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GA Real Estate Terms > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Allodial System

A

A system of land ownership which recognizes the right of individuals to own land independently of political superiors, but allows the government to retain the rights of eminent domain, police power, taxation and escheat

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2
Q

Bundle of Rights

A

All of the rights a person can have in real property. Included in the bundle are the rights of possession, control, enjoyment and disposition

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3
Q

Encroachment

A

The illegal intrusion of an improvement, building or other attachment onto a neighboring land or into its airspace.

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4
Q

Encumbrance

A

Anything which affects the fee simple title or the use of land such as liens, easements, restrictions and encroachments

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5
Q

Attachment Lien

A

An encumbrance created against land when the court is granted custody of the property to prevent the owner from conveying title while a suit for damages is being decided. By attaching the property the person seeking damages is assured that the property will be available to satisfy a judgement if it is awarded by the court.

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6
Q

(Conventional) Life Estate

A

A freehold estate (i.e. ownership interest in real property). The indefinite duration of the estate is measured by the life of some person.

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7
Q

Commercial Easement in Gross

A

A right to use the land of another. It does not benefit any particular property. The right is transferable and freely inheritable. Typical examples include utility easements, railroad right-of-ways and billboard easements.

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8
Q

Condition

A

A provision in a deed which subjects the ownership of land to certain restrictions. The party creating the condition (the grantor) reserves a future right in the property. Upon the occurrence or nonoccurrence of a stated condition, either the title automatically reverts to the grantor, or the grantor has the right to sue for possession and terminate the estate.

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9
Q

Consummate Dower

A

A wife’s right in her husband’s estate after his death

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10
Q

Contingent Remainder

A

A nonpossessory estate created when a fee simple owner grants a lesser estate and designates another person to take possession of the fee simple estate upon termination of the lesser estate and the occurrence of a stated condition.

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11
Q

Covenant

A

A restriction in a lease or deed which specifies that the property will or will not be used in a certain manner. An example of a covenant is a subdivision restriction. Covenants have a time limit after which they are no longer effective.

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12
Q

Declaration of Restrictions

A

An instrument which contains all the restrictive covenants affecting the lot in a subdivision. By recording the instrument, the subdivision restrictions are incorporated by reference into the deeds to each individual lot.

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13
Q

Dominate Estate

A

The land parcel which benefits from an easement appurtenant. When title to the land is conveyed, the easement is automatically transferred to the new owner.

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14
Q

Dower

A

A wife’s life estate in the real property owned by her husband and conveyed to her by law upon his death.

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15
Q

Easement Appurtenant

A

An easement which grants a right of use to one parcel of land in and on another parcel. The land over which the easement runs is the servient estate. The land benefiting from the easement is the dominant estate.

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16
Q

Easement in Gross

A

A legal right to use the land of another. It involves only one parcel of land and does not benefit any particular property. There are two types: commercial and personal.

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17
Q

Easement

A

A legal right to use the land of another for a specific purpose and in a specific manner. The right only constitutes an interest in the land. It does not give the easement owner an estate.

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18
Q

Egress

A

An exit leading from the parcel of land.

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19
Q

Eminent Domain

A

The government’s right to take private property for public use with or without the consenting of the owner upon payment of a just compensation to the owner. The right may be with or delegated to quasi-public corporations, such as utility companies. The court suit for taking the property is called condemnation.

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20
Q

Equitable Lien

A

Also voluntary lien

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21
Q

Escheat

A

A government right for land to go back to the state when the owner dies without leaving a will and without heirs.

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22
Q

Estate at Sufferance

A

An interest in real property held by a tenant who holds over without the consent of the landlord after the tenant’s right of possession has terminated.

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23
Q

Estate for Years

A

A tenant’s interest in real property (leasehold estate) for a fixed period of time.

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24
Q

Estate from Period to Period

A

A tenants interest in real property (leasehold estate) for a certain period of time. Without proper notice the period is automatically renewed.

