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Real Estate Terms Flashcards

(85 cards)

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1
Q

accession

A

an addition to property through the efforts of man or by natural forces.

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2
Q

accretion

A

Accession by natural forces, e.g., alluvium.

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3
Q

adobe

A

Also known as clay, adobe soil is a naturally occurring heavy material which readily cracks and is composed primarily of fine-grained minerals.

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4
Q

adverse possession

A

A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.

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5
Q

agreed-boundary doctrine

A

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.

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6
Q

alienation

A

the transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.

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7
Q

alkaline

A

A soil with a pH level above 7

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8
Q

alluvium

A

The gradual increase of the Earth on a shore of an ocean or bank of a stream resulting from the action of the water.

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9
Q

Alquist-Priolo Maps

A

Maps which identify earthquake fault areas available from the State Mining and Geology Board and the city or county planning department.

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10
Q

appropriation

A

The action of taking something for one’s own use such as water from a stream.

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11
Q

appurtenance

A

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.

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12
Q

assemblage

A

The combining of land parcels to create a value higher than the sum of their parts.

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13
Q

avulsion

A

A sudden and perceptible loss of land by the action of water, such as by rapid change in the course of a river.

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14
Q

building code

A

A systematic regulation of construction of buildings within a municipality established by ordinance or law.

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15
Q

building permit

A

Permits issued by a city or county building department authorizing commencement of construction in accordance with minimum safety standards.

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16
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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17
Q

civil law

A

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

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18
Q

Common interest development

A

Condominium projects, cooperatives or single family residences in a planned unit development. [See RPI Form 135]

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19
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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20
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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21
Q

condemnation

A

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.

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22
Q

Consumer Financial Protection Bureau

A

An independent federal agency fathered by the Dodd-Frank act responsible for regulating consumer protection with regards to financial services and products.

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23
Q

contiguous

A

In close proximity.

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24
Q

covenants, conditions and restrictions

A

Written rules, limitations and restrictions on use mutually agreed to by all property owners in a subdivision or common interest development.

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25
deciduous
A tree that loses its leaves each year.
26
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]
27
Department of Fair Employment and Housing
State agency designated with protecting Californians from housing, employment and public accommodation discrimination.
28
Department of Housing and Urban Development (HUD)
HUD which is responsible for the implementation and administration of US government housing and urban development programs.
29
Dodd-Frank Wall Street Reform and Consumer Protection Act
A collection of significant changes to US financial regulation in response to the financial crisis.
30
dominant tenement
The property benefitting from an easement whose owner is entitled to use the easement.
31
easement
A right, privilege or interest limited to a specific purpose which one party has in the land of another.
32
easement in gross
An easement which belongs to an individual and is not appurtenant to a property
33
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.
34
encroachment
An improvement on one parcel of real estate which extends onto real estate belonging to another person without their consent.
35
encumbrance
A claim or lien on a parcel of real estate, such as trust deeds, CC&Rs, easements, taxes or assessments.
36
escheat
The reverting of property to the State when heirs capable of inheriting are lacking.
37
estate
as applied to real estate, the term signifies the quantity of interest, share, right, equity, of which riches or fortune may ocnsist in real property. The degree, quantity, nature and extent of interest which a person has in real property.
38
estate at sufferance
Unlawfully retaining possession to property when the tenant holds over and does not vacate on the expiration of the term of their tenancy. Also called a tenancy at sufferance.
39
estate at will
The occupation of lands and tenements by a tenant for an indefinite period, terminable by one or both parties.
40
estate for life
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.
41
estate for years
An interest in lands by virtue of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years.
42
expansive
Soils that expand when water is added then shrink when they dry out. Such continuous change in soil condition can cause property built on this soil to settle unevenly and crack.
43
Fannie Mae
A government-sponsored entity operating in the secondary mortgage market.
44
Federal Housing Administration (FHA)
A collection of policies designed to prevent the arbitrary restriction of access to housing based on an occupant's inclusion in a protected class.
45
Federal National Mortgage Association (FNMA)
Fannie Mae a quasipublic agency converted into private corporation whose primary function is to buy and sell FHA and VA mortgages in the secondary market.
46
fee estate
An indefinite, exclusive, and absolute legal ownership interest in a parcel of real estate.
47
fee simple estate
The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferable and inheritable.
48
fixed-term tenancy
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]
49
freehold estate
An estate of indeterminable duration, e.g., fee simple or life estate.
50
general plan
Development policies for acceptable land uses within a jurisdiction.
51
Home Mortgage Disclosure Act
A regulatory scheme requiring lenders to publicly release loan data.
52
incorporeal rights
Nonpossessory rights in real estate, a arising out of ownership, such as rents
53
ingress and egress
A type of easement granting one property owner the right of traverse a portion of another's land to access their property.
54
joint tenancy
Ownership of an interest in property concurrently receiving by two or more individuals who share equally and have the right of survivorship.
55
leasehold estate
A tenant's right to occupy real estate during the term of the lease. This is a personal property interest.
56
life estate
An interest in a parcel of real estate lasting the lifetime of the life tenant.
57
littoral rights
Rights to shorefront land held by landowners whose property borders large, navigable lakes and oceans.
58
Mello-Roos
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.
59
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.
60
overlying rights
The rights of a real estate owner to take the ground water below the surface of their land.
61
ownership
The right of one or more persons to possess and use property to the exclusion of all others. A collection of rights to the use and enjoyment of property.
62
partition
A division of real or personal property or the proceeds therefrom among co-owners.
63
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.
64
police power
The constitutional source of the state or local government's authority to act.
65
prescriptive easement
The right to use another's property establishment by the adverse use of the property for a period in excess of five years without a claim of ownership.
66
prescriptive right
The rights to use water established by appropriating non-surplus water openly and adversely for an uninterrupted period of five years without documentation of a legal right.
67
principal residence
The residential property where the homeowner resides a majority of the year.
68
profit a prendre
The rights to remove minerals from another's real estate.
69
public housing
Subsidized housing typically reserved for low-income families, the elderly, and persons with disabilities.
70
public policy
A system of laws maintained by local, state or federal government for the conduct of its people.
71
reliction
The gradual recession of water leaving land permanently uncovered.
72
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]
73
reversion
The conveyance of real estate fixtures from a tenant to landlord on expiration of a lease.
74
reversionary interest
The interest which a person has in lands or other property, upon the termination of the preceding estate. A future interest.
75
right of alienation
A homeowner's ability to sell or lease the property for a period exceeding one year.
76
right of survivorship
The right of surviving point tenants or a spouse to succeed to the entire interest of the deceased coowner.
77
right of way
A privilege under an easement granted by the owner of property giving the owner of another property the right over their property.
78
riparian land
A parcel of real estate located next to water source with surface water and within the watershed of the surface water.
79
riparian rights
The right of a real estate owner to take surface water from a running water source contiguous to their land.
80
section
A portion of land is established by government survey which contains 640 acres and is one mile square.
81
Section 8 housing
A government housing program for low income households which provides qualifying tenants with rent subsidies and minimum habitability standards.
82
senior citizen housing
Housing intended for persons 55 or 62 years of age or older.
83
servient tenement
The property whose title is burdened by an easement limiting its owner's use of the portion of the property subject to the easement.
84
solar easement
An easement restricting an owner's ability to maintain improvements interfering with a neighbor's solar energy system.
85
special assessment
A lien against real estate by a public authority to pay the cost of public improvements, such as street lights, sidewalks and street improvements. In a common interest subdivision, an additional charge levied by the association for unanticipated repairs.

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