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Real Estate Property Ownership Flashcards

(71 cards)

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1
Q

principal residence

A

The residential property where the homeowner

resides a majority of the year.

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2
Q

partition

A

A division of real or personal property or the

proceeds there from among co-owners.

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3
Q

civil law

A

A Spanish legal system in which elaborate
statutes are created to address potential issues
in advance of disputes

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4
Q

vesting

A

A method of holding title to real estate, including
joint tenancy, tenancy in common, community
property and community property with the right
of survivorship.

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5
Q

common law

A

An English legal system in which disputes are
decided on a case-by-case basis before a
judge.

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6
Q

Mello-Roos

A

The Mello-Roos Community Facilities Act of 1982
authorizes the formation of community facilities
districts; the issuance of bonds, and the levying of
special taxes thereunder to finance designated
public facilities and services.

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7
Q

Fannie Mae

A

subdivision

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8
Q

fixed-term tenancy

A

A leasehold interest which lasts for the specific
lease period set forth in a lease agreement. A
fixed-term tenancy automatically terminates at
the end of the lease period. [See RPI Form 550
and 552]

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9
Q

community property

A

All property acquired by husband or wife during
a marriage when not acquired as the separate
property of either spouse.

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10
Q

encumbrance

A

A claim or lien on a parcel of real estate, such
as trust deeds, CC&Rs, easements, taxes or
assessments.

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11
Q 
Department of Housing and
Urban Development (HUD)
A 
The Department of Housing and Urban
Development which is responsible for the
implementation and administration of U.S.
government housing and urban development
programs.
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12
Q

profit a prendre

A

The right to remove minerals from another’s real

estate.

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13
Q

tenancy-at-will

A

A leasehold interest granted to a tenant, with
no fixed duration or rent owed. A tenancy-at-will
can be terminated at any time by an advance
notice from either party.

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14
Q

servient tenement

A

The property whose title is burdened by an
easement limiting its owner’s use of the portion
of the property subject to the easement.

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15
Q

dominant tenement

A

The property benefitting from an easement

whose owner is entitled to use the easement.

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16
Q

right of alienation

A

A homeowner’s ability to sell or lease the property

for a period exceeding one year.

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17
Q

estate for life

A

A possessory, freehold estate in land held by a
person only for the duration of his or her life or the
life or lives of another.

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18
Q

estate at sufferance

A

An estate arising when the tenant wrongfully
holds over after the expiration of the term. The
landlord has the choice of evicting the tenant
as a trespasser or accepting such tenant for
a similar term and under the conditions of the
tenant s previous holding. Also called a tenancy
at sufferance.

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19
Q

police power

A

The constitutional source of the state or local

government’s authority to act.

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20
Q

leasehold estate

A

A tenant’s right to occupy real estate during
the term of the lease. This is a personal property
interest.

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21
Q

overlying rights

A

The right of a real estate owner to take the

ground water below the surface of their land.

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22
Q

special assessment

A

1) Legal charge against real estate by a public
authority to pay cost of public improvements such
as street lights, sidewalks, street improvements. 2) In
a common interest subdivision, a charge, in addition
to the regular assessment, levied by the association
against owners in the development, for unanticipated
repairs or maintenance on the common area or
capital improvement of the common area.

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23
Q

public policy

A

A system of laws maintained by local, state
or federal government for the conduct of its
people.

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24
Q

bundle of rights

A

All of the legal rights incident to ownership of
property including rights of use, possession,
encumbering and disposition.

