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Real Estate > Property Ownership > Flashcards

Property Ownership Flashcards

1
Q

Implied Grant

A

by actions or evidence but not written or spoke

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2
Q

Parcel

A

A single piece of property, also called a plot or lot

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3
Q

Estate at will

A

Lease that can be terminated at will by either side, without notice

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4
Q

Township

A

36 sections (each section is 1 square mile). Part of Government Survey System

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5
Q

Landlocked

A

Property is surrounded by other properties such that there is no legal access

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6
Q

Bundle of Rights

A

Describes the owners legal rights in land - sell, lease, occupy, etc

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7
Q

Remainderman

A

Person who becomes the property owner at the end of a life estate. Remainderman has fee simple

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8
Q

Lot, Block, and Subdivision

A

Legal description of land based on a plat (recorded map of subdivision)

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9
Q

License

A

Permission to use another’s property for a particular reason - ex. A theater ticket

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10
Q

Plat

A

A map of a town, section, or subdivision

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11
Q

Acre

A

43560 sq ft

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12
Q

Easement appurtenant

A

Runs with the land; whoever owns the land owns the easement

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13
Q

Partition

A

Legal procedure to divide the co-owner’s interests in real property

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14
Q

Writ of execution

A

A court order to enforce payment of a lien

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15
Q

Estate in severalty

A

Ownership by one entity

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16
Q

Qualified Defeasible Fee

A

Ownership that can be defeated if the terms and conditions are violated

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17
Q

Physical Characteristics of Land

A
  1. Immobility
  2. Indestructible
  3. Nonhomogeneity (uniqueness)
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18
Q

Situs

A

Economic characteristic of land. States that location location location is key, and affects property value

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19
Q

Life Estate with reversion

A

Property goes back to original owner at end of life estate

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20
Q

Involuntary lien

A

a lien created by an outside source - law, court, etc

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21
Q

Fixity

A

Economic characteristic of land. Land, buildings and improvements are fixed investments, long term, and no liquid assets

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22
Q

Annexation

A

When personal property becomes real property; becomes a fixture

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23
Q

Specific lien

A

a lien against one or more listed properties

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24
Q

Estate

A

an interest in real property

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25
Q

Chattel

A

personalty, personal property

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26
Q

Encumbrance

A

a limitation on the rights of a property owner

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27
Q

Personal Property

A

anything that is not real property. It is temporary or moveable

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28
Q

Syndicate

A

2 or more parties join together to create and operate a real estate investment

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29
Q

Limited Partner

A

Liability is limited to the amount of investment; not usually involved in daily operations

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30
Q

Easement in gross

A

easement belongs to another entity regardless of who owns the land - ie. a utility easement

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31
Q

General lien

A

a lien against all property of a debtor

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32
Q

Homestead

A

the residence property of a landowner

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33
Q

Holdover tenant

A

when the tenant stops paying but still refuses to leave

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34
Q

Holdover tenancy

A

when said holdover tenant pays money and the landlord accepts the money. An interest in property held by the holdover tenant who is paying rent.

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35
Q

Freehold estate

A

Ownership of real property

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36
Q

Easement by Reservation

A

easement kept by grantor when selling property to a grantee.

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37
Q

Methods to terminate an easement

A

release, merger - also called acquiring the adjacent property, abandonment

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38
Q

Nonhomogeniety

A

Physical characteristic of land - no two land is alike

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39
Q

Personalty

A

personal property, chattel

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40
Q

Tenancy in Common

A

when two friends go in on a property; shares are passed on to heirs, can be unequal shares

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41
Q

Lien

A

charge against a property as a security for a debt

42
Q

Property held in trust

A

property held by one party for the benefit of another

43
Q

Fee Simple

A

ownership with the greatest bundle of rights. aka fee simple absolute

44
Q

Onsite construction

A

improvements built on the land; not prefab

45
Q

Statutory estate

A

an interest in real property created by law

46
Q

Easement

A

a right in land granting limited use or enjoyment of another’s land

47
Q

Scarcity

A

economic characteristic of land. Short supply and great demand leads to higher value

48
Q

Indeterminate Length

A

period of time with no end date; ownership or freehold estate is of indeterminate length

49
Q

Vendee’s lien

A

lien used to protect a buyer who has paid and not received a deed

50
Q

Methods to create an easement

A

express of implied grant; agreement; reservatioin; limitation or prescription; necessity; condemnation

