Real Estate Concepts

These flashcards cover key vocabulary and concepts related to real estate ownership and rights.

Chain of Title

A continuous linking of ownership stretching back to the first owner.

Title Insurance

Offers financial protection if the title is not good.

Encumbrances

Involuntary encumbrances incurred by the state to protect the interests of the public.

Police Powers

Laws to protect the health, safety, morals, and welfare of the public, e.g., zoning laws.

Eminent Domain

The right of government to take private property for public use.

Escheat

The power of the government to seize ownerless land; property goes to the state if there are no heirs or will.

Taxation

Ad valorem (property) taxes imposed on properties.

Special Assessments

Taxes imposed on a specific portion of the community to cover improvements to that area.

Private Encumbrances

Encumbrances made by private parties, such as mortgages, vendor's liens, and vendee's liens.

Mortgage

Pledges real property as security for a debt.

Vendor's Lien

A lien placed by a seller to secure payment of a debt due from the buyer.

Vendee's Lien

A lien placed by a buyer to cover his deposit or other interest in a property.

Mechanic's Lien

Placed by workmen to recover cost of unpaid labor and materials.