Vocab PROPERTY OWNERSHIP AND LAND USE CONTROLS AND REGULATIONS

Question 1

The greatest estate one can have in real property. It is freely transferable and inheritable, and of indefinite duration, with no conditions on the title.

Answer 1

Fee Simple

Question 2

A judicial proceeding in which the validity of a will is established and the executor is authorized to distribute the estate property; or, when there is no valid will, a judicial proceeding in which an administrator is appointed to distribute the estate to heirs according to the laws of intestate succession.

Answer 2

Probate

Question 3

A recorded notice which states that there is a lawsuit pending that may affect title to the defendant’s real estate.

Answer 3

Lis Pendens

Question 4

The person named in a will to handle the property of someone who has died and carry out the terms of the will. Sometimes called a personal representative.

Answer 4

Executor

Question 5

The right to undisturbed use and control of the airspace over a parcel of land (within reasonable limits for air travel); may be transferred separately from the land.

Answer 5

Air Rights

Question 6

A lien against all property of a debtor, instead of a particular piece of property

Answer 6

General Lien

Question 7

The actual, lawful ownership interest in a property; title is not a document but a concept.

Answer 7

Title

Question 8

Deed clause stating a grantor’s intent to transfer an interest in real property.

Answer 8

Granting Cause

Question 9

A nonpossessory interest in property, giving a lienholder the right to foreclose if the owner does not pay a debt owed the lienholder; a financial encumbrance on the owner’s title.

Answer 9

Lien

Question 10

A specific lien claimed by someone who performed work on the property (construction, repairs, or improvements) and has not been paid.

Answer 10

Mechanic Lien

Question 11

Clause included after granting clause in many deeds; begins ‘to have and to hold,’ describing the type of estate granted.

Answer 11

Habendum Clause

Question 12

A leasehold estate set to last for a definite period (e.g., one week, three years), after which it automatically terminates. Also called a term tenancy.

Answer 12

Estate in Years

Question 13

Personal property transferred by a will.

Answer 13

Bequest

Question 14

A Latin phrase meaning ‘according to value’; used to refer to taxes assessed on the value of property.

Answer 14

Ad Valorem

Question 15

A recipient of real property under a will.

Answer 15

Devisee

Question 16

Any claim, lien, charge, or liability that affects or limits the fee simple title to real property.

Answer 16

Encumbrance

Question 17

A lien that attaches only to a particular piece of property (as opposed to a general lien, which attaches to all of the debtor’s property).

Answer 17

Specific Lien

Question 18

A physical object intruding onto neighboring property, often due to a mistake regarding the boundary.

Answer 18

Encroachment

Question 19

Any equipment or personal property a tenant installs for business purposes

Answer 19

Trade Fixtures

Question 20

An easement that benefits a person or company, rather than benefiting another parcel of land.

Answer 20

Easement in Gross