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25
Alquist-Priolo Maps
Maps which identify earthquake fault areas available from the State Mining and Geology Board and the city or county planning department.
26
freehold estate
An estate of indeterminable duration, e.g., fee | simple or life estate.
27
public housing
Subsidized housing typically reserved for lowincome families, the elderly, and persons with disabilities.
28
joint tenancy
building code
29
easement in gross
An easement which belongs to an individual | and is not appurtenant to a property.
30
alluvium
The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of the water.
31
mobilehome
Property designed to be used as a dwelling, classified as either personal or real property depending on this method of attachment. Also known as a manufactured home.
32
riparian rights
The right of a real estate owner to take surface water from a running water source contiguous to their land.
33
U.S. Department of Veterans Affairs (VA) mortgage guarantee
A program that assists qualified veterans or their surviving spouses to buy a home with zero down payment. [See RPI Form 153]
34
estate
As applied to real estate, the term signifies the quantity of interest, share, right, equity, of which riches or fortune may consist in real property. The degree, quantity, nature and extent of interest which a person has in real property.
35
easement
A property easement is a legal situation in which the title to a specific piece land remains with the landowner, but another person or organization is given the right to use that land for a distinct purpose. For example, a utility company may have an easement that allows them access to an electrical pole on your property. Or, you could have an easement on part of your property if it blocks access to a main road.
36
declaration of homestead
A document signed by a homeowner and filed with the county recorder’s office to protect the owner-occupant’s homestead equity from seizure by creditors. [See RPI Form 465]
37
general plan
Development policies for acceptable land uses | within a jurisdiction.
38
covenants, conditions and | restrictions
Written rules, limitations and restrictions on use mutually agreed to by all property owners in a subdivision or common interest development
39
life estate
An interest in a parcel of real estate lasting the | lifetime of the life tenant.
40
State Water Resources | Control Board
Government entity established to ensure the proper allocation and efficient use of state water resources.
41
appurtenance
That which belongs to something, but not immemorially; all those rights, privileges, and improvements which belong to and pass with the transfer of the property, but which are not necessarily a part of the actual property. Appurtenances to real property pass with the real property to which they are appurtenant, unless a contrary intention is manifested. Typical appurtenances are rights-of-way, easements, water rights, and any property improvements.
42
riparian land
A parcel of real estate located next to a water source with surface water and within the watershed of the surface water.
43
eminent domain
The right of government to take private property for public use. The government on the taking pays the owner the fair market value of the property. [See RPI Form 552 §19]
44
tenancy in common
Co-ownership of property by two or more persons who each hold an undivided interest, without right of survivorship; interests need not be equal.
45
township
In the survey of public lands of the United States, a territorial subdivision six miles long, six miles wide and containing 36 sections, each one mile square, located between two range lines and two township lines.
46
senior citizen housing
Housing intended for persons 55 or 62 years of | age or older.
47
escheat
The reverting of property to the State when heirs | capable of inheriting are lacking.
48
Home Mortgage Disclosure | Act
A regulatory scheme requiring lenders to | publically release loan data
49
ingress and egress
A type of easement granting one property owner the right to traverse a portion of another’s land to access their property
50
alienation
The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another
51
reversionary interest
The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest
52
prescriptive right
The right to use water established by appropriating nonsurplus water openly and adversely for an uninterrupted period of five years without documentation of a legal right.
53
Section 8 housing
A government housing program for low income households which provides qualifying tenants with rent subsidies and minimum habitability standards.
54
Consumer Financial | Protection Bureau
An independent federal agency fathered by the Dodd-Frank Act responsible for regulating consumer protection with regards to financial services and products.
55
accretion
Accession by natural forces, e.g., alluvium
56
tenancy-at-sufferance
A leasehold interest held by a tenant who retains possession of the rented premises after the termination of the tenancy. [See RPI Form 550 §3.3]
57
Dodd-Frank Wall Street Reform and Consumer Protection Act
A collection of significant changes to U.S. financial regulation in response to the financial crisis.
58
Department of Fair | Employment and Housing
State agency designated with protecting Californians from housing, employment, and public accommodation discrimination.
59
common interest | development
Subdivided lands which include a separate interest in real property combined with an interest in common with other owners. The interest in common may be through membership in an association. Examples are condominium projects, cooperatives or single family residences in a planned unit development. [See RPI Form 135]
60
right of survivorship
The right of surviving joint tenants or a spouse to succeed to the entire interest of the deceased co-owner.
61
estate at will
An estate at will is a type of lease agreement where the agreement continues indefinitely until either party terminates it. Under the estate at will, the landlord can ask the tenant to move immediately, and the tenant can also move at any time and give notice to end the agreement.
62
building permit
Permits issued by a city or county building department authorizing commencement of construction in accordance with minimum safety standards.
63
right of way
A privilege operating as an easement upon land, whereby the owner does by grant, or by agreement, give to another the right to pass over owner s land, to construct a roadway, or use as a roadway, a specific part of the land; or the right to construct through and over the land, telephone, telegraph, or electric power lines; or the right to place underground water mains, gas mains, or sewer mains.
64
A privilege operating as an easement upon land, whereby the owner does by grant, or by agreement, give to another the right to pass over owner s land, to construct a roadway, or use as a roadway, a specific part of the land; or the right to construct through and over the land, telephone, telegraph, or electric power lines; or the right to place underground water mains, gas mains, or sewer mains.
Fannie Mae a quasipublic agency converted into a private corporation whose primary function is to buy and sell FHA and VA mortgages in the secondary market.
65
condemnation
The act of taking private property for public use by a political subdivision upon payment to owner of just compensation. Declaration that a structure is unfit for use.
66
agreed-boundary doctrine
When owners of adjacent properties uncertain over the true boundary agree to establish the location of their common lot line and acquiesce to the boundary line for at least five years.
67
solar easement
An easement restricting an owner’s ability to maintain improvements interfering with a neighbor’s solar energy system.
68
encroachment
]An improvement on one parcel of real estate which extends onto real estate belonging to another person without their consent.
69
rent control
Local ordinances that are reasonably related to the prevention of excessive rents and maintaining the availability of existing housing. [See RPI Form 550 §1.3]
70
incorporeal rights
Nonpossessory rights in real estate, a rising out of | ownership, such as rents.
71
party wall
A common boundary improvement located on a property line between adjacent properties, such as a wall, fence or building co-owned by the adjacent property owners.

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