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25
Q

Estate

A

The quality, quantity, nature and extent of ownership interest or rights a person holds in real property. Estates are either possessory or nonpossessory.

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26
Q

Fee Simple Absolute

A

An inheritable estate of indefinite duration, without restrictions or conditions to satisfy in order to retain ownership. It is the most complete ownership of rights in land that one can hold. It is said to be potentially perpetual.

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27
Q

Fee Simple Determinable

A

A fee simple estate that automatically ends and goes back to the person who granted the estate, to their heirs or to a remainderman if named, upon the occurrence or nonoccurrence of a stated condition.

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28
Q

Fee Simple Estate

A

An ownership interest in land which is freely inheritable. The estate may be absolute, determinable or conditional.

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29
Q

Fee Simple; Condition Subsequent

A

A fee simple estate that may be ended by the grantor or the grantor’s heirs or a remainderman if named, upon the occurrence or nonoccurrence of a stated condition.

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30
Q

Freehold Estate

A

An ownership interest in land, the duration of which is uncertain. The estate may last forever (i.e. be inheritable), or its duration may be measured by one person’s life.

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31
Q

Future Right

A

The right to take possession or control of a property in the future (nonposessory).

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32
Q

General Lien

A

A lien against all of the property owned by the debtor.

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33
Q

Holdover Tenant

A

A tenant who remains in possession of leased premises after their right of possession has ended. Possession may be with or without the landlord’s consent.

34
Q

Homestead Protection

A

A right which protects a portion of a family’s primary residence in the event a creditor forces a sale to satisfy an outstanding debt. The amount of protection is determined by state law.

35
Q

Impounds

A

Monthly payments of taxes and insurance collected by the lender to assure payment of these items when they become due.

36
Q

Inchoate Dower

A

A wife’s interest in her husband’s property while he is still living.

37
Q

Incorporeal

A

An intangible interest in land, such as an easement.

38
Q

Ingress

A

Access to a parcel of land.

39
Q

Inheritance Tax

A

Tax on property received by will or by inheritance through the probate court.

40
Q

Injunction

A

Court ordered requiring a person to whom it is directed to do or refrain from doing a particular thing. A legal recourse that may be taken against one who violates a restrictive covenant in a lease or deed.

41
Q

Involuntary Lien

A

A lien permitted by law and recorded without the landowner’s consent. The lien may affect only one particular property, such as a mechanic’s lien, or it may affect all the debtor’s property, such as a judgement lien. Also known as statutory lien.

42
Q

Judgement

A

A court’s official decision regarding the rights and claims of the parties in a lawsuit. A judgement in a suit for damages is the amount of indebtedness set by the court.

43
Q

Laches

A

Undue delay or failure to exercise one’s legal right, resulting in the loss of the ability to exercise the right.

44
Q

Landlocked

A

Land which has no means of access except over neighboring land.

45
Q

Leasehold Estate

A

A tenant’s rights in real property granted to them by a lease.

46
Q

Legal Life Estate

A

A life estate created by state law, the holder of which has a nonpossessory interest in real property. Legal life estates include dower, curtesy and homestead protection.

47
Q

License

A

An owner’s permission for another to use the land for a specific purpose. The permission does not grant a right in the land but a personal privilege, which is neither transferrable nor inheritable and may be terminated by either party.

48
Q

Lien

A

A monetary claim against real estate which services as security for a debt.

49
Q

Lesser Estate

A

An estate is created when a portion of ownership rights is conveyed to another.

50
Q

Life Tenant

A

One to whom a life estate is granted; the owner of the estate.

51
Q

Lis Pendens

A

Legal notice that a lawsuit is pending, and the outcome could affect the title to certain real estate.

52
Q

Mechanic’s Lien

A

Also known as a materialman’s lien, a lien created by statue against real property. It exists for the purpose of securing payment to those persons who have performed work and/or furnished materials for the improvement, maintenance or repair of real property against which the lien is recorded.

53
Q

Mortgage Lien

A

A monetary claim against a specific property pledged by its owner as security for the repayment of a loan or other debt.

