Chapter 3 - Encumbrances & Transfer of Ownership Vocabulary Flashcards
Chap 3 Vocab (211 cards)
1
Q
abandonment
A
The obvious and intentional surrender of the easement.
2
Q
Abandonment
A
Non-payment of taxes.
3
Q
abandonment of homestead
A
A legal document that proves a homestead was abandoned. An owner must file an abandonment of homestead on the old property in order to obtain a homestead on a new property.
4
Q
abstract of judgment
A
A summary of a court decision.
5
Q
Abstract of Title
A
A brief, chronological summary of the recorded documents affecting title to a particular parcel of real property. Written summary of all useful documents discovered in a title search.
6
Q
Accession
A
The acquisition of title to land (additional land) or to improvements by its addition to real estate already owned, through human actions or natural processes. 1. result of natural causes such as alluvial deposits along the banks of streams by accretion. (2) A process by which there is an addition to property by the efforts of man or natural forces.
7
Q
Accretion
A
A gradual addition to dry land by the forces of nature, as when the tide deposits waterborne sediment onto shoreline property. A buildup of soil by natural causes on property bordering a river, lake, or ocean.
8
Q
acquisition
A
The act or process by which a person procures property.
9
Q
ADAM E. LEE
A
The mnemonic for the eight ways to terminate an easement: Abandonment, Destruction, Adverse possession, Merger, Express agreement, Lawsuit, Estoppel, and Excessive use.
10
Q
Administrator
A
A person appointed by the probate court to manage and distribute the estate of a deceased person when no executor is named in the will or there is no will. His or her duties include making an inventory of the assets, managing the property, paying the debts and expenses, filing necessary reports and tax returns, and distributing the assets as ordered by the probate court.
11
Q
Adverse Possession
A
The open, notorious, hostile, adverse, exclusive, and continuous possession of another person’s property for a statutory number of years, after which time the adverse possessor may seek to obtain title to the property. Must continued possession and payment of taxes.
12
Q
after-acquired title
A
Any benefits that come to a property after a sale must follow the sale and accrue to the new owner.
13
Q
Alienation
A
The transfer of ownership or an interest in property from one person to another, by any means. (1) To transfer, convey, or sell property to another. (2) The act of transferring ownership, title, or interest.
14
Q
Alienation Clause
A
A mortgage clause allowing the lender to demand the full and immediate payment of the mortgage because the owner transferred or pledged to transfer ownership of the property. Also called Due on Sale Clause.
15
Q
alluvial deposit
A
Sand or mud, carried by water and deposited on land.
16
Q
Alluvion
A
Solid material deposited along a shore by accretion. Also called Alluvium. Sand or mud, carried by water and deposited on land.
17
Q
Annexation
A
Attaching personal property to land so that it becomes a fixture and the law views it as part of the real property.
18
Q
Annexation, Actual
A
The process of physically attaching personal property to land, causing it to be a fixture.
19
Q
Annexation, Constructive
A
Personal property associated with real property in such a way that the law treats it as a fixture, even though it is not physically attached to the real property.
20
Q
Annexer
A
Person who owns an item as personal property and brings it onto real property, making it a part of the real property.
21
Q
attachment
A
The process by which the court holds the property of a defendant pending outcome of a lawsuit.
22
Q
Attachment Lien
A
A lien intended to prevent property transfer pending the outcome of litigation. (1) The process by which the court holds the real or personal property of a defendant as security for a possible judgment pending the outcome of a lawsuit. (2) Also known as writ of attachment
23
Q
Bad Title
A
Title with defects making it unmarketable.
24
Q
Bankruptcy
A
A court process that cancels some debt and provides some relief for creditors. Chapter 7, sometimes called straight bankruptcy, is a liquidation proceeding; Chapter 13, sometimes called a reorganization proceeding, is filed by individuals who want to pay off their debts over a period of three to five years.
25
bequeath
To convey real or personal property by will.
26
Bequest
A gift of personal property by will. (See legacy)
27
CC&Rs
A declaration of covenants, conditions, and restrictions; usually recorded by a developer to create a general plan of private restrictions for a subdivision. Also called Deed Restrictions.
28
Certificate of Purchase
A document that is given to the winning bidder of a real estate tax or foreclosure sale. Once the sale is confirmed, a deed will be issued to convey title.