51
Q

Servient estate

A

property that is limited by an easement appurtenant

52
Q

Voluntary lien

A

home improvement loan; mortgage

53
Q

Legal description of property

A

a description of such certainty and accuracy that one can go to the ground and identify the land; a description prepared by a surveyor

54
Q

Adverse Possession

A

acquiring title to another’s property by occupancy that is hostile, actual, continuous, visible, and distinct for the statutory period - “squatter’s rights”

55
Q

Life Estate

A

Ownership for the duration of one’s life; cannot be willed to heirs

56
Q

Offsite construction

A

prefab, manufactured, or modular buildings. Built in a controlled environment

57
Q

Life Tenant

A

Owner of a life estate

58
Q

Rectangular Survey System

A

aka Government survey system. Uses base lines, meridians, townships, sections, and ranges

59
Q

Poor Man’s Will

A

Joint Tenancy

60
Q

Section

A

1 square mile or 640 acres; part of Government Survey System

61
Q

Estate for years

A

a lease with specific starting and ending date (like what our tenants do). Survives death or the sale of the property

62
Q

Modification

A

Economic Characteristic of Land. States that improvements made by man will alter the value of land and surrounding properties

63
Q

Easement by Condemnation

A

easement acquired by the government under right of Eminent Domain. For use by government, utilities or railroads

64
Q

Leashold Estate

A

an interest in real property giving a party possession without ownership

65
Q

Government Survey System

A

aka Rectangular Survey System. A legal description of land using base lines, meridians, townships, sections, and ranges

66
Q

Trade Fixture

A

personal property installed on leased property for a commercial purpose. Can be removed before end of lease.

67
Q

Dominant estate

A

benefits from the easement appurtenant

68
Q

Easement by agreement

A

an easement negotiated by the property owner and the party in need of the easement

69
Q

Real Property

A

land + apurtenance (rights, privileges, and improvements)

70
Q

Statutory lien

A

lien created by law (taxes, judgements)

71
Q

Express Grant

A

written or spoken

72
Q

Easement by prescription

A

easement acquired by constant use without permission for a required number of years, usually 10. AKA easement by limitation or prescriptive easement

73
Q

encroachment

A

structures or improvements of one property overlap onto another’s property

74
Q

Lot

A

a single piece of property, also called a plot or parcel

75
Q

General Partner

A

has full responsibility and full liability

76
Q

Equitable lien

A

a lien created by common law (through the courts)

77
Q

Community Property

A

all property after marriage is jointly owned by the husband and wife

78
Q

Metes and Bounds

A

legal description of land having Point of Beginning, using Terminal Points and Angles, degrees and minutes to outline a property

79
Q

Sole ownership

A

ownership by a single entity (ie. estate in severalty)

80
Q

Immobility

A

Physical Characteristic of Land. The land cannot be moved

81
Q

Easement by Necessity

A

granted by courts to a landlocked owner who is unable to gain access any other way

82
Q

Conditional Fee

A

Defeasible Fee; ownership with terms and conditions that can cause ownership to be defeated or terminated

83
Q

Monuments

A

permanent survey markers, natural or manmade

84
Q

Periodic Tenancy

A

ie. month to month lease

85
Q

Plot

A

lot or parcel; a map of a single property site

86
Q

Economic Characteristics of Land

A

Situs, Fixity, Scarcity, Modification

87
Q

Defeasible Fee

A

ownership with terms and conditions that can cause the ownership to be defeated or terminated

88
Q

Pur Autre Vie

A

on the life of another; a life estate held by one party for the life of another

89
Q

Cloud on the title

A

encumbrance that causes doubt as to the validity of title and can prevent sale or transfer of title

90
Q

Release

A

the legal method of removing an encumbrance

91
Q

Rights of survivorship

A

a characteristic of joint tenancy; upon one owner’s death, his share passes to surviving co-owners. Heirs have no claim

92
Q

Joint tenancy

A

ownership by two or more parties WITH RIGHTS OF SURVIVORSHIP. (ie. lovers)

93
Q

Reservation

A

when a grantor withholds title to a part of the land transferred by a deed

94
Q

Vendor’s lien

A

a lien created by seller financing

95
Q

Qualified Fee

A

aka Defeasible fee; ownership with terms and conditions that, if violated, can cause ownership to terminate

96
Q

Indestructibility

A

physical characteristic of land; land cannot be destroyed

97
Q

Severance

