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Vocabulary Flashcards

(58 cards)

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1
Q

Improvements

A

Include sewers, sidewalks, streets, and utilities.

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2
Q

Appurtenances

A

Rights, privileges, and improvements that transfer with sale of property (ie. Easements, right of way, water rights)

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3
Q

Riparian rights

A

Common law for AZ - apply to land that borders NON navigable waters (stream, river, lake). Landowner owns land beneath water surface.

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4
Q

Littoral rights

A

Rights of landowners near navigable waters (navigable lakes and oceans). No lakes in AZ are considered navigable. Can enjoy water but do not own land underneath.

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5
Q

Avulsion

A

Sudden loss of land (because of earthquake, shift in riverbed, etc.)

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6
Q

Accretion

A

Property owner gains land - slow buildup of land by natural forces (water and wind). Land added is called Alluvion

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7
Q

Prior appropriation (water rights)

A

“First in time, first in use”

Show beneficial use of water and obtain permit

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8
Q

Tenement

A

Buildings on land

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9
Q

Situs

A

Area preference for real estate

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10
Q

Condemnation

A

State exercises eminent domain - takes house after paying fair market value

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11
Q

Escheat

A

State takes property if no will or heirs

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12
Q

Confiscation

A

Govt takes property in wartime. No compensation.

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13
Q

Hereditament

A

Anything that can be inherited

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14
Q

Real property

A

Real estate that is owned

Real estate + bundle of rights

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15
Q

Emblements

A

Growing crops on property

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16
Q

Fructus industriales

Personal or real property?

A

Fruits of industry (wheat, cotton, corn, etc.)

Personal property

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17
Q

Fructus naturales

Personal or real property?

A

Crops that grow on perennial roots (trees, bushes, vines)

Real property

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18
Q

Trade fixture

A

Personal property needed for business. Can be removed even if attached - before lease ends or before property sale is completed

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19
Q

1 mile = ? Feet

A

5280 feet = 1 mile

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20
Q

1 acre = ? Sq feet

A

43,560 square feet = 1 acre

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21
Q

Metes and bounds description

Where primarily used?

A

Use manmade and natural landmarks. Use point of beginning. Use iron posts.

Eastern U.S. And Texas (20 states total)

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22
Q

Rectangular survey

A

Meridians and baselines.

AZ: Gila and Salt River & baseline rd

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23
Q

Principal meridian

A

Gila and Salt River Meridian

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24
Q

Rectangular survey - range lines

Study These Flashcards
A

Measure every 6 miles east and west of principal meridian

25
Rectangular survey - township lines (tiers)
Measure every 6 miles north and south of baseline
26
Rectangular survey - government checks. How many square miles and how many townships included?
24 square miles 16 townships included
27
Map and plat description (lot and block method)
Described by giving lot number, block number, Tract name, map book reference, county, and state. Most often used for urban property.
28
Zoning variance
Minor change in zoning for ONE PROPERTY
29
Special use permit
Approval by Planning and Zoning Commission. Property owner make something for public interest like a church or small restaurant for workers in area
30
Spot zoning
Zoning change requested by one property. Have to get approval from Zoning Commission
31
Encumbrance
Any claim, lien, or liability attached to real property that can reduce value of property but does not prevent transfer of title
32
Nonmonetary encumbrance
Affect physical use of property. Ie. Deed restrictions, easements, and encroachments.
33
What document itemized deed restrictions for entire subdivision?
Uniform Declaration of Restrictions OR Covenants, conditions, and Restrictions (CC&Rs)
34
Define laches.
Delay in asserting one's rights. Used in reference to someone violating deed restrictions - homeowners must bring court action to enforce it at their own expense
35
Easement
Entitles one party to some limited use of another party's land
36
Appurtenance easement
Attached to land. If land is sold, appurtenant easement transfers too.
37
Servient vs dominant tenement for appurtenant easement
Servient - person who owns land | Dominant - person who benefits from easement
38
Easement in gross Commercial vs personal
Not attached to the land. Right to use land. Commercial - can be transferred or assigned (ex. Railroads, telephone lines) Personal - cannot be assigned or transferred. Ends on death of dominant or sale of property
39
Profit or profit a pendre - easements
Right to remove soil, minerals, fruit, or timber - pay the owner for it. Nonposessory interest in land. Created by written clause.
40
License - easement
Personal privilege to use another's land. Not an interest in land.
41
Encroachment
Intrusion on someone else's property without consent. Owner has right to force removal of encroachment.
42
Trespassing vs nuisance encroachment
Trespassing: Structural encroachment (ex. Garage) Nuisance: overhanging branches
43
Lien
Aka monetary encumbrance. Using property as security for payment of debt or obligation
44
Contractual lien
Ie. Mortgage or deed trust
45
Statutory lien
Ie. Property taxes or special assessment taxes
46
Equitable lien
Courts declare justice would be served by having a lien
47
Ad velorum tax
Property tax according to value.
48
Special assessments
Improvements that enhance value of property (curbs, sidewalks, streets) Allocated to property owner depending on front footage.
49
Mechanic's lien
Labor that hasn't been paid by owner. Can place lien and foreclose property
50
Materialmen's lien
Unpaid materials - can place lien and foreclose property.
51
Judgements - liens
Due to someone's suit against another. 5 year period. Can be renewed. General or special execution when debtor doesn't follow judgment. Writ of execution.
52
Writ of attachment
Legal process of seizing property of defendant in lawsuit in custody of court as security for satisfaction of judgment.
53
Lis pendens
Recorded legal document that gives constructive notice that property has been filed in court
54
Perfected water rights
Period of 40 years Can be renewed End if nonuse or abandonment for 5 years Need permission from property owner
55
Gains of how much money are tax free on primary residence sale?
$250k if single, $500k if married
56
What is the difference between dwelling and homeowners insurance?
Dwelling insurance covers fire, lighting, and internal explosion. Homeowners insurance covers those AND casualty insurance (if someone gets hurt in the home), theft insurance, and damage done by owner to other people's property.
57
Commercial insurance - what is the coinsurance clause?
Insurance company requires owner to maintain minimum percentage (80%) coverage of value of home. Homeowner must continually check value of home. If not covered 80%, owner receives partial coverage (percentage of what he has paid for)
58
Insurance underwriting
Process used by insurance company to see what risks it's taking. They look at credit reports and evaluate property.

Real Estate (4 decks)

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