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LAS101 - Intro to Law > Chapter 6 - Property Law - Terminology > Flashcards

Chapter 6 - Property Law - Terminology Flashcards

1
Q

property over which the owner or possessor has relinquished control with no intent to regain control

A

abandoned property

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2
Q

an addition or increase in property

A

accession

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3
Q

possession of property with the possessor’s having immediate control over it

A

actual possession

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4
Q

taxes based on the assessed value of the property taxed

A

ad valorem taxes

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5
Q

personal representative appointed by probate courts to handle administration of a decedent’s estate

A

administrator/administratrix

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6
Q

possession of real property without consent of the owner that can result in acquiring tittle after a period of prescribed years upon compliance with requirements of statutes

A

adverse possession

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7
Q

children born after a testator executes a last will or testament

A

after-born children

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8
Q

an auxiliary administration of a decedent’s estate in a state other than the state of the decedent’s domicile

A

ancillary administration

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9
Q

agreement to pay the balance due on a note secured by a mortgage

A

assume the mortgage

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10
Q

person or entity entrusted with someone’s property

A

bailee

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11
Q

entrustment of property to someone to perform some service or repair on the property. (mechanic, dry cleaner)

A

bailment

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12
Q

one who entrusts property to another for a specified purpose

A

bailor

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13
Q

persons designated to receive property from another person’s insurance policy, will or trust

A

beneficiary

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14
Q

a local board authorized to grant exceptions an variances from land use zoning ordinances and regulations

A

board of adjustment

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15
Q

a local board authorized to revise the assessed values of properties subject to ad valorem taxation

A

board of equalization

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16
Q

one who makes a purchase in good faith, that is, without the attempt to defraud or deceive

A

bona fide purchaser

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17
Q

governmental regulations specifying he requirements for the construction of buildings

A

building codes

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18
Q

a right not reduced to possession by recoverable by a lawsuit (wages)

A

chose in action

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19
Q

an amendment to a last will and testament

A

codicil

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20
Q

cash or other asset pledged as a security for repayment of a debt

A

collateral

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21
Q

property acquired by a husband and wife during their marriage, other than property acquired by gift or inheritance, in a state that has community property laws

A

community property

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22
Q

building whose owners have title to individual units in a multi-unit structure and who have title in common with other owners to the amenities and other common elements of the property

A

condominium

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23
Q

organization of condo owners that governs the maintenance and uses of the amenities and other common elements of the property

A

condominium association

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24
Q

mixing of goods belonging to different owners

A

confusion

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25
Q

the ability to effectively control something, even if it is not actually in one’s possession

A

constructive possession

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26
Q

a form of ownership in which a person buys shares of stock in a corporation in order to occypy a unit in an apartment or business building

A

cooperative form of ownership

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27
Q

the exclusive legal right to reproduce, publish, sell, or distribute the matter and form of something (as a literary, musical, or artistic work)

A

copyrights

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28
Q

agreements, such as within a contract

A

covenants

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29
Q

a deed by which a borrower conveys legal title to real estate to a trustee who holds title as security for a lender

A

deed of trust

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30
Q

a judgment entered by a court for sus remaining due a creditor or motgagee after the creditor reposesses and selss goods or after the mortgagee forecloses and causes the mortgaged property to be sold

A

deficiency judgment

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31
Q

beneficiaries of real property under a last will and testament

A

devisees

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32
Q

deprived of receiving an inheritance from a decedent

A

disinherited

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33
Q

place of a person’s permanent residence

A

domicile

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34
Q

ability to exercise the right to property and authority to deirect its disposition

A

dominion and control

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35
Q

one who receives a gift

A

donee

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36
Q

one who makes a gift

A

donor

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37
Q

a provision in a mortgage that stipulattes that the entire unpaid balance due on the mortgages indebtedness will become due upon transfer of the property that is collateral for the mortgage debt

A

due-on-sale clause

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38
Q

right to use a part of someone else’s land as a right-of-way for purposes of ingress to and egress from otherwise landlocked property

A

easement of necessity

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39
Q

a rights of use over the property of another. Frequently refers to right-of-way across privately owned land.

A

easements

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40
Q

a share of a deceased spouse’s estate that a surviving spouse is entitled to claim in some states

A

elective share

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41
Q

the power of government or of individuals and corporations authorized to perform public functions, to take private property for public use. 5th Amendment requires just compensation

A

eminent domain

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42
Q

regulations adopted by administrative agencies designed to implement statutory protections of the environment

A

environmental regulations

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43
Q

an interest in real property that can be enjoyed only during the lifetime of a named person

A

estates during the life of another

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44
Q

intersts in lands and property attached thereto

A

estates in real property

45
Q

the person appointed by a testator to execute a will

A

executor/executrix

46
Q

the highest interest in real property that hte law recognizes

A

fee simple estate

47
Q

an estate in real property conveyed to a person (grantee) and to the heirs of the grantee’s body

A

fee tail estates

48
Q

allowed to continue, such as use of a land contrary to a new zoning law

A

“grandfathered in”

49
Q

one to whom a grant is made. usually a person or entity that acquires title to real estate

A

grantee

50
Q

one who makes a grant. Usually one who deeds property to another

A

grantor

51
Q

entrustment of property for the benefit of bailor to a person (bailee) who receives no compensation and has a limited responsibility

A

gratuitous bailments

52
Q

persons entitled to succeed to the property of a decedent who died intestate

A

heirs

53
Q

a tax imposed by many states on the receipt of property from a decedent

A

inheritance tax

54
Q

property with no tangible value, such as bonds, promissory notes or stock certificates

