PROPERTY DISCLOSURES Flashcards
(144 cards)
1
Q
Written history of property
A
ABSTRACT
2
Q
Gradual Build up of soil; person gains title to added land built up on property
A
ACCRETION
3
Q
Occurs when a document, such as a deed, is signed by the seller in the presence of a notary public, acknowledging that this is a voluntary act
A
ACKNOWLEDGE
4
Q
A situation where a person has actual or personal knowledge of a transaction, etc.
A
ACTUAL NOTICE
5
Q
Based on value
A
AD VALOREM
6
Q
Court appointed person to oversee estate distribution of deceased; only applies when one dies intestate (without a valid will)
A
ADMINISTRATOR
7
Q
Squatters Rights; can gain title by using someone elses property continuously, openly and notoriously (without permission) for a certain period of time
A
ADVERSE POSSESSION
8
Q
In a real estate context, this relates to the word transfer; e.g., in a mortgage, an alienation clause allows the lender to call the loan due and payable if a property is sold or transferred, in other words, making the loan non-assumable
A
ALIENATION
9
Q
A right, privilege or improvement that is permanently attached to the land
A
APPURTENANCE
10
Q
A type of easement that runs with the land - tied to a particular property - given for the benefit of the particular land, e.g., shared driveway
A
APPURTENANT EASEMENT
11
Q
A type of insulation wrapped around pipes that could be cancer causing. The best way to remedy is to encapsulate, i.e., seal the asbestos.
A
ASBESTOS
12
Q
Sudden transfer; e.g., stream changing channel. With an avulsion, the boundary lines for a property remain the same as they were before the sudden change.
A
AVULSION
13
Q
A type of deed transferring title from a seller to a buyer where the only promise made by the seller is the covenant of seizing (seller promises ownership of the property and the right to sell)
A
BARGAIN AND SALE DEED
14
Q
Transfer of personal property through a will
A
BEQUEST
15
Q
A commercial site where the possibility of environmental contamination exists
A
BROWNFIELD
16
Q
An area separating two incompatible areas
A
BUFFER ZONE
17
Q
Comprehensive Environmental Response, Compensation and Liability Act. A federal law which prohibits the dumping of hazardous waste on property.
A
CERCLA
18
Q
List of recorded documents
A
CHAIN OF TITLE
19
Q
Another word for personal property; comes from the word “cattle”
A
CHATTEL
20
Q
Any claim that impairs title; e.g. forged signatures or no signatures on deed, heirs of prior owner claiming title, etc.
A
CLOUD ON THE TITLE
21
Q
Refers to a squatter`s rights to ownership once time period has been met
A
COLOR OF TITLE
22
Q
Property acquired during marriage; spouses have equal interest in property
A
COMMUNITY PROPERTY
23
Q
Where two or more own property together at the same time
A
CONCURRENT ESTATES
24
Q
The PROCESS used to take the property when the government exercises the right of Eminent Domain.
A
CONDEMNATION
25
Property deeded with conditions; e.g., must be used as a school. Also referred to as a defeasible fee
CONDITIONAL FEE
26
A multi-unit building where the occupants each own their individual units and receive a deed granting ownership of the property
CONDOMINIUM
27
An item of value; one must have consideration to have a valid deed or contract
CONSIDERATION
28
Occurs when a document is recorded on the public record at the county courthouse; a person is responsible for knowing facts because of recording on the public record
CONSTRUCTIVE NOTICE
29
A multi-unit building where the people who occupy the units own stock in a corporation, thereby receiving a right to lease the unit from the cooperative itself
COOPERATIVE
30
A life estate interest a husband receives in property upon wife`s death, regardless of debts owned on the property
CURTESY
31
Voluntarily giving land to government; typically done by a developer
DEDICATION
32
Property deeded with conditions; e.g., must be used as a school. Also referred to as a conditional fee
DEFEASIBLE FEE
33
Title is transferred from seller to buyer when the deed is delivered and accepted
DELIVERY AND ACCEPTANCE
34
A transfer of rights in real property through a lease
DEMISE
35
Occurs when one dies intestate; probate judge then determines who receives the property of the deceased, such as children, parents, other family members, etc. In essence, judge determines who property descends or goes to
DESCENT
36
Improves the lots
DEVELOPER
37
Transfer of real property through a will
DEVISE
38
Receiver of real property through a will
DEVISEE
39
Land benefited or in favor of the easement
DOMINANT TENEMENT
40
A life estate interest a wife receives in property upon husband`s death, regardless of debts owned on the property
DOWER
41
Going from a more active use to a less active use; e.g., multi-family to single family
DOWNZONING
42
Gives someone else the right to use a part of your property while you still retain the ownership rights
EASEMENT
43
Using someone else`s property continuously, openly and notoriously for a certain period of time - the adverse user then gains an easement to use that land
EASEMENT BY PRESCRIPTION
44
A type of easement not tied to any land but instead that is owned by a person or company, e.g., utilities, railroads
EASEMENT IN GROSS
45
Growing crops in the field; allows the seller to come back and harvest after the sale
EMBLEMENTS
46
The RIGHT of the government to take private property for public good. The property owner is paid compensation for the property.
