Chapter 6 - Property Law - Terminology Flashcards
property over which the owner or possessor has relinquished control with no intent to regain control
abandoned property
an addition or increase in property
accession
possession of property with the possessor’s having immediate control over it
actual possession
taxes based on the assessed value of the property taxed
ad valorem taxes
personal representative appointed by probate courts to handle administration of a decedent’s estate
administrator/administratrix
possession of real property without consent of the owner that can result in acquiring tittle after a period of prescribed years upon compliance with requirements of statutes
adverse possession
children born after a testator executes a last will or testament
after-born children
an auxiliary administration of a decedent’s estate in a state other than the state of the decedent’s domicile
ancillary administration
agreement to pay the balance due on a note secured by a mortgage
assume the mortgage
person or entity entrusted with someone’s property
bailee
entrustment of property to someone to perform some service or repair on the property. (mechanic, dry cleaner)
bailment
one who entrusts property to another for a specified purpose
bailor
persons designated to receive property from another person’s insurance policy, will or trust
beneficiary
a local board authorized to grant exceptions an variances from land use zoning ordinances and regulations
board of adjustment
a local board authorized to revise the assessed values of properties subject to ad valorem taxation
board of equalization
one who makes a purchase in good faith, that is, without the attempt to defraud or deceive
bona fide purchaser
governmental regulations specifying he requirements for the construction of buildings
building codes
a right not reduced to possession by recoverable by a lawsuit (wages)
chose in action
an amendment to a last will and testament
codicil
cash or other asset pledged as a security for repayment of a debt
collateral
property acquired by a husband and wife during their marriage, other than property acquired by gift or inheritance, in a state that has community property laws
community property
building whose owners have title to individual units in a multi-unit structure and who have title in common with other owners to the amenities and other common elements of the property
condominium
organization of condo owners that governs the maintenance and uses of the amenities and other common elements of the property
condominium association
mixing of goods belonging to different owners
confusion
the ability to effectively control something, even if it is not actually in one’s possession
constructive possession
a form of ownership in which a person buys shares of stock in a corporation in order to occypy a unit in an apartment or business building
cooperative form of ownership
the exclusive legal right to reproduce, publish, sell, or distribute the matter and form of something (as a literary, musical, or artistic work)
copyrights
agreements, such as within a contract
covenants
a deed by which a borrower conveys legal title to real estate to a trustee who holds title as security for a lender
deed of trust
a judgment entered by a court for sus remaining due a creditor or motgagee after the creditor reposesses and selss goods or after the mortgagee forecloses and causes the mortgaged property to be sold
deficiency judgment
beneficiaries of real property under a last will and testament
devisees
deprived of receiving an inheritance from a decedent
disinherited
place of a person’s permanent residence
domicile
ability to exercise the right to property and authority to deirect its disposition
dominion and control
one who receives a gift
donee
one who makes a gift
donor
a provision in a mortgage that stipulattes that the entire unpaid balance due on the mortgages indebtedness will become due upon transfer of the property that is collateral for the mortgage debt
due-on-sale clause
right to use a part of someone else’s land as a right-of-way for purposes of ingress to and egress from otherwise landlocked property
easement of necessity
a rights of use over the property of another. Frequently refers to right-of-way across privately owned land.
easements
a share of a deceased spouse’s estate that a surviving spouse is entitled to claim in some states
elective share
the power of government or of individuals and corporations authorized to perform public functions, to take private property for public use. 5th Amendment requires just compensation
eminent domain
regulations adopted by administrative agencies designed to implement statutory protections of the environment
environmental regulations
an interest in real property that can be enjoyed only during the lifetime of a named person
estates during the life of another
intersts in lands and property attached thereto
estates in real property
the person appointed by a testator to execute a will
executor/executrix
the highest interest in real property that hte law recognizes
fee simple estate
an estate in real property conveyed to a person (grantee) and to the heirs of the grantee’s body
fee tail estates
allowed to continue, such as use of a land contrary to a new zoning law
“grandfathered in”
one to whom a grant is made. usually a person or entity that acquires title to real estate
grantee
one who makes a grant. Usually one who deeds property to another
grantor
entrustment of property for the benefit of bailor to a person (bailee) who receives no compensation and has a limited responsibility
gratuitous bailments
persons entitled to succeed to the property of a decedent who died intestate
heirs
a tax imposed by many states on the receipt of property from a decedent
inheritance tax
property with no tangible value, such as bonds, promissory notes or stock certificates
intangible personal property
a trust established during the lifetime of the grantor or settlor
inter vivos trusts
without a will
intestate
a trust that cannot be revoked
irrevocable trusts
a form of holding title to property where two or more persons share in the ownership
joint tenancy
a form of property ownership whereby upon death of one party, that party’s interest in the property becomes the property of the surviving joint tenants
joint tenants with right of survivorship
the constitutional requirement that a party whose property is taken by government under the power of eminent domain be justly compensated for the loss, normally at fair market value
just compensation
system developed under the feudal system where an occupier or tenant held lands subordinate t a superior, usually a lord
land tenure
developing criteria for present and future uses of lands–for example, zoning
land use planning
the branch of the civil law that deals with the relationships between owners and tenants
landlord-tenant law
legal declaration by which a person provides for the distribution of his property at death
last will and testament
the legal interest in property that a tenant acquires by lease (usually written) from the owner
leasehold
those who receive personal property under a decedent’s last will and testament
legatees
a party who leases real or personal property from a lessor (owner)
lessee
a party (sometimes called a landlord) who leases real or personal property to a lessee (tenant)
lessor
permits to act for specified purposes
licenses
a claim of a right or interest in or charge against another’s property
lien
an interest in property (usually real estate) that allows the life tenant to use and control the property during his or her lifetime
life estates
a holder of a life estate in property
life tenant
a trust created by a grantor during his or her lifetime. also known as an inter vivos trust.
