guarantee that something is true as stated
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Warranty
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A summary of all recorded documents affecting title to a given parcel of land
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Abstract of Title
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Formal declaration by a person signing a document that he or she, in fact did sign the document
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Acknowledgement
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Knowledge gained from what one has actually seen, heard, read, or observed
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Actual notice
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The linkage of property ownership that connects the present owner to the original source of title
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Chain of title
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Notice given by the public records and by visible possession, coupled with the legal presumption that all persons are thereby notified
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Constructive notice
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Title that is free from reasonable doubt as to who is the owner
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Marketable title:
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A government operated facility wherein documents are entered in the public records
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Public recorder’s office
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Court ordered hearings held to determine land ownership
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Quiet title suit
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An insurance policy against defects in title not listed in the title report or abstract
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Title insurance
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A state-sponsored method of registering land titles
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Torrens system
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Failure, without legal excuse, to perform as required by a contract
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Breach of contract
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Persons considered legally capable of entering into a binding contract
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Competent party
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An act of promise given in exchange for something
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Consideration
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A legally enforceable agreement to do (or not to do) a particular thing
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Contract
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An offer made in response to an offer
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Counteroffer
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The application of force to obtain an agreement
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Duress
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An act intended to deceive for the purpose of inducing another to give up
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Fraud
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An amount of money specified in a contract as compensation to be paid if the
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Liquidated damages
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A document by which one person authorizes another to act on his behalf
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Power of attorney
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Contract performance according to the precise terms agreed upon
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Specific performance
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contract that has no binding effect on the parties who made it
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Void contract
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A contract that is able to be voided by one of its parties
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Voidable Contract
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A short purchase contract used to secure a real estate transaction until a more formal contract can be signed
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Binder
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An offer made in response to an offer
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Counteroffer
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failure to perform a legal duty, such as failure to carry out the terms of a contract
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Default
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Money that accompanies an offer to purchase as evidence of good faith
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Earnest money deposit
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The right to demand that title be conveyed upon payment of the purchase price
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Equitable title
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A method of selling and financing property whereby the seller retains title but the buyer takes possessions while making the payments
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Installment contract
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Allows the tenant to buy the property at a preset price and terms for a given period of time
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Lease-option
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The third-party escrow agent used in tax-deferred exchange
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Qualified intermediary
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The right to match or better an offer before the property is sold to someone else
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Right of first refusal
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A sale of real proeperty in exchange for another parcel of real estate, to effect a non-taxable gain
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Tax-deferred exchange
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A phrase that means that the time limits of a contract must be faithfully observed or the contract is voidable
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"Time is of the essence"
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Allows the lender to demand immediate payment of entire loan if the borrower defaults
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Acceleration clause
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A judgment agianst a borrower if the foreclosure sale does not bring enough to pay the balance owed
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Deficiency judgment
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The mortgage loan with highest priority for repayment in the event of foreclosure
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First Mortgage
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The procedure by which a person's property can be taken and sold to satisfy an unpaid debt
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Foreclosure
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Any mortgage on a property that is subordinate to the first mortgage in priority
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Junior mortgage
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A document which makes property security for th repayment of a debt
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Mortgage
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The party receiving the mortgage; the lender
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Mortgagee
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Allows a mortgagee to conduct a foreclosure sale without first going to court
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Power of sale
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A written promise to repay a debt
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Promissory note
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Voluntary acceptance of a lower mortgage priority than one would otherwise be entitled to
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Subordination
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Establishes the lender's right to take possession and collect rents in the event of loan default
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Assignment of rents
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One for whose benefit a trust is created; the lender in a deed of trust arrangement
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Beneficiary
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A document that conveys legal title to a neutral third party (trustee) as security for a debt
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Deed of trust
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Title that lacks the rights and privleges usually associated with ownership
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Naked title
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A document used to reconvey title from the trustee back to the property owner once the debt has been paid
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Reconveyance or release deed
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One who holds property in trust for another
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Trustee
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One who creates a trust; the borrower in a deed of trust arrangement
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Trustor
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A meeting at which the buyer pays for the property and receives a deed to it, and all other matters pertaining to the sale are concluded
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Closing meeting
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The person placed in chard of an escrow
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Escrow agent
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The deposit of documents and funds with a neutral third party along with instructions as to how to conduct the closing
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Escrow closing
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The division of ongoing expenses and income items between the buyer and the seller
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Prorating
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A federal law that deals with procedures to be followed in certain types of real estate closings
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Real Estate Settlement Procedures Act (RESPA)
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An accounting of funds to the buyer and the seller at the completion of a real estate transaction
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Settlement statement
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The process of completing a real estate transaction
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Title closing
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A final inspection of the property just prior to settlement
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Walk-through
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Local and state laws that set minimum construction standards
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Building codes
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A government issued document that states a structure meets local zoning and building code requirements and is ready for use
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Certificate of occupancy
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Rezoning of land from a higher-density use to a lower-density use
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Downzoning
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A report that contains information regarding the effect of a proposed project on the evirnoment of an area
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Environmental impact statement
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A broad term that describes any legal restriction that controls how a parcel of land may be used
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Land-use control
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A comprehensive guide for the physical growth of a community
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Master Plan
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An improvement that is incosistent with current zoning regulations
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Nonconforming use
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Clauses placed in deeds and leases to conrol how future owners and lessees may or may not use the property
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Restrictive covenants
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Allows an individual landowner to vary from zoning requirments
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Variance
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Public regulations that control the specific use of land
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Zoning laws
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