Chapter 1 Flashcards
Air Rights
The right to control, occupy, or use the vertical space above a property, subject to necessary and reasonable use by neighbor and others (other aircraft).
Bilateral Contract
A reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party’s act.
Bundle of rights
A set of legal rights afforded to the real estate title holder which can include the right of possession(property is owned by title holder), the right of control(the owner controls the property’s use), the right of exclusion(the holder can deny people access to the property), the right of enjoyment(the holder can use the property in any legal manner), and the right of disposition(owner an buy and sell).
Easement
A right to cross or otherwise use someone else’s land for a specified purpose.
Eminent domain
The power to take private property for public use by a state, municipality, or private person or corporation authorized to exercise functions of public character, following the payment of just compensation to the owner of that property.
Encroachment
A situation where a property owner violates the property rights of his neighbor by building something on the neighbor’s land or by allowing something to hang over onto the neighbor’s property.
Encumbrance
A claim against, limitation on or liability against real estate; include liens, deed restrictions, easements, assessments and taxes.
Equitable title
The portion of control that a buyer has while a party in a contract for a deed or an installment contract for the property; the ability to gain full control and title to property while someone else owns a legal title.
Estate at sufferance
An agreement in which a property renter is permitted to live in a property after a lease term has expired but before the landlord demands the tenant vacate the property.
Estate at will
A tenancy agreement where a tenant occupies property with the consent of the owner, but without an agreement that specifies a definite rental period or the regular payment of rent.
Estate for years
An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use the land for a period of time.
Estate from period to period
An interest in leased property that continues from period to period - week to week, month to month, or year to year.
Executed contract
A contract that has been fully performed by both parties.
Executory contract
A contract under which one or more parties has not yet performed.
Express contract
A contract whose terms are clearly spelled out, usually in writing.
Freehold estate
An estate in which ownership is for an undefined length of time.
Homestead
A legal life estate occupied as the family home.
Involuntary alienation
The loss of property due to an adverse action such as a foreclosure or tax sale.
Leasehold estate
A form of property tenure where one party buys the right to occupy land or a building for a given length of time.
Legal description
The geographical description of a real estate property for the purpose of identifying the property for legal transactions.
Legal life estate
A form of life estate created by state law.
Littoral rights
Rights relating to the ownership of property that abuts an ocean, sea, or lake.
Marketable title
Ownership and possession of real property that is readily transferable since it is free from valid claims by outside parties.
Personal property
A type of property which can include any asset other than real estate.
Primary mortgage market
The market where borrowers and mortgage originators come together to negotiate terms and effectuate mortgage transactions; includes mortgage brokers, mortgage bankers, credit unions and banks.
Real property
Any property that is attached directly to land, as well as the land itself.
Riparian rights
A system for allocating water among those who possess land along its path.
