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or rule
giver: mortgagor, lender , vendor
ee rule
reciever: mortgagee, lendee, vendee
bundle of rights
right that come with the ownership of property
real property
runs with the land generally immovable
personal property
movable
chattel real
personal property ex) dogs
fixture
an item that was attached/ installed becomes part of the property and is no longer personal property such as a cieling fan
trade fixture
business property/ personal property
riparian rights
rights the a moving body of water such as a river
littoral rights
rights to a still body of water such as a lake
Acreation
increase in the size of the property
avulsion
The sudden tearing away of land.
Reliction
Water recedes and dry land appears.
Appurtance
Something that belongs to property and passes with property, but need not be attached to it. ex) trees, mineral , oil, easments
freehold estate
Unlimited in duration/ownership
Fee Simple Estate
absolute ownership , not free from all encumberances
Fee Simple Defeasible
condition that can cause loss of title
life estate
estate based on the life of someone
holder of the life estate
entitled to use the property that is held in a life estate
estate in reversion
held by the grantor of the original conveyance
less than freehold estate
limited in duration (opposite of freehold)
estate for years
Estate from period to period.. lease ending date is specified from the beginning
periodic tenancy
From period to period / month to month / week to week. no specific ending date
estate at will
end at any time
estate at sufferance
tenant stays after lease expires. the landlord is suffering
lease
a kind of encumberance/ personal property
percentage lease
a flat rent plus a percentage of the revenue made on the property
net lease
triple net lease. insurance, taxes, maintnance
gross lease
set free: could have maintnance, utilities, taxes but varies from contract to contract
sandwich lease
sublet aka the lessor is also the lessee
subleases
sandwich lease
Tenant Improvement Allowance
landlord agrees to reimburse the tenant for all or a portion of the funds used to improve the property
abandonment
the owner voluntarily relieves themselves of the property posession an ownership
assignment
the person who is the "assignor" transfers rights, property or other benefits to another known as the assignee
surrender
to give up ownership
constructive eviction
landlord either does something or fails to do something that is thier legal duty to fullfill
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
deeds
Evidence of transfer
a quitclaim deed
imidiate transfer of ownership
warranty deed
grantor guaranteed that he or she will hold clear title and has right to sell
special warranty deed
the previous owners guarantee clear title during thier ownership
general warranty deed
guarantees clear title for the life of the property
title
proof of ownership
legal title
right to sell
equitable title
right of possesion and the right to gain equity
equity
the difference between what you owe on your mortgage and what your home is currently worth
chain of title
history of previous owners/ encumberances/ conveyances
abstract of title
summary of title
cloud on title
defect in the title such as a single married woman or misspelled adress
alienation of title
voluntary act if owner disposing of the property
title insurance
insures against defects in the title
severalty
only one person is in ownership of the property
concurrent estate
more than one person owns
joint tenancy
right of survivorship TTIP ( time , title , interest and possession )
tenancy in common
unity of posession, no right of survivorship
encumberances
something that limits a property such as a mortgage
easement
the right to cross another person's land
dominant tenement
Property with the right of crossing
Servient Tenement
the property that is encumbered. there to serve the dominant tenement
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
Appurtenant Easement
easement that transfers with the transfer of title
easement in gross
no dominant tenement
government powers
PETE - Police Power, Escheat, Taxation, Eminent Domain
police power
Regulations implemented for public health, safety and general welfare
zoning
codes and uses for buildings
building codes
building codes of rules that specify the standards for construction. building codes is a police power
r3
multii family residential use
variance
exception to the rule
down zoning
commercial to residential
nonconforming use
old zoning rules that still apply to some areas and some people still live by them
grandfather clause
old zoning rule
Escheat
property goes to the state if person dies with no will or hier
intestate
dying without a will
testate
to die with a valid will
holographic will
entirely handwritten will
probate
process of allocating desceased persons assets
1031 Tax Deferred Exchange
like kind 45 to identify 180 days to close
boot
cash or other property added to an exchange to make the value equal
ad valorem
according to value
eminent domain
Power of a government to take private property for public use.
condemnation
process of private propery bieng taken for public use and bieng paid only compensation
Inverse Condemnation
suing the government for not paying compensation after eminent domain
encroachment
a property line crosses onto another property
liens
Owe money. Private restrictions and easements are not liens
general liens
can take all property ex. income tax, judgement lien
specific liens
Can take a specific property ex. Mortgage, property tax
voluntary lien
A lien created by the borrower's choice - taking out a mortgage or home improvement loan
Involuntary Lien
involuntary encumberance put on your house ex) mortgages on your house
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
judgment lien
Court ordered debt
lis pendis
lawsuit pending
injunction
stop
constructive notice
a person or entity should have knows as a reasonable person would have
actual notice
To give legally sufficient assurance that actual knowledge of the matter has been conveyed
acknowledgement
authenticate legal instruments, which may give the instrument legal validity
escrow
neutral 3rd party
a debit
you owe money
a credit
you are given money
short rate
penalty method of calculating return premium of an insurance policy
RESPA
disclosures of settlement costs and to eliminate abusive practices