29
Chain of Title
The chain of deeds and other documents transferring title to a piece of property from one owner to the next, as disclosed in the public record. -- A chronological history of property’s ownership.
30
Civil Rights
Fundamental rights guaranteed to all persons by the law. The term primarily refers to constitutional and statutory protections against discrimination based on race, religion, sex, or national origin.
31
Client
A person being represented by a licensee. Also called Principal.
32
Cloud on the Title
A claim, encumbrance, or defect that could make the title to real property unmarketable. -- Any condition that affects the clear title of real property or minor defect in the chain of title which needs to be removed.
33
Code of Ethics
A set of principles and standards based on core values by which a group of professionals are expected to conduct themselves. -- A set of rules and principles expressing a standard of accepted conduct for a professional group and governing the relationship of members to each other and to the organization.
34
Codicil
A change in a will before the maker’s death.
35
color of title
That which appears to be good title but which is not title in fact.
36
common law
A body of unwritten law that was developed in England from the general customs and usage that was adopted in the United States.
37
common law dedication
When a property owner implies through his or her conduct, the intent that the public use the land.
38
Compensatory Damages
Damages award intended to compensate a plaintiff for harm caused by the defendant’s act or failure to act, including personal injuries, property damage, and financial loss. Competency The ability to do something successfully or efficiently.
39
Complaint
A formal allegation, generally in writing, accusing someone of misdeeds, usually to formally begin a legal or administrative action.
40
Condemnation
1. Taking private property for public use, through the government’s power of eminent domain. Also called Appropriation. (Condemnation is the action; eminent domain is the right.) 2. A declaration that a structure is unfit for occupancy and must be closed or demolished. -- (1) The process by which the government acquires private property for public use, under its right of eminent domain. (2) The proceeding to exercise the power of the government to take private property from an owner for the public good, paying fair market value. (3) The proceeding to exercise the power of eminent domain.
41
Condition
Provision in a deed or other document that makes the parties’ rights and obligations dependent on the occurrence or non-occurrence of some event. -- Condition similar to a covenant, a promise to do or not to do something. The penalty for breaking a condition is return of the property to the grantor.
42
condition precedent
A condition which requires something to occur before a transaction becomes absolute and enforceable; for example, a sale that is contingent on the buyer obtaining financing.
43
condition subsequent
A condition which, if it occurs at some point in the future, can cause a property to revert to the grantor. For example, a requirement in a grant deed that a buyer must never use the property for anything other than a private residence.
44
Consent Decree
A binding agreement reached before judgment in a court case by which the accused party consents to change its behavior without admitting wrongdoing.
45
Consumer
A person or entity seeking or receiving licensed activities.
46
contract date
The date the contract is created. The contract is created when the final acceptance was communicated back to the offeror.
47
Convey
To transfer ownership or title.
48
Conveyance
The act of transferring interest in property from one person to another. -- The transfer of title to land by use of a written instrument.
49
Correction Deed
A deed used to correct minor mistakes in an earlier deed, such as misspelled names or errors in the legal description of the property. Also called Deed of Correction or Deed of Confirmation.
50
Covenant
A contract, promise, or a guarantee (express or implied) in a document such as a deed or lease. -- A promise to do or not do certain things.
51
Covenant Against Encumbrances
The assurance that no encumbrances other than those specified in the deed exist.
52
Covenant of Further Assurance
A promise that the grantor will perform further acts reasonably necessary to correct any defects in the title or in the deed instrument.
53
Covenant of Quiet Enjoyment
A guarantee that a buyer has the right to exclusive, undisturbed possession of an estate, and the right to be undisturbed by the previous owner or anyone else claiming an interest in the property.
54
Covenant of Seisin
An assurance that the grantor has the exact estate in the quantity and quality which is being conveyed, i.e., “I own and I have the right to sell it.”
55
Covenants, Conditions, and Restrictions (CC&Rs)
Restrictions are placed on certain types of real property and limit the activities of owners. Covenants and conditions are promises to do or not to do certain things. The consequence for breaking those promises may either be money damages in the case of covenants, or the return of the property to the grantor, in the case of conditions.
56
Customer
A party to a transaction with whom a real estate licensee does not have a fiduciary duty or relationship, but with whom a licensee must be honest and fair. -- A prospective buyer of real estate; not to be confused with a property seller, who is the listing broker’s client.
