Real Estate

Front 1

Test of Intent of Parties

Back 1

Whether item as a fixture or not. Indicate w/ written agreement.

Front 2

Riparian Rights

Back 2

In Eastern U.S. All owners with land underlying or bordering water have equal rights to water.

Hint 2

Eastern U.S.

Front 3

Prior Appropriation Doctrine

Back 3

Western U.S. First come, first serve basis. Where first landowner gets rights.

Hint 3

Western U.S.

Front 4

Fee Simple Absolute Estate

Back 4

Fullest and most complete ownership rights. Most common.

Hint 4

Most common.

Front 5

Qualified Fee Estate

Back 5

Owner's rights can be lost in the future.

Hint 5

Future rights.

Front 6

Life Estate

Back 6

Terminates immediatley upon death of named person.

Hint 6

Death related.

Front 7

Estate pur autre vie

Back 7

Life tenant is someone other than the person the estate is tied to.

Hint 7

Estate for life of another.

Front 8

Covenant Estates

Back 8

Joint Ownership

Front 9

Tenancy in Common

Back 9

Each owner holds undivided, proportional interest.

Hint 9

Think Equality.

Front 10

Joint Tenancy

Back 10

Tenancy in common, except with right of survivorship, so when partner dies, other partners get their share

Hint 10

Survivorship.

Front 11

Tenancy by Entirety

Back 11

Joint tenancy bw husbands and wives

Hint 11

Marriage.

Front 12

Condominium Ownership

Back 12

Fee simple titles

Front 13

Co-op

Back 13

Land and building owned by non-profit corp. Residents own stock. Proprietary lease (indefinite.)

Front 14

Principal Meridians

Back 14

Run N. and S.

Front 15

Base Lines

Back 15

Run E. and W.

Front 16

Townships

Back 16

Created by range lines and township lines.

Front 17

Covenants, Conditions, and Restrictions

Back 17

Private encumbrances that limit way property owner can use property.

Front 18

Specific Lien

Back 18

Secure debts associated with particular parcel of RE.

Hint 18

Ex. Mechanic's lien and mortgages

Front 19

General Lien

Back 19

Judgement lien or income tax lien.

Front 20

Easement Appurtenant

Back 20

Easement legally connected to adjoining property.

Hint 20

Dominant and Servient estates.

Front 21

Easement in Gross

Back 21

No dominant or servient estates.

Hint 21

Power lines from util. companies

Front 22

License

Back 22

Revokable personal privellage to use land for a particular purpose.

Hint 22

Revokable

Front 23

Conservation Easement

Back 23

Negative easement that prevents specific uses of RE by owner.

Hint 23

Protect Open Space.

Front 24

Profit a Prendre

Back 24

Nonpossessory interest in real property permits holder to remove part of soil or produce of land.

Front 25

Encroachment

Back 25

Unauthroized invasion or intrusion of a fixture, building, or other improvement.

Hint 25

Fence straying across property line.

Front 26

Adverse Possession

Back 26

Allows individuals to acquire titile to land that they don't own bc they have openly possessed it for a statutory period of time.

Hint 26

Usually w/ boundary disputes.

Front 27

Assessed Value

Back 27

Portion of market value of property subject to taxation.

Front 28

Taxable Value

Back 28

Assessed value - Exemptions

Front 29

Power of Escheat

Back 29

If a landowner dies w/o a valid will or heirs, the government gets title to property.

Hint 29

Death w/o a will or heirs

Front 30

Inverse Condemnation

Back 30

Occurs when a property owner seeks to force the purchase of property by condemnation preceedings against the gov.

Hint 30

Opposite of Eminent Domain

Front 31

Comprehensive General Plan

Back 31

Ensure urban areas develop in an orderly fashion.

Front 32

Min. Lot Size and Setback Req.

Back 32

most commmon method of regulation

Front 33

Planned Unit Development

Back 33

Zoning that allows waivers of certain bulk and use regs.

Front 34

Performance/Impact Zoning

Back 34

Techniques to relate permitted uses of land to certain performance standards

Hint 34

To protect environment

Front 35

Nonconfronting Use

Back 35

Continuing use, legal before zoning ordinance passed, but doesn't comply with current zoning reg.

Front 36

Deed

Back 36

Written document that transfers RE from grantor to grantee

Front 37

Covenants

Back 37

Any agreements or promises

Front 38

Warranty

Back 38

Guarantee that statements are true.

Front 39

General Warranty Deed

Back 39

Broadest type of deed. Grantor makes promises that cover traditional covenants and warranty.

Front 40

Special Warranty Deed

Back 40

Limits extent of seller's warranties to events that occured while seller owned property

Hint 40

Limits Seller Liab.

Front 41

Bargain and Sale Deed

Back 41

Deed implies grantor has title to property and right to convey it, but doesn't contain express covenants as to title's validity

Front 42

Quitclaim Deed

Back 42

Transfers any interest that the grantor may have in the prop, but doesn't imply that grantor has any valid interest in it.

Hint 42

Divorced Spouse

Front 43

Ground Lease

Back 43

Long-term lease involving unimproved land, greater than 50 years, land developed by tenant.

Front 44

Expense Stop

Back 44

Max amount of operating expenses that landlord will pay.

Front 45

Assignment

Back 45

All tenant's rights under lease transferred to new tenant.

Front 46

Consideration

Back 46

Each party must give up something, Title for $

Front 47

Statute of Frauds

Back 47

Require RE contracts be in writing

Front 48

Partial Performance

Back 48

Fulfillment of terms of an agreement to an extent that existance can be legally inferred.

Front 49

Specific Performance

Back 49

Requires terms of contract be exactly complied with.

Front 50

Financing Contingency

Back 50

Allows buyer to cancel contract if can't get necessary financing.

Front 51

Sales Contract

Back 51

Provide for eventual transfer of title to real property

Front 52

Contract for Deed

Back 52

Arrangement stretches out payments to seller over time, while allowing seller to retain legal title until debt paid.