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175 Terms

1

Title

ownership

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2

bill of sale

personal property

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3

severalty

one owner

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4

concurrent

more than 2 owners

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5

allodial

system of ownership (real property)

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6

ambulatory

change the will

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7

Joint Tenancy

equal shares, TTIP, don't need permission to sale, cant will it, at death it goes to the other owner

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8

tenance in common

two or more owners, unequal shares, separate titles ,at death goes to the heirs /estate

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9

community property/entities

husband and wife - undivided shares- death, divorce, agreement will terminate

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10

short-rate

HOI

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11

Sublease

possession not ownership

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12

coinsurance clause

Homeowners' insurance policy requires fire insurance to 80% replacement cost of the dwelling (excludes the land).

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13

Suit to partition

court order to sell or divide ownership

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14

Less than Freehold Estate

a limited period of time

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15

estate of years

possession for a limited time (summer rentals) no need to notice to terminate

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16

estate at will

ends at any moment

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17

periodic tenancy

month to month; week-to-weeek

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18

estate of sufference

stays after their rights expired

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19

4 government powers

P.E.T.E: Police power, eminent domain, taxation, escheat

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20

police power

state power to enact laws promoting health, safety, and morals

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21

escheat

goes to the government without no heirs

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22

taxation

taxes

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23

emient domain

take property for public use

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24

involuntary liens

taxes, assessments, mech leins, mortages

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25

voluntary liens

judgement, property tax, income tax

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26

Easement Appurtenant

An easement created to benefit adjacent land.

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27

tenancy of years

ends at a period of time

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28

common elements

common areas /condo

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29

real property

land and immovable land

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30

personal property

movable items (chattle)

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31

severance

real to personal

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32

annexation

attaching an item to property

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33

easement in gross

utilities (personal and corp.); doesnt transfer at sell

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34

Easement by Prescription

OCEAN- 20 years

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35

estate of inheritance

indefinite duration

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36

life estate

own for someones life

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37

freehold estate

fee estate, fee simple defeasible, life estate

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38

fee simple

The greatest possible interest a person can have in real estate.

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39

fee simple defeasible

owe but their is a restrictions

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40

equitable title

presented right of possession

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41

emblements

Crops. Fructus industriales/personal property

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42

consumer price index

commercial leases

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43

zoning ordiance

is to promote safety, public health, morals, and general welfare

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44

gross lease

flat rate

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45

percentage lease

based on income

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46

net lease

pay insurance, taxes

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47

sale and lease back

lease it back to seller at the time of title passes

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48

graduated rental lease

starts an agreed upon payment, increases at set intervals as the lease terms

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49

proprietary lease

co-ops- personal property interest

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50

value

Scarcity, Transferability, Utility, Demand

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51

expressed contracts

written or verbal agreements

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52

implied contract

A contract that comes about simply from actions of the parties.

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53

unilateral

1 party; listing agreement

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54

bilateral

2 promises/party

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55

valid and enforceable

A contract containing all the essential elements, including being in writing

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56

Essentials of a valid contract

Mutual consent, lawful object, consideration, capable parties

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57

void contract

missing an element

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58

voidable contract

A contract that may be legally avoided at the option of one or both of the parties.

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59

Unenforceable Contract

a contract for the breach of which the law provides no remedy

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60

default

breach in contract

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61

Liquidated Damages

Anticipated damages agreed upon prior to contract being signed. (earnest money)

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62

Punitive Damages

punished by the court

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63

compensatory damages

economic loss/court

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64

Suit of Performance

court order to perform

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65

termination of contract

mother-nature, death of principals, death of broker, mutual agreement, bankruptcy/foreclosure

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66

rescession

cancle

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67

time of the essence

bind one party to perform at a time limit

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68

contingency

something has to happened before purchasing

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69

amendment

change with mutual agreeemnt

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70

Addenda/addendum

Additions to terms of the contract

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71

Net Listing

broker keeps everything above a certain figure

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72

Open Listing

pay broker who brought the buyer, seller sells = no commission, multiple brokers

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73

exclusive agency listing

pay broker (1) that finds buyer; owner sells= no commsion, prove that you brought the buyer

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74

exclusive right to sell

broker gets paid no matter who sells it, one firm brough the buyer

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75

offers can be ... (seller point of view)

accepted, rejected, do nothing, counteroffer

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76

withdrawal of offer

until time of acceptance by seller

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77

executory period

have tasks to complete

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78

executed period

all promises have been fulfilled

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79

procurring cause

person who brings about a sale

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80

Sherman Antitrust Act (1890)

price fixing, boycotting

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81

deed

legal document used to transfer ownership of real property (receipt)

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82

option contract

unilateral, seller is obligated to sell; buyer has the option to buy

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83

land contract

agreement under which buyer pays in installments and waits for deed; seller holds title and buyer gets equitable title

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84

Non-Exclusive Buyer Agency Agreement

A type of buyer agency in which the buyer is free to utilize other buyer agents and is not obligated to just one agent. This is the type of buyer agency that would exist if the agency agreement is not reduced to writing.

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85

Exclusive buyer agency agreement

buyer must compensate no matter what.

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86

due dilligence objective

detect problems; money goes to the seller

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87

earnest money

trust account within 3 days

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88

cancel contract before due diligence date

seller keeps dd, earnest money goes to the buyer

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89

cancel contract after due diligence date

seller keeps both dd and earnest money

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90

settlement

signs documnets

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91

settlement date

when everything was signed

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92

bundle of rights

(DEEPC) Disposition Exclusion Enjoyment Possession Control

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93

deed must be

delivered and accpeted

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94

metes and bounds

point of beginning, always clockwise

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95

Recorded plat of subdivision

lot and block

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96

rectangular survey system

Also called the Public Land Survey, the system was used by the US Land Office Survey to parcel land west of the Appalachian Mountains. The system divides land into a series of rectangular parcels.

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97

Words of Conveyance

type of deed, how they plan to take title

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98

recording of deed

gives constructive notice of the ownership of real property

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99

actual notice

direct knowledge

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100

can't transfer ownership with clouds until you...

quiet title claim

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