57
debtor
A person who is in debt; the one owing money to another.
58
Declaration of Homestead
The recorded document that protects a homeowner from foreclosure by certain judgment creditors.
59
Declaration of Restrictions
A written legal document which lists covenants, conditions and restrictions (CC&Rs). This document gives each owner the right to enforce the CC&Rs.
60
Decree
Court order.
61
Deed
A written instrument transferring the grantor's ownership of, or interest in, real property.
62
Deed in Lieu of Foreclosure
Process by which the deed to a property is given by a borrower to the lender to avoid foreclosure.
63
Deed of Release
A deed given by lien holders, remaindermen, or mortgagees to relinquish their claims on the property.
64
Deed of Trust
A security instrument placing into the hands of a disinterested third party (a trustee) a specific financial interest in the title to real property as security for the payment of a note, making the lender the beneficiary. Also called Trust Deed.
65
Deed Restriction
Limitations placed in a deed by a grantor that restrict the way in which the land may be used, improved, or maintained.
66
Defeasance Clause
A clause used to defeat or cancel a certain right upon the occurrence of a specific event.
67
Defeasible
Capable of being defeated. A defeasible estate is one that has a condition attached to the title, which if broken causes the termination of that estate.
68
Defeasible Fee
A type of freehold estate conveying ownership interest that comes with a condition. Also called Qualified Fee.
69
Defect in Title
Any lien, claim or encumbrance, on a particular piece of real estate, that has been properly recorded in the public records. Recorded defects impair clear title and may result in the title being unmarketable.
70
delivery (of a deed)
The unconditional, irrevocable intent of a grantor immediately to divest (give up) an interest in real estate by a deed or other instrument.
71
Delivery and Acceptance
A requirement for the legal transfer of property through a deed. Delivery refers to the grantor’s intention to transfer the property’s title and signing a deed; acceptance refers to the grantee’s receiving the deed while the grantor is alive. Deposit A sum of money placed or kept in a bank account.
72
Descent
An operation of law when real property is transferred to an heir after the death of the owner who leaves no will (intestate).
73
Devise
To transfer real property by will; real property transferred in a will.
74
Doctrine of Part Performance
A legal doctrine that allows a court to enforce an oral agreement that should have been in writing, when one party has taken irrevocable steps to perform his or her side of the bargain, and failure to enforce the contract would result in an unjust benefit for the other party.
75
Dominant Tenant
A person with easement rights on another's property; either the owner of a dominant tenement or someone who has an easement in gross.
76
Dominant Tenement
Property that receives the benefit of an appurtenant easement. Also called Dominant Estate. -- The property that benefits from an easement.
77
Easement
A nonpossessory interest and an encumbrance on property that grants the right to use another person’s real property for a particular purpose. -- (1) An interest owned by one person in the land of another person, such as a right-of-way across a parcel of land. (2) The right to enter or use someone else’s land for a specified purpose.
78
Easement Appurtenant
The right acquired by the owner of one parcel of land to use another's adjacent land for a specific purpose. There must be two tracts of land; one becomes the dominant tenement (it benefits from the easement), and the other becomes the servient tenement. -- An easement that enhances land; usually a right-of-way
79
Easement by Implication
An easement that occurs because of necessity, such as the conveyance of a land–locked property.
80
Easement by Prescription
An easement created by open and notorious, hostile, and adverse use of another person’s land for a specific period of time determined by state law. Prescriptive use does not have to be exclusive (the owner may be using the property, too), and the user does not acquire title to the property. Also called Prescriptive Easement. -- Created by continuous and uninterrupted use, by a single party, for a period of five years. The use must be against the owner’s wishes and be open and notorious. No confrontation with the owner is required and property taxes do not have to be paid. The party wishing to obtain the prescriptive easement must have some reasonable claim to the use of the property.
81
Easement in Gross
An easement that benefits a person or company, rather than benefiting another parcel of land. -- An easement that is not appurtenant to any one parcel; for example, public utilities to install power lines.
82
Egress
The right to exit from a property using an easement.
83
Encroachment
A physical object intruding onto neighboring property, often due to a mistake regarding the boundary. -- The unauthorized placement of permanent improvements that intrude on adjacent property owned by another.
84
Encumbrance
Any claim, lien, charge, or liability that affects or limits the fee simple title to real property. - An interest in real property that is held by someone who is not the owner.
