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