Real Estate Principles

Front 1

Land

Back 1

_____ is defined as the earth's surface extending downward to the center of the earth and upward to infinity, including permanent natural objects, such as trees, and water

Front 2

Real Estate

Back 2

_____ is defined as land at, above, and below the earth's surface, plus all things permanently attached to it, whether natural or artificial

Front 3

Improvement

Back 3

_____ is any artificial thing attached to the land, such as a building or a fence as well as infrastructures, such as sewers

Front 4

Real Property

Back 4

_____ is defined as the interests, benefits, and rights that are automatically included in the ownership of land and real estate

Front 5

Bundle of Legal Rights

Back 5

right of possession, right to control the property within the framework of the law, right of enjoyment (to use the property in any legal manner), right of exclusion (to keep others from entering or using the property), and right of disposition (to sell, will, transfer, or otherwise dispose of or encumber the property)

Front 6

Title

Back 6

(1) the right to or ownership of the land, including the owner's bundle of legal rights; and (2) evidence of that ownership by a deed and (3) bundle of legal rights

Front 7

Personal Property (chattel)

Back 7

_____ is all the property that can be owned and that does not fit the definition of real property. Also, it is movable.

Front 8

Manufactured Housing

Back 8

_____ is defined as dwellings that are not constructed at the site but are built off-site and trucked to a building lot where they are installed or assembled

Front 9

Emblements

Back 9

annually cultivated crops such as fruit, vegetables, and grain. Also considered to be personal property.

Front 10

Severance

Back 10

_____ is when an item of real property can become personal property

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Annexation

Back 11

_____ is when an item of personal property can become real property

Front 12

Fixture

Back 12

is personal property that has been so affixed to land or a building that, by law, it becomes part of the real property. Ex: radiators, kitchen cabinets, plumbing

Front 13

Trade Fixture

Back 13

is a special category of fixtures which includes property used in the course of business.

Front 14

Economic Characteristics of Real Estate

Back 14

characteristics of land that affect its value: scarcity, improvements, permanence of investment, and area preference

Front 15

Physical Characteristics of Real Estate

Back 15

immobility, indestructibility, and uniqueness are what?

Front 16

Legal Tests for a Fixture

Back 16

Method of annexation (not easily removable), adaption to real estate (ordinarily considered a permanent addition), and agreement of the parties (stated as part of real estate in the offer to purchase) are all _____

Front 17

Appurtenance

Back 17

is a right or privilege associated with real property in some way, such as a parking space in a building, an easement, or water rights and normal conveyed to the new owner when the property is sold.

Front 18

Types of Housing

Back 18

(1) apartment complexes (2) condominium (3) cooperative (4) planned unit developments PUD (5) retirement communities (6) high-rise developments (7) converted-use properties (8) manufactured housing (9) modular homes/ prefabricated homes (10) time-shares

Front 19

Cooperative

Back 19

has units that share common walls and facilities within a larger building. The "owners" actually purchase shares of stock in the corporation, not their individual units. They receive proprietary leases and a share of stock.

Front 20

Planned Unit Developments

Back 20

merges such diverse land uses as housing, recreation, and commercial units into one self-contained development. They are also planned under special zoning ordinances. "Owners" do not have direct ownership interest in the common areas.

Front 21

High-rise Development

Back 21

combine office space, stores, theaters, and apartment units into a single vertical community. They are usually self-contained and offer laundry facilities, restaurants, food stores, valet shops, beauty parlors, etc.

Front 22

Converted-use properties

Back 22

are factories, warehouses, office buildings, hotels, schools, barns, churches, and other structures that have been converted to residential use.

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PITI

Back 23

principal, interest, taxes, and insurance are what comprise of a monthly mortgage payment

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28% of gross

Back 24

mortage payments, both principal and interest, plus taxes and insurance could not exceed

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36% of monthly income

Back 25

payments on all debts, including long term debt such as car payments, student loans, or other mortgages could not exceed

Front 26

Tax deductions

Back 26

mortage interest payments on first and second homes (for mortgage balances below $1 million, or $500,000 if married filing separately), real estate taxes, certain loan origination fees, loan discount points, and loan prepayment penalties are all

Front 27

Basic Form Homeowner's Policy

Back 27

coverage against fire and lightning, glass breakage, windstorm and hail, explosion, riot and civil commotion, damage by aircraft, damage from vehicles, damage from smoke, vandalism and malicious mischief, theft, and loss of property removed from the premises when it is endangered by fire or other perils

Front 28

Broad-form Homeowner's Policy

Back 28

covers falling objects; damage due to the weight of ice, snow, or sleet; collapse of all or part of the building; bursting, cracking, burning, or bulging of a steam or water or steam from within a plumbing, heating, or air-conditioning system; freezing of plumbing, heating, and air-conditioning systems and domestic appliances; and damage to electrical appliances, devices, fixtures, and wiring from short circuits or other accidentally generated currents.

