Property Ownership Flashcards
(210 cards)
1
Q
A federal law passed adding two new protected classes; Handicap and Familial Status
A
1988 AMENDMENTS TO THE FAIR HOUSING ACT
2
Q
Written history of property
A
ABSTRACT
3
Q
Gradual Build up of soil; person gains title to added land built up on property
A
ACCRETION
4
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
5
Q
A situation where a person has actual or personal knowledge of a transaction, etc.
A
ACTUAL NOTICE
6
Q
Based on value
A
AD VALOREM
7
Q
An addition made to an original contract; e.g., adding the requirement that a roof be repaired. Also, sometimes referred to as an amendment.
A
ADDENDUM
8
Q
Court appointed person to oversee estate distribution of deceased; only applies when one dies intestate (without a valid will)
A
ADMINISTRATOR
9
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
10
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
11
Q
A change made to an original contract; e.g., extending closing date on contract; also referred to as an addendum
A
AMENDMENT
12
Q
A right, privilege or improvement that is permanently attached to the land
A
APPURTENANCE
13
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
14
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
15
Q
A transfer of rights in contract to another party
A
ASSIGNMENT
16
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
17
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
18
Q
Transfer of personal property through a will
A
BEQUEST
19
Q
A contract containing a promise for a promise; e.g., buyer and seller in selling and buying a house
A
BI-LATERAL
20
Q
The illegal act of making a profit by inducing owners to sell by telling them that persons of a protected class are moving into their neighborhood
A
BLOCKBUSTING
21
Q
Markers in a Metes and Bounds description; e.g., stake, well, etc.
A
BOUNDS
22
Q
A commercial site where the possibility of environmental contamination exists
A
BROWNFIELD
23
Q
An area separating two incompatible areas
A
BUFFER ZONE
24
Q
Comprehensive Environmental Response, Compensation and Liability Act. A federal law which prohibits the dumping of hazardous waste on property.
A
CERCLA
25
List of recorded documents
CHAIN OF TITLE
26
Another word for personal property; comes from the word "cattle"
CHATTEL
27
Banned all racial discrimination
CIVIL RIGHTS ACT OF 1866
28
Banned discrimination in residential real estate on the basis of race, color, religion, national origin, sex, handicap, or familial status
CIVIL RIGHTS ACT OF 1968
29
Any claim that impairs title; e.g. forged signatures or no signatures on deed, heirs of prior owner claiming title, etc.
CLOUD ON THE TITLE
30
Refers to a squatter`s rights to ownership once time period has been met
COLOR OF TITLE
31
Mixing escrow money with personal or business funds; illegal
COMMINGLING
32
Property acquired during marriage; spouses have equal interest in property
COMMUNITY PROPERTY
33
An essential element of a contract; one must be of legal age and of sound mind
COMPETENT PARTIES
34
Where two or more own property together at the same time
CONCURRENT ESTATES
35
The PROCESS used to take the property when the government exercises the right of Eminent Domain.
CONDEMNATION
36
Property deeded with conditions; e.g., must be used as a school. Also referred to as a defeasible fee
CONDITIONAL FEE
37
A multi-unit building where the occupants each own their individual units and receive a deed granting ownership of the property
CONDOMINIUM
38
An item of value; one must have consideration to have a valid deed or contract
CONSIDERATION
39
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
40
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
41
A type of syndication where owners can limit their liability; a corporation who purchases real estate takes title in severalty
CORPORATION
42
A rejected offer and a new offer made back to the other party
COUNTER-OFFER
43
A life estate interest a husband receives in property upon wife`s death, regardless of debts owned on the property
CURTESY
44
Buyer backs out of a contract, is release from the contract but the seller keeps the earnest money is liquidated or pre-arranged damages
DECLARE CONTRACT FORFEITED
45
Voluntarily giving land to government; typically done by a developer
DEDICATION
46
Property deeded with conditions; e.g., must be used as a school. Also referred to as a conditional fee
DEFEASIBLE FEE
47
Title is transferred from seller to buyer when the deed is delivered and accepted
DELIVERY AND ACCEPTANCE
48
A transfer of rights in real property through a lease
DEMISE
49
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
50
An essential element of a contract; must have an adequate description of the real estate; generally a legal description
DESCRIPTION
51
Improves the lots
DEVELOPER
52
Transfer of real property through a will
DEVISE
53
Receiver of real property through a will
DEVISEE
54
Land benefited or in favor of the easement
DOMINANT TENEMENT
55
A life estate interest a wife receives in property upon husband`s death, regardless of debts owned on the property
DOWER
56
Going from a more active use to a less active use; e.g., multi-family to single family
DOWNZONING
57
Good faith money
EARNEST MONEY
58
Gives someone else the right to use a part of your property while you still retain the ownership rights
EASEMENT
59
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
60
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
61
Growing crops in the field; allows the seller to come back and harvest after the sale
EMBLEMENTS
62
The RIGHT of the government to take private property for public good. The property owner is paid compensation for the property.
