Chapter 8 Vocabulary Flashcards
(41 cards)
Equitable title:
A. The right of a property owner to become entitled to all that a property produces and to all that is added to it, either naturally or artificially.
B. The right to obtain absolute ownership of a property when legal title is held in another’s name.
C. The current reproduction cost of a building plus the value of the land tends to set the upper limit of a property’s value.
D. The name of a book, composition or other artistic work.
B. The right to obtain absolute ownership of a property when legal title is held in another’s name.
Gap endorsement:
A. The time between the effective date of a title commitment and the recording of the owner’s interest.
B. When a title company will provide coverage for liens that occur between the title commitment and the recording of the deed.
C. A break in the chain of title.
D. To strike a hard surface with a series of rapid audible blows.
B. When a title company will provide coverage for liens that occur between the title commitment and the recording of the deed.
Party wall easement:
A. The fence between two neighbors who plan to play volleyball over it.
B. A party to an easement who received an easement right to use another’s property.
C. A wall that is located on a boundary line between two adjoining parcels of land.
D. An easement between a landowner and a company that binds subsequent owners.
C. A wall that is located on a boundary line between two adjoining parcels of land.
Dominant estate/tenement:
A. A change in zoning from a more active to a less active classification, such as commercial to residential.
B. A government’s right to take private land for public use.
C. A party to an easement who received an easement right to use another’s property.
D. An instrument by which some estate or interest in land is transferred from one person to another, such as a deed, mortgage, lease or contract for sale.
C. A party to an easement who received an easement right to use another’s property.
Quitclaim deed:
A. A promise contained in a deed by which one of the parties agrees or pledges to the other that something will be done or shall not be done.
B. A property purchase transaction in which the property seller provides all or part of the financing.
C. A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
D. A deed that conveys title to real property without making warranties or representations regarding the quality of the deed.
D. A deed that conveys title to real property without making warranties or representations regarding the quality of the deed.
Easement by condemnation:
A. An easement that is acquired through the operation of law allowing a purchaser of land ingress and egress.
B. An easement acquired through operation of law by a government for a public use.
C. A government’s right to take private land for public use.
D. An easement created by adverse use of a property over a statutory period.
B. An easement acquired through operation of law by a government for a public use.
Servient estate/tenement:
A. A party to an easement who received an easement right to use another’s property.
B. The landowner who grants or serves the right to use property to another in an appurtenant easement.
C. Any building or part of a building designed for occupancy as a residence by one or more families.
D. A person employed in a house on domestic duties or as a personal attendant.
B. The landowner who grants or serves the right to use property to another in an appurtenant easement.
Judgment lien:
A. A lien created by the enactment of a law established by legislation.
B. A lien binding the real estate of one who is in debt to the holder of a judgment, giving the holder a right to foreclose on the land for the satisfaction of the judgment.
C. A notice filed on public record to give constructive notice that a property is in litigation and there may be a forthcoming lien.
D. A judgment against a person when the sale of a person’s property is not sufficient to satisfy the mortgage debt.
B. A lien binding the real estate of one who is in debt to the holder of a judgment, giving the holder a right to foreclose on the land for the satisfaction of the judgment.
Writ of attachment:
A. A court order instructing the officer of the court to carry out the decision of the court.
B. The method by which the court gains custody of a deed to assure that the collateral will not be sold without satisfaction of a court-ordered judgment.
C. Additional material attached to and made part of a document.
D. A written lease in a cooperative apartment building between the owner/corporation and the tenant/stockholder in which the tenant is given the right to occupy a particular unit.
B. The method by which the court gains custody of a deed to assure that the collateral will not be sold without satisfaction of a court-ordered judgment.
Commercial easement in gross:
A. An easement created by adverse use of a property over a statutory period.
B. An easement granted by a court to give the property owner ingress and egress.
C. A survey marking the boundary lines of a commercial building.
D. An easement between a landowner and a company that binds subsequent owners.
D. An easement between a landowner and a company that binds subsequent owners.
Lien:
A. The common practice of expressing an exaggerated opinion of a property’s benefits.
B. The act of someone or something resting against a fence.
C. A written instrument affecting any estate, right, title or interest in land that is recorded in the public records in the county where the land is located.
D. A legal right to place a claim or encumbrance on property or have it sold for payment of a debt.
D. A legal right to place a claim or encumbrance on property or have it sold for payment of a debt.
Property taxes:
A. The part of the monthly payment that reduces the remaining balance of a mortgage.
B. Taxes levied by the government against real estate.
C. State or local tax payable when title passes from one owner to another.
D. A deed that conveys title to real property without making warranties or representations regarding the quality of the deed.
