Units 3 Encumbrances and Transfer of Ownership Flashcards Preview

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Flashcards in Units 3 Encumbrances and Transfer of Ownership Deck (24)
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1

Easement in Gross

An easement that is not appurtenant to any one parcel.

2

License

Permission to use a property which may be revoked at any time.

3

Encroachment

The unauthorized placement of permanent improvements that intrude on adjacent property owned by another.

4

Homestead

Status provided to a homeowner's principal residence that protects the home against judgments up to specified amounts.

5

Bequest

A gift of personal property by will.

6

Intestate

Dying without leaving a will.

7

Accession

Process by which there is an addition or reduction to property by the efforts natural forces.

8

Accrestion

Gradual buildup of alluvium by natural causes on property bordering a river, lake, or ocean.

9

Reliction

Occurs when land that has been covered by water is exposed by receding of the water.

10

Dieviate

The act of transferring ownership, title, or interest.

11

Grantee

The person receiving the property, or to whom it is being conveyed.

12

Grantor

The person conveying or transferring the property.

13

Instrument

A document in real estate.

14

Quiet title auction

It is a court proceeding to clear a cloud on the title of real property.

15

Lis pendens

Notice that indicates pending litigation affecting title on a property.

16

Encumbrance

Anything that affects or limits the fee simple title to or value of property.

17

The form of encumbrance that makes specific property the security for the payment of a debt or discharge of an obligation is called a :

lien

18

A recorded abstract of judgment is classified as an ________ lien.

Involuntary.

19

The personal, revocable, unassignable permission to use the property of another without a possessory interest in it is called a ______.

License

20

Recording a ____ _________ creates a cloud on title and warns parties that they could be involved in a lawsuit if they purchase the property, which could affect marketability.

lis pendens

21

Zoning ordinances are ______, not private restrictions.

Public

22

The terms alienation, _____, and ______ are used interchangeably when transferring ownership of property from one person to another.

convey, and transfer

23

_______ and ________ are required elements of a valid deed. The deed does not have to be acknowledged or __________

Delivery and acceptance; recorded.

24

ingress and egress mean ______ and ______

to enter and to exit.