Exercises

Agreement of the lienholders on a property that changes the priority of liens

Subordination agreement

Lien filed on a property to secure payment for work and materials in construction or repair on a property

Mechanics lien

Lien filed with the consent and knowledge of property owner

Voluntary lien

Lien filed on a property to secure a loan by the mortgagor

Mortgage lien

Multiplier used to adjust the value of property to standardize statewide tax assessments in an ad valorem tax

Equalization factor

Court filing to prevent a debtor from conveying title to property while a court proceeding involving the property is concluded

Writ of attachment

Lien arising out of common law

Equitable lien

Recorded document giving constructive notice that a court case has been filed which may affect the property

Lis pendens

Legal action to compel a party to perform pursuant to the terms of a contract

Specific performance

Deposited by a buyer to be applied to the purchase price or may be forfeited if a buyer defaults

Earnest money

Contract which all parties are legally bound to perform

Bilateral contract

Contract in which the parties state the contract terms and affirm their intentions in words

Express contract

Contract where one party makes a promise to induce another party to perform, and the second party is not legally obligated to perform

Unilateral contract

Transfer of interest in a bond, mortgage, lease or other instrument

Assignment

Substituting new obligations or parties to an existing obligation

Novation

Contract with all legal elements of a contract, but neither party can sue to force performance

Unenforceable contract

Contract without the legal elements which has no legal force or effect

Void contract

Contract that has all legal elements and is binding and enforceable on both parties

Valid contract

Contract that appears to be valid, but may be disaffirmed by one or both parties

Voidable contract

Contract in which both parties have performed and completed the terms of the contract

Executed contract

Law that protects private property owners rights in eminent domain cases

Equity in Eminent Domain

Easement acquired by open and hostile use of property for a period of time

Easement by prescription

Proceeding in which a plaintiff may obtain an immediate fee simple title to real property

Quick-take

Land on which an easement exists for an adjacent property

Servient tenement

Easement granted by law to allow ingress and egress

Easement by necessity

Governments right to regulate the use of property to protect the public health and welfare

Police power

Right, privilege or improvement which passes with the land

Appurtenance

Rights in land that borders large navigable lakes and oceans

Littoral rights

Lien, easement or restriction that may diminish the value or use of property

Encumbrance

Rights in land that borders a stream or river including access

Riparian rights

Judicial or administrative proceeding to exercise the power of eminent domain

Condemnation

Addition of land by deposit of soil and sand washed up naturally by a river, sea or lake

Accretion

Fee simple title that may be divested based on an event

Fee simple defeasible

Reversion of property to the state when a decedent dies without heirs

Escheat

Making a valid will

Testate

Gift of property by will

Devise

Deed in which grantor transfers their interest in a property to another without warranty

Quitclaim deed

Language in a deed that states the grantors intention to convey the property

Granting clause

Open, notorious, hostile and continuous possession of another�s land, in which title may be acquired

Adverse possession

Deed in which the grantor warrants the title only for period of time in which the grantor held title

Special warranty deed

Person who a trust operates and on behalf of

Beneficiary

Deed conveyed for land held in a trust

Trustees deed

Occurs with a default is not cured by redemption or reinstatement and a decree of foreclosure is entered

Sheriff's sale

Defaulted borrower's right to recover the property before the sale by paying appropriate fees and charges

Statutory Right of Redemption

Lender in a mortgage loan transaction

Mortgagee

nterpretation in some states that the lender is the owner of the mortgaged land until the borrower pays the debt in full and becomes the landowner

Title theory

Option available in Illinois when the defaulting mortgagor wishes to cure the default and reinstate the loan without acceleration

Statutory Right of Reinstatement

Borrower in a real estate transaction

Mortgagor

Mortgagor grants the mortgagee title when the mortgage loan is in default to avoid foreclosure

Deed in lieu of foreclosure