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Comprehensive Loss Underwriting Exchange (CLUE)

Back 29

is a database of consumer claims history that enables insurance companies to access prior claims information in the underwriting and rating process. It contains up to 5 years of personal property claims history.

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National Flood Insurance Act of 1968

Back 30

was enacted by Congress and subsizdizes flood insurance and is administered by FEMA

Front 31

Federal Emergency Management Agency (FEMA)

Back 31

administers the flood program.

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Army Corps of Engineers

Back 32

has prepared maps that identify specific flood-prone areas throughout the country.

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Types of Policy Reimbursement

Back 33

replacement cost value (RCV) or actual cost value (ACV)

Front 34

coinsurance clause

Back 34

requires the homeowner to maintain insurance equal to at least 80% of replacement cost of the dwelling for full replacement on loss; or if not, the loss will will be settled for actual cash value or a prorated amount

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Agent

Back 35

hired by principals (client) to act on their behalf

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Agency

Back 36

is the fiduciary (involving trust) relationship in which the agent is held in a position of special trust and confidence by the principal

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Client

Back 37

is the principal

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Customer

Back 38

is the nonrepresented party for whom some level of service is provided and who is entitled to fairness and honesty

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Non-agent (facilitator, intermediary)

Back 39

assists one or both parties with the transaction without representing either party's interests and often is subject to specific statutory responsibilities

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Express Agency

Back 40

is based on a formal agreement between the parties. The agreement may be either oral or written.

Front 41

Implied Agency

Back 41

results from the behavior of the parties

Front 42

Listing Agreement

Back 42

a written employment contract between seller and broker

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Six Common-law fiduciary duties

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Care, Obedience, Loyalty, Disclosure, Accouning, Confidentiality (COLD AC)

Front 44

Reasons to Terminate Agency

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completion, performance, or fulfillment of agency purpose; death or incapacity of either party; destruction or condemnation of the property; expiration of the terms of the agency; mutual agreement by all parties to cancel the contract; breach by one of the parties; bankruptcy of the principal

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universal agent

Back 45

is empowered to do anything the principal could do personally

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general agent

Back 46

represents the principal in a broad range of matters

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special agent (limited agent)

Back 47

represents the principal in one specific act or business transaction only, under detailed instruction

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designated agent/representative

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is authorized by the broker to act as the agent of a specific principal

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single agency

Back 49

is one in which an agent represents only one party in a transaction

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dual agency

Back 50

is one in which an agent represents two principals in the same transaction

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buyer's broker

Back 51

represents a buyer as an agent to find property that meets the buyer's specifications, as set out in the buyer-broker agreement

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Puffing

Back 52

legal exaggeration of a property's benefits

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Fraud

Back 53

is the intentional misrepresentation of a material fact to harm or take advantage of another person

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Negligent misrepresentation

Back 54

occurs when a broker should have known that a statement about a material fact was false

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Real estate broker

Back 55

is licensed to buy, sell, exchange, or lease real property for others for a fee and may operate as a: sole proprietorship, partnership, or corporation

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real estate brokerage

Back 56

may be independent or part of a regional or national franchise

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real estate salesperson

Back 57

is licensed to perform real estate activities only on behalf of a licensed real estate broker

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independent contractor

Back 58

is a real estate salesperson who usually receives a commission, with no withholding for SS, income tax, and other purposes; must comply with IRS requirements for a qualified real estate agent

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employee

Back 59

is a salesperson who may receive salary in lieu of or in addition to commission; may receive benefits, whose broker is required to withold SS and taxes from earnings

Front 60

real estate assistant

Back 60

is a licensed employee of the employing broker, and if unlicensed, is limited in the activities that can be undertaken

Front 61

Uniform Electronic Transactions Act (UETA)

Back 61

contract cannot be denied legal effect just because electronic record was used, and the record or signature cannot be denied legal effect just because it is in electronic format

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Electronic Signatures in Global and National Commerce Act (E-Sign)

Back 62

which functions as electronic transactions law in states that hve not enacted UETA and makes contracts (including signatures) and records legally enforceable, regardless of the medium in which they are created.

