Match the Terms- Through Unit 5

Question 1

Action for Quiet Title

Answer 1

Legal Action intended to establish or settle the title to a particular property.

Question 2

Special assessments

Answer 2

Levees for improvements such as sidewalks & waterlines made to a property.

Question 3

Lis pendens

Answer 3

This notice renders a property unmarketable because it means that litigation is pending.

Question 4

Adverse Possession

Answer 4

The open, notorious, hostile, and continuous use of another’s property for a statutory time, which may allow the squatter to claim the property.

Question 5

Judgement

Answer 5

Court decision on the respective rights and claims of the parties in a lawsuit.

Question 6

Fee Simple Absolute

Answer 6

Highest form of ownership recognized by law; for an indefinite duration, freely transferable and inheritable.

Question 7

Tenancy in common

Answer 7

Form of co-ownership by which each owner holds an undivided interest in real property as if he or she were the sole owner; characterized by unity of possession.

Question 8

Cooperative

Answer 8

Form of ownership in which a corporation holds the title and the owners purchase shares of stock in the corporation and receive a proprietary lease.

Question 9

Tenancy by the entirety

Answer 9

Form of concurrent property ownership held by a husband and wife during marriage; characterized by unities of time, title, interest, possession, and person.

Question 10

Condominium

Answer 10

Form of ownership in which the airspace is owned in severalty, and the land and buildings are owned as tenants in common.

Question 11

Ad Valorem

Answer 11

Tax Levied according to value

Question 12

Riparian Rights

Answer 12

Owner’s rights of land that borders water

Question 13

Estate

Answer 13

Degree, Quantity, nature, and extent of interest in real property

Question 14

Attachment

Answer 14

making personal property real property

Question 15

Freehold Estate

Answer 15

an indeterminable amount of time one has ownership of land

Question 16

Appurtenance

Answer 16

Right or privilege that passes with the land

Question 17

Intestate Succession

Answer 17

Passing of real property to heirs or the state without a will

Question 18

Public Land Use controls

Answer 18

Zoning

Question 19

Deed of Trust

Answer 19

Three way instrument conveying title to a trustee as security for a lien.

Question 20

Borrower

Answer 20

Grantor in a deed of trust

Question 21

Beneficiary

Answer 21

Lender in a deed of trust

Question 22

Market

Answer 22

a place where goods can be bought and sold

Question 23

Nonhomogeneity

Answer 23

a lack of uniformity that makes real estate unique

Question 24

Offeror

Answer 24

The person making the offer

Question 25

Mortgagor

Answer 25

the borrower in a loan transaction

Question 26

Deficiency Judgement

Answer 26

Taken when a foreclosure sale fails to produce enough funds to cover the debt

Question 27

Enabling Acts

Answer 27

State legislation that confers zoning power

Question 28

Easement

Answer 28

The right to use the land of another

Question 29

Encumbrance

Answer 29

Anything that may cause a diminished value on the use of the land.

Question 30

Novation

Answer 30

Substituting a new deal for an old one.

Question 31

Severance

Answer 31

Changing an item of real property to personal property

Question 32

Severalty

Answer 32

The ownership of real property by one person or entity.

Question 33

Voluntary Lien

Answer 33

Lien Placed with the knowledge and consent

Question 34

Vendee

Answer 34

Buyer

Question 35

Undivided Interest

Answer 35

As if sole owner

Question 36

Rescission

Answer 36

The right to terminate or cancel

Question 37

Reversionary Interest

Answer 37

Held by the grantor after granting a life estate

Question 38

Protective Covenant

Answer 38

Private land use controls

Question 39

Real Property

Answer 39

Interests,rights and benefits inherent in ownership

Question 40

For the Life of another

Answer 40

Pur Autre Vie

Question 41

Promissory Note

Answer 41

Negotiable Instruments stating the financial obligations of signer

Question 42

Chattel

Answer 42

personal property

Question 43

offer and acceptance

Answer 43

meeting of the minds

Question 44

no exception for race ever

Answer 44

Civil Rights Act of 1866

Question 45

Debit

Answer 45

a charge against a property

Question 46

Credit

Answer 46

An amount paid by or for a party

Question 47

Excise Tax

Answer 47

Tax paid by seller based on amount of sale

Question 48

Non Freehold Estate

Answer 48

Lessor/Lessee are parties to-

Question 49

Substitution

Answer 49

Appraisal Principle

Question 50

Earnest Money Deposit

Answer 50

Always a credit to the buyer only