Exam prep Flashcards
Personal property
Anything that can be picked up and moved under ownership
Real property
Anything that cannot be moved and is a part of the land. (Cannot be moved without modifying parcel)
Conveyances
The term for the written document that is being transferred from one party to another
Metes
The measurement of distance between 2 objects. Measured with straight lines regardless of what’s in between them
Bounds
Less specific than metes, bounds is a measurement between noN permanent objects such as a rock or tree
Block
An area defined by the intersection of parallel and perpendicular lines. An individual plat of survey.
Lot
is an individual piece of land which is intended to be conveyed in its entirety to a buyer
Government survey
a survey made by a governmental entity of tracts of land including townships, sections and quarter sections of land
Rentable space
The measurement of square footage in 1 unit also including the square footage of commons areas
Common areas
Areas in a multi family dwelling that allows usage of all tenants (laundry, lobby, etc)
Usable space
the entire home or apartment. This space is wall to wall with all interior spaces included.
Acre
The (English) acre is a unit of area equal to 43,560 square feet, or 10 square chains, or 160 square poles. A square mile is 640 acres.
Arpent
Unit of length and area used in France, Louisiana and Canada. As a unit of length, an arpent is approximately 191.8 feet.
Gunter’s Chain
Unit of length equal to 66 feet, or four poles.
Hectare
Metric unit of area equal to 10,000 square meters, or 2.471 acres.
Pole
Unit of length and area. Also known as a perch or rod. As a unit of length, equal to 16.5 feet. As a unit of area, equal to a square with sides one pole long. An acre is 160 square poles.
Water right
Land that’s adjacent to a body of water normally carries with it certain rights relative to that body of water
Littoral rights
the rights commonly granted to owners of property that border a bay, a large lake, the ocean, or a sea. Owners of property abutting such bodies of water have an unrestricted right to use the water and ownership of the land up to the average or mean high water mark.
Riparian rights
the rights of property owners who own land abutting rivers and streams.
Watering rights
In agricultural areas, rights to water may be controlled by special agreement between property owners. In addition, where water is scarce, the doctrine of prior appropriation may apply.
doctrine of prior appropriation
state-specific and may be used in states where water resources are limited. It basically places the right to control water resources in the hands of the state rather than individual property owners. (California. )
Air rights
unlimited right of ownership of the airspace above her land up to infinity; however, these rights may not interfere with aircraft traffic.
Surface rights
the rights to do whatever is legally permitted on the surface of the property. Surface rights generally include construction of structures and physical improvements of all kinds as well as things like planting crops.
Subsurface and mineral rights
the right to use the property beneath the surface or to permit others to use it. An example of subsurface rights is selling the city an underground or subsurface easement to install a sewer line across your property.
Lien
a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
Tax liens
If an individual or company fails to pay their taxes, federal or local, the IRS or some other government entity can place a lien on the property for the amount of unpaid taxes.
Mortgage lien
A mortgage is a type of loan that is used to purchase or refinance a home
Mechanics lien
Mechanics liens arise when a contractor, material supplier, equipment lessor, or other types of professionals provides services for the construction or repair of real property.
Judgement lien
These types of liens are a direct result of a lawsuit. If a person is a party to a lawsuit and loses, the court will award damages as a money judgment.
Easement
a nonpossessory right to use and/or enter onto the real property of another without possessing it.
Easement in gross
only property is involved, and the rights of other owners are not considered. For example, a public utility line easement would be an easement in gross and would be recorded in the public records.
Easement appurtenant
Aka easement by necessity
can be created for a landlocked parcel that has no public road access.
Prescriptive easement
someone uses part of your property without your permission.
Adverse possession
involves the loss of an entire property by open, notorious, hostile adverse and continuous use.
How long for adverse possession?
10 years of continuous hostile use
License
only gives permission to do a particular act or series of acts on another’s property.
Encroachment
intrusion on a person’s territory, rights, etc.
Tenancy in common
an arrangement where two or more people share ownership rights in a property or parcel of land. The property may be commercial or residential.
Joint tendency
the holding of an estate or property jointly by two or more parties, the share of each passing to the other or others on death.
Common interest
include condominiums, coops, retirement communities, vacation timeshares, and other housing developments comprised of individually owned units, in addition to shared facilities and common areas.
Timeshare
These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each owner of the same accommodation is allotted their period of time.
Acceleration clause
contract provision that allows a lender to require a borrower to repay all of an outstanding loan if certain requirements are not met.
Sub agency
A sub-agent is a real estate licensee who provides real estate services to a buyer while actually representing the seller in a real estate transaction.
Sherman anti trust act
the first Federal act that outlawed monopolistic business practices.
Contingencies
a clause in a formal real estate contract that states there are certain conditions that must be met by either the buyer or the seller in order to continue to the next step in the contract.
Right to sell
an agreement between a seller and a real estate broker or agent that gives them exclusive rights to sell and market your home.
Ecoa
prohibits discrimination in granting credit. to people based on sex, age, marital status, race, color, religion, national origin
Regulation z
the Federal Reserve Board regulation that implemented the Truth in Lending Act of 1968, which was part of the Consumer Credit Protection Act of that same year.
Variance
a request to deviate from current zoning requirements. If granted, it permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance.
Actual eviction
the physical expulsion of a person from land or rental property
Constructive evictions
a circumstance in which a landlord either does something or fails to do something that he or she has a legal duty to provide
Truth in lending act
a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost
Exclusive agency
an agreement between a seller and a real estate firm or agent granting the firm or agent the right to be the only firm or agent to market and sell a property, except the seller retains the right to market and sell the home to a buyer without having to pay a commission
General agency
possesses the authority to carry out a broad range of transactions in the name and on behalf of the principal.
Principal
the responsible party – also called the managing broker or the qualifying broker
Steering
DescriptionRacial steering refers to the practice in which real estate brokers guide prospective home buyers towards or away from certain neighborhoods based on their race.
Redlining
Zones drawn by a brokerage of neighborhoods that they don’t want to process loans for
