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121 Cards in this Set
- Front
- Back
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Appurtenant
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Something belonging to, adjunct, appended or annexed to property such as the common elements of a condominium unit which pass with the land when transferred.
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Bundle of rights
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A concept or theory of ownership that holds that the entire set of legal rights are included with the ownership of land including the rights to possess, use, encumber, dispose and exclude.
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Emblements
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The crops growing on a property which require annual care and are usually considered to be a possession of the tenant.
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Fixture
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The movable items such as toilets and built in store showcases that are attached to land or its improvements which become appurtenances and which under normal circumstances cannot be removed without a prior agreement because the affixing converts them to real property.
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personal property
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Any property which is not real property.
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Real Property
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The land and everything growing on it, attached to it or erected on it but not including anything that may be severed from the land without injuring it.
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Riparian rights
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The rights that an owner of land that borders on a river, stream or waterway has to use and enjoy the water which is adjacent to the land or flows over it provided that use does not cause any injure to riparian owners downstream.
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Tests of a fixture
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Five tests of a fixture
method of attatchment adaptability relationship of parties intention of parties agreement between parties |
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Treaty of Guadalupe Hidalgo
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Ended the mexixcan American war in 1848, California became a territory in the u.s.
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Accesion
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An addition to property by the incorporation or union done through natural forces or by the efforts of man.
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Accretion
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The gradual and imperceptible accumulation of land along the shore or banks which is called alluvium that is done by natural forces such as the sea or a river. See Alluvium.
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Adminstratorix
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A person who has been granted authority by the probate court to administer the estate of a deceased person who died intestate or without a will. Administratrix is the term used for a woman.
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Adverse Possession
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A method of acquiring title to real property through the continued possession of the property under certain conditions for the statutory period by a person who is other than the owner of record.
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Alluvion
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The gradual increase of the earth on the shore of an ocean or stream bank resulting from the soil deposited by the action of the water. Also know as Alluvium.
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Avulsion
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A sudden and noticeable loss of land by the action of water normally by a sudden change in the course of a river.
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Codicil
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An addition to or amendment of a person's last will and testament.
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Eminent Domain
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The right of the government to acquire property for necessary public use with just compensation the right of which is found in the 5th Amendment to the Constitution.
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Escheat
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An intestate condition where property reverts back to the state when no heirs are capable of inheriting the property or the heirs are unknown.
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Executortrix
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A woman named in a will to carry out the provisions of the will as to the disposition of the deceased person's estate. See Executor.
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Grant Deed
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A limited warranty deed using the word "grant" or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.
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Holographic Will
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A will written entirely by a testator with his own hand on a blank piece of paper.
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Intestate
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A condition that occurs when a person dies leaving no will or a will which is defective in form in which the estate passes according to law to his or her next of kin or heirs
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Lot, Block, and tract
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(Sometimes called a recorded plat.) A method of identifying real property on a recorded subdivision plat that identifies a parcel of land by reference to its lot and block numbers within the subdivision.
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Metes and bounds
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A term often used in describing the boundary lines of land when a great deal of accuracy is required that set forth all the boundary lines along with their terminal points and angles. Metes means the length or measurement and bounds means the boundaries
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Probate
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A word originally meaning merely relating to the proofs of wills but now it is a general name or term used to include all matters over which probate courts have jurisdiction which in many states are the estates of deceased persons and of persons under guardianship as well as trusts and trustees.
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Quitclaim Deed
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deed used to surrender any interest in property which the grantor may have without any warranty of title or interest.
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Succession
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he legal act or right of acquiring property by descent or also succeeding to an asset by will or inheritance.
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Testatrix
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A woman who makes or has made a will.
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U.S. Government survey system
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A method adopted in 1785 also known as the Rectangular Survey System of describing or specifying the location of a parcel of land using prime meridians, guide meridians, base lines, standard parallels, townships and sections.
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Communtiy property
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In eight western states, the property acquired by husband and/or wife during a marriage when not acquired with the intent of being the separate property of either spouse and where each spouse has equal rights similar to property owned by a partnership of management, alienation and testamentary disposition.
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Estate in remainder
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A future interest given by the grantor to a third person to take effect upon the termination of a life estate.