85
Enforceable Contract
A contract that would be upheld by the courts. The requirements for an enforceable contract are capacity, mutual consent (offer and acceptance), lawful objective, and consideration. In addition, certain contracts must be in writing to be enforceable.
86
Equitable Lien
A lien created when justice and fairness would require a court of equity to declare such a lien exists or when conduct of parties would imply that a lien was intended.
87
Equitable Right of Redemption
The right of a debtor to redeem the property from foreclosure proceedings prior to confirmation of sale.
88
Erosion
A gradual loss of soil due to the action of wind, water, or other forces.
89
Errors and Omissions Insurance (E&O)
Insurance that protects real estate licensees from liability due to mistakes or negligence. It does not cover claims related to fraud or discrimination.
90
Escheat
The reversion of property to the state (or, in some states, the county) after a person dies without leaving a valid will or having any heirs. -- A legal process where property reverts to the state because the deceased left no will and has no legal heirs. The state must wait five years before trying to claim the property.
91
Estoppel
A legal doctrine that prevents a person from asserting rights or facts that are inconsistent with his earlier actions or statements when he failed to object (or attempt to “stop”) another person’s actions. -- (1) A legal doctrine which prevents a person from denying something to be true or a fact which is contrary to previous statements made by that same person. (2) Also known as an implied or ostensible agency.
92
et al
And others.
93
et ux
(1) Abbreviation for et uxor. (2) Means “and wife.”
94
execution sale
The forced sale of a property to satisfy a money judgment.
95
Executor
A person appointed in a will to carry out the provisions of the will. Sometimes called Executrix if female.
96
Express Authority
Actual consent to represent intentionally given by agreement—either oral or written—by a principal to an agent.
97
First Lien
Claim with highest priority against property; also known as a superior to the rights of subsequent lenders. (Recorded first)
98
Forcible Entry and Detainer Action
A summary legal action to regain possession of real property; especially, a lawsuit filed by a landlord to evict a defaulting tenant and regain possession of property. Also called Unlawful Detainer Action.
99
Foreclosure
The remedy a lienholder uses to force the sale of property, applying the proceeds of the sale toward debt satisfaction. -- A legal procedure by which mortgaged property in which there has been default on the part of the borrower is sold to satisfy the debt.
100
Foreclosure Action
A lawsuit filed by a creditor to begin foreclosure proceedings. -- After a mechanic’s lien is recorded, the claimant has 90 days to bring foreclosure action to enforce the lien. If he or she does not bring action, the lien will be terminated and the claimant loses the right to foreclose.
101
foreclosure sale
A sale where property is sold to satisfy a debt.
102
General Lien
A lien against all property of a debtor, instead of a particular piece of property. -- A lien on all the property of a debtor.
103
Genuine Assent
Consent given freely to create a binding contract. If offer or acceptance is given as a result of fraud, undue influence, duress, or mistake, then the contract is voidable by the victimized party.
104
gift deed
Used to make a gift of property to a grantee, usually a close friend or relative.
105
good consideration
Gifts such as real property based solely on love and affection. -- Love and affection.
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Good Title
One which is free from encumbrances such as liens, pending litigation and other such defects.
107
grandfather clause
An expression used in law that permits the continuation of a use or business to proceed because the current law denies permission. -- Creating an exemption from application of a new law due to previously existing circumstances; nonconforming use.
108
Grant
Transferring real estate by means of a deed. -- (1) A technical legal term in a deed of conveyance bestowing an interest in real property on another. (2) The words convey and transfer have the same effect.
109
grant deed
A type of deed in which the grantor warrants that he or she has not previously conveyed the property being granted, has not encumbered the property except as disclosed, and will convey to the grantee any title to the property acquired later.
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Grantee
Person receiving a grant of real property.
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Granting Clause
A deed clause stating a grantor's intent to transfer an interest in real property.
112
Grantor
The person conveying or transferring their interest in the property.
113
Guardian’s Deed
A deed authorized by a guardian, which is a person assigned by the court to handle the affairs of an incapacitated person.
114
heir
One who inherits property at the death of the owner or if the owner has died without a will (intestate).
115
holographic will
Written in the maker’s own handwriting, dated and signed by the maker.
116
Homestead
A statutory or legal life estate recognized in some states that protects the estate belonging to a deceased person for the use of a surviving spouse and minor children. -- A piece of land that is owned and occupied as a family home.
