Ownership Flashcards
When a person or entity uses the land of another for a specific purpose
easement
land and everything permanently attached to it
realty
grant a wife (or child) interest in her husband’s estate. Recognize the rights of a husband in the event of his wife’s death.
dower
if the true owner is so disinterested in the land they own that they allow someone else to use it for a long period of time (7 - 40 years), the person using it has rights based on the fact they were treating the property as their own.
adverse possession
a person has a title and exclusive ownership to a piece of property (typically a house or unit), and shared access to other community areas.
condominium
Monuments and occupancy markers are sometimes used in this type of property description
metes and bounds
The divisions created in rectangular survey property descriptions
townships
a property owner has these rights when their property borders a moving body of water such as a river or stream.
riparian rights
describes the likely environmental effects a new development will have.
environmental impact report (statement)
There is no warranty afforded with this deed and the grantor gives up all rights to the property
quitclaim deed
In this deed, the grantor does maintain that he/she has an interest in the property
bargain and sale deed
This deed is used when a borrower (homeowner) is released from a mortgage; records will show that the mortgage has been paid off.
reconveyance deed
What is the term for restrictions, easements, or liens that give others rights to a property?
encumbrances
the right of the government to acquire ownership of private Real Estate for public use.
eminent domain
the right of the government to acquire property when the owner dies intestate and has no heirs eligible to inherit the property.
escheat
transfers title to personal property.
the instrument that conveys ownership rights to personal property
bill of sale
transfers title to real property.
deed
allows a property owner to use the property as security for the loan while still being able to occupy it.
hypothecation
What is a right to use another’s land called?
easement
annual crops planted on real property but are considered personal property.
emblements
When this deed is given, the grantee is protected from any person who claims it and any liens against the property by the grantor.
warranty deed
An estate that is of indefinite duration is called a ____ estate
freehold estate
refers to things that aren’t actually affixed, but can still be reasonably assumed to go with the property.
constructive annexation
An estate that is of indefinite duration is called a ____ estate.
(1) the asset is immovable or fixed, and
(2) there is no time limit or fixed duration for which the land can be owned.
It is the highest possible ownership interest of real property.
freehold estate
type of leasehold estate
estate for years
When a ____ estate ends, the property automatically transfers to a remainderman. The owner of a ____ estate cannot choose who the property transfers to.
life estate
When a life estate ends, the property automatically transfers to a _______. The owner of a life estate cannot choose who the property transfers to.
remainderman
owns all of the legal property rights forever. This includes passing those rights to another party through the process of inheritance. When someone inherits this type of estate, they also inherit all of the rights to the real property.
fee simple estate
A tenant renting property from a landlord has a ______ or leasehold estate, while the landlord has a freehold estate. A _________ estate is created with a lease or rental agreement and is also noninheritable.
nonfreehold estate
When the owner transfers his property, he effectively “alienates” himself from it.
voluntary alienation
when an involuntary transfer of estate occurs when one party uses the property of another for a given amount of time, and in a way that is obvious, notorious, exclusive to a single possessor or party, continuous and uninterrupted, and without verbal or written agreement of the owner.
adverse possession
a form of joint ownership between married couples (Upon death annulment, or divorce, the property is divided equally between the parties, or heirs in the case of death.)
community property
a lease has not been signed, and no aspect of tenancy has been formally specified in writing. Therefore, the tenant can leave whenever they want, and the property owner can make the tenant leave at any time.
tenancy at will
In many states, a primary residence is protected from the claims of unsecured creditors, including those arising from a resident’s bankruptcy.
homestead laws
created by open, notorious, uninterrupted, hostile, and adverse use — similar to how an estate by adverse possession is created.
easement by prescription
an agent uses fear as a tool to try to get owners to sell
blockbusting
a part of the contract of sale that allows a buyer or seller to get out of the contract without penalty in the case of certain specified events.
contingency
part of a deed contains warranties, if applicable
testimonium
The ____, further defines any rights being granted to the grantee.
this part of the deed describes the limits of the estate being granted.
habendum clause (to have and to hold clause)
In this deed, the grantor gives up his property rights without implying he has or ever had any rights.
quitclaim deed
While _____ indicates ownership, it is not a physical thing. The deed is the physical proof of a title.
title
Joan sells her house to her brother Mike on a handshake. This contract is:
unenforceable contract
A court will likely grant commission to a real estate broker if he can prove he was the procuring cause of sale, even if the listing has expired
broker protection clause
A contract can become voidable if one of the parties was being victimized because ____. (3)
- a minor
- misled
- agreement not voluntary
For a deed to be valid _____(3)
- name of grantee
- signature of grantor
- description of property
can be written or oral, as long as the terms are clearly stated. You must have an offer by one party and acceptance by another party.
express contract
The owner shows through his actions that the contract is still valid.
implied contract
restrictions or limitations explicitly described in the deed.
exceptions and reservations
grants a piece of property to the grantee to complete a transfer of real estate.
grantor
when a new contract is used to replace the initial contract.
novation
the seller names a price they want for their property, and any amount above that sale price goes to the broker.
net listings
All listings should have a fixed expiration date, and this period is negotiable as no laws regulate this aspect of sale. However, most contracts are 60-120 days for a single family home and 6 months- 1 year for a commercial property.
listing period
What are the four elements required of every valid and enforceable contract?
- competent parties
- legal purpose
- offer and acceptance
- consideration
something of value given in exchange for something of value. In real estate, this is usually some sort of monetary payment.
consideration
The ____, also known as the words of conveyance, includes the words that describe exactly what rights the grantee is receiving.
granting clause (words of conveyence)
For a listing agreement to be valid, it must be ____.
- in writing
- expiration date
- be signed
Both parties have obligation to perform.
bilateral contract
In this statement, the seller is required by law to disclose any material defects to the property to the best of his/her knowledge.
seller disclosure statement
The ____ requires that all real estate transfers of title be in writing.
statute of frauds
serves as proof of current ownership, as well as serving to transfer property to someone else.
deed
the grantor delivers the deed to a trustee or escrow agent. Once the grantee completes their required actions, the trustee will release the deed to the grantee. However, once the grantor gives the deed to the trustee, the title is considered legally transferred to the grantee.
delivery in escrow
The ____ shows that the grantor is receiving something in exchange for the property.
The thing of value in exchange for the property does not have to be the exact sum of money that is paid, nor does it even have to be a sum of money (it can often be “for love and affection” for gifts).
consideration clause
a contractor substitutes similar materials during a job
when the performance is substantial but not exactly as the contract requires.
substantial performance
A(n) ____ is a way of proving that the grantor signs the deed voluntarily.
acknowledgment
he ____ of a piece of property is designed to leave no doubt about the exact boundaries of the property being conveyed.
legal description
In a real estate transaction, the ____ is the recipient of a piece of property and is receiving property from someone else.
grantee
The term ____ refers to the legal act of giving and receiving a deed.
passing title
