Match the Terms- Through Unit 5 Flashcards
Action for Quiet Title
Legal Action intended to establish or settle the title to a particular property.
Special assessments
Levees for improvements such as sidewalks & waterlines made to a property.
Lis pendens
This notice renders a property unmarketable because it means that litigation is pending.
Adverse Possession
The open, notorious, hostile, and continuous use of another’s property for a statutory time, which may allow the squatter to claim the property.
Judgement
Court decision on the respective rights and claims of the parties in a lawsuit.
Fee Simple Absolute
Highest form of ownership recognized by law; for an indefinite duration, freely transferable and inheritable.
Tenancy in common
Form of co-ownership by which each owner holds an undivided interest in real property as if he or she were the sole owner; characterized by unity of possession.
Cooperative
Form of ownership in which a corporation holds the title and the owners purchase shares of stock in the corporation and receive a proprietary lease.
Tenancy by the entirety
Form of concurrent property ownership held by a husband and wife during marriage; characterized by unities of time, title, interest, possession, and person.
Condominium
Form of ownership in which the airspace is owned in severalty, and the land and buildings are owned as tenants in common.
Ad Valorem
Tax Levied according to value
Riparian Rights
Owner’s rights of land that borders water
Estate
Degree, Quantity, nature, and extent of interest in real property
Attachment
making personal property real property
Freehold Estate
an indeterminable amount of time one has ownership of land
Appurtenance
Right or privilege that passes with the land
Intestate Succession
Passing of real property to heirs or the state without a will
Public Land Use controls
Zoning
Deed of Trust
Three way instrument conveying title to a trustee as security for a lien.
Borrower
Grantor in a deed of trust
Beneficiary
Lender in a deed of trust
Market
a place where goods can be bought and sold
Nonhomogeneity
a lack of uniformity that makes real estate unique
Offeror
The person making the offer
Mortgagor
the borrower in a loan transaction
Deficiency Judgement
Taken when a foreclosure sale fails to produce enough funds to cover the debt
Enabling Acts
State legislation that confers zoning power
Easement
The right to use the land of another
Encumbrance
Anything that may cause a diminished value on the use of the land.
Novation
Substituting a new deal for an old one.
Severance
Changing an item of real property to personal property
Severalty
The ownership of real property by one person or entity.
Voluntary Lien
Lien Placed with the knowledge and consent
Vendee
Buyer
Undivided Interest
As if sole owner
Rescission
The right to terminate or cancel
Reversionary Interest
Held by the grantor after granting a life estate
Protective Covenant
Private land use controls
Real Property
Interests,rights and benefits inherent in ownership
For the Life of another
Pur Autre Vie
Promissory Note
Negotiable Instruments stating the financial obligations of signer
Chattel
personal property
offer and acceptance
meeting of the minds
no exception for race ever
Civil Rights Act of 1866
Debit
a charge against a property
Credit
An amount paid by or for a party
Excise Tax
Tax paid by seller based on amount of sale
Non Freehold Estate
Lessor/Lessee are parties to-
Substitution
Appraisal Principle
Earnest Money Deposit
Always a credit to the buyer only
