Chapter 5 Flashcards
acceleration
right of a lender to
demand immediate
repayment of a loan balance
upon default
The lender issued a notice of
__________, demanding
immediate payment of the
remaining balance after the
borrower defaulted on the
loan.
acceleration
condition
requirement or restriction
attached to the ownership or
use of property, often
specified in a deed or
contract.
A legally binding promise or
agreement related to the use,
maintenance, or
improvement of property.
covenant
The homeowners’
association enforced the
______ requiring all
properties to maintain a
certain aesthetic standard.
covenant
deed
restriction
A limitation on the use of
property, usually imposed by
a previous owner and
recorded in the property’s
deed.
it refers to the
property benefiting from an
easement appurtenant or
other property rights.
dominant
estate
The property owner benefited
from a right of way over the
neighboring land, making
their property the ____________
dominant
estate.
dominant
tenement
property that benefits
from an easement
appurtenant by having the
right to use another property
(servient tenement) for a
specific purpose
easement
appurtenant
the right to use someone
else’s property for a specific
purpose, which benefits
another adjacent property
(dominant tenement).
The right-of-way granted to
access the lake was an
_____________ to the
neighboring property.
easement appurtenant
A legal right of access
granted to a landlocked
property over another
property to ensure
reasonable use and
enjoyment
easement by
necessity
The landlocked parcel gained
access to the main road
through an easement by _________
necessity
easement by
prescription
An easement acquired
through continuous, open,
and hostile use of another’s
property without permission
for a statutory period.
The neighbor gained legal
access to the river by using
the path across the property
for over twenty years,
establishing an ___________________
easement by
prescription.
The government’s power to
take private property for
public use, with
compensation to the
property owner
eminent
domain
easement in
gross
A personal right to use
someone else’s property for a
specific purpose, not tied to
ownership of any particular
parcel of land
Unauthorized intrusion of a
structure or improvement
onto another person’s
property.
encroachment
Legal process by which a
lender repossesses and sells
a property to recover unpaid
debt secured by a mortgage
or lien
foreclosure
license
Permission to use someone
else’s property for a specific
purpose without transferring
any property interest
lien
A legal claim against a
property as security for a
debt or obligation, typically to
secure payment of a debt.
The order in which liens
against a property are paid
off in the event of
foreclosure or sale.
lien
priority
lienee
The property owner subject
to a lien, obligated to satisfy
the debt or obligation
secured by the lien
lienor
The party holding a lien
against a property, such as a
mortgage lender or judgment
creditor
