Fundamentals Of Real Estate Law Flashcards

1
Q

Adverse possession

A

Allows a person who uses another’s property to gain ownership when the use is actual, open, notorious,exclusive, hostile, continuos and long enough

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2
Q

Annexation

A

The manner of attachment of personal property to real estate

Also applied by a city to grow by including adjacent land

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3
Q

Chattels

A

Items of personal property, including autos, clothing, and movable furniture

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4
Q

Color of title

A

What appears to be a good title but is not

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5
Q

Community property

A

Property owned by husband and wife by joint effort during marriage is owned one-half each. Form of ownership recognized in several states, most of Spanish origin

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6
Q

Separate property

A

Property either owned separately before marriage or inherited during marriage

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7
Q

Condominium (Condo)

A

A form of ownership whereby a person owns a specific unit, can mortgage it, and has rights to use the common property jointly

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8
Q

Constructive notice

A

occurs when an instrument, such as a deed, is recorded in the county courthouse to give notice to the world of its existence

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9
Q

Cooperative (Co-op)

A

A form of ownership whereby a person owns stock in a corporation, receiving exclusive use of a specific unit and rights to use the common property jointly.
Co-op and condo owners must pay assessments

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10
Q

Corporeal

A

Property that is tangible (I.e. Can be seen or touched”

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11
Q

Incorporeal

A

Refers to intangible property

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12
Q

Devise

A

A transfer of real estate by will or last testament

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13
Q

Bequeath

A

A transfer of personal property by will or last testament.

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15
Q

Dower rights

A

Gives the wife (or child) an interest in part of deceased husbands estate. A few states also recognize a husbands rights, called curtesy rights

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16
Q

Easement

A

The right to use property of another for a specific purpose.

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17
Q

Eminent domain

A

The right, or government, or an entity with governmental authority, to take private property for public use. The process is called condemnation, which requires payment of just compensation for the property taken

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18
Q

Erosion

A

The gradual removal of land by nature

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19
Q

Avulsion

A

The sudden removal of land, as by hurricane.

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20
Q

Accretion

A

A natural addition to land

21
Q

Estate

A

The degree, quantity, nature and extent of interest a person has in property.

22
Q

Life estate

A

Expires on the death of the life tenant

23
Q

Remainderman

A

Acquires ownership of the property (called the reversion)

24
Q

Pur autre vie

For another’s life

A

A type of life estate that ends in the death of someone other than the life tenant

25
Q

Fee simple

A

The greatest form of ownership one can have. It is subject to eminent domain and land use controls

26
Fixture
An object that was personal property. Score being affixed to real estate in a manner that caused it to be part of the real estate.
27
Foreclosure
The process to force the sale of a property for nonpayment of a claim on it
28
Freehold estate
An interest in real estate without a known termination date.
29
Nonfreehold estate Or Less than freehold
An interest in real estate with a present termination date
30
Homestead
The protection of a family's home from creditors in certain instances such as bankruptcy
31
Interest in real estate
Allows a party certain use but is less than fee simple estate
32
Intestate
A person who died without a will
33
Intestate succession
The states law for distributing the property of someone who died without a will. If the decedent left no heirs, the decedents property "escheats" to the state.
34
Joint tenancy
A form of ownership characterized by survivorship. When one dies, the remaining joint tenants inherit the portion owned by decedent
35
License
gives a person permission to go onto another's land for a a special purpose
36
License
The privilege given by the state to a person to operate as a real estate salesperson or broker
37
Littoral
Refers to the shore line of property on a large body of water, such as an ocean. Generally, private ownership stops at the mean high-water mark
38
Personal property (personalty)
Things other than real estate
39
Prescription
An easement acquired by adverse possession
40
Property
The legal rights to use and enjoy things or, in Layman's terms, the things themselves
41
Real estate (realty)
Refers to land and everything permanently affixed to land
42
Riparian
Refers to land bounding on a stream, lake, or river
43
Survivorship
When a co-owner automatically inherits ownership of the portion that belonged to another person who had died
44
Tenancy by enetireties
A form of joint tenancy that exist ma only in certain states and is available only to husband and wife. It protects a spouses rights to the home from certain action if the other spouse
45
Tenancy in common
A form of co-ownership by two or more people without survivorship. Each tenant owns an undivided interests in the whole and may dispose of his/her interest any way he/she pleases
46
Tenancy in severalty
Ownership by one person or one entity