B. Taxes levied by the government against real estate.
Gap period:
A. Characteristic of a past historical time.
B. An agreement to keep open for a set period an offer to sell or lease real property.
C. When a title company will provide coverage for liens that occur between the title commitment and the recording of the deed.
D. The time between the effective date of a title commitment and the recording of the owner’s interest.
D. The time between the effective date of a title commitment and the recording of the owner’s interest.
Suit to quiet title:
A. A court action intended to establish the title to a particular property where there is a cloud on title.
B. The official decision of a court regarding the rights and obligations of the parties of a lawsuit.
C. Completion of a real estate transaction where mortgage funds are given to a buyer who exchanges them with a seller for legal title to the property.
D. A method of foreclosure where a mortgagee files suit to have the property sold by court order in an advertised public sale.
A. A court action intended to establish the title to a particular property where there is a cloud on title.
Warranty deed:
A. A deed in which the grantor warrants clear title to the property.
B. A deed used by a personal representative when conveying property from an estate.
C. A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
D. A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.
A. A deed in which the grantor warrants clear title to the property.
Encroachment:
A. To advance upon or trespass upon the property of another as in the extension of some improvement or object across the boundary of a neighboring tract.
B. Any of several American freshwater sunfishes.
C. To stop or prevent someone or something from being on something.
D. Any claim against a property that may diminish its value.
A. To advance upon or trespass upon the property of another as in the extension of some improvement or object across the boundary of a neighboring tract.
Writ of execution:
A. A criminal case with the possibility of a death sentence.
B. The method by which the court gains custody of a deed to assure that the collateral will not be sold without satisfaction of a court-ordered judgment.
C. A court order instructing the officer of the court to carry out the decision of the court.
D. The prevention by law of the manufacture and sale of alcohol.
C. A court order instructing the officer of the court to carry out the decision of the court.
Chain of title:
A. Chronological record of a property’s ownership.
B. A document that transfers ownership of title.
C. The reversion of property to the state or county as provided by state law in cases where a decedent dies intestate and there are no heirs.
D. Used for hanging a “sold” sign on a licensee’s for-sale sign after an offer is accepted.
A. Chronological record of a property’s ownership.
Personal representative’s deed:
A. A deed that conveys title to real property without making warranties or representations regarding the quality of the deed.
B. An advertisement or message in the personal column of a newspaper.
C. A deed used by a personal representative when conveying property from an estate.
D. A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
C. A deed used by a personal representative when conveying property from an estate. A personal representative’s deed does not warranty the title of the conveyed property.
Assessed value:
A. Used only for the valuation of your jewelry.
B. An appraisal theory that a value placed on a property is good for a snapshot in time because no physical or economic condition remains the same.
C. A reference to the real property under an appraisal.
D. A property’s value for determining property taxes.
D. The determination of a property’s value for determining property taxes. Assessed value is usually a percentage of the appraised value.
Encumbrance:
A. A physical or mental impairment that substantially limits one or more major life activities.
B. An official or regime currently holding office.
C. Any claim against a property that may diminish its value.
D. A recognized interest in the use, possession, control and disposition a person has in land.
C. Any claim against a property that may diminish its value.
Ad valorem:
A. The process of combining two adjacent but separate properties.
B. Additional material attached to and made part of a document.
C. A real estate agent who is a whiz in the computation of a seller’s closing costs.
D. Latin for according to valuation.
D. Latin for according to valuation. Refers to a tax based on a property’s value, not the income of the property owner.
Personal easement in gross:
A. Any property that is not real property.
B. A legal document used to transfer ownership of personal property.
C. An easement that exists between a landowner and another person that typically ends upon the death of the easement holder or transfer of title.
D. An easement granted to a business enterprise.
C. An easement that exists between a landowner and another person that typically ends upon the death of the easement holder or transfer of title.
Lis pendens:
A. A property that has an accepted offer to purchase with all the contingencies removed.
B. Property that is portable or unattached to the real estate.
C. A notice filed on public record to give constructive notice that a property is in litigation and there may be a forthcoming lien.
D. A deed used by a personal representative when conveying property from an estate.
C. Litigation pending. A notice filed on public record to give constructive notice that a property is in litigation and there may be a forthcoming lien.
