Big Test Flashcards
1
Q
escheat
A
property goes to state when no will or heirs
2
Q
intestate
A
no will
3
Q
testate
A
having a will
4
Q
bundle of rights
A
right to: use, mortgage, enter, sell, lease, give away property
5
Q
real property
A
immovable
6
Q
personal property
A
movable
7
Q
alienate
A
give away or convey to someone else
8
Q
hypothecate
A
guess value (usually a lender)
9
Q
appurtenance
A
goes with the land, transfers with land (i.e. barn to a house, easement on land, fixtures)
10
Q
fixtures
A
MARIA Method Adaptability Relationship Intention Agreement ex: pool cover, window blinds
11
Q
trade fixture
A
personal property
ex: dentist chair
12
Q
estate
A
ownership (title) in real property
13
Q
reversion
A
property reverts back to someone
ex: back to owner
14
Q
remainder
A
property goes to beneficiary
15
Q
less than freehold
A
lease; not owned, rented
16
Q
estate for years
A
lease; fixed time
i.e. summer rental
17
Q
periodic tenancy
A
lease; specific period of time:
week to week, month to month
requires termination notice
18
Q
estate at will
A
lease; terminate at any time
19
Q
estate at sufferance
A
lease; tenant doesn’t leave
20
Q
valid lease
A
Must contain: Agreement Lawful object Consideration Capable parties
21
Q
bilateral contract
A
two parties have obligations to perform (i.e. a lease)
22
Q
constructive eviction
A
landlord makes place unlivable
i.e. turning off water, power
23
Q
assignment
A
person assigns (transfers) contract to another
24
Q
-EE rule
A
act of receiving
lessee, grantee, vendee, optionee
25
-OR rule
act of giving
| lessor, grantor, vendor, optionor
26
estoppel statement
certifying all facts correct
| -defines responsibilities in commercial lease
27
principal of contribution
value is contributed by a part of a total value of a whole
28
adverse possession
another person has title with the intention of possessing it as their own
29
capitalization approach
converts income to value
30
gross multipliers
price / rent
31
subordination clause
current debt claims take priority over others (inferiority)
32
deed
evidence of transfer
33
trust deed
title in real property is transferred to a trustee, and is held as security fora loan between a borrower and a lender
-title is with the buyer
34
quitclaim deed
legal instrument used to transfer interest in real property IMMEDIATELY
35
gross lease
set fee
36
net lease
taxes, insurance, maintenance
| triple net lease
37
percentage lease
percent of gross receipts
38
fee simple defeasible
condition that can cause loss of title
39
fee simple
absolute ownership, not free of encumbrances (taxes)
- highest ownership
- freehold ownership
40
freehold
ownership for undefined length of time
| unlimited duration
41
less than freehold
held by a renter or lessee
42
acre
43,560 ft sq
43
feet in a mile
5,280 ft
44
proprietary
relating to owner; proprietor
45
option
contract that allows exclusive right to purchase
46
net lease
most common, lessee pays taxes, insurance, maintenance
| triple net lease
47
loan to value ratio
value of principal / appraised value OR sale price
| whichever is lower
48
chattel real
personal property
49
encumbrance
limitation to property
50
easement by prescription
implied, dominant has used property continuously w/o permission
51
appurtenant easement
goes with the transfer of title
52
easement in gross
no dominant tenement
53
dominant tenement
land that benefits from easement
| access to
54
servient tenement
land that has burden of easement
55
nonconforming use
prior zoning allows
56
general lien
can take all property
| -income taxes or judgement liens
57
specific lien
can take specific property
| -mortgage, property tax
58
mechanics lien
money owed to those who have supplied labor
59
judgement lien
court ordered debt
60
lis pendis
pending lawsuit
61
principal of substitution
max value determined by cost of equivalent substitutes with same design/use
-basis for market data approach
62
principal of regression
value goes down when close to lesser properties
63
principal of progression
value goes up when close to valuable properties
64
market data (comparison) approach
comparing properties of similar size, condition in same area
65
cost (replacement) approach
cost to replace as new
66
joint tenancy
unity of time, title, interest, possession
| *right of survivorship (to other person)
67
tenancy in common
unity of possession
| *NO right of survivorship
68
warranty deed
grantor guarantees clear title and right to sell
69
special warranty deed
clear title for previous owner
70
general warranty deed
clear title for life of property
71
riparian rights