54
Q

Nonpossessory Estate

A

An estate in real property, the possession of which is postponed until a preceding possessory estate is terminated.

55
Q

Notice of Completion

A

A legal notice required in some states in order to perfect a mechanic’s lien. The notice lets the property owner know that certain contracted work has been completed and/or materials ordered have been supplied.

56
Q

Ordinary Life Estate

A

A life estate whose duration is measured by the life of the life tenant.

57
Q

Party Wall

A

A fence or wall of a building that straddles the boundary line of two adjoining lots and exits for the use of both owners.

58
Q

Personal Easement in Gross

A

A personal right granted to an individual to use the land of another. The right is neither transferable nor inheritable and may be terminated by the easement holder or, by death of the easement holder.

59
Q

Police Power

A

The Government’s right to enact and enforce legislation which regulates the use of real estate to provide for the public safety, health, morals and general welfare of the community.

60
Q

Possessory Estate

A

An estate whose owner has the right of present possession or control. Possessory estates are either freehold or leasehold.

61
Q

Possibility of Reverter

A

A possibility that title to land will revert back to the grantor if the grantee breaches a condition placed on the title by the grantor.

62
Q

Prescription

A

A method of acquiring an easement through continuous, open, visible and notorious use of another person’s property. The use must be without the owner’s permission and for a period of time as prescribed by law.

63
Q

Present Right

A

The right to immediate possession or control of a property.

64
Q

Release

A

The act of relinquishing a right or claim to real estate. A release is often accomplished by use of a quit-claim deed.

65
Q

Remainder Estate

A

An estate in which the right of possession comes into being upon the termination of a lesser estate, such as a life estate. The right of future possession is vested in someone other than the grantor of the lesser estate.

66
Q

Remainderman

A

One who holds a right of future possession. The person named by the grantor to receive the fee simple estate upon termination of a lesser estate.

67
Q

Restriction

A

A limitation placed on the use of real property, either by the government or by other persons who have an interest in the property. Private restrictions are either in the form of covenants or conditions.

68
Q

Reverter Clause

A

A deed provision which causes a fee simple defensible estate to automatically terminate and revert to the grantor or a remainderman upon the occurrence of a stated condition.

69
Q

Right of Entry

A

The right to resume fee simple ownership through court action, or to terminate a fee simple estate on a condition subsequent, upon the occurrence of a stated condition.

70
Q

Reversionary Estate

A

An estate in which the right of possession comes into being upon the termination of a lesser estate, such as a life estate. The right of future possession is vested in the grantor of the lesser estate or the grantor’s heirs if the grantor is deceased.

71
Q

Run with the Land

A

The automatic transfer of certain rights or encumbrances in real property when title is conveyed.

72
Q

Servient Estate

A

A parcel of land over which an easement runs

73
Q

Special Assessment

A

A tax levied against real estate to pay for improvements which benefit only the property taxed. Assessments are generally made for such improvements as street lights, sewers, sidewalks or curbs.

74
Q

Specific Lien

A

A lien against only one property.

75
Q

Statutory Lien

A

Also called Involuntary Lien

76
Q

Vendee’s Lien

A

A buyer’s lien against the property of a seller who defaulted on a contract to sell.

77
Q

Vendor’s Lien

A

Also known as a purchase money mortgage or seller’s lien. When a seller finances part of the purchase price and the purchaser pledges the property as security for the debt, the seller holds a vendor’s lien against the property.

78
Q

Vested Remainder

A

A nonpossessory estate created when a fee simple owner grants a lesser estate and designates another person to take possession of the fee simple estate upon termination of the lesser estate.

79
Q

Voluntary Lien

A

A lien recorded with the owner’s consent. One created by agreement.

80
Q

Writ of Execution

A

A court order directing the sheriff to seize and sell enough of a debtor’s property to satisfy a judgement and to pay expenses for the sale. Also referred to as a levying upon the debtor’s property.

GA Real Estate Terms (11 decks)

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