Title and Ownership

Question 1

Acknowledgement

Answer 1

Formal certification of a signature

Question 2

Actual notice

Answer 2

Knowledge that one has gained based on what he has seen, heard, read, or observed

Question 3

Adverse possession

Answer 3

A means by which title may be acquired, through the actual, hostile, open and notorious, exclusive and continuous occupancy by one who does not have title

Question 4

Allodial system

Answer 4

System of possession of land based on individual ownership, as opposed to the Feudal System

Question 5

Attachment

Answer 5

Seizure of property by court order, to insure payment of a debt or to have it available to satisfy a possible judgement

Question 6

Common element

Answer 6

Those parts of a condominium in which each unit owner holds an individual interest

Question 7

Condemnation

Answer 7

The process of taking property by the state under right of eminent domain

Question 8

Condominium ownership

Answer 8

A system of individual fe ownership of portions of a building that has other similar units

Question 9

Consideration

Answer 9

Something of value given in returned for the act or promise of another. An essential element of a contract

Question 10

Constructive notice

Answer 10

The recording of documents in the public records

Question 11

Cooperative ownership

Answer 11

A system of ownership in which individuals have shares of stock in a corporation that has title to the property

Question 12

Deed in Lieu of foreclouse

Answer 12

Voluntary act by borrower and lender. “Friendly foreclosure”

Question 13

Deed of trust

Answer 13

Used instead of a mortgage in some states.

Question 14

Deed restriction

Answer 14

A clause in a deed limiting or controlling the future use of the property

Question 15

Descent and distribution

Answer 15

(intestate succession) A method for distributing the assets of a deceased person’s estate in the absence of a will

Question 16

Dominant estate

Answer 16

The interest of the owner of land who has the right to use an appurtenant easement

Question 17

Downzoning

Answer 17

A change in zoning from a higher, more active category to a lower, less active (and perhaps, less profitable) category

Question 18

Easement

Answer 18

A specified and limited right or privilege to use another’s property

Question 19

Eminent domain

Answer 19

The right of the government to acquire private property for public use

Question 20

Encroachment

Answer 20

An unauthorized invasion or intrusion upon another’s property

Question 21

Equitable title

Answer 21

Interest held by vendee under sales contract when legal title is vested in another’s name

Question 22

Escheat

Answer 22

Reversion of property to the state when a person dies intestate with no known heirs or when property is abandoned

Question 23

Estoppel

Answer 23

A legal bar to a person alleging or denying a fact when his own previous actions have conclusively indicated the contrary

Question 24

Fee simple estate

Answer 24

(Fee absolute) The complete ownership of property, without condition. The largest and highest interest one can possess in real estate

Question 25

Foreclosure

Answer 25

The legal procedure whereby mortgaged property is taken to satisfy a debt that is in default. Can be judicial or nonjudicial

Question 26

Freehold

Answer 26

An interest in real property of a life estate or greater

Question 27

Homestead exemption

Answer 27

Statutory provision that protects a person’s homestead from the claims of creditors

Question 28

Joint tenancy

Answer 28

Tenancy with right of survivorship and various other characteristics

Question 29

Laches

Answer 29

Similar to statute of limitations. An equitable doctrine used by courts to bar a plaintiff from asserting a claim or right because of undue delay on his part

Question 30

Land use control

Answer 30

A broad term describing any legal description that regulates how a parcel of land may be used

Question 31

Leasehold estate

Answer 31

An interest less than a freehold, held by a lessee

Question 32

Lien

Answer 32

A claim against the property of another as security for a debt or charge

Question 33

Life estate

Answer 33

An estate or interest in real estate held during the term of a specified person’s life

Question 34

Lis pendens

Answer 34

“Pending suit”. A notice of pending legal action that clouds title to real estate

Question 35

Mechanic’s lien

Answer 35

A lien levied against specific property by those who furnish materials and/or labor for its construction, improvement, or repair

Question 36

Nonconforming use

Answer 36

(Grandfathered) A land use that does not comply with current zoning, but Is allowed to remain as it was prior to the ordinance. Generally such properties cannot be remodeled or enlarged

Question 37

Planned unit development

Answer 37

Individually owned houses coupled with membership in the Owners Association that holds title to the common areas

Question 38

Police power

Answer 38

The right of a government to enact legislation to protect its citizens

Question 39

Quitclaim deed

Answer 39

A form of deed without covenants or warrants of any type

Question 40

Remainder estate

Answer 40

A present right to future title; title is taken upon the termination of a life estate; Remainderman

Question 41

Reversion estate

Answer 41

An estate in which title returns (reverts) to the original grantor or his heirs upon termination of a life estate

Question 42

Servient estate

Answer 42

The estate of the owner whose land is burdened by an appurtenant easement

Question 43

Statutory

Answer 43

Created by law

Question 44

Tacking

Answer 44

Adding successive periods of continuous occupation to qualify for title by adverse possession

Question 45

Tenancy-in-common

Answer 45

A form of joint ownership without right of survivorship

Question 46

Tenants by the entireties

Answer 46

A form of joint ownership between husband and wife (married couples)

Question 47

Special warranty deed

Answer 47

A deed in which the grantor warrants only against claims that arise from his ownership