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fee estate
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fee simple estates
fee simple absolute fee simple qualified |
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fee estate simple absolute
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A Title that is absolute and unqualified and is the best one can have giving complete ownership and control of real property without any conditions or limitations.
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fee simple qualified
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An estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occurs. See Fee simple determinable.
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four unities of joint tenancy
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time, title, interest and possession and the right of suvivorship
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freehold estate
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An estate such as a fee simple or life estate of a duration that runs forever and its end cannot be determined.
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joint tenancy
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An equal undivided ownership interest of a property by two or more natural persons each of whom has the right, called the right of survivorship, upon the death of one joint tenant to the automatic succession of the title of the deceased tenant.
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Les-than-freehold estste
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An estate commonly called a leasehold that exists for a definite period of time or for successive periods of time until terminated.
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Life estate
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An possessory freehold estate or interest in real property being held for the duration of the life of a named person who could be the person holding estate or of the life of another.
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living trust
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The owner transfers the property to the trust and frequently names him or herself as trustees with the right to change the terms and scope as they see fit. While in the trust they enjoy the privileliges, upon death the trust passes to the named beneficiaries without the time and delay of a probate.
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Ownership in Severalty
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When a person acquires real property and holds the title soley in his or her name. He or she alone enjoys bundle of rights and severes ties with others
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right of suvivorship
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The right, which is the distinguishing feature of joint tenancy, of a surviving tenant or tenants to become owner of the entire interest of a deceased tenant.
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Separate property
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The property owned by a husband or wife in his or her own right outside of the community interest including property acquired by the spouse (a) before marriage, (b) by gift or inheritance, (c) from rents and profits on separate property or (d) with the proceeds from other separate property.
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Tenancy in common
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The co-ownership of property by two or more persons whose interests need not be equal and who each hold an undivided interest in the entire property and without the right of survivorship.
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Tenancy in partnership
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exists when two or more persons as partners pool their interests, assets, and efforts in a business venture with each to share in the profits or the losses
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Attachment
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The seizure of real or personal property of a party to a lawsuit by the court for the purpose of acquiring jurisdiction over the property to compel an appearance before the court or to furnish security for a debt or costs arising out of the litigation.
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Covenants, conditions, and restrictions
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CC&Rs) The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.
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Dominant tenement
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The reason for which the benefit of an easement exists or is the land which has the right to the use of a right-of-way over other land.
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Easement appurtenenat
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An easement which is annexed to the ownership of one parcel of land that allows one party the use of his or her neighbor's land and which runs with the land when is the title is transferred to another party.
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homestead
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1. A dwelling with its land and buildings. 2. A statutory protection granted to owners which protects them from being able to lose their title by the occupation of real property by others
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Tenancy in partnership
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exists when two or more persons as partners pool their interests, assets, and efforts in a business venture with each to share in the profits or the losses
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Judgement
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1. A final determination of a court of competent jurisdiction of a matter presented to it. 2. A money judgment is awarded to compensate for damages or to provide for the payment of a claim presented to the court.
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Attachment
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The seizure of real or personal property of a party to a lawsuit by the court for the purpose of acquiring jurisdiction over the property to compel an appearance before the court or to furnish security for a debt or costs arising out of the litigation.
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Lien
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A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation such as judgments, taxes, mortgages, deeds of trust, etc.
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Mechanics lien
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involuntary liens placed on the the property by anyone who performs labor, provides a service or furnishes equipment or supplies on a construction project tot guarentee payment for services. Start and completion dates important
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Covenants, conditions, and restrictions
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CC&Rs) The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.
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Notice of completion
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A notice recorded by the party who ordered the work or improvements which places time limits for recording a mechanic's lien.
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Dominant tenement
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The reason for which the benefit of an easement exists or is the land which has the right to the use of a right-of-way over other land.
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notice of nonresponsibility
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A notice provided by law designed to relieve a property owner from the responsibility for the cost of unauthorized work done on the property or materials furnished therefore which must be verified, recorded and posted on the property.
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Easement appurtenenat
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An easement which is annexed to the ownership of one parcel of land that allows one party the use of his or her neighbor's land and which runs with the land when is the title is transferred to another party.
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Servient tenement
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The property that is subject to or burdened by an easement that benefits another property which is called the dominant tenement.
