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75 Cards in this Set

  • Front
  • Back
general lien
lien against all of the person's property
deed
document that conveys title to real property from a grantor to a grantee
servient estate
the estate giving the easement
adverse possession
a means of obtaining title from another by open, hostile, and continuous use for 10 years
special assessments
a charge against a property for a specific improvement such as a street or sewer; usually assessed on a front-foot basis
executor
a person appointed by a will to administer the estate of the deceased
freehold
ownership of real property
alienation
a transfer of real property
special agent
an agency in which the agent is authorized to perform only designated acts (specific agency)
condemnation
the legal action to take property for public use by eminent domain
square feet in an acre
43560
advisory board
9 members, 6 years, appointed by governor
lease option
lease written with the provision that the lessee has the right to purchase the property at a certain price within the term of the lease
community property
prperty acquired during marriage that is considered equally owned by both spouses. Arizona is a community property state
mechanic's lien
lien for labor and or material for an improvement
ad valorem
a tax according to value
life estate
an estate in property for the life of a person that may not be inherited
constructive eviction
tenants remedy if landlord des not maintain property in a habitable condition
waste
destruction or damage to a property usually by tenant
actual eviction
act of legally evicting a tenant
law of agency
governs the responsibilities of principals and agents
economic rent
the rental value of a property in the marketplace
fixture
former item of personal property that has become so connected to the realty that is has become part of the real property
dedication
the gift of real property to a governmental unit
leasehold
a lease estate in realty
chattel
item of personal property
temporary broker
person designated to replace broker due to death or imcompetence
commingling
act of mixing personal funds and a principals funds; considered grounds for disciplinary action
homestead
a homeowner's protection of up to $100,000 of equity from general creditors
dual agency
an agency created when an agent acts for the buyer as well as the seller in a transaction
specific lien
a lien against a prticular property only, as opposed to a general lien which applies to all property of the debtor
easement by prescription
gained by use for 10 years
real property
land and the improvements
designated broker
licensed broker who has the direct responsibility for the real estate activities of the firm
prior appropriation
a theory used in some western states that the first user of water has priority rights over later users of water from the same source
contract rent
rent paid under a lease agreement; the actual rent called for they the contract
police power
the power of the state to adopt and enforce laws to promote order, safety, health, morals and general welfare. Examples include zoning, health code and building code enforcment
escheat
the reversion of property to the state when a person dies intestate and without known heirs
periodic estate
a commonly used rental form, known in the vernacular as a "month to month" tenancy. It's cancellation required notification by either the landlord or tenant
conversion
the broker spending trust money
riparian rights
rights of a landowner bordering a non-navigable waterway/own land under the water to the center of the waterway
ASSIGNMENT OF RENTS CLAUSE
A MORTGAGE CLAUSE THAT ALLOWS THE MORTGAGEE TO COLLECT RENTS DURING THE FORECLOSURE PERIOD
personal property
property that is not classified as real property
eminent domain
the government right to take private property(title or easement) for public use
general agent
an agent having all necessary authority to conduct a business or trade
AMA
DESIGNATED AREAS WHERE WATER SUPPLY IS LIMITED- MUST HAVE ASSURED WATER SUPPLY FOR SUBDIVISION APPROVAL
fee simple
the highest ownership possible; has no time limit and can be transferred or inherited
APPURTENANT
ATTACHED TO THE LAND
landlord tenant act
statutes for the protection of the residential landlord and tenant. To simplify the rights and obligations of landlords and tenants
bill of sale
a written agreement transferring title to personal property
intestate
dying without a will. Property passes according to state statute as to intestate succession to the heirs
emblements
marketable annual crops; considered to be personal property
metes and bounds
legal description describing the parcel by its shape and boundaries
dominant estate
parcel that benefits from an easement
non-conforming use
use existing prior to zoning that does not conform with the zoning
easement in gross
given to a person or business
fractional sections
corrections have been made for the curvature of the earth. Sections 1,2,3,4,5,6,7,18,19,30,31
encroachment
physical intrusion of an improvement on another person's land
non-disturbance clause
a mortgage condition by which the mortgage company agrees not to terminate the lease in the event of mortgage forclosure
employing broker
entity
trust account
maintained by broker for earnest money
encumbrance
a claim against title or limitaion on use
fee simple determinable
a grant that automatically ends should a property no longer be used for a designated purpose
estate at sufferance
when a tenant stays in possession after the expiration of a lease, without the consent of the landlord, the tenant is called a holdover tenant. No notice of termination is required of the landlord
set back
building line distance from the lot line
estate for years estate
a lease for a definite period of time. It has a beginning and ending date
sub-agent
a person whose agency status was conferred by an agency not the principal
estate at will
a leasehold estate for an undetermined time period; may be terminated at any time by the lessor or lessee
recovery fund
a fund maintained by the real estate commissioner to repay persons who suffer losses because of wrongful acts of licensees.
license
right or privilege to use another's land- it can be revoked
principal
one who engages an egent to act on his or her behalf
satute of frauds
legislation requiring that certain contracts, including those dealing with real estate be in writing
trade fixture
personal property installed by a tenant to carry on a trade or business; remains personal property and can be removed by the tenant any time prior to the lease expiration
water table
depth from surface to usable water
variance
exception to zoning