Ch 3 - Rights & Interest Flashcards Preview

Real Estate National Q+A > Ch 3 - Rights & Interest > Flashcards

Flashcards in Ch 3 - Rights & Interest Deck (26)
Loading flashcards...
1

A deed which conveys whatever interest

Or title the grantor may have in the property, if any; contains no covenants or warranties of title, either expressed or implied; the grantor does not purport to have title or possess any interest in the property to be conveyed

Quit claim deed

2

A necessity allowed by law

estover

3

One who has the right to take an estate in remainder

Remainderman

4

Laws passed to enable state and local governments

Enabling acts

5

The fall and free ownership of rights in the land

Allodial system

6

A doctrine used to prevent a right or claim because of delay or failure to assert the right or claim

Laches

7

Authorization for the sheriff to seize and sell enough of the debtors property to satisfy the judgment and to pay expenses of the sale

Writ of execution

8

A written notice that a lawsuit has been filed

Lis pendens

9

Any claim, right, liability or restriction that limits a fee simple estate

Encumbrance

10

rights usually given to utility companies and railroads

Commercial easements

11

Deed restrictions or deed covenants that govern land use

Private controls

12

What type of lien is always the first priority in liens?

A tax lien

13

Type of lien created by the property owner

Voluntary lien

14

Type of lien created by operation of law

Involuntary lien

15

Governments rights to regulate land use derives from...

Police power

16

True or false:

And individual’s estate in land is not determined by quantity

True - quantity is not a determining factor

17

A right that one party has to use another party’s land for a special purpose

Easement

18

What are some examples of police power?

- zoning
- building codes
- fire codes
- health codes
- rent control
- environmental protection
- fair housing
- real estate licensing

19

What are the four categories of leasehold estates?

1. Estate for years
2. Periodic estate
3. Estate at will
4. Estate at sufferance


PYWS - periodic, years, will, sufferance

20

What are two classifications of community property?

Separate property and community property

21

What are the seven ways easements can be made?

CRAPING

Condemnation
Reservation
Agreement
Prescription
Implication
Necessity
Grant

22

What are the six ways easements can be ended?

Merger
Abandonment
Prescription
End of necessity
Expiration of purpose
Release

23

What are the types of liens?

MGM

Mechanic’s lien
General lien
Mortgage lien

24

Actual ownership of land for an unpredictable duration

Freehold estate

25

The user of a property is not the owner and the length of the interest is of a definite duration

Non-freehold estate

26

What are dower right, courtesy right, community property and Homestead protection all known as

Statutory estates