Chapter 3C Legal Issues: Deeds Flashcards
(44 cards)
Accession
A mode of acquiring property that involves the addition of value to property through labor or the addition of new materials.
Accretion
The addition of land through processes of nature, as by water or wind.
Ad Valorem Taxes
according to valuation.
Survey
The process by which a parcel or land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.
Special Assessment Districts
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.
Special Assessment
An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited.
Reference to a Plan
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.
Metes and Bounds
A term used in describing the boundary lines of land, seeing forth all the boundary lines together with their terminal points and angles.
Lien
A legal right or claim upon a specific property which attaches to the property until a debt is satisfied.
Adverse Possession
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.
Levy
An assessment of tax.
Land Patent
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.
In Rem
A proceeding against the reality directly; as distinguished from a proceeding against a person. (Used in taking land from nonpayment of taxes, etc.)
Public Grant
A term that is used for a gift of land that is from the government.
Non-homestead
Real property that does not meet the definition of homestead. Non-homestead real property is generally counted as an asset; however, it is considered unavailable during the time the client make a reasonable effort to sell the property.
Homestead
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.
Alluvion
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.
Dedication by Deed
Land that has been put aside for a public use by a deed which states exactly what the property will be used for.
Dedication
An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public.
Assessment Review Board
An independent tribunal established to hear assessment appeals.
Assessments
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.
Approved Assessing Unit
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.
Assessing Unit
A city, county, town or village with the authority to value real property for purposes of taxation.
Assessed Value.
A valuation placed upon property by a public officer or a board, as a basis for taxation.