EMINENT DOMAIN
47
Trespassing; an improvement or appurtenance that extends across the property line; e.g., fences, tree limbs, etc.
ENCROACHMENT
48
Something that burdens or limits your title to a property, such as a lien or deed restriction (or) rights held by someone else in your property, such as through an easement
ENCUMBRANCE
49
Gradual wearing away of soil; owner loses title to land eroded away
EROSION
50
The right of the government to take private property when an owner dies intestate (no will) and has no heirs; also applies if owner abandons the property
ESCHEAT
51
The degree, quantity, nature and extent of ownership interest in real property.
ESTATE
52
A lease with a definite beginning and ending date
ESTATE FOR YEARS
53
A life estate whereby the property goes to a third party (named by the grantor) when the grantee (life tenant) dies
ESTATE IN REMAINDER
54
A life estate whereby the property reverts back to the grantor when the grantee (life tenant) dies
ESTATE IN REVERSION
55
A clause in a deed that lists any encumbrances the buyer is subject to; many times, referred to simply as the reservations clause
EXCEPTIONS AND RESERVATIONS CLAUSE
56
One named in will to carry out will
EXECUTOR
57
Type of deed used by the executor to transfer property to those named in will
EXECUTOR`S DEED
58
A title insurance policy that may cover more things than a standard policy, such as unrecorded liens, etc.
EXTENDED POLICY
59
The maximum rights one can have in owning real estate; also called fee simple absolute.
FEE SIMPLE
60
Going from personal to real property; item that was once personal property but is now attached
FIXTURE
61
What we usually think of as OWNERSHIP. There is no definite ending date and it is for at least a lifetime.
FREEHOLD ESTATES
62
A promise made by the seller in a general warranty deed assuring the buyer that the seller will provide or sign documents in the future if necessary to help prove buyer`s title
FURTHER ASSURANCE
63
Tax on land plus improvements; pays for school, police and fire protection, etc.
GENERAL ASSESSMENT
64
A lien that applies to all of one`s property, real and personal
GENERAL LIEN
65
The instrument used to transfer title from a seller to a buyer whereby seller gives buyer greatest protection; seller promises the covenant of seizin, quiet enjoyment, against encumbrances, further assurance and warranty forever
GENERAL WARRANTY DEED
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The person receiving title to real property; typically the buyer
GRANTEE
67
Words of conveyance in a deed; using property wording and verbiage in a deed
GRANTING CLAUSE
68
The person transferring title to real property; the seller
GRANTOR
69
In a deed, contains just these words: "To have and to hold"
HABENDUM
70
A law that protects a family`s home from creditors; does not apply to real estate taxes or home mortgage
HOMESTEAD
71
A lien for non-payment of income tax to the IRS (Internal Revenue Service)
INCOME TAX LIEN
72
Dying without a valid will
INTESTATE
73
A form of ownership where two or more parties own property together; carries the right of survivorship (when an owner dies, the ownership interest goes to the surviving owners, not the heirs of the deceased)
JOINT TENANCY
74
A lien for personal debts; covers all real and personal property
JUDGMENT LIEN
75
A spot on the earth that goes down to the center of the earth and up to infinity
LAND
76
A federal law concerning lead based paint mandating the following disclosures prior to contract obligation for residential properties built prior to 1978: 1) buyers being given a pamphlet concerning lead based paint, 2) sellers disclosure to buyers of any known lead based paint on property and 3) buyers being given a 10 day inspection period regarding lead based paint.