117
Ingress
The right to enter onto a property using an easement.
118
Inheritable
An interest in land that can be passed to a relative upon the death of the owner. Injunction A court-ordered prohibition against a particular act, as opposed to a judgment for money. Also called Injunctive Relief. Injunctive Relief A court-ordered prohibition against a specific act or conduct, as opposed to a judgment for money. Also called Injunction.
119
injunction
A court order forcing a person to do or not do an act.
120
instrument
A formal legal document such as a contract, deed or will.
121
interpleader action
A court proceeding initiated by the stakeholder of property who claims no proprietary interest in it for the purpose of deciding who among claimants is legally entitled to the property.
122
Intestate
The state of dying without making a will, causing the decedent’s estate to pass on according to the state laws of descent and distribution.
123
inverse condemnation
When a private party forces the government to pay just compensation, if the property value or use has been diminished by a public entity.
124
Involuntary Lien
A lien that arises by operation of law, without the consent of the property owner. -- When the owner does not pay taxes or the debt owed, a lien may be placed against his or her property without permission.
125
Judgment
The final legal decision of a judge in a court of law regarding the legal rights of parties to disputes.
126
Judgment Lien
A recorded claim against another for a wrongful act, as ordered by a court (often for money owed). The result of a judgment lien can be the forced public sale of real estate. -- The final determination of the rights of parties in a lawsuit by the court.
127
Judicial Foreclosure
A lawsuit filed by a lender or other creditor to foreclose on a mortgage or other lien; a court-ordered sheriff's sale of the property to repay the debt. -- Foreclosure by court action.
128
Just Compensation
Generally, the fair market value for property; a requirement when the government exercises its constitutional power of eminent domain. -- Fair and reasonable payment due to a private property owner when his or her property is condemned under eminent domain.
129
Legacy
A gift of personal property by will.
130
License
Revocable, non-assignable permission to enter another person's land for a stated purpose. -- (1) A permission granted by competent authority to engage in a business or occupation. (2) Permission to use a property, which may be revoked at any time.
131
Licensee
A person licensed under state law to practice real estate.
132
Lien
A non-possessory interest in property, giving a lienholder the right to foreclose if the owner does not pay a debt owed the lienholder. -- (1) A claim on the property of another for the payment of a debt. (2) A legal obligation to pay.
133
LIEN$
The mnemonic for the dollar sign and to show that lien$ involve money.
134
Lis Pendens
A recorded notice stating that there is a lawsuit pending that may affect title to the defendant's real estate. -- (1) A recorded notice that indicates pending litigation affecting title on a property. (2) Also called a pendency of action. (Pronounced lis pendenz)
135
Litigation
The process of taking legal action, such as filing a civil lawsuit.
136
love and affection
Consideration used in a gift deed.
137
Mechanic’s Lien
A specific lien claimed by someone who performed work on the property (construction, repairs, improvements, etc.) to secure the amount of the charges for services with interest and costs. This term is often used in a general sense, referring to broker’s liens or materialman's liens as well as actual mechanic’s liens. -- A lien placed against a property by anyone who supplies labor, services, or materials used for improvements on real property and did not receive payment for the improvements.
138
Ministerial Act
Tasks that a licensee may perform for a customer that are informative or clerical in nature and do not rise to the level of active agency representation.
139
money encumbrance
An encumbrance that affects the title.
140
National Association of Realtors® (NAR®)
America's largest trade association, representing members involved in all aspects of the residential and commercial real estate industries, including brokers, salespeople, property managers, appraisers, and counselors.
141
no notice of completion
If the owner does not record a notice of completion when work is finished, all claimants have a maximum of 90 days from the day work was finished to record a mechanic’s lien.
142
Nonjudicial Foreclosure
Foreclosure by a trustee under the power of sale clause in a deed of trust without the involvement of a court; not used in all states.
143
notice of completion
A notice filed by the owner or general contractor after completion of work on improvements, limiting the time in which mechanic’s liens can be filed against the property.
144
Notice of Foreclosure
The notification given by a lender to a borrower who has failed to repay a debt according to the terms of the loan, accelerating the due date of the debt to the present and requiring the borrower to repay the entire outstanding balance of the loan at once.
