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Real Estate! > Chapter 3C > Flashcards

Chapter 3C Flashcards

1
Q

Deed

A

Legal document signed at closing that transfers the ownership of a property from seller to buyer

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2
Q

Grantee

A

The buyer in a transaction.

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3
Q

Grantor

A

The seller in a transaction.

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4
Q

Involuntary Alienation

A

Loss of property through attachment, condemnation, foreclosure, sale of taxes or other involuntary transfer of title.

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5
Q

Voluntary Alienation

A

Transfer of title to an asset with the consent of the owner.

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6
Q

Acknowledgement

A

A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is the person’s act and deed.

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7
Q

Consideration

A

Anything given to induce another to enter into a contract such as money or personal services

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8
Q

Conveyance

A

The transfer of the title of land from one to another. The means or medium by which title of real estate is transferred.

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9
Q

Delivery and Acceptance

A

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.

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10
Q

Habendum Clause

A

A clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. Also known as the “to have and to hold’” clause.

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11
Q

Lot and Block

A

Method of identifying legal description of property.

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12
Q

Merger Doctrine

A

Stands for the proposition that the contract for the conveyance of property merges into the deed of conveyance

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13
Q

Description (Schedule A)

A

Consists of the written words which delineate a specific piece of real property.

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14
Q

Executor

A

A person or institution appointed by a testator to carry out the terms of their will.

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15
Q

Survey

A

The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.

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16
Q

Full Covenant and Warranty Deed

A

A type of deed where the grantor guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee. This type of deed contains the strongest guarantee of title.

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17
Q

Bargain and Sale Deed

A

A deed conveying real property without covenants.

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18
Q

Executor

A

A person or institution appointed by a testator to carry out the terms of their will.

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19
Q

Decedent/Testator

A

Dead person

20
Q

Title

A

A fancy term for a bundle of rights in a piece of property in which a party may own either a legal interest or equitable intrest

21
Q

Marketable Title

A

A title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer

22
Q

Accession

A

A mode of acquiring property that involves the addition of value to property through labor or the addition of new materials.

23
Q

Accretion

A

The addition of land through processes of nature, as by water or wind.

24
Q

Ad Valorem Taxes

A

According to valuation.

25
Q

Adverse Possession

A

A means of acquiring title where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property under a claim or right for the required statutory period.

26
Q

Alluvion

A

The increase in the area of land due to sediment deposited by a river. This changes the size of a piece of land (a process called accretion) and thus its value over time.

27
Q

Assessed Value

A

A valuation placed upon property by a public officer or a board, as a basis for taxation

28
Q

Assessing Unit

A

A city, county, town or village with the authority to value real property for purposes of taxation

29
Q

Approved Assessing Unit

A

A city or town which has been certified by the State Board of Real Property Tax Services to have completed a revaluation or an update in conformance with its rules and regulations

30
Q

Assessments

A

A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer.

31
Q

Assessment Review Board

A

An independent tribunal established to hear assessment appeals.

32
Q

Conveyance

A

The act of transferring the legal title of property from one person to another.

33
Q

Dedication

A

An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public.

34
Q

Dedication by Deed

A

Land that has been put aside for a public use by a deed which states exactly what the property will be used for.

35
Q

Homestead

A

The home which is owned by and is the usual residence of the client along with all the surrounding land and any building on that land, provided the land is not separated from the home by an property owned by others.

36
Q

Delivery and Acceptance

A

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.

37
Q

Public Grant

A

A term that is used for a gift of land that is from the government.

38
Q

In Rem

A

A proceeding against the reality directly; as distinguished from a proceeding against a person. (Used in taking land from nonpayment of taxes, etc.)

39
Q

Land Patent

A

A supreme title to land which was originally acquired within the United States of America by a treaty. It grants the rights to the described land under the treaty to the individual person named on the patent and to their heirs and their assigns forever.

40
Q

Levy

A

An assessment of tax.

41
Q

Metes and Bounds

A

A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles.

42
Q

Reference to a Plan

A

A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property.

43
Q

Special Assessment

A

An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited

44
Q

Special Assessment Districts

A

A geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which as tax is apportioned to recover the costs of the public improvement.

45
Q

Survey

A

The process by which a parcel or land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.

Real Estate! (22 decks)

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