07

Question 1

a document recording at the courthouse giving notice that a lawsuit is pending on a particular piece of property.

Answer 1

lis pendens

Question 2

a type of involuntary, specific lien that a mechanic or material man can impose upon a property if the property owner fails to pay for materials for work done on the property.

Answer 2

mechanic’s lien

Question 3

a specific, involuntary lien imposed after a buyer claims that the seller has not transferred title to the buyer according to the agreement.

Answer 3

vendee’s lien

Question 4

a lien that is created with the consent of the owner of the property in question.

Answer 4

voluntary lien

Question 5

the process that results in the gradual increase in land area through deposits of soil by natural forces.

Answer 5

accretion

Question 6

the sudden loss of land by flood or when a stream or river changes course.

Answer 6

avulsion

Question 7

the ownership of land with all the legal rights of possession, control, enjoyment, exclusion, and disposition.

Answer 7

bundle of rights

Question 8

property owner’s right to use water under the surface through the rule of capture.

Answer 8

groundwater rights

Question 9

a legal life estate that prevents a person’s primary residence from being forcibly sold to pay certain kinds of debts.

Answer 9

homestead

Question 10

property owned by a married person that is separate and not co-owned by their spouse.

Answer 10

separate property

Question 11

describes undivided ownership of an estate, with an interest that is exclusive from other owners.

Answer 11

in severalty

Question 12

a form of property ownership in which one person is the owner of a property and has absolutely control over the distribution and use of the land.

Answer 12

individual ownership

Question 13

property owned by a married couple in which each spouse has 1/2 ownership of any property obtained during the marriage, plus a right of survivorship ownership after the death of either spouse.

Answer 13

community property

Question 14

ownership of a property by more than one person.

Answer 14

co-ownership

Question 15

co-ownership in which the parties have an equal and undivided interest in the property; includes the right of survivorship rather than inheritance.

Answer 15

joint tenancy

Question 16

co-ownership in which the co-owner of the property holds their individual portion of the ownership interest in severalty.

Answer 16

tenancy in common

Question 17

a legally created business entity representing the interest of more than one person.

Answer 17

corporation

Question 18

a type of corporation in which none of the owners of the company can be held personally liable for debt.

Answer 18

limited liability company (LLC)

Question 19

two or more people or companies that join together to create and run a real estate investment.

Answer 19

syndicate

Question 20

the broker who assists another broker in showing the listed property to a buyer who subsequently purchases the property.

Answer 20

cooperating broker

Question 21

a contract between a principal and a broker to sell or lease a property.

Answer 21

listing agreement

Question 22

an agent with a limited scope of authority to act on behalf of their principal; usually towards a single, specific objective, end, or goal that is not ongoing.

Answer 22

special agent

Question 23

rural taxing entity empowered to levy assessments on property owners to support the building of infrastructure for basic utilities.

Answer 23

municipal utility district (MUD)

Question 24

taxing entity created by the city or county to levy a special tax for specific improvements to a specific neighborhood.

Answer 24

public improvement district (PID)

Question 25

an agency agreement between a broker and a buyer wherein the broker represents the buyer in their effort to purchase or lease a property.

Answer 25

buyer representation agreement

Question 26

an agreement in which the seller has an exclusive relationship with a broker but retains the right to sell the property to named prospects.

Answer 26

exclusive agency listing

Question 27

an agreement in which the seller guarantees the named broker receives a commission if the property is sold, regardless of who brings the buyer.

Answer 27

exclusive right to sell listing

Question 28

an agreement in which the seller names a minimum sales price they will accept for a property, with any excess paid to the broker as commission.

Answer 28

net listing

Question 29

a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the right to sell the property.

Answer 29

open listing