Encumbrances

Question 1

Encumbrance

Answer 1

An interest, right or intrusion that limits the freehold interest of an owner of real property or otherwise adversely effects the marketability of the title

Question 2

Easement Appurtenant

Answer 2

An easement appurtenant gives a property owner a right of usage to portions of an adjoining property owned by another party

Question 3

Dominant Tenement

Answer 3

The property that benefits from existence of an easement appurtenant. the holder of the easement is the dominant tenant

Question 4

Dominant Estate

Answer 4

An easement appurtenant gives a property owner a right of usage to portions of an adjoining property owned by another party. The property enjoying the usage right is called the dominant tenement or dominant estate

Question 5

Servient Tenement

Answer 5

A property containing an easement that must serve the easement use belonging to a dominant tenement

Question 6

Easement by Necessity

Answer 6

Is an easement appurtenant granted by a court or law to a property owner because of a circumstance of necessity, mist commonly the need for access to property. Since property cannot be legally landlocked , or without legal access to a public thoroughfare, a court will grant an owner of a landlocked property an easement by necessity over an adjoining property that has access to a thoroughfare. The landlocked party becomes the dominant tenement, and the property containing the easement is the servant tenement

Question 7

Easement in Gross

Answer 7

Is a personal right that one party grants to another use the grantor’s real property. The right does not attach to the grantor’s estate. It involves only one property, and, consequently, does not benefit any property owned by the easement owner. There are no dominant or servant estates in an easement gross. An easement Gross may be personal or commercial

Question 8

Easement by Prescription

Answer 8

If someone uses another’s property as an easement without permission for a statutory period of time and under certain conditions, a court order may give the user the easement right by prescription, regardless of the owner’s desire

Question 9

Eminent Domain

Answer 9

A power of a government entity to force the sale of property for subsequent public use

Question 10

Encroachment

Answer 10

An unauthorized physical intrusion of one’s real property into the real property of another

Question 11

License

Answer 11

An individuals personal right to use the property of another for a specific purpose. Revocable at any time at the owner’s discretion. Doesn’t attach to the property and terminated upon the death of either party

Question 12

Deed Restrictions

Answer 12

A provision in a deed that limits or places rules on how the deeded property may be used or improved

Question 13

Condition

Answer 13

Deed restrictions are either covenants or conditions. A condition can only be created within a transfer of ownership. If a condition is later violated, a suit can force the owner to forfeit ownership to the previous owner

Question 14

Covenant

Answer 14

Deed restrictions are either covenants or conditions. A covenant can be created by mutual agreement. If a covenant is breached, an injunction can force compliance or payment of compensatory damages

Question 15

Lien

Answer 15

A creditor’s claim against real or personal property as security for a property owner’s debt. A lien enables a creditor to force the sale of the property and collect proceeds as payment towards the debt

Question 16

Lienor

Answer 16

The creditor who places a lien on a property

Question 17

Lienee

Answer 17

The debtor who owns the property

Question 18

Lien Priority

Answer 18

The order in which liens against a property are satisfied; the highest priority receives sale proceeds from a foreclosure before any other lien

Question 19

Subordination

Answer 19

A voluntary or involuntary placing of a lien’s priority below that of another. A mortgage lien, for example automatically subordinates to real estate tax lien

Question 20

Foreclosure

Answer 20

A procedure for forcing sale of a secured property to satisfy a lien holder’s claim

Question 21

Acceleration

Answer 21

A right granted through a loan clause enabling the lender to call all suns immediatly due and payable on a loan should the borrower violate certain provisions of the loan agreement

Question 22

Lis Pendens

Answer 22

A public notice in a foreclosure proceeding that the mortgaged property may soon have a judgement issued against it. Enables other investors to join in the proceeding if they wish to collect their debts

Question 23

Redemption

Answer 23

The borrower’s right of redemption, also called equity of redemption, is the right to reclaim a property that has been foreclosed by paying off amounts owned to creditors, including interest and costs. Redemption is possible within a redemption period