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Tenancy in partnership
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exists when two or more persons as partners pool their interests, assets, and efforts in a business venture with each to share in the profits or the losses
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homestead
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1. A dwelling with its land and buildings. 2. A statutory protection granted to owners which protects them from being able to lose their title by the occupation of real property by others
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Writ of execution
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A written order issued to carry out the judgment or decree of a court.
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Attachment
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The seizure of real or personal property of a party to a lawsuit by the court for the purpose of acquiring jurisdiction over the property to compel an appearance before the court or to furnish security for a debt or costs arising out of the litigation.
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Judgement
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1. A final determination of a court of competent jurisdiction of a matter presented to it. 2. A money judgment is awarded to compensate for damages or to provide for the payment of a claim presented to the court.
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Agent
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One who represents another from whom he or she has derived authority
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Covenants, conditions, and restrictions
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CC&Rs) The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners.
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Lien
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A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation such as judgments, taxes, mortgages, deeds of trust, etc.
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Dominant tenement
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The reason for which the benefit of an easement exists or is the land which has the right to the use of a right-of-way over other land.
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Easement appurtenenat
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An easement which is annexed to the ownership of one parcel of land that allows one party the use of his or her neighbor's land and which runs with the land when is the title is transferred to another party.
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homestead
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1. A dwelling with its land and buildings. 2. A statutory protection granted to owners which protects them from being able to lose their title by the occupation of real property by others
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Mechanics lien
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involuntary liens placed on the the property by anyone who performs labor, provides a service or furnishes equipment or supplies on a construction project tot guarentee payment for services. Start and completion dates important
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Judgement
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1. A final determination of a court of competent jurisdiction of a matter presented to it. 2. A money judgment is awarded to compensate for damages or to provide for the payment of a claim presented to the court.
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Notice of completion
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A notice recorded by the party who ordered the work or improvements which places time limits for recording a mechanic's lien.
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Lien
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A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation such as judgments, taxes, mortgages, deeds of trust, etc.
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notice of nonresponsibility
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A notice provided by law designed to relieve a property owner from the responsibility for the cost of unauthorized work done on the property or materials furnished therefore which must be verified, recorded and posted on the property.
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Servient tenement
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The property that is subject to or burdened by an easement that benefits another property which is called the dominant tenement.
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Mechanics lien
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involuntary liens placed on the the property by anyone who performs labor, provides a service or furnishes equipment or supplies on a construction project tot guarentee payment for services. Start and completion dates important
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Notice of completion
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A notice recorded by the party who ordered the work or improvements which places time limits for recording a mechanic's lien.
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Writ of execution
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A written order issued to carry out the judgment or decree of a court.
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Agent
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One who represents another from whom he or she has derived authority
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notice of nonresponsibility
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A notice provided by law designed to relieve a property owner from the responsibility for the cost of unauthorized work done on the property or materials furnished therefore which must be verified, recorded and posted on the property.
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Servient tenement
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The property that is subject to or burdened by an easement that benefits another property which is called the dominant tenement.
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Writ of execution
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A written order issued to carry out the judgment or decree of a court.
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Agent
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One who represents another from whom he or she has derived authority
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comingling
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An illegal act by a real estate broker of mixing the funds of a client or customer with the broker's personal funds rather than in a separate trust or escrow account.
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Conversion
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1. The unlawful appropriation or taking of another's property such as in the conversion of trust funds to personal use. 2. Change from one legal form or use to another such as converting an apartment building to condominium use.
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Dual Agency
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An agency relationship in which the agent acts for both of the principals at the same time in the same transaction.
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fiduciary
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A party who is an agent in a position of trust and confidence and as a result owes fiduciary duties to a principal or a client which cannot be breached under the rules of agency. See Fiduciary duties.
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Genral Agency
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A party who has been authorized by a principal to represent the principal in a broad range of matters such as a property manager.
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independent contractor
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A person who acts for another but sells final results and whose methods of achieving those results are not subject that person's control
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misrepresentation
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A false or misleading statement or assertion or presenting something not in accordance with the facts from one person to another in words or by conduct.
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Principal
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A main party in a real estate transaction such as a buyer, seller, owner, lessor or borrower. 2. A party who is also called a client who has authorized another to act on his or her behalf and is represented by an agent. 3. An amount invested as an investment which is different than income or profits. 4. The amount of money borrowed or the amount of the loan due and payable at a certain date.