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Fee for services

Back 63

is based on charges for separate broker activities that the client desires (unbundling of services)

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Procuring cause

Back 64

the broker must have started a chain of events that resulted in a sale

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Price-fixing

Back 65

is the practice of setting prices for products or services rather than letting competition in the open market establish those prices.

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Group boycotting

Back 66

occurs when two or more businesses conspire against another business or agree to withhold their patronage to reduce competition.

Front 67

Allocation of customers/markets

Back 67

involves an agreement between real estate brokers to divide their markets and refrain from competing for each other's business.

Front 68

Tie-in Agreements

Back 68

agreements to sell one product only if the buyer purchases another product as well.

Front 69

Sherman Antitrust Act

Back 69

provides specific penalties for a number of illegal business activities

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Penalties for violating S.A.A.

Back 70

people may be subject to a maximum $1 million fine and ten years in prison. For corporations, the penalty may be as high as $100 million. An individual who has suffered a loss because of an antitrust activity may sue for threefold the damages sustained.

Front 71

National Do Not Call Registry

Back 71

regulated by the Federal Trade Commission lists telephone numbers of consumers who have asked to be registered and prohibits interstate calls to those numbers to sell goods or services.

Front 72

Exclusive-right-to-sell listing

Back 72

one broker is appointed as the seller's sole agent. If the property is sold while the listing is in effect, the broker is entitled to a commission, no matter who sells the property

Front 73

Exclusive-agency listing

Back 73

authorizes one broker to act as the sole agent of the seller, but allows the seller to retain the right to sell the property without obligations of payment to the broker

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Open listing

Back 74

seller retains the right to employ any number of brokers; obligated only to pay a commission to broker who successfully produces a ready, willing, and able buyer; and the seller is not obligated to pay a commission if the seller personally sells the property without the aid of any broker

Front 75

Net listing

Back 75

the excess over the net from the sale will go to the listing broker as commission, broker is free to offer the property at any price greater than the net amount, may be prohibited by state law

Front 76

MLS

Back 76

is a marketing organization who broker members make their own exclusive listings available through other brokers and gain access to other broker's listed properties as well

Front 77

Broker Protection Clause

Back 77

a clause that protects the broker who was the procuring cause from losing a commission because the transaction was completed after the listing expired.

Front 78

Eminent Domain

Back 78

is the government's right to acquire privately owned real estate for a public or economically beneficial use

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Condemantion

Back 79

a process that begins with a judicial or an administrative proceeding (eminent domain)

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Just Compensation

Back 80

payment to the property owner for acquiring real estate (eminent domain)

Front 81

Taxation

Back 81

is a charge on real estate to raise fund to meet public needs

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Escheat

Back 82

occurs when the deceased has no will or lawful heirs

Front 83

freehold estate

Back 83

lasts for an indeterminable length of time

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fee simple

Back 84

is the highest estate recognized by law. It is also the ownership in which the holder is entitled to all rights to the property by law.

Front 85

fee simple defeasible

Back 85

is a qualified estate subject to occurrence or nonoccurence of some specified event

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Dower

Back 86

is the life estate that a wife has in the real estate of her deceased husband

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Curtesy

Back 87

is an identical interest that a husband has in the real estate of his deceased wife.

Front 88

homestead

Back 88

is a legal life estate in real estate occupied as the family home.

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life estate

Back 89

is based on the lifetime of a person. This estate is not inheritable.

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Pur autre vie

Back 90

provides inheritance by the life tenant's heirs only until the death of the third party. Often created for physically/mentally ill individuals to give incentive for someone to care for them.

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encumbrance

Back 91

is a claim, charge, or liability that attaches to real estate and may be a lien or a covenant, condition, and restriction

Front 92

Liens

Back 92

are charges against property that provide security for a debt or obligation of the property owner

Front 93

Covenants, conditions, and restrictions

Back 93

are private agreements that affect the use of land

Front 94

easement

Back 94

the right to use the land of another, and usually created by written agreement between the parties

Front 95

appurtenant easement

Back 95

is said to run with the land when title is transferred

Front 96

easement in gross

Back 96

is an individual or company interest in or right to use another's land

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easement by necessity

Back 97

arises when land has no access to a street or public way

Front 98

easement by prescription

Back 98

is acquired when a claimant has used another's land for 10 to 21 years. The use must be visible, open, and notorious.