EMINENT DOMAIN
63
Trespassing; an improvement or appurtenance that extends across the property line; e.g., fences, tree limbs, etc.
ENCROACHMENT
64
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
65
Gradual wearing away of soil; owner loses title to land eroded away
EROSION
66
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
67
The degree, quantity, nature and extent of ownership interest in real property.
ESTATE
68
A lease with a definite beginning and ending date
ESTATE FOR YEARS
69
A life estate whereby the property goes to a third party (named by the grantor) when the grantee (life tenant) dies
ESTATE IN REMAINDER
70
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
71
The phase in a contract where the promises have been completed; e.g. contract closing
EXECUTED
72
One named in will to carry out will
EXECUTOR
73
Type of deed used by the executor to transfer property to those named in will
EXECUTOR`S DEED
74
The phase in a contract where the promises have been made but not completed; e.g. contract pending
EXECUTORY
75
A title insurance policy that may cover more things than a standard policy, such as unrecorded liens, etc.
EXTENDED POLICY
76
A person with a child under 18; a protected class under the 1988 Amendments to the Fair Housing Act
FAMILIAL STATUS
77
The maximum rights one can have in owning real estate; also called fee simple absolute.
FEE SIMPLE
78
Going from personal to real property; item that was once personal property but is now attached
FIXTURE
79
What we usually think of as OWNERSHIP. There is no definite ending date and it is for at least a lifetime.
FREEHOLD ESTATES
80
Linear (straight) feet along the street line; in essence, the width of your property along the street
FRONT FOOTAGE
81
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
82
Tax on land plus improvements; pays for school, police and fire protection, etc.
GENERAL ASSESSMENT
83
A lien that applies to all of one`s property, real and personal
GENERAL LIEN
84
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
85
A form of legal description that uses benchmarks to identify land
GEODETIC SURVEY SYSTEM
86
A form of legal description that describes land in America using meridians (north and south) and base (east and west) lines; every six miles range and tier lines are drawn to form townships; also referred to as the rectangular survey system
GOVERNMENT SURVEY SYSTEM
87
The person receiving title to real property; typically the buyer
GRANTEE
88
Words of conveyance in a deed; using property wording and verbiage in a deed
GRANTING CLAUSE
89
The person transferring title to real property; the seller
GRANTOR
90
In a deed, contains just these words: "To have and to hold"
HABENDUM
91
A physical or mental impairment; a protected class under the 1988 Amendments to the Fair Housing Act
HANDICAP
92
A law that protects a family`s home from creditors; does not apply to real estate taxes or home mortgage
HOMESTEAD
93
A lien for non-payment of income tax to the IRS (Internal Revenue Service)
INCOME TAX LIEN
94
Dying without a valid will
INTESTATE
95
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
96
In 1968, the United States Supreme Court rules that one cannot discriminate racially under any circumstances
JONES VS MAYER
97
A lien for personal debts; covers all real and personal property
JUDGMENT LIEN
98
A spot on the earth that goes down to the center of the earth and up to infinity
LAND
99
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
100
What we usually think of as RENTING or LEASING. It is for a definite period of time, i.e., a limited duration.