145
notice of non-responsibility
When an owner discovers unauthorized work on the property, he or she must file a notice. This must be recorded and posted on the property to be valid. The notice states the owner is not responsible for work being done, and releases the owner from the liability for work done without permission.
146
Operation of Law
Involuntary transfer of Real Property involving foreclosure, judgement, or lien.
147
Order of Eviction
A court-ordered directive to a public officer (often the sheriff or marshal) to seize the property to regain possession for the owner.
148
Ordinance
A statute enacted by the legislative branch of a local government.
149
PANCHO
The mnemonic for the six requirements for adverse possession: Possession, Adverse, Notorious, Continuous, Hostile, and Open.
150
Patent
The legal document that transmits real property from the state or federal government to a person.
151
Planning Board
A local entity consisting of appointed members who hold public hearings, investigate solutions for the planning issues in the community, and make long-term recommendations; a planning board is also responsible for approving development projects in the community. Also called Planning Commission.
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Possession
The physical control of real property.
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Possessory Interest
An interest in property that entitles the holder to possess and occupy the property, now or in the future; an estate, which may be either a freehold or leasehold.
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preliminary notice
A written notice that must be given to the owner within 20 days of first furnishing labor or materials for a job by anyone eligible to file a mechanic’s lien.
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Prescription
The process of acquiring an interest, not ownership, in a certain property.
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Prescriptive Easement
An easement obtained by the open, notorious, hostile, and continuous use of the property belonging to someone else for a statutory period of time.
157
private grant
The granting of private property to other private persons.
158
Private Restriction
A restriction imposed on property by a previous owner or the subdivision developer; a restrictive covenant, or a condition in a deed. Created at the time of sale or in the general plan of a subdivision.
159
public dedication
When private property is intended for public use. There are three types of public dedication: common law dedication, statutory dedication, or deed.
160
public grant
The transfer of title by the government to a private individual.
161
quiet title action
(1) A court proceeding to clear a cloud on the title of real property. (2) Also known as action to quiet title.
162
Quitclaim Deed
A deed that grants any interest in property that the grantor may have without making any promises, including the promise that the grantor has any interest in the property being conveyed; often used to clear clouds on title. Transfers any interest the grantor may have at the time the deed is signed with no warranties of clear title.
163
Real Estate Owned (REO)
Property acquired by a lending institution through foreclosure and held in inventory.
164
Receiver
A court–appointed person who is charged with preserving a property, collecting rents, and doing anything necessary to maintain the property's condition.
165
Reciprocity
The recognition that states give whereby a licensee of one state can be involved in real estate transactions in other states.
166
Redemption Period
The right of a mortgagor (borrower) to make good on a default within a specified time and receive the property back. A period of time established by state law during which a property owner has the right to recover real estate after a foreclosure or tax sale by paying the sales price plus interest and costs.
167
Referee’s Deed
A deed issued by the court to a property buyer from a bankruptcy sale.
168
Reformation
Changes or modifications to a contract by a court to reflect the true intention of the parties, such as to remedy a minor clerical error.
169
Reliction
When a body of water gradually recedes, exposing land (because of alluvial deposits along the banks of streams) that was previously underwater.
170
Remediation
The act of stopping or reversing something specific, often environmental damage.
171
Restriction
A limitation placed on the use of property and may be placed by a private owner, a developer or the government. It is usually placed on property to assure that land use is consistent and uniform within a certain area.
172
Restrictive Covenant
A restriction on real property use imposed by a former owner; promise to do or not do an act relating to real property; usually an owner’s promise to not use property in a particular way. May or may not run with the land.
173
Right of Redemption
The legal ability to buy back one's property within the time specified in each state after a judicial sale by paying the debt, interest, and certain costs.
174
Right of Way (ROW)
An easement giving the holder the right to cross another person’s land.
175
Satisfaction of Lien
The document a mortgagee gives the mortgagor acknowledging the debt has been paid in full and the mortgage is no longer a lien against the property. Also called Discharge of Mortgage, Satisfaction of Mortgage, or Release of Lien.
176
Servient
Tenant The owner of a servient tenant, that is, someone whose property is burdened by an easement.
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Servient Tenement
Property burdened by an easement; the owner of the servient tenement (the servient tenant) is required to allow someone who has an easement (the dominant tenant) to use his property.
178
Special Agent
An agent with limited authority to do a specific thing or conduct a specific transaction. Also called Limited Agent. A person employed to perform a specific task.
