Aceable: Principles of Real Estate L - Q Flashcards
the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity
L1, C4
Land
the science of determining points and the distances and angles between them; aka surveying L11, C4
L____ S_________
Land Surveying
an interest in the occupation of a property, established through a lease, aka non-freehold
or less-than-freehold
L13, C2
Clue: L_______ E________
Leasehold Estate
any life estate created by a function of law as opposed to the actions or desires of a property owner
L13, C2
Clue: L______ L_______ E______
Legal Life Estate
the right to use the land of another that can be granted as well as terminated by the property owner
L13, C3
EXAMPLE
A landowner decides to give someone permission to hunt on their property. This would be a l________.
Lic____
License
the order in which liens against a property will be settled L13, C4
L_______ P_______
Lien Priority
a type of estate limited to the duration of a measuring life L13, C2
L______ E______
Life Estate
a type of corporation in which none of the owners of the company can be held personally
liable for debt
L14, C4
L_______ L______ C_______
Limited Liabilty Company
a document recording at the courthouse giving notice that a lawsuit is pending on a particular piece of property
L13, C5
L____ Pen____
Lis Pendens
a contract between a principal and a broker to sell or lease a property L15, C1
L______ A_______
Listing Agreement
rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property
L2, C1
Littoral Rights
a system of legal land description that identifies a piece of platted property by referring to the section, lot, and block numbers in a subdivision L11, C1
Lot and Block
a fact that, if known, could cause someone to take a different course of action or make a
different decision regarding the property to be purchased
L4, C2
M_______ F_______
Material Fact
a type of involuntary, specific lien that a mechanic or materialman can impose upon a property if the property owner fails to pay for materials or work done on the property
L13, C5
M________ L_______
Mechanic’s Lien
an imaginary line of longitude used to identify a certain area of the earth’s surface along a
north-south direction L11, C2
Meridian
a land survey process in which a licensed land surveyor starts at a readily identifiable point
of beginning and defines the boundaries of a property in terms of distances and compass
directions, finally returning to the point of beginning
L11, C1
Metes and Bounds
a statement, written or spoken, that is false or misleading L1, C8
Misrepresentation
If a home has had mold in the past, but the mold has been removed, the owner will receive a M____ Rem______ Cert_______ from the company who worked on the home. That certificate is good for five years.
Mold Remediation Certificate
a fixed landmark, whether natural or human-made, used as a reference point in a metes and bounds legal description
L11, C1
Monument
rural taxing entity empowered to levy assessments on property owners to support the building of infrastructure for basic utilities
If you live outside of a city area in Texas, your property is most likely covered by a taxing entity called the M_____ U______ D_____ (MUD). Taxes are levied to support the building of infrastructure for basic utilities. If a buyer moves into an area and does not know about the MUD, they will find out when the tax bill arrives in October.
The reason MUDs exist is to protect against pollution of water and to look after septic issues. If a property is being purchased in a MUD, there will be a special addendum attached to the contract.
L15, C2
Mun______ Ut_______ Di______
Municipal Utility District (MUD)
an agreement in which the seller names a minimum sales price they will accept for a property, with any excess paid to the broker as commission
L15, C3
In this type of listing, the seller names an amount they want the property to sell for, and the broker tries to sell it for more than that set price. This is because the broker’s commission is the difference between the set listing price and the actual sales price.
The broker could receive a large commission amount or could receive nothing at all.
N___ L________
Net Listing
a plea where a defendant does not admit guilt to a crime they are accused of, but does accept punishment as though they have been found guilty L1, C9; L9, C15
N________ C_________
Nolo Contendere (no contest)
the act of replacing an existing contract with a new one L12, C4
It is the act of replacing an existing contract with a new, modified one with different obligations. Legally, it is understood to be the exchange of one contract for another.
Example
Bob enters into an agreement to buy Sue’s cat with the understanding that she would care for it until he got back from a business trip.
But, before he even leaves for his trip, Bob finds out he’s allergic to the cat. He tells Sue that his friend, Mary, loves the cat and would be willing to buy the cat in his place. She can take possession of it right away, too.
Since there will be a change of the parties involved and when possession is to take place, the parties agree that a new contract should be written up to replace the old contract through novation rather than simply have Bob assign his rights and responsibilities to Mary.
Mary and Sue enter into a completely new contract, and Bob has no further responsibilities as the old contract is terminated and extinguished.
N________
Novation
a nonexclusive listing agreement that gives multiple brokers (and owners themselves) the
right to sell the property L15, C3
O______ L______
Open Listing
