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143 Cards in this Set

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An important measure of land area containing 43,560 square feet

Capitial Market

The financial sector of the economy that serves to allocate financial resources among households and firms requiring funds

Improvements on the Land

Any fixed structures such as buildings, fences, walls and decks

Improvements to the Land

The components necessary to make the land sutiable for buildings construction or other uses and includes infrastructure, such as streets, walkways, utilities, storm water drainage system, and other systems that may be required for land use

Institutional - grade property

larger, more valuable commercial properties, generally well over $10 million.

Intangible Assets

Non-physical assets such as patents and copyrights

Investment - grade property

synonymous with institutional property - grade real estate, large, relatively new and fully leased commercial properties located in major metropolitan areas


commonly used to refer to a parcel that does not include any structures but may include some improvements to the land

personal property

objects that are movable and not permanently affixed to the land or structure, including furniture and tenants fixtures that are often purchased in conjunction with real property


anything that can be owned, or possessed. it can be either tangible or intangible

Raw Land

land that does not include structures or any improvements

Real Estate

Only the tangible assets of the land and buildings

Real Property

Rights associated with ownership of land and all permanent attachments to the land

Tangible Assets

Physical things, such as automobiles, clothing, land or buildings

User markets

potential occupants, both owner occupants and tenant or renters competing for physical location and space

Assessment Lien

Lien assessment by local government to ensure that those who receive the primary benefit of neighborhood improvements will be charged with "fair share"


to place a lien on real property

Community Property

the automatic right of husband and wife in property acquired by their spouse during the marriage


an ownership form that combines a fee simple estate for ownership of individual units and tenancy in common for ownership form and not a type of construction

Condominium Bylaws

The official rules and regulations that govern condominium property

Condominium declaration

the master deed creating or establishing the condominium ownership


a form of individual ownership of apartments, the property is owned by a corporation, of which each resident is a shareholder entitled to a proprietary lease for a particular apartment

Deed restrictions

limitations imposed on the use of land and structures by clauses in a deed

Dominant Parcel

a parcel that benefits from a subservient parcel in an easement apartment


a common law provision that grants a wife a one-third life estate in all of the real property of a decedent husband


a right the the owners of another property may have to use one's land for a specific and limited purpose

Easement Appurtenant

a right of use the continues from owner to owner that involves a relationship between two parcels of land

Easement in gross

the right to use land for a specific limited purpose unrelated to any adjacent parcel

Elective share

provision that gives a surviving spouse a share of most of the wealth of the decedent


interests in real property that include possession

Fee simple absolute

an estate in land that provides the owner with a complete set of legal rights, limited only by the powers of government

fee simple conditional

ownership that is subject to a condition or trigger event

fee simple estate

the complete ownership of a property may be either absolute of conditional


personal property that becomes real property by virtue of its permanent attachment to the property


estate interests in real estate having unlimited duration

General Lien

a security of interest or lien that arises out of actions unrelated to ownership of the property


rent or a charge paid for the use of money.

Joint tenancy

a form of co-ownership in which two or more owners hold equal share and have equal rights of possession.


the interest or rights of a lessee or tenant in a leased property, including the possessor interest that are temporary conveyance of the rights of exclusion, use and enjoyment

Legal life estate

a life estate created by the actions of law


the permission to use another's land for a specific and limited purpose


an interest in real property that serves as a security for a loan obligation. in case of default the holder of the lien is entitled to have the property sold to satisfy the debt

Mechanics' lien

Liens that arise from construction and other improvements to real estate

Mineral Rights

rights to the subsurface, including rights to oil, gas, coal and other substances that are mined and can be separated from land ownership


a lien on a real property as security for a debt.

