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
Notice of pending legal
action affecting title to a
property, often filed in
conjunction with a lawsuit
lis
pendens
The right of a property owner
to reclaim ownership by
paying off debts or
obligations, typically before
foreclosure
redemption
servient
tenement
the
property burdened by an
easement appurtenant,
which must allow the owner
of the dominant tenement to
use the property for a specific
purpose.
The property burdened by an
easement was considered
the __________________ in the
arrangement.
servient tenement
Sale of a property for less
than the outstanding
mortgage balance, with the
lender’s approval to avoid
foreclosure.
short
sale
deed restriction
A limitation on the use of property, usually imposed by a previous owner and recorded in the property’s deed.
subordination
The act of agreeing to place
one lien or mortgage behind
another in priority.
The right to use someone else’s property for a specific purpose, which benefits another adjacent property (dominant tenement).
easement appurtenant
easement by necessity
A legal right of access granted to a landlocked property over another property to ensure reasonable use and enjoyment.
A personal right to use someone else’s property for a specific purpose, not tied to ownership of any particular parcel of land.
easement in gross
eminent domain
The government’s power to take private property for public use, with compensation to the property owner.
Unauthorized intrusion of a structure or improvement onto another person’s property.
encroachment
foreclosure
Legal process by which a lender repossesses and sells a property to recover unpaid debt secured by a mortgage or lien.
A legal claim against a property as security for a debt or obligation, typically to secure payment of a debt.
lien
lis pendens
Notice of pending legal action affecting title to a property, often filed in conjunction with a lawsuit.
The act of agreeing to place one lien or mortgage behind another in priority.
subordination