Front 99

an easement is terminated

Back 99

when the need no longer exists, when either the dominant or the servient owner becomes sole owner, released by servient, easement is abandoned, or by nonuse

Front 100

license

Back 100

is a personal privilege to enter the land of another for a specific purpose.

Front 101

encroachment

Back 101

occurs when all or part of a structure illegally intrudes on the land of another or beyond legal building lines.

Front 102

water rights

Back 102

are determined by common law and statute

Front 103

riparian rights

Back 103

are common-law rights granted to owners of land along rivers, streams, or similar bodies of water

Front 104

littoral rights

Back 104

belong to owners of land that borders commercially navigable lakes, seas, and oceans.

Front 105

doctrine of prior approprition

Back 105

in some states provides that water use, aside from limited domestic use, is controlled by the state rather than the landowner adjacent to the water, to use the water, the landowner must demonstrate beneficial use of the water, such as irrigation of crops

Front 106

accretion

Back 106

increases in the land resulting from the deposit of soil by the water's action

Front 107

erosion

Back 107

is the gradual and imperceptible wearing away of the land by natural forces, such as wind, rain, and flowing water.

Front 108

avulsion

Back 108

is the sudden removal of soil by an act of nature.

Front 109

ownership in severalty

Back 109

title held by one individual or an artificial person, such as a corporation

Front 110

co-ownership

Back 110

title held by two or more individuals

Front 111

Tenancy in common

Back 111

each tenant holds an undivided fractional interest; have unity of possession-right to occupy entire property; each interest can be sold, and interest passes by will when co-owner dies

Front 112

Joint Tenancy

Back 112

is where tenants enjoy the four unities (PITT) possession, interest, time, and title

Front 113

Right of survivorship

Back 113

upon the death of a joint tenant, interest passes to the other joint tenant or tenants

Front 114

terminate joint tenancy

Back 114

death of all but one joint tenant, conveyance of a joint tentant's interest, but only as to that interest; or partition, which can be brought to force division or sale of property are ways to:

Front 115

tenancy by the entirety

Back 115

only available to husband and wife, title conveyed only by deed signed by both, carries right of survivorship; survivor becomes owner in severalty is…

Front 116

community property

Back 116

requires the signatures of both spouses to be conveyed

Front 117

partnership

Back 117

is an association of two or more persons who carry on a business for profit as co-owners in general or a limited partnership, as provided by state law

Front 118

general partnership

Back 118

all partners participate in operation and management, and partners share full liability for business losses and obligations

Front 119

limited partnership

Back 119

has both general partners and limited partners

Front 120

general partners

Back 120

run the business

Front 121

limited partners

Back 121

do not participate in running the business and are liable for business losses only up to the amount of the individual's investment

Front 122

LLC

Back 122

limited liability offered by a corporate form of ownership, tax advantages of a partnership (no double taxation), flexible management structure without corporation requirements or restrictions on limited partnership

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the condominium owner

Back 123

holds fee simple title to the airspace of a unit as well as an undivided share in the remainder of the building and land, known as the common elements

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town house

Back 124

a form of ownership in which houses share common vertical walls, titles to individual units include a fractional interest in common areas

Front 125

time-share

Back 125

ownership permits multiple purchasers to buy interests in real estate, a form of ownership most commonly found with resort property

Front 126

metes-and-bounds method

Back 126

measures distances, starts from a point of beginning (POB); follows compass directions or angles; arrives at the point of ending (POE); and uses monuments (fixed objects or markers) to identify the POB and corners or places where boundary lines change direction.

Front 127

monuments

Back 127

fixed objects or markers

Front 128

rectangular survery system

Back 128

established by Congress in 1785 to standardize the description of land acquired by the newly formed federal government. The system is based on dividing land into rectangles (two sets of intersecting lines: principal meridians and base lines)

Front 129

principal meridian

Back 129

set of lines used in the rectangular survery system that run north and south

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township squares

Back 130

are 6 miles square and contain 36 square miles (23,040 acres). They are the result of the horizontal township lines and the vertical range lines intersecting.