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Recovery fund
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a fund in california by which the public csan recover funds up to 20.000, per individual claim, and 100,000 for multiple claims, for court judgement obtained by real estatee for fraud
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Secret Profit
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Making a lower offer as a dummy client
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single agency
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A situation in which a licensee/agent represents either the buyer or the setter in a real estate transaction - but never both.
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special agency
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limted but well defined powers perhaps confined to a single transaction and ort property. Most real estate agents are special in nature
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trust funds
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The money received by real estate broke or salespersons on behalf of others.
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Bilateral contract
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A contract under which two parties exchange promises for the performance of certain acts such as when Mr. A promises to buy Mr. B's house and Mr. B promises to transfer its title to Mr. A.
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counterfoffer
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A response to an offer to enter into a contract which acts as a rejection of the original offer and introduces a new offer or one with different terms and conditions.
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deposit reciept
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A term used in real estate in certain areas of the country to describe a written offer to purchase real estate upon specific terms and conditions that is accompanied by a deposit toward the purchase price which becomes the sales contract for the property upon its acceptance by the owner. See Sales contract.
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exclusive agency listing
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A listing agreement where a seller employs one broker to the exclusion of all others and agrees to pay that broker a fee if a buyer is secured through a broker under the terms of the contract but not pay a fee if a sale is negotiated directly by the owner without the services of any broker.
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Exclusive authorization and right to sell listing
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A listing agreement where a seller employs a broker and agrees to pay a commission if a buyer is secured under the terms of the contract and if it is sold by anyone including the owner during the term of the agreement and simultaneously also employs and authorizes the broker to act as the sole or exclusive agent for the seller in an agency relationship for the entire transaction process.
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executed contract
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A contract in which all parties have fulfilled their promises and whose terms have been performed and completed. At the closing, all parties signed the contract, made it an executed contract.
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Executory contract
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A contract in which something remains to be done (or executed) by one or more of the parties.
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expressed contract
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An oral or written agreement in which the parties have clearly stated their intentions and terms in words. See opposite Implied contract.
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implied contract
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A contract that one would conclude exists as a result of the acts and/or conduct of the parties involved.
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multiple listing service
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MLS) An association of real estate licensees that provides for a pooling of listings and the sharing of commissions on a specified basis.
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mutual consent
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The agreement of the provisions of a contract by the parties involved along with a mutual willingness to enter into a contract
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net listing
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A listing that is illegal in most states which provides that the licensee may retain as compensation for the licensee's services all sums received over and above a predetermined net price asked for by the owner
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open listing
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A nonexclusive authorization given to a licensee and which may be given to a number of licensees by a property owner, who retains the right to sell directly, to try to secure a purchaser without any liability to compensate anyone but the one who is the first to produce a ready, willing and able buyer who meets the terms of the listing or the one who gets the seller to accept an offer. Upon the sale of the property, the owner is under no obligation to notify anyone of the fact of the sale.
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options
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A right, given for a consideration, to purchase or lease a property, upon specified terms and within a specified time period, and placing no obligation on the party receiving the option to purchase the property.
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purchase agreement
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A contract by which a buyer and a seller agree to the terms to the sale of real property.
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statue of frauds
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A state law based on an old English statute that requires certain contracts affecting title to or possession of real estate such as contracts for the sale of real property and contracts not to be performed within one year to be in writing and signed before they can be brought before a court of law to be enforced.
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statue of limitations
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The commonly-used identifying term for various statutes which require that a legal action be begun within a prescribed time after acquiring the right to seek legal relief.
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unenforceable
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A good contract but for some reason one that cannot be enforced under the law such as an unwritten real estate sales contract which cannot be enforceable due to the Statute of Frauds.
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unilateral contract
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A contract under which one party promises to do something in exchange for the completed act of another.
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valid
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An act, deed, will or the like which is good because it has received all the formalities required by law and has the force or a binding force that is legally sufficient and authorized by law.
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void
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Something that is not good, is empty, has no force or effect and is unenforceable.
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voidable
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That which is capable of being adjudged void in a court of law but which is not in and of itself unless and until some action is taken to have it declared void.
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