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Real Estate Principles > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

Encumbrance

A

Any charge, claim, right, burden (otherwise called a cloud
on title), and/or interest in real property other than the owners, including
but not limited to, any restriction upon the title to real property, affecting
and/or limiting any interests or its use.

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2
Q

Lien

A

A form of encumbrance which usually makes specific property
security for the payment of a debt or discharge of an obligation (ex:
judgments, taxes, mortgages, deeds of trust, etc..).

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3
Q

Voluntary Lien

A

Any lien placed on property with consent of, or as a result
of, the voluntary act of the owner.

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4
Q

Involuntary Lien

A

A lien imposed against property without consent of an
owner (ex: taxes, special assessments, federal income tax liens, etc..).

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5
Q

Debt

A

That which is due from one person or another; obligation, liability.

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6
Q

Promissory Note

A

Following a loan commitment from the lender, the
borrower signs a note, promising to repay the loan under stipulated terms.
The promissory note establishes personal liability for its payment. The
evidence of the debt

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7
Q

Security Instrument

A

A contract whereby a debtor agrees to use property
as security or collateral for the repayment of debt.

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8
Q

Hypothecate

A

To pledge a thing as security without the necessity of giving
up possession of it.

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9
Q

Mortgage

A

A contract whereby a mortgagor agrees to use real property as
security for the repayment of debt.

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10
Q

Foreclosure

A

Procedure whereby property pledged for a debt is sold to pay
the debt in event of default in payments or terms.

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11
Q

Trustor

A

One who borrows money from a trust deed lender, then deeds
the real property securing the loan to a trustee to be held as security until
trustor has performed the obligation to the lender under terms of a deed of
trust.

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12
Q

Trustee

A

One who holds property in trust for another to secure the
performance of an obligation. Third party under a deed of trust.

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13
Q

Real Property Sales Contract

A

An agreement to convey title to real
property upon satisfaction of specified conditions which does not require
conveyance within one year of formation of the contract.

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14
Q

Vendor

A

A seller.

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15
Q

Vendee

A

A purchaser, buyer.

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16
Q

Deed in Lieu of Foreclosure

A

A deed to real property accepted by a lender
from a defaulting borrower to avoid the necessity of foreclosure
proceedings by the lender.

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17
Q

Mechanic’s Lien

A

A lien created by statute which exists against real
property in favor of persons who have performed work or furnished
materials for the improvement of the real property.

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18
Q

General Lien

A

A lien on all the property of a debtor.

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19
Q

Specific Lien

A

A lien that attaches to one specific property only.

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20
Q

Package Loan

A

A type of loan used in home financing covering real
property, improvements, and movable equipment/appliances.

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21
Q

Judgment Lien

A

A legal claim on all of the property of a judgment debtor
which enables the judgment creditor to have the property sold for payment
of the amount of the judgment.

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22
Q

Easement

A

A right, privilege or interest limited to a specific purpose which
one party has in the land of another.

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23
Q

Easement Appurtenance

A

A right of use in the adjoining land of another
that moves with the title to the property benefiting from the easement.

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24
Q

Easement in Gross

A

A right of use in the land of another without the
requirement that the holder of the right own adjoining land.

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25
Q

Servient Tenement

A

Land encumbered by an easement.

26
Q

Dominant Tenement

A

Land benefiting from an easement appurtenant.

27
Q

Easement by Voluntary Grant

A

A grantor conveys the right to use the
grantor’s land to a grantee for the purpose of ingress and egress.

28
Q

Easement by Necessity

A

Exists when a landowner has no access to roads
and is landlocked.

29
Q

Easement by Prescription

A

Obtained by use of the land of another for the
legally prescribed length of time.

30
Q

Adverse Possession

A

A method of acquiring title to real property by
conforming to statutory requirements; a form of involuntary alienation of
title.

31
Q

Anything which affects or limits the fee simple title to, or value of property, is known as a…?

A

Encumbrance

32
Q

Encumbrances can be monetary or non-monetary…?

A

True

33
Q

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation is known as a…?

A

lien

34
Q

A lien is an example of a non-monetary encumbrance…?

A

False

35
Q

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner is known as a…?

A

Voluntary Lien

36
Q

To pledge a thing as security without the necessity of giving up possession of it is known as…?

A

Hypothecate

37
Q

Legal title equals…?

A

control

38
Q

Equitable title equals…?

A

benefit

39
Q

One who holds property in trust for another to secure the performance of an obligation is known as a…?

A

trustee

40
Q

An agreement to convey title to real property upon satisfaction of specified conditions which does not require conveyance within one year of formation of the contract is known as…?

A

Real Property Sales Contract

41
Q

A vendor is also known as the…?

A

seller

42
Q

The vendee refers to the…?

A

buyer

43
Q

A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender is known as…?

A

Deed in Lieu of Foreclosure

44
Q

A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real property is known as…?

A

Mechanic’s Lien

45
Q

A lien on all the property of a debtor is known as a…?

A

general lien

46
Q

A lien that attaches to one specific property only is known as a…?

A

specific lien

47
Q

A general lien is also called a…?

A

blanket encumbrance

48
Q

A mechanic’s lien is an example of a/an…?

A

involuntary lien

49
Q

The effective date of a mechanic’s lien is the date the work began or the date the materials were provided…?

A

true

50
Q

The right to use the property of another generally for ingress and egress is known as a/an…?

A

easement

51
Q

A right of use in the adjoining land of another that moves with the title to the property benefiting from the easement is known as a/an…?

A

Easement Appurtenance

52
Q

A right of use in the land of another without the requirement that the holder of the right own adjoining land is known as…?

A

Easement in gross

53
Q

The land encumbered by an easement is referred to as the…?

A

Servient Tenement

54
Q

The land benefiting from an easement appurtenant is referred to as the…?

A

Dominant Tenement

55
Q

This occurs when a grantor conveys the right to use the grantor’s land to a grantee for the purpose of ingress and egress…?

A

Easement by Voluntary Grant

56
Q

This exists when a landowner has no access to roads and is landlocked…?

A

Easement by Necessity

57
Q

This is obtained by use of the land of another for the legally prescribed length of time…?

A

Easement by Prescription

58
Q

This is a form of involuntary alienation of title…?

A

Adverse Possession

59
Q

An easement in gross is also known as a utility easement…?

A

True

60
Q

The following is a third party under a deed of trust…?

A

Trustee

Real Estate Principles (14 decks)

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