Real Estate Vocab Flashcards
(122 cards)
1
Q
Bundle of rights
A
Rights that are inherent in ownerships
Acronym: DEEPC
Enjoyment Exclusion Disposition Possession Control
2
Q
Reliction
A
Water recedes… new land acquired
3
Q
Holder of life seat
A
Entitled to use property that is held in life estate
4
Q
Estate in reversion
A
Held by the grantor of the original conveyance
5
Q
Estate in remainder
A
Would be a reversion, but is instead transferred to someone other than the grantor
6
Q
Percentage lease
A
Percentage of gross receipts
7
Q
Net lease
A
Have to pay Triple net lease… taxes, insurance, maintenance
8
Q
Gross lease
A
Set fee
9
Q
Sandwich Lease
A
AKA… “sublet” Lessor is also the lessee
10
Q
Subleases
A
Lessor is also lessee, aka Sandwich lease
11
Q
Tenant improvement allowance
A
Landlord will compensate tenant for all or portion of funds required to construct the commercial space
12
Q
Abandonment
A
Release of responsibility and/or ownership
13
Q
Assignment
A
Giving responsibility and/or ownership to another
Transfer of contract rights
14
Q
Surrender
A
Release of responsibility and/or ownership
15
Q
Constructive eviction
A
Landlord either does something or fails to do something that he has a legal duty to provide
16
Q
Estoppel statement
A
A signed statement by a party certifying for the others benefit that certain facts are correct. It determines party’s responsibilities in a commercial lease
17
Q
Deed
A
Evidence of transfer of title
18
Q
Quitclaim deed
A
Immediate transfer of ownership
19
Q
Fixture
A
Runs with the Land… MARIA
Method of attachment Adaptability (necessary for home?) Relationship (seller vs landlord) Intent (why was it attached?) Agreement (supersedes everything)
20
Q
Appurtenances
A
Things that run with the land… real property
21
Q
Easement appurtenances
A
Goes with property… real property
22
Q
Estate
A
Duration of ownership
23
Q
Freehold estate
A
Infinite time and and ownership
24
Q
Less than free hold estates
A
Designated time of ownership ex. LEASE
25
Fee simple estate
Absolute ownership except taxes
26
Fee simple defeasible/determinable
Can loose property based on a condition or condition subsequent
27
Life estate
Ownership based on someone’s life
28
Estate for years
Defined specific times. Start and end.
29
Periodic tenancy
Month to month/ week to week
30
Estate at will
End at anytime. (Not legal in many states)
31
Estate at sufferance
Tenant will never leave
32
Percentage lease
Percentage of gross receipts or sales
33
Net lease
Triple line, tenant pays for taxes insurance and maintenance
34
Gross lease
Set fee. Standard residential lease
35
Real property
Runs with the land... generally immovable
36
Personal property
Runs with the person... generally movable
37
Chattel real
Personal property
38
Trade fixture
Business related personal property
39
Riparian rights
Moving water
40
Littoral rights
Not moving water
41
Accretion
Increase size of porperty
42
Avulsion
Sudden tearing away of property
43
Reliction
Water recedes and new land is acquired
44
Fee simple defeasible
Can lose property from a subsequent condition... condition can lose title
45
Holder of life estate
Entitled to use property that is held in life estate
46
Estate in reversion
Held by the grantor of the original conveyance
47
A lease
Is personal property
| Leasehold estate can be bought and sold on open market
48
Percentage Lease
Commercial type lease. Base rent plus a percentage of revenue from property. Percentage of gross receipts
49
Sandwich lease
Lessor is also Lessee, AKA sublet
50
Lease option
Tenants option to purchase property during the term or at the end of the lease.
Owner is optionor
Tenant is optionee
Consideration can be monthly payments, consisting of rent and overage, money upfront that can be applied towards down payment on an already established amount.
If optionee exercises the option title will revert back to when the contract began not when option was exercised.