A

intangible personal property

55
Q

a trust established during the lifetime of the grantor or settlor

A

inter vivos trusts

56
Q

without a will

A

intestate

57
Q

a trust that cannot be revoked

A

irrevocable trusts

58
Q

a form of holding title to property where two or more persons share in the ownership

A

joint tenancy

59
Q

a form of property ownership whereby upon death of one party, that party’s interest in the property becomes the property of the surviving joint tenants

A

joint tenants with right of survivorship

60
Q

the constitutional requirement that a party whose property is taken by government under the power of eminent domain be justly compensated for the loss, normally at fair market value

A

just compensation

61
Q

system developed under the feudal system where an occupier or tenant held lands subordinate t a superior, usually a lord

A

land tenure

62
Q

developing criteria for present and future uses of lands–for example, zoning

A

land use planning

63
Q

the branch of the civil law that deals with the relationships between owners and tenants

A

landlord-tenant law

64
Q

legal declaration by which a person provides for the distribution of his property at death

A

last will and testament

65
Q

the legal interest in property that a tenant acquires by lease (usually written) from the owner

A

leasehold

66
Q

those who receive personal property under a decedent’s last will and testament

A

legatees

67
Q

a party who leases real or personal property from a lessor (owner)

A

lessee

68
Q

a party (sometimes called a landlord) who leases real or personal property to a lessee (tenant)

A

lessor

69
Q

permits to act for specified purposes

A

licenses

70
Q

a claim of a right or interest in or charge against another’s property

A

lien

71
Q

an interest in property (usually real estate) that allows the life tenant to use and control the property during his or her lifetime

A

life estates

72
Q

a holder of a life estate in property

A

life tenant

73
Q

a trust created by a grantor during his or her lifetime. also known as an inter vivos trust.

A

living trusts

74
Q

property that the owner has involuntarily parted with and about which the owner is without knowledge as to how or where to find it.

A

lost property

75
Q

written contract creating a lien against a specifically described real property to secure payment of a note or other undertaking.

A

mortgage

76
Q

one who takes or holds a mortgage (usually a lender)

A

mortgagee

77
Q

one who executes a mortgage (usually a borrower) to secure payment for an obligation

A

mortgagor

78
Q

a type of bailment where the owner of the property and the person receiving the property each receive a benefit. (lease of a motor vehicle)

A

mutual benefit bailments

79
Q

a legal proceeding to apportion undivided interests of owners in real property. (division of land OR proceeds)

A

partition suit

80
Q

all species of property other than land an things attached to land

A

personal property

81
Q

one who administers an estate, sometimes known as an executor of a testate estate or an administrator of an intestate estate

A

personal representative

82
Q

refers to acquiring an easement by long, continued, uninterrupted use, that is, by prescription

A

prescription

83
Q

the judicial determination of the validity of a will

A

probate

84
Q

a court that exercises jurisdiction over the probate of wills and administration of estates of decedents

A

probate court

85
Q

a document executed by a buyer creating a lien in favor of a seller of real property for the unpaid balance of the purchase price

A

purchase money mortgage

86
Q

a legal conveyance by a grantor to a grantee of an interest, in any, the grantor has in land described in the deed

A

quitclaim deed

87
Q

land and building permanently attached thereto

A

real property

88
Q

governmental regulations that result in a substantial diminishment in the value of an owner’s property

A

regulatory taking

89
Q

person designated to receive an estate in real property upon expiration of the prior estate.

A

remaindermen

90
Q

agreements among property holders restricting the use of property or prohibiting the rental or sale of it to certain parties

A

restrictive covenants

91
Q

action by a lessor to terminate a tenant’s occupancy because the tenant has angered the lessor, usually by reporting a housing violation to public authorities

A

retaliatory eviction

92
Q

a trust that the grantor reserves the right to revoke

A

revocable trust

93
Q

a mortgagor’s right to pay all sums due the mortgagee before a foreclosure sale and thus redeem the mortgagor’s right to the property that has been foreclosed

A

right of redemption

94
Q

a written contract between a debtor and a creditor granting the creditor a security interest in collateral

A

security agreement

95
Q

a sum deposited by a tenant either with a lessor or in escrow to guarantee performance of the tenant’s obligation under a lease

A

security deposit

96
Q

an interest in collateral that a creditor acquires to ensure repayment of a debt

A

security interest

97
Q

approval by zoning boards that permit uses within a particular district conditioned upon compliance with special requirements

A

special exceptions

98
Q

property that has physical form and substance and value in itself

A

tangible personal property

99
Q

a form of ownership of property by a husband and wife. Survivor becomes the owner of the property

A

tenancy by the entirety

100
Q

a form of ownership of property whereby each tenant in common owns an undivided interest in the property

A

tenants in common

101
Q

the legal capability to execute a last will and testament

A

testamentary capacity

102
Q

a trust created under a last will and testament

A

testamentary trust

103
Q

a person who executes a last will and testament

A

testator/testatrix

104
Q

a legal relationship created when a party known as the grantor or settlor transfers legal title to assets to a second party known as the trustee for the benefit of a third party known as the beneficiary

A

trust

105
Q

one who holds legal title to assets transferred by a grantor or settlor to be held and administered for the benefit of a third-party beneficiary

A

trustee

106
Q

a credit against a federal estate taxes (exemption up to a certain amount)

A

unified credit

107
Q

deviations granted by a Board of Adjustment where enforcement of zoning regulations would impose an undue hardship on the property owner

A

variances

108
Q

a deed from a grantor conveying an interest in real property to the grantee with various covenants, including the grantor’s warranty defend the title to the property conveyed

A

warranty deed

109
Q

an expression (in most instances written) that makes known the intent of the signer (testator) as to the disposition of his or her property. Also the last will and testament

A

will

LAS101 - Intro to Law (34 decks)

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