Real Estate Terminology

These flashcards cover various real estate terminology and concepts discussed in the lecture notes.

Lis Pendens

A recorded notice of impending litigation against a property.

Non-Lien Private Encumbrances

Conditions placed on a property by the grantee restricting the use of the property; used in a qualified fee estate.

Restrictive Covenants

Conditions placed on a property by the grantee restricting the use of the property; used in qualified fee estate.

Easements

Right of ingress and egress.

Easement Appurtenant

Right of ingress and egress that always involves more than one tract of land.

Easement by Necessity

An easement appurtenant created by court order when an owner has no street access.

Easement in Gross

Involves only one tract of land, usually used for utility lines, water lines, pipelines, etc.

License

An agreement granting short-term use of property, e.g., a hunting license.

Encroachments

Unauthorized use of another's property.

Priority of Liens

Federal taxes, state taxes, property taxes, special assessments, mechanic's liens, mortgages.

Subordination

Changes the priority of liens.

Promissory Note

A written promise to pay a specified amount of money at a specified time.

Situs

Location of the property.

CMA

Certified market analysis; a method for determining the value of property using comparison properties.

Market Analysis

An informal estimate of value.

DUST

Acronym for the four determinants of value: Demand, Utility, Scarcity, and Transferability.

Anticipation

Expectation of benefits to be derived in the future.