51
Tenant improvement allowance
Landlord will compensate tenant for all or portion of funds required to construct the commercial space
52
Abandonment
Release of liability or ownership
53
Assignment
Giving responsibility or ownership to another
54
Surrender
Release of responsibility and/or ownership
55
Constructive eviction
Landlord fails to provide legal services
56
Estoppel statement
Signed statement by a party certifying for the other’s benefit, that certain facts or responsibilities are correct
57
Deeds
Evidence of transfer
58
A quitclaim deed
Immediate transfer of ownership
59
Warranty deed
Grantor guarantees the he holds clear title and right to sell
60
Special warranty Deed
Guarantees clear title for duration of previous owner
61
General warranty deed
Guarantees clear title for the life of the property
62
Title
Ownership
63
Legal title
Right to sell
64
Equitable title
Right of possession and the right to gain equity
65
Chain title
History of of ownership, conveyances, and encumbrances
66
Abstract of title
Summary of title
67
Cloud on title
Defect in title
68
A quiet title action
Removes cloud on title
69
Alienation of title
Voluntary act of an owner disposing of property
70
Title insurance
Insures any defects on title to real property besides...
71
Satisfaction
Records and acknowledges a paid of mortgage.
72
Severalty
Sole ownership
73
Concurrent estate
More than one person Owns
74
Joint tenancy
Unity of time title interest and possession members has rights of survivorship
TTIP
75
Tenancy in common
Unity of possession know right of survivorship
76
Encumbrances
Anything that limits the property
77
Easement
The right to cross another’s land
78
Dominant tenement
The property with the right of crossing
79
Servient tenement
The property that is being crossed the property that is encumbered they cannot revoke easement
80
Easement by prescription
Implied easements granted after the dominant estate has used the property in a hostile continuous open manner for a statutorily prescribed number of years
81
Appurtenant easement
Easement that transfers with the transfer of title
82
Easement in gross
No dominant tenement
83
Police power
Regulations implemented for public health safety and general welfare
84
Building codes
They are form of police power
85
Variance
Granted exception to the rule
86
Down zoning
Commercial to residential
87
Non-conforming use
Use that was allowed under prior zoning regulations
88
Holographic will
Entirely hand written
89
Probate
Process of allocating assets of the deceased
90
1031
45 days to identify and 180 days to close
91
Boot
Cash or other property added to an exchange to make the value equal
92
Inverse condemnation
Suing the government for lack just compensation
93
Encroachment
One property crosses the line of another property
94
Liens
Owe money. Warning easements and private restrictions are not liens
95
General liens
Can take all property ex. Income tax, judgement Liens
96
Specific liens
Can take a specific property for example mortgages and property taxes
97
Injunctions
Court
98
Constructive notice
A person or entity should have known as a reasonable person would have
99
Actual notice
To give legally sufficient assurance that actual knowledge of the matter has been conveyed
100
A debit
Money owed
101
A credit
Money received
102
Short rate
Penalty method of calculating return premium of an insurance policy
103
Impounds
Method of collecting debts that take priority over the loan
104
RESPA
Disclosure of settlement costs and to elongate abusive practices
105
TILA
Provide complete disclosure of lending fees and practices
106
Material fact
Some thing a reasonable person would recognize. Caution a buyers Race is never a material fact
107
Steering
Buyers
108
Block busting
Induce sellers
109
Panic selling
Induce sellers
110
Panic peddling
Induce sellers
111
Red lining
Deals with financing and LoansChoosing financing based on race.
112
Misrepresentation
Legal right to rescind
113
Rescind
Revoke,cancel, or repeal
114
Misleading
Misleading with intent
115
Constructive fraud
Misleading without intention
116
Negative fraud
Lying by omission
117
Conversion
Using clients money (sometimes earnest money)
118
Contract essentials
```
LACC
Lawful object
Agreement
Consideration
Capable parties
```
119
Void contract
Lacks one of LACC
120
Voidable contract
Option to rescind
121
Bilateral contract
Two promises
122
Unilateral contract
One promos