LEAD BASED PAINT LAW
77
What we usually think of as RENTING or LEASING. It is for a definite period of time, i.e., a limited duration.
LEASEHOLD ESTATES
78
Receiver of lease (tenant)
LESSEE
79
Giver of lease (landlord)
LESSOR
80
Personal permission to use someone else`s property; does not encumber title as an easement does
LICENSE
81
A money encumbrance against a property
LIENS
82
A property that is deeded to someone for their life or the life of another
LIFE ESTATES
83
Latin for "pending litigation or action"
LIS PENDENS
84
Property bordering a lake or ocean
LITTORAL
85
Plan for a cities future growth
MASTER LAND PLAN
86
A lien designed for people who make improvements on property and are wrongfully not paid; e.g., contractors, sub-contractors and material vendors who are not paid for work performed or materials supplied
MECHANIC`S LIEN
87
A fungus that tends to grow in moist areas; very common in areas of high humidity or in properties that are too air-tight
MOLD
88
A voluntary lien where one uses property as security for a loan
MORTGAGE LIEN
89
(lender) A title insurance policy covering a lender for the outstanding loan balance
MORTGAGEE`S POLICY
90
Before zoning; similar to a grandfather clause; allows continued use of a property that is technically in violation of the current zoning law because the owner was using the property a certain way before the zoning change. Property can be sold as non-conforming use if buyer uses it the same as the seller had; however, if property burns down, generally property then must conform to the new, current zoning use.
NON-CONFORMING USE
91
Without permission (hostile); this is a requirement for a person claiming rights to a property either through adverse possession or an easement by prescription
NOTORIOUS
92
A situation where two structures share the same wall; e.g., a duplex
PARTY WALL
93
A lease that runs from period to period; e.g., a month-to-month lease
PERIODIC TENANCY
94
Anything that is easily movable; e.g., camera, grill, etc.
PERSONAL PROPERTY
95
(PUD) Diverse uses of land in one area; requires special zoning (referred to as overlay, cluster or density zoning)
PLANNED UNIT DEVELOPMENT
96
Keeping things in order; e.g., zoning and building codes fall under police power
POLICE POWER
97
A special court for handling estates upon one`s death. Court determines who gets what property and in what amounts if the deceased died intestate (without a valid will)
PROBATE COURT
98
A lien for non-payment of real estate taxes; this always takes priority getting paid off at a foreclosure sale
PROPERTY TAX LIEN
99
(for another`s life) A life estate where the grantee owns a property based on someone else`s life
PUR AUTRE VIE
100
A promise assuring no third party claims; e.g., in a lease, a tenant receives the right of quiet enjoyment from a landlord, thus relieving tenant from having to worry about another party claiming rights to that same space
QUIET ENJOYMENT
101
Court action to clear a cloudy title; e.g., ownership disputes, adverse possession claims, encroachments, etc.
QUIET TITLE SUIT
102
A type of deed transferring title from a seller to a buyer where NO promises are made by the seller. The seller says IF I own it, but I`m not saying I do, I give you whatever rights I MAY have. This deed is typically used to quiet cloudy titles.
QUITCLAIM DEED
103
Naturally decaying radioactive gases in the ground that can infiltrate built structures, such as houses; can be cancer causing
RADON GAS
104
Government regulations relating to subdivisions; e.g., most cities require streets, sewers, easements, etc.
REGULATIONS
105
Third party who receives fee simple title upon death of the grantee (life tenant)
REMAINDERMAN
106
A form of life estate where the seller sells the property but retains (reserves) a life estate interest in that same property for the seller`s lifetime
RESERVATION
107
A private agreement contained in a deed that restricts the use of a property; e.g., certain types of fences or roofs required. Also referred to as restrictive covenants or deed restrictions.