Ordinary life estate

estate in which the property owner retains all right of exclusive possession, use and enjoyments for while a subsequent owner hold a remainder interest that follows the life estate

periodic tenancy

any lease agreement that has no definite term at the start

personal rights

personal freedoms derived primarily from the bill of rights and other amendments and clauses of the U.S. constitution

Property rights

rights in property that include possession, use and disposition

Property tax lien

automatic lien placed by local governments to assure payment of property taxes

Proprietary lease

a lease of indefinite lengths in which the lessee pays expenses but not rent, associated with coorperative

remainder estate

the ownership interest subsequent to a life estate which, upon the death of the life estate owner, becomes a fee simple absolute interest

Restrictive covenants

see deed restrictions


an uncertain interest held by the previous owner associated with a conditional fee

rights of survivorship

the right of surviving partners on a joint tenancy to divide the interest of a deceased partner

Rule of capture

the owner of an oil or gas well could claim all that is pumped from it, regardless of whether the oil or gas migrated from adjacent property

separate property

in community property states, property that the husband or wife acquired prior to the marriage or gifts or inheritance received during the marriage

Specific Lien

an interest that derives directly from events related to a property such as property tax and assessment liens, mortgages, and mechanics' liens

Tenancy at sufferance

a tenancy that occurs when a tenant that is suppose to vacate does not but continues to pay rent and the landlord accepts it

tenancy at will

a tenancy granted by landlords to tenants allowing them to remain in possession without written agreement.

Tenancy by entireties

a form of joint tenancy ownership for husband and wife

Tenancy for years

a leasehold interest for a definite period of time exceeding one year

Tenancy in common

the "normal" form of direct co-ownership, which is as close to the fee simple absolute estate as is possible


property occupancy arrangement in which multiple individuals have use of property but unlike traditional forms of co-ownership the interest are at different time intervals rather than simultaneous

Trade fixtures

personal property usually paid for by the tenant that may be removed by the tenant at lease expiration


growth in size by addition or accumulation of soil to land by gradual natural deposits


confirmation that deed reflects the intention and action of the grantor

Actual notice

an assertion of real property interests that is open continuous and apparent to all who examine the property

adverse possession

involuntary conveyance of real property right by an individual demonstrating a use that is hostile, actual, open and notorious, continuous and exclusive

bargain-and-sale deed

a deed that conveys the land itself rather than ownership interest through warrents


a point of reference that runs east and west and is a feature of government rectangular survey

chain or title

a set of deeds and other documents that traces the conveyance of the fee and any interest that could limit it, down from the earliest time to the current owners


a components of a grid system, defined as an area of 24 miles x 24 miles


anything of value given to induce another party to enter into a contract

covenant against encumbrances

a promise that the property is not encumbered with liens, easements, or other such limitations except as noted in the deed.

covenant of quiet enjoyment

a promise that the property will not be claimed by someone with a better claim to title

covenant of seizin

a promise that the grantor truly has good title and that he or she has the right to convey it to the buyer


legally binding promises for which the grantor becomes liable


to convey certain lands of subdivision to the local government


a special form of written contract used to convey a permanent ownership interest in real property

deed of bargain and sale

see bargain-and-sale deed


an observable, verifiable intent that the deed is to be given by the grantor to the grantee


conveyance or distribution of a decedent's real property through a will

doctrine of constructive notice

a common law tradition stating that is a person is capable of knowing about a claim or a rule then he or she can be bound by it

easement by estoppel

the right to use created stating that if a landowner gives an adjacent landowner permission to depend on her land

Easement by prescription

the acquisition of a right of easement by open, notorious and continuous assertion of the right, hostile to the subservient land owner's interest.

Easement by prior use

an implied right of use that allows the owner of a landlocked parcel the right to use a previously existing path across another property for access and agress

Easement by necessity

a created implied right of use that allows the owner of a landlocked parcel the right to use a path across another property for access and agress


unauthorized intrusion of a building or other improvements onto property owned by another

