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