LEASEHOLD ESTATES
101
An essential element of a contract; must be for a lawful purpose
LEGAL OBJECT
102
Receiver of lease (tenant)
LESSEE
103
Giver of lease (landlord)
LESSOR
104
Personal permission to use someone else`s property; does not encumber title as an easement does
LICENSE
105
A money encumbrance against a property
LIENS
106
A property that is deeded to someone for their life or the life of another
LIFE ESTATES
107
A way to structure a business that combines the benefits of a partnership with pass through profits and losses to owners along with the limited liability protection of a corporation
LIMITED LIABILITY COMPANY (LLC)
108
An arrangement where one can invest money with a general partnership; the limited partner is normally only liable for their investment; basically a financial backer; not involved in day to day running of business
LIMITED PARTNERSHIP
109
A clause in a contract allowing for the earnest money to be forfeited to the seller if a buyer backs out of a contract; also called pre-arranged damages
LIQUIDATED DAMAGES
110
Latin for "pending litigation or action"
LIS PENDENS
111
Property bordering a lake or ocean
LITTORAL
112
A form of legal description which lists a lot #, block#, subdivision, county and state; recorded on a plat map; used primarily for new subdivisions
LOT AND BLOCK SYSTEM
113
Plan for a cities future growth
MASTER LAND PLAN
114
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
115
Length measurements in a Metes and Bounds description; e.g., feet and inches
METES
116
A form of legal description that gives a physical description of the property
METES AND BOUNDS
117
False statement of a material fact
MISREPRESENTATION
118
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
119
A clause in a contract where the buyer is obligated to buy only if loan approval is obtained; usually buyer gets earnest money back if mortgage is denied
MORTGAGE CONTINGENCY CLAUSE
120
A voluntary lien where one uses property as security for a loan
MORTGAGE LIEN
121
(lender) A title insurance policy covering a lender for the outstanding loan balance
MORTGAGEE`S POLICY
122
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
123
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
124
In a real estate transaction, the buyer makes the first offer
OFFER
125
An essential element of a contract; the parties must agree on the exact same terms
OFFER AND ACCEPTANCE
126
A possibility contract where one party is bound to perform but the other party is not
OPTION
127
Receiver of option (possible buyer)
OPTIONEE
128
Giver of option (seller)
OPTIONOR
129
A type of syndication where the partners have unlimited liability and generally share in profits, losses, taxes, etc.
PARTNERSHIP
130
A situation where two structures share the same wall; e.g., a duplex
PARTY WALL
131
A lease that runs from period to period; e.g., a month-to-month lease
PERIODIC TENANCY
132
Anything that is easily movable; e.g., camera, grill, etc.
PERSONAL PROPERTY
133
A non-assignable contract; e.g., listing contracts
PERSONAL SERVICES CONTRACT
134
(PUD) Diverse uses of land in one area; requires special zoning (referred to as overlay, cluster or density zoning)
PLANNED UNIT DEVELOPMENT
135
Used with the Lot and Block System, this map is a diagram of a subdivision
PLAT MAP
136
Keeping things in order; e.g., zoning and building codes fall under police power
POLICE POWER
137
A clause in a contract allowing for the earnest money to be forfeited to the seller if a buyer backs out of a contract; also called liquidated damages
PRE-ARRANGED DAMAGES
138
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
139
A lien for non-payment of real estate taxes; this always takes priority getting paid off at a foreclosure sale
PROPERTY TAX LIEN
140
Subjective opinion; e.g., this home has a beautiful view; not a law violation
PUFFING
141
(for another`s life) A life estate where the grantee owns a property based on someone else`s life
PUR AUTRE VIE
142
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
143
Court action to clear a cloudy title; e.g., ownership disputes, adverse possession claims, encroachments, etc.
QUIET TITLE SUIT
144
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
145
Naturally decaying radioactive gases in the ground that can infiltrate built structures, such as houses; can be cancer causing
RADON GAS
146
(REIT) A type of syndication that is basically a giant mutual fund for real estate investments
REAL ESTATE INVESTMENT TRUST
147
A form of legal description that describes land in America using meridians (north and south) and base (east and west) lines; every six miles range and tier lines are drawn to form townships; also referred to as the government survey system
RECTANGULAR SURVEY SYSTEM
148
Lenders refusing to loan in certain areas based upon protected classes
REDLINING
149
Government regulations relating to subdivisions; e.g., most cities require streets, sewers, easements, etc.