Evidence of title

substantiation that demonstrates that good and marketable title is being conveyed as part of a real estate transaction

exceptions and reservations clause

a clause in a deed that can contain a wide variety of limits on the property interest convenyed

general warranty deed

highest form of deed in which the grantor becomes liable for all possible covenants or legal promises assuming good title,

grant deed

a deed containing an implied promise that the grantor actually has title and that is not encumbered in any way except as described in the deed


the recipient of a conveyance of a real property interest


the person or entity conveying the real property interest to the grantee

habendum clause

clause in a deed that defines or limits the type of interest being conveyed

implied easement

a right of use not created by an explicit deed or explicit clause in a deed. it often is created when a subdivision map is placed in the public records


conveyance of a decedent;s property without a will

judicial deed

a deed issued through a court-ordered proceeding

law of descent

the laws and procedures controlling how a state will convey a decedent's estate among their heirs if no will exists

marketable title

title to real property that is free of reasonable doubt

marketable title laws

"state laws intended to limit the number of years that title search must""reach back" through the title chain

metes and bounds

oldest method of describing real estate; in which a mete is a unit of measure and a bound is a boundary marker.

officer's deed

same as definition of executor's deed


special type of deed that conveys title to real property owned by government to a private party

plat books

register of recorded plat maps maintained by a city or county which shows boundaries, shapes, and sizes of land parcels

plat lot and block number

an unambiguous means to provide a description of property that identifies each parcel in a surveyed map of a subdivision

principal meridian

a line of geographic reference that runs north and south in a government rectangular survey


state law that governs the disposition procedure of the conveyance of real property upon the death of a property owner

quitclaim deed

deed that conveys an individuals property rights to another but has none of the covenants of the warranty deed

range line

a feature of a government rectangular survey that separates townships by east and west

recorded plat map

see plat books

recording statues

state laws requiring documents that convey an interest in real property to be placed in the public records on order to be binding on the public


receding water line that leaves dry land to be added to an adjacent landowner's property


a specifically surveyed and identified square mile within the framework of the rectangular survey system

sheriff's deed

same as definition of executor's deed

special warranty deed

identical to a general warranty deed except that the covenant against encumbrances applies only to the time that the grantor owned the property

statute of frauds

provision adopted by all state requiring that ll deeds, long term leases, and mortgages, must be in writing to be enforceable


conveyance of real property upon the death of a property owner in accordance with a will

tier line

a feature of a government rectangular survey that serves to number townships south or north from the base line

title abstract

the compilation of all documents summarizing the chain of title into a chronological volume and then given to an attorney for final interpretation

title abstract with attorney's opinion

traditional evidence of title

title insurance

insurance paying monetary damages from loss of property from unexpected superior legal claims or for litigation to protect title

title insurance commitment

a commitment to issue a title insurance policy

title search

the task of examining the evidence of title on the public records

Torrens certificate

a rarely used means to providing evidence of title


a unit within government rectangular survey system having an area of six miles by six miles and containing 36 fully described, 1 square mile sections


in mortgage lending, person who holds the deed on behalf of both the borrower and lender in a deed of trust

trustee's deed

a deed issued by the trustee in a court-supervised disposition of property, for example by an executor and administrator of an estate

words of conveyance

"early in the deed will be words such as "does hereby grant bargain, sell, and convey unto"

"Spaceship earth"

a perception of the environment as a closed system with limited state, air, water or other resources

Ad valorem taxes

property taxes that are based on the market value of the property type

affordable housing allocation

"a requirement that encourages or mandates a "reasonable and fair" component of new housing construction for lower-income families

assessed value

the value determined as the basis on which an owner's property tax liability is calculated, usually a percentage of market value

board of adjustment

in local zoning law, a board of citizens, appointed by the governing body, to hear and make determination on appeals for zoning variances.

comprehensive plan

a local government general guide to a community growth and development based on the community's goals and objectives.


the requirement that public facilities and services roads, sewers, and schools, be available at the same time


the legal procedure involved with eminent domain, the right of government to acquire private property, without the owner's consent.


the conveyance of property from a private owner to government for public use

economic and enviromental impact statements

studies of the effect that a new development will have on the economy or the environment of the region.

effective tax rate

the tax liability divided by the property's market value or sale price

eminent domain

the power of government in the united states to take private property for a public purpose by paying the owner just compensation

equity of redemption

a period of time allowed by courts in every state that grants delinquent mortgage borrowers the opportunity to make overdue payments and come current on the mortgage before foreclosure begins.