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218 Terms

1
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or rule

giver: mortgagor, lender , vendor

2
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ee rule

reciever: mortgagee, lendee, vendee

3
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bundle of rights

right that come with the ownership of property

4
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real property

runs with the land generally immovable

5
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personal property

movable

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chattel real

personal property ex) dogs

7
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fixture

an item that was attached/ installed becomes part of the property and is no longer personal property such as a cieling fan

8
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trade fixture

business property/ personal property

9
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riparian rights

rights the a moving body of water such as a river

10
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littoral rights

rights to a still body of water such as a lake

11
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Acreation

increase in the size of the property

12
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avulsion

The sudden tearing away of land.

13
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Reliction

Water recedes and dry land appears.

14
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Appurtance

Something that belongs to property and passes with property, but need not be attached to it. ex) trees, mineral , oil, easments

15
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freehold estate

Unlimited in duration/ownership

16
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Fee Simple Estate

absolute ownership , not free from all encumberances

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Fee Simple Defeasible

condition that can cause loss of title

18
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life estate

estate based on the life of someone

19
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holder of the life estate

entitled to use the property that is held in a life estate

20
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estate in reversion

held by the grantor of the original conveyance

21
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less than freehold estate

limited in duration (opposite of freehold)

22
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estate for years

Estate from period to period.. lease ending date is specified from the beginning

23
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periodic tenancy

From period to period / month to month / week to week. no specific ending date

24
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estate at will

end at any time

25
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estate at sufferance

tenant stays after lease expires. the landlord is suffering

26
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lease

a kind of encumberance/ personal property

27
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percentage lease

a flat rent plus a percentage of the revenue made on the property

28
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net lease

triple net lease. insurance, taxes, maintnance

29
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gross lease

set free: could have maintnance, utilities, taxes but varies from contract to contract

30
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sandwich lease

sublet aka the lessor is also the lessee

31
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subleases

sandwich lease

32
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Tenant Improvement Allowance

landlord agrees to reimburse the tenant for all or a portion of the funds used to improve the property

33
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abandonment

the owner voluntarily relieves themselves of the property posession an ownership

34
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assignment

the person who is the "assignor" transfers rights, property or other benefits to another known as the assignee

35
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surrender

to give up ownership

36
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constructive eviction

landlord either does something or fails to do something that is thier legal duty to fullfill

37
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estoppel statement

Signed statement by the party certifying for another's benefit that certain facts are correct. It defines each parties responsibilities in a commercial lease

38
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deeds

Evidence of transfer

39
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a quitclaim deed

imidiate transfer of ownership

40
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warranty deed

grantor guaranteed that he or she will hold clear title and has right to sell

41
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special warranty deed

the previous owners guarantee clear title during thier ownership

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general warranty deed

guarantees clear title for the life of the property

43
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title

proof of ownership

44
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legal title

right to sell

45
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equitable title

right of possesion and the right to gain equity

46
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equity

the difference between what you owe on your mortgage and what your home is currently worth

47
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chain of title

history of previous owners/ encumberances/ conveyances

48
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abstract of title

summary of title

49
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cloud on title

defect in the title such as a single married woman or misspelled adress

50
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alienation of title

voluntary act if owner disposing of the property

51
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title insurance

insures against defects in the title

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severalty

only one person is in ownership of the property

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concurrent estate

more than one person owns

54
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joint tenancy

right of survivorship TTIP ( time , title , interest and possession )

55
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tenancy in common

unity of posession, no right of survivorship

56
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encumberances

something that limits a property such as a mortgage

57
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easement

the right to cross another person's land

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dominant tenement

Property with the right of crossing

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Servient Tenement

the property that is encumbered. there to serve the dominant tenement

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Easement by Prescription

implies easement granted after the dominant tenement has used the property in an open hostile and continuous open manner for a statutory prescribes years

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Appurtenant Easement

easement that transfers with the transfer of title

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easement in gross

no dominant tenement

63
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government powers

PETE - Police Power, Escheat, Taxation, Eminent Domain

64
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police power

Regulations implemented for public health, safety and general welfare

65
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zoning

codes and uses for buildings

66
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building codes

building codes of rules that specify the standards for construction. building codes is a police power

67
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r3

multii family residential use

68
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variance

exception to the rule

69
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down zoning

commercial to residential

70
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nonconforming use

old zoning rules that still apply to some areas and some people still live by them

71
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grandfather clause

old zoning rule

72
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Escheat

property goes to the state if person dies with no will or hier

73
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intestate

dying without a will

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testate

to die with a valid will

75
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holographic will

entirely handwritten will

76
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probate

process of allocating desceased persons assets

77
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1031 Tax Deferred Exchange

like kind 45 to identify 180 days to close

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boot

cash or other property added to an exchange to make the value equal

79
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ad valorem

according to value

80
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eminent domain

Power of a government to take private property for public use.

81
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condemnation

process of private propery bieng taken for public use and bieng paid only compensation

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Inverse Condemnation

suing the government for not paying compensation after eminent domain

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encroachment

a property line crosses onto another property

84
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liens

Owe money. Private restrictions and easements are not liens

85
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general liens

can take all property ex. income tax, judgement lien

86
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specific liens

Can take a specific property ex. Mortgage, property tax

87
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voluntary lien

A lien created by the borrower's choice - taking out a mortgage or home improvement loan

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Involuntary Lien

involuntary encumberance put on your house ex) mortgages on your house

89
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mechanics lien

security interest in the properties title for the benefit of those who have provided materials or labor in order to improve a property

90
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judgment lien

Court ordered debt

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lis pendis

lawsuit pending

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injunction

stop

93
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constructive notice

a person or entity should have knows as a reasonable person would have

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actual notice

To give legally sufficient assurance that actual knowledge of the matter has been conveyed

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acknowledgement

authenticate legal instruments, which may give the instrument legal validity

96
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escrow

neutral 3rd party

97
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a debit

you owe money

98
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a credit

you are given money

99
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short rate

penalty method of calculating return premium of an insurance policy

100
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RESPA

disclosures of settlement costs and to eliminate abusive practices