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section

Back 131

one square mile or 640 acres. Numbered 1 through 36 (starting in the northeast, or upper right-hand corner)

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base lines

Back 132

set of lines used in the rectangular survery system that run east and west

Front 133

township lines

Back 133

run east to west parallel to and counted from base lines that are: 6 miles apart, in units called townships of 36 square miles each, in rows of townships called tiers, and arranged so each township is divided into 36 sections of one square mile (640 acres)

Front 134

range lines

Back 134

run north to south parallel to (and counted from) principal meridian, that are 6 miles apart and in rows called ranges

Front 135

lot-and-block (recorded plat) system

Back 135

divides a larger parcel further into block (subdivision) and lot (individual parcel) numbers and references all data in a subdivision plat map, noting lots sizes, street names, and other required information

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survery preparation

Back 136

includes both a legal description and a survey sketch.

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elevations

Back 137

must be measured if air lots above the surface or subsurface rights are to be described and conveyed

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A mile

Back 138

is 5,280 feet

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An acre

Back 139

is 43,560 square feet

Front 140

a square mile

Back 140

is 640 acres

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datum

Back 141

is a point, line, or surface from which elevations are measured or indicated. It is also defined as the mean sea level at New York Harbor

Front 142

legal description

Back 142

is a detailed way of describing a parcel of land for documents such as deeds and mortgages that will be accepted in a court of law

Front 143

methods of describing real estate

Back 143

metes and bounds, rectangular (government) survey, lot and block (recorded plat)

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Creation of a lien

Back 144

Voluntary, if it is created by action of the property owner; Involuntary, if it is created without the property owner's; Statutory, if it is created by statute; Equitable, if it is created by a court based on the common law

Front 145

Priority of Liens

Back 145

first to record is first in right, real estate taxes and special assessments take priority

Front 146

a subordination agreement

Back 146

this can be used between lienholders can be used to change order of priority

Front 147

Ad valorem taxes

Back 147

this is based on value of property taxed and are levied by states, counties, municipalities

Front 148

Real estate tax exemptions

Back 148

this may be available for schools, parks, hospitals, or property owned by municipal, state, or federal governments or religious or charitable organizations

Front 149

assessed value

Back 149

this is generally based on sales prices of comparable properties, even though different valuation methods may be used for different types of property

Front 150

tax rates

Back 150

may be expressed in mills - 1/1,000 of a dollar or $0.001

Front 151

A mortgage or deed of trust lien

Back 151

this is a voluntary lien given to a lender by a borrower as security for a real estate loan

Front 152

A mechanic's lien

Back 152

this is a specifi, involuntary lien that gives security to persons or companies that perform labor or furnish material to improve real property

Front 153

A judgment

Back 153

this is a decree issued by a court, is a general, involuntary, equitable lien on both real and personal property owned by a debtor that must be filed in every county in which the judgment debtor owns property.

Front 154

estate and inheritance tax liens

Back 154

these are general, statutory, involuntary liens that encumber a deceased person's real and personal property and are normally paid or cleared in probate proceeding

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A general lien

Back 155

this affects all of a debtor's property, both real and personal

Front 156

a specific lien

Back 156

affects only identified property

Front 157

special assessments

Back 157

this type of lien is levied on property that benefits from public improvements (lead program)

Front 158

lis pendens

Back 158

while a lawsuit is pending, this can be filed to give notice of a possible future lien and establish priority of the claimant

Front 159

writ of attachment

Back 159

while a lawsuit is pending, this can be sought from the court to authorize the sheriff to seize the property that the debtor may attempt to transfer

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contract

Back 160

this is a voluntary agreement or promise between legally competent parties, supported by legal consideration, to perform (or refrain from performing) some legal act

Front 161

contract must be

Back 161

this must be voluntary, an agreement or a promise, made by legally competent parties, supported by legal consideration, for something legal (not illegal)

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express contract

Back 162

the parties state the terms and show their intentions in words, either oral or written

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statute of frauds

Back 163

certain types of contracts must be in writing to be enforceable in a court of law

Front 164

implied contract

Back 164

the agreement of the parties is demonstrated by their acts and conduct

Front 165

bilateral contract

Back 165

this type of contract both parties promise to do something; one promise is given in exchange for another

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unilateral contract

Back 166

this type of contract one party makes a promise to entice a second party to do something.

Front 167

executed contract

Back 167

this type of contract is one in which all parties have fulfilled their promises; the contract has been performed

Front 168

executory contract

Back 168

this type of contract exists when one or both parties still have an act to perform.