along river
72
littoral rights
along lake/ocean
73
severalty
alone
74
concurrent estate
with more than one person
75
commutative property
married couple
76
police power
zoning
77
government powers
```
PETE
Police
Eminent domain
Taxation
Escheat
```
78
Zone R1
single family
79
Zone R3
multi-family
80
variance
exception
81
down zoning
commercial to residential
82
grandfather clause
exemption
83
encroaching
trespassing
84
lien
money owed
85
injunctions
court order to stop
86
cloud on title
not clear title
87
reliction
recession of water and exposing of land
88
avulsion
tearing away of land
89
quiet title action
lawsuit over property disputes
90
eminent domain
government takes property for public use, pays $
91
inverse condemnation
sue the government
92
condemnation
compensation from government
93
accretion
addition of land
94
title
ownership
95
chain of title
history of ownership
96
abstract of title
summary
97
escrow
neutral party
98
impounds
taxes and insurance
99
credit
money coming in
100
debit
money going out
101
misrepresentation
without intent
102
RESPA
1-4 dwellings
residential
prevent kickbacks
103
abandonment
voluntary leaving
104
sublease
possession but not responsibility
105
steering
pushing buyers
106
blockbusting
selling (causing panic)
107
voidable contract
under duress (forcing, threatening)
108
unilateral contract
option (promise for an act)
109
executed contract
completely performed
110
statute of fraud
in writing
111
statute of limitations
time frame
112
novation
new
113
equitable title
right to use
114
legal title
right to sell
115
a listing
bilateral employment contract
116
exclusive agency
1 broker OR owner can sell
117
exclusive right to sell
broker sells ONLY
118
net listing
illegal
| amount over sale goes to agent
119
puffing
exaggerate
120
fraud
intentional lying
121
value
```
STUD
Scarcity
Transferability
Useful
Demand
```
122
plottage
combining units will increase value
123
promissory note
evidence of money owed, an IOU
124
mortgage
document that creates a lien
| death pledge
125
"subject to"
take when someone else pays off lien
126
assume
you take over something (a lien)
127
mortgagor
borrower
128
mortgagee
lender
129
Contract
```
Agreement based on:
consideration
capable parties
Lawful contract
Offer and acceptance (meeting of minds, mutual consent)
```
130
Executory contract
To be performed
131
Voidable contract
Enforceable, but subject to decision by a party
(Wanted blue house, but it’s green, and buyer decides it’s ok)
Duress
Misrepresentation
Fraud
Option to rescind
132
Valid contract
Competent parties
Legal consideration
Lawful object
Offer and acceptance
133
Capable parties
18+ yrs
Sound mind
Emancipated minor
Given power of attorney
134
Lawful object
Legal purpose
| If Illegal purpose = void contract
135
Consideration
Anything of value
Money
Love and affection
136
Offer and acceptance
Exact terms
Accepted w/o changes
Clear
Accurately described
137
Assignment
Transfer contract right to another
138
Sublet
Transfer possession (but not responsibility) to another
139
Novation
New person responsible
| -new person substituted for another
140
Specific performance
Court action to force completion of something
141
Rescission
Terminate contract and return contracting parties to same position as before
142
Valid
Buyer gets what they want and is in contract
143
Voidable
Duress
Misrepresentation
Fraud
Ex: Seller didn’t fulfill, but buyer accepts and follows through anyway
144
Void
Missing one:
Mutual consent
Lawful object
Consideration
Capable parties
145
Estoppel
Precludes a person from asserting legal right because of prior conditions inconsistent with assertion
146
Township
6x6 mikes square, 36 sections, each 1 sq mile
147
Hypothecation
Property as loan security w/o giving up possession
148
Assumption fee
Debit to buyer
149
Remainder
Transfer property to an heir (or remainderman) at death
150
Standard title insurance
```
Defects
Forgery
Incompetent grantor
Incorrect marital statement
Improper delivery of deed
```
151
Extended coverage title insurance
```
Everything in standard plus:
Defects in inspection
Unrecorded rights
Examination of survey
Unrecorded liens not known
```
152
Ad valorem
Tax amount based on value of property
153
Covenant
Agreement
154
Reconveyance deed
Proof of paying off a loan
155
Convey/conveyance
Transferring ownership in property
156
Marketable title
Title clean and free from debts
157
Insurable title
Title may have encumbrance but title company insures it
158
Caveat emptor
Buyer beware
159
Habendum
To have and to hold
160
Cap rate
Income generated / value of property
