principles and practices Flashcards
A person, other than the grantor, who has a future interest in the estate when a life estate ends.
Remainderman
refers to someone to died without making a will
intestate
when title to property is transferred during the owner’s lifetime without their consent
involuntary alination
a deed in which the grantor warrants title only against defects arising during the time they owned the property and not against defects arising before ownership. AKA Special Warranty deed
limited warranty deed/special warranty deed
a title that is free and clear from undisclosed encumbrances or other defects that would expose a purchaser to litigation or impede a purchasers ability to enjoy the property, required to be delivered by the seller to the purchaser at settlement.
Marketable title/Merchantable title
a deed that grants any interest in property that the grantor may have without making any promises, including the promise that the grantor has any interest in the property being conveyed, often used to clear clouds on the title
quietclaim deed
when a body of water gradually recedes, exposing land that was previously under water.
Reliction
a lawsuit to determine who has title to a piece if property or to remove a cloud from the title.
Suit to quiet title/ quiet title action
Refers to someone who has died and left a will.
Testate
The actual, lawful ownership interest in a property; title is not a document but a concept.
Title
An insurance policy guaranteeing that title to property is good title and insuring the policyholder against loss or damages from defects in the title.
Title insurance
A measure of land area that is equal to _ , _ _ square feet. One square mile contains _ _ _ acres.
Acre
Main East-West line designated and named throughout the country for use with the rectangular survey system.
Baseline
Length x Width x Depth =____________
Cubic Feet
The dimension across the access side of a parcel of land. The access could be a road, railroad tracks, or water. When referring to lot size, frontage is the first number.
Frontage
Legal description for land referencing principal meridians and baselines designated throughout the country
Government survey system
Residential space that is finished, heated, and above grade. Garages, finished basements, and storage areas do not count.
Gross Living Area
A precise description of a specific piece of property; the most common systems are lot and block, metes and bounds, and rectangular (or government) survey.
Legal Description
The total length in feet around the perimeter. IE 20F x 30FT garden will take 100 __________ of fence. (20+20+30+30=100)
Linear Feet
A parcel of land; a parcel in a subdivision.
Lot
A type of legal description used for platted property. The description states only the property’s lot number and black number in a particular subdivision. To find the exact location of a property’s boundaries, one can consult the plat map for that subdivision at the county recorders office.
lot and block system
A legal description that starts at an easily identifiable point of beginning, the describes the property’s boundaries in terms if courses (compass directions) and distances, ultimately returning to the point of the beginning
metes and bound system
Any natural or manufactured marker used to establish lines and boundaries in a metes and bounds survey. AKA marker
Monument
A detailed survey map of a subdivision, recorded in the county where the land is located. Subdivided property is often called ______ property. AKA a ______ map
Plat
Land that has been subdivided into blocks and lots.
Platted property
North-South lines designated and named throughout the country for the use with the government survey system. They are based on the prime meridian.
Principal Meridian
A line that runs parallel to a principal meridian, marking the land into six-mile strips known as ranges; they are numbered east or west of a principal meridian in the rectangular survey system.
Range line
Part of a township. one-mile square. Used for the rectangular survey system; one section equals 640 acres; 36 sections make up one township.
Section
The formal process of locating and measuring boundaries of a property and identifying the improvements, encroachments, and easements that are associated with that parcel.
Survey
A division of land that is six miles square in the rectangular survey system. One contains 36 sections.
Township
East-west lines that run parallel to baselines in the rectangular survey system.
Township line
Water rights of land owners who’s land touches a natural body of flowing water, such as a stream or river.
riparian right
Personal property that a tenant annnexes to leased property because it is necessary to their trade or business; the tenant may remove the item prior to expiration of the lease
Trade Fixture
Someone in lawful possession of real property especially, someone who has leased the property from the owner.
Tenant
When a tenant is in possession with the owner’s permission, but with no definite lease term and no rent being paid (or rent us not paid on a regular basis)
Tenancy at will
Possession of property by a tenant who once had a Valad lease but stays on after the lease expires without the landlord’s permission.
Tenancy ay sufferance
Rights, conditions, or restrictions that are associated with the property as opposed to the individual who owns it. They pass from owner when the land is conveyed; an appurtenance.
Runs with the land
A lien placed against property with the consent of the owner, (mortgage or deed of trust)
Voluntary Lien
Successive periods of use or possession by more than one person that are added together to equal the number of years required under state law for an easement by prescription or adverse possession.
Tacking
A lien that attaches to only a particular parcel of property
Specific lien
Property burdened by an easement; the owner of the servient tenement (the servient tenant) is required to allow someone who has an easement to use their property
Servient tenement
Someone whose property is burdened by an easement
Servient tenant
A specific lien claimed by someone who performed work on the property (construction, repairs, improvements, etc) to secure the amount of the charges.
Mechanics Lien
An easement that benefits a person or company, rather than benefiting another piece of land
Easement in Gross
A recorded notice stating that a lawsuit is pending that may affect the title to the defendants real estate.
Lis Pendens
Revocable, non-assignable permission to enter another persons land for a stated purpose.
License
A non-possessory interest in property, giving a lienholder the right to foreclose if the owner does not pay a debt owed to them.
Lien
A recorded claim against another for a wrongful act, as ordered by a court, (often for money owed) The result could be a forced public sale of real estate.
Judgement lien
A lien that arises by operation of law without the consent of the property owner.
Involuntary lien
A lien against all property of a debtor, instead of a particular piece of property.
General Lien
