book vocab

Question 1

actual notice

Answer 1

relates to a person directly receiving information about a property

Question 2

affirmation

Answer 2

To confirm, ratify, verify, and accept a transaction that can be canceled

Question 3

affidavit

Answer 3

a written statement confirmed by oath or affirmation, for use as evidence in court

Question 4

constructive notice

Answer 4

notice that is given to the public via recorded documents about interests and rights in real estate

Question 5

encroachment

Answer 5

property owner violating their neighbor’s rights by building or extending some feature onto the other property

Question 6

life estate

Answer 6

vests the beneficial use of property in a person for their lifetime

Question 7

notary public

Answer 7

an individual who walks borrowers through all documents at their home loan closing

Question 8

quitclaim deed

Answer 8

a document in which a grantor disclaims all interest in a parcel of real property and then conveys that interest to a grantee

Question 9

remainder

Answer 9

a future interest in real estate that is transferred to the transferee or remainderman under property law

Question 10

reversion

Answer 10

a future interest in property left in the control of a grantor or the grantor’s successor

Question 11

severalty

Answer 11

a property that only has one owner

Question 12

abstract of judgement

Answer 12

a judgment lien against real property that the debtor currently owns, or may try to purchase in the future

Question 13

blanket encumbrance

Answer 13

trust deed or a lien or encumbrance securing or evidencing the payment of money and affecting land to be subdivided or affecting more than one lot or parcel of subdivided land

Question 14

covenant

Answer 14

an agreement between two or more parties regarding certain use of a piece of real property

Question 15

Declaration of abandonment

Answer 15

if after 14 consecutive days of non-payment of rent landlords believe their tenants may have abandoned the property the landlords must send the tenants a notice of belief of abandonment.

Question 16

easement appurtenant

Answer 16

a specific type of easement where two properties are linked together as servient tenement and dominant tenement estates.

Question 17

easement in gross

Answer 17

a personal right that allows a person or entity, who does not possess a property, to use it.

Question 18

encroachment

Answer 18

situations in real estate when part of the property extends beyond its borders and onto another property

Question 19

encumbrance

Answer 19

a limit on how an owner can use real estate (it is like a rule)

Question 20

general lien

Answer 20

is one which the holder thereof is entitled to enforce as a security for the performance of all the obligations

Question 21

lis pendens

Answer 21

a formal notice that there is a pending action, or lawsuit, that could affect the title of the property

Question 22

plaintiff

Answer 22

An individual’s bringing a legal action against a defendant

Question 23

preliminary notice

Answer 23

a notification to the owner or general contractor of a construction project to notify them that a contractor, sub-contractor, materials provider, or other party is reserving their right to file a mechanic’s lien in the event of non-payment.

Question 24

specific lien

Answer 24

enforceable for a specific obligation existing against the owner of the property and depends on the possession of a property by the taxpayer

Question 25

writ of execution

Answer 25

a court order granted to you that typically orders a sheriff or other similar official to take possession of property owned by the judgment debtor