RESTRICTIONS
108
A private agreement contained in a deed that restricts the use of a property; e.g., certain types of fences or roofs required. Also referred to as deed restrictions
RESTRICTIVE COVENANTS
109
Upon expiration of a lease, the property goes back to original lessor (landlord); also, a life estate in reversion is where once a grantee (life tenant) dies, the property goes back to original grantor
REVERSION
110
Found in joint tenancy, when one owner dies, the ownership interest passes to the surviving owners
RIGHT OF SURVIVORSHIP
111
Property bordering a flowing waterway; e.g., river or stream
RIPARIAN
112
A title insurance clause stating that certain items are excluded from coverage; e.g., government regulations such as zoning
SCHEDULE OF EXCEPTIONS
113
Seized of title; A term where seller promises ownership of property and has the right to sell
SEIZIN
114
Property acquired before marriage; individual spouses retain sole ownership interest
SEPARATE PROPERTY
115
Land burdened by the easement
SERVIENT TENEMENT
116
A situation where one person only owns the property; also, how corporations take title
SEVERALTY
117
Going from real to personal property; e.g., cutting down a tree
SEVERANCE
118
Transfers property to buyer at foreclosure sale; e.g. for non-payment of mortgage
SHERIFF`S DEED
119
Property tax for improvements that benefit certain properties; e.g., sewers and sidewalks
SPECIAL ASSESSMENT
120
A type of deed transferring title from a seller to a buyer. However, the seller only makes promises regarding ownership, encumbrances, etc. during the time period in which the seller owned the property, no promises before that.
SPECIAL WARRANTY DEED
121
A lien that applies only to one specific property
SPECIFIC LIEN
122
Changing the zoning of one particular spot; normally for public good
SPOT ZONING
123
A title insurance policy that covers forged documents, undisclosed heirs, etc.
STANDARD POLICY
124
Divides land into lots for sale
SUBDIVIDER
125
Signing over rights in a claim to a title insurance company in return for getting paid off
SUBROGATION
126
A lawsuit where one of the owners institutes court action to force sale of property by all parties
SUIT TO PARTITION
127
A public official who appraises property for tax purposes to determine only the assessed value.
TAX ASSESSOR
128
Total of all assessed values
TAX BASE
129
Transfers property to buyer at foreclosure sale for non-payment of taxes
TAX DEED
130
A lease where the tenant stays over without permission; landlord suffers
TENANCY AT SUFFERANCE
131
A lease where the tenant does have permission to occupy but nothing is in writing; e.g., a landlord continuing to accept rent from a tenant even after expiration of the original lease
TENANCY AT WILL
132
Very similar to joint tenancy, with the difference being that the owners must be husband and wife
TENANCY BY THE ENTIRETIES
133
An individual interest in group ownership; the ownership interest can be unequal, the parties all share possession, and the heirs of the deceased receive the property upon the death of one of the owners (ownership does NOT transfer to the other co-owners)
TENANCY IN COMMON
134
Dying with a valid will
TESTATE
135
Deceased person who had made a will
TESTATOR
136
Fee simple ownership to a unit for a set period of time each year; interval ownership
TIME SHARING
137
Insures the title to a particular piece of property
TITLE INSURANCE
138
Item installed by a commercial tenant for business use; e.g. display cases
TRADE FIXTURES
139
After zoning; this is a small deviation in the current zoning law that still conforms to the over all general plan for the area. Variances are generally granted for things like setback requirements, front footage requirements, etc.
VARIANCE
140
A type of easement for viewing across another`s property
VIEW EASEMENT
141
A promise made by the seller in a general warranty deed that says if the seller provides faulty title, the seller will return the purchase price money back to the buyer; in essence, a money back guaranty
WARRANTY FOREVER
142
Difference between earth`s surface and percolating water
WATER TABLE
143
A procedure where a sheriff seizes property and sells to satisfy a judgment
WRIT OF EXECUTION
144
The regulation of structures and uses of property within designated areas
ZONING