Front 169

offer

Back 169

is a promise made by one party, requesting something in exchange for that promise

Front 170

acceptance

Back 170

is a promise by the offeree to be bound by the exact terms proposed by the offeror

Front 171

consideration

Back 171

this is something of legal value offered by one party and accepted by another as an inducement to perform or to refrain from performing some act

Front 172

valid contract

Back 172

contract has all legal elements and is fully enforceable

Front 173

void contract

Back 173

contract lacks one or all elements and has no legal force or effect

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voidable contract

Back 174

contract has all legal elements and may be rescinded or disaffirmed

Front 175

unenforceable contract

Back 175

contract has all legal elements and is enforceable only between the parties

Front 176

time is of the essence

Back 176

this means that contract must be performed within a specified time

Front 177

breach of contract

Back 177

this is a violation of any of the terms or conditions of a contract without legal reason

Front 178

rescission

Back 178

one party may cancel or terminate the contract as though it had never been made So any monies exchanged must be returned.

Front 179

counteroffer

Back 179

any change by the seller to the terms proposed by the buyer creates this.

Front 180

Commingling

Back 180

mixing earnest money in a broker's personal funds account

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Conversion

Back 181

using earnest money funds for broker's personal use

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Mortgage Contingency

Back 182

this type of contingency protects the buyer's earnest money unitl a lender commits the mortgage loan funds

Front 183

Inspection Contingency

Back 183

this type of contingency is based on the buyer's obtaining certain inspections of the property

Front 184

Property Sale Contingency

Back 184

this type of contingency is where buyers may make the sales contract contigent on the sale of their current home

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amendment

Back 185

this is a change or modification to the existing content of a contract.

Front 186

addendum

Back 186

this is any provision added to an existing contract without altering the content of the original

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option

Back 187

this is a contract by which an optioner (generally owner) gives an optionee (potential purchaser/lessee) the right to buy or lease the owner's property at a fixed price within a certain period of time. The optionee pays a fee for this option right.

Front 188

voluntary alienation

Back 188

this is the legal term for the voluntary transfer of title

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deed

Back 189

this is the written instrument by which an owner of real estate intentionally conveys the right, title, or interest in the parcel of real estate to someone else

Front 190

granting clause (words of conveyance)

Back 190

a deed must contain this statement to show the grantor's intention to convey the property ("I, JKL, convey and warrant…")

Front 191

habendum clause

Back 191

this statement begins with "to have and to hold" and is necessary to define or explain the ownership to be enjoyeed by the grantee

Front 192

acknowledgment

Back 192

this is a formal declaration under oath that the person who signs a written document does so voluntarily and that the signature is genuine

Front 193

general warranty deed

Back 193

this type of deed provides the greatest protection to the buyer because the grantor is legaly bound by certain covenance (promises) or warranties

Front 194

Covenants of General Warranty Deed

Back 194

Covenant of seisin (grantor owns property), against encumbrances (free from liens), of quiet enjoyment (guarantees grantee's title will be good against third parties who might bring court actions), further assurance (grantor promises to obtain and deliver any instrument needed to make the title good), warranty forever (grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future)

Front 195

Special Warranty Deed

Back 195

this type of deed contains two basic warranties: that the grantor received title and that the property was not encumbered during the time the grantor held title, except as otherwise noted in the deed

Front 196

Bargain and sale Deed

Back 196

this type of deed contains no express warranties against encumbrances. However, it does imply that the grantor holds title and possession of the property.

Front 197

Quitclaim Deed

Back 197

this type of deed provides the grantee with the least protection of any deed. It carries no covenants or warranties and generally conveys only whatever interest the grantor may have when the deed is delivered.

Front 198

Deed of Trust

Back 198

this type of deed means a trustor conveys real estate to a trustee for the benefit of a beneficiary

Front 199

involuntary alienation

Back 199

this is the transferring of the title without the owner's consent

Front 200

testate

Back 200

this is a person who dies with a will indicating how the property will be disposed of

Front 201

intestate

Back 201

this is a person who dies without a will indicating how the property will be disposed of

Front 202

will

Back 202

this is made by an owner to convey title to real or personal property after the owner's death

Front 203

involuntary alienation

Back 203

escheat, eminent domain, foreclosure, and adverse possession are types of

Front 204

probate

Back 204

this is a formal judicial process that proves or confirms the validity of a will and determines the precise assets and who they will be passed too

Front 205

adverse possession

Back 205

this is when an individual makes a claim to certain property, takes possession of it and, uses it and may take title away from an owner who fails to use or inspect the property for a period of years

Front 206

Rules for adverse possession

Back 206

open, notorious (known by others), continous and uninterrupted, hostile, and adverse