living trusts
property that the owner has involuntarily parted with and about which the owner is without knowledge as to how or where to find it.
lost property
written contract creating a lien against a specifically described real property to secure payment of a note or other undertaking.
mortgage
one who takes or holds a mortgage (usually a lender)
mortgagee
one who executes a mortgage (usually a borrower) to secure payment for an obligation
mortgagor
a type of bailment where the owner of the property and the person receiving the property each receive a benefit. (lease of a motor vehicle)
mutual benefit bailments
a legal proceeding to apportion undivided interests of owners in real property. (division of land OR proceeds)
partition suit
all species of property other than land an things attached to land
personal property
one who administers an estate, sometimes known as an executor of a testate estate or an administrator of an intestate estate
personal representative
refers to acquiring an easement by long, continued, uninterrupted use, that is, by prescription
prescription
the judicial determination of the validity of a will
probate
a court that exercises jurisdiction over the probate of wills and administration of estates of decedents
probate court
a document executed by a buyer creating a lien in favor of a seller of real property for the unpaid balance of the purchase price
purchase money mortgage
a legal conveyance by a grantor to a grantee of an interest, in any, the grantor has in land described in the deed
quitclaim deed
land and building permanently attached thereto
real property
governmental regulations that result in a substantial diminishment in the value of an owner’s property
regulatory taking
person designated to receive an estate in real property upon expiration of the prior estate.
remaindermen
agreements among property holders restricting the use of property or prohibiting the rental or sale of it to certain parties
restrictive covenants
action by a lessor to terminate a tenant’s occupancy because the tenant has angered the lessor, usually by reporting a housing violation to public authorities
retaliatory eviction
a trust that the grantor reserves the right to revoke
revocable trust
a mortgagor’s right to pay all sums due the mortgagee before a foreclosure sale and thus redeem the mortgagor’s right to the property that has been foreclosed
right of redemption
a written contract between a debtor and a creditor granting the creditor a security interest in collateral
security agreement
a sum deposited by a tenant either with a lessor or in escrow to guarantee performance of the tenant’s obligation under a lease
security deposit
an interest in collateral that a creditor acquires to ensure repayment of a debt
security interest
approval by zoning boards that permit uses within a particular district conditioned upon compliance with special requirements
special exceptions
property that has physical form and substance and value in itself
tangible personal property
a form of ownership of property by a husband and wife. Survivor becomes the owner of the property
tenancy by the entirety
a form of ownership of property whereby each tenant in common owns an undivided interest in the property
tenants in common
the legal capability to execute a last will and testament
testamentary capacity
a trust created under a last will and testament
testamentary trust
a person who executes a last will and testament
testator/testatrix
a legal relationship created when a party known as the grantor or settlor transfers legal title to assets to a second party known as the trustee for the benefit of a third party known as the beneficiary
trust
one who holds legal title to assets transferred by a grantor or settlor to be held and administered for the benefit of a third-party beneficiary
trustee
a credit against a federal estate taxes (exemption up to a certain amount)
unified credit
deviations granted by a Board of Adjustment where enforcement of zoning regulations would impose an undue hardship on the property owner
variances
a deed from a grantor conveying an interest in real property to the grantee with various covenants, including the grantor’s warranty defend the title to the property conveyed
warranty deed
an expression (in most instances written) that makes known the intent of the signer (testator) as to the disposition of his or her property. Also the last will and testament
will