179
Special Assessment
A tax levied only against properties that benefit from a public improvement (e.g., a sewer or streetlight) to cover the cost of the improvement; creates a special assessment lien (an involuntary, specific lien). Taxes used for specific local purposes.
180
Specific Lien
A lien that attaches only to a particular parcel of property. Such as a mechanic’s lien, trust deed, attachment, property tax lien or lis pendens.
181
specific plan
A particular development site or area of the general plan.
182
Statutory
Regarding laws created by the enactment of legislation as opposed to law created by court decisions.
183
Statutory Nonemployee
A real estate licensee who is treated as an independent contractor for tax purposes when specified conditions are met: proper licensing; compensation based on sales; and services performed under a written contract.
184
Statutory Right of Redemption
Allows a mortgagor (debtor) to redeem property for a set timeframe after a foreclosure sale, regardless of the timing of other events. Time frames vary by state; not available in all states.
185
Statutory Right of Reinstatement
A way for borrowers to cure the default by bringing the mortgage current—including all accumulated costs and fees—between the time they receive a notice of foreclosure and the time a foreclosure action is filed.
186
Statutory Year
A year based on a monthly rate that considers each month to be 30 days. There are 360 days in a statutory year. Also called Banker’s Year.
187
Strict Foreclosure
A foreclosure action where the court establishes a date by which the borrower must pay the balance in full; once the deadline passes, the lender is awarded title to the property. This type of foreclosure is uncommon.
188
Subsurface Rights
The implication that an owner of land has rights to the land below the surface to the center of the earth, even though this part is not documented.
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Succession
The legal transfer of a person’s interest in real and personal property under the laws of descent.
190
Suit
A court action to enforce a legal claim or right.
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Suit to Quiet Title
A lawsuit to determine who has title to a piece of property, or to remove a cloud from the title. Also called Quiet Title Action.
192
Tacking
Successive periods of use or possession by more than one person that are added together to equal the number of years required under state law for easement by prescription or adverse possession.
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tax lien
When income or property taxes are not paid.
194
Testate
Refers to someone who has died and left a valid will.
195
testator / testatrix
A person who has made a will.
196
Title Search
An inspection of the public record to determine all rights and encumbrances affecting title to a piece of property.
197
Underwater
A home purchase loan that has a higher balance than the market value of the property. Being underwater may limit the homeowner’s options for refinancing and will prevent the homeowner from selling the property without having the assets to pay the difference needed to pay off the loan.
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Undivided Interest
A co-tenant’s interest, giving him the right to possession of the whole property, rather than a particular section of it.
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Unencumbered Property
Property that is free and clear of any liens.
200
unjust enrichment
The situation where a person has received and keeps money or goods that belongs to another. A lawsuit may be necessary to get back the property.
201
UPTEE
The mnemonic for the five ownership rights in the Bundle of Rights: Use, Possess, Transfer, Encumber, and Enjoy.
202
Vendee's Lien
A lien held by the purchaser for the purchase price paid if the seller defaults on the delivery of the deed.
203
Vested
Owned by.
204
View Easement
A negative easement that prevents a servient tenant from adding anything to their property that would affect the quality of the dominant tenant’s view. Also called Easement for Light and Air.
205
Voluntary Lien
A lien placed against property with the consent of the owner, e.g., a mortgage or deed of trust.
206
Warranty Deed
A deed in which the grantor fully warrants good and clear title to the property and agrees to defend the premises against the lawful claims of third parties. No longer used in California; a deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it.
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Warranty Forever
A guarantee in a deed that the grantor promises to compensate the buyer if title is not good.
208
WASTO
The mnemonic for five ways to acquire or convey property: Will, Accession, Succession, Transfer, or Occupancy.
209
Will
A written instrument whereby a person makes a disposition of his or her property to take effect after their death.-- An ecosystem where the land is permeated with water, which either lies on or near the surface of the land; an environment where specialized plants, aquatic species, and wildlife live.
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witnessed will
Will usually prepared by an attorney and signed by the maker and two witnesses. -- A legal declaration in which a person disposes of property to take effect upon his or her death.
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Writ of Execution
A court order to an officer to carry out judicial decree. A legal document issued by a court forcing the sale of a property to satisfy a judgment. -- A financing arrangement in which an existing loan on a property is retained while the lender gives the borrower another, larger loan.
