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9 Cards in this Set
- Front
- Back
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Right of Survivorship |
The right of surviving joint tenants or a spouse to succeed the entire interests of the deceased co-owner |
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Community Property |
All property acquired by spouses during marriage, when not acquired as the separate property by either spouse |
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Joint Tenancy |
An ownership interest in property concurrently received by two or more individuals who share equally and have the right of survivorship |
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Set Aside |
To annul by court order a document transferring an interest in real estate |
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Ratify |
The later adoption or approval of an act performed on behalf of a person when the act was not previously authorized |
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Fully Stepped-up Cost Basis |
The tax basis of community property a surviving spouse receives on the death of a spouse is stepped up to the property's fair market value (FMV) on the date of death |
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Rescission |
The termination of an agreement or transaction from its inception by mutual consent of the participants to the agreement or transaction, or by one participant based on fraud or misrepresentation of another participant. |
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Restoration |
The return of funds and documents on a rescission of a purchase agreement or transaction sufficient to place all parties in the position they held before entering into the agreement or closing the transaction |
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Lis Pendens |
A notice recorded for the purpose of warning all persons that their title or right to possession of the described real property is in litigation |