REGULATIONS
150
Third party who receives fee simple title upon death of the grantee (life tenant)
REMAINDERMAN
151
In a contract, this returns the parties to status quo; way they were before contract signed
RESCIND
152
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
153
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
154
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
155
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
156
A contract where one is given the first opportunity to buy if a property is put up for sale
RIGHT OF FIRST REFUSAL
157
Found in joint tenancy, when one owner dies, the ownership interest passes to the surviving owners
RIGHT OF SURVIVORSHIP
158
Property bordering a flowing waterway; e.g., river or stream
RIPARIAN
159
A title insurance clause stating that certain items are excluded from coverage; e.g., government regulations such as zoning
SCHEDULE OF EXCEPTIONS
160
A portion of ground measuring one mile square; also one square mile; contains 640 acres; every acre contains 43,560 square feet
SECTION
161
Required if one sells investments to the general public, such as REIT`s (Real Estate Investment Trust)
SECURITIES LICENSE
162
Seized of title; A term where seller promises ownership of property and has the right to sell
SEIZIN
163
Property acquired before marriage; individual spouses retain sole ownership interest
SEPARATE PROPERTY
164
Land burdened by the easement
SERVIENT TENEMENT
165
Amount of space between lot line and building line
SETBACK LINES
166
A situation where one person only owns the property; also, how corporations take title
SEVERALTY
167
Going from real to personal property; e.g., cutting down a tree
SEVERANCE
168
Transfers property to buyer at foreclosure sale; e.g. for non-payment of mortgage
SHERIFF`S DEED
169
An essential element of a contract; must have signatures of all parties to contract
SIGNED
170
A simple business form under which a person can operate a business; it has no separate legal existence from the owner. Also, profits and losses flow through to the owner.
SOLE PROPRIETORSHIP
171
Property tax for improvements that benefit certain properties; e.g., sewers and sidewalks
SPECIAL ASSESSMENT
172
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
173
A lien that applies only to one specific property
SPECIFIC LIEN
174
Court action to force completion of a contract
SPECIFIC PERFORMANCE SUIT
175
Changing the zoning of one particular spot; normally for public good
SPOT ZONING
176
Length times width
SQUARE FOOTAGE
177
A title insurance policy that covers forged documents, undisclosed heirs, etc.
STANDARD POLICY
178
A law that requires certain documents to be in writing to be enforceable; e.g., real estate sales contracts, deeds, leases over 1 year
STATUTE OF FRAUDS
179
Directing people toward areas based upon their protected class
STEERING
180
Divides land into lots for sale
SUBDIVIDER
181
Signing over rights in a claim to a title insurance company in return for getting paid off
SUBROGATION
182
A lawsuit where one of the owners institutes court action to force sale of property by all parties
SUIT TO PARTITION
183
Two or more people investing together
SYNDICATION
184
A public official who appraises property for tax purposes to determine only the assessed value.
TAX ASSESSOR
185
Total of all assessed values
TAX BASE
186
Transfers property to buyer at foreclosure sale for non-payment of taxes
TAX DEED
187
A lease where the tenant stays over without permission; landlord suffers
TENANCY AT SUFFERANCE
188
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
189
Very similar to joint tenancy, with the difference being that the owners must be husband and wife
TENANCY BY THE ENTIRETIES
190
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
191
Dying with a valid will
TESTATE
192
Deceased person who had made a will
TESTATOR
193
States that all terms of the contract must be completed in a timely manner
TIME IS OF THE ESSENCE CLAUSE
194
Fee simple ownership to a unit for a set period of time each year; interval ownership
TIME SHARING
195
Insures the title to a particular piece of property
TITLE INSURANCE
196
A portion of ground measuring 6miles square; also 36 square miles
TOWNSHIP
197
Item installed by a commercial tenant for business use; e.g. display cases
TRADE FIXTURES
198
Separate account for holding other people`s money; usually held by broker; also referred to as escrow account
TRUST ACCOUNT
199
A contract that may not be enforceable in court; e.g., an oral contract
UNENFORCEABLE
200
A contract containing a promise for an action; e.g., a lease with an option to buy
UNI-LATERAL
201
A contract containing all the essential elements, including being in writing
VALID AND ENFORCEABLE
202
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
203
A type of easement for viewing across another`s property
VIEW EASEMENT
204
A contract with no legal effect; e.g., one of the parties not of sound mind
VOID
205
A contract that can be voided by one of the parties; e.g., contract signed by a minor, under duress, or due to misrepresentation
VOIDABLE
206
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
207
Difference between earth`s surface and percolating water
WATER TABLE
208
A procedure where a sheriff seizes property and sells to satisfy a judgment
WRIT OF EXECUTION
209
An essential element of a contract; contract doesn`t have to be in writing, but generally does to be enforceable (an oral contract generally cannot be enforced in court)
WRITING
210
The regulation of structures and uses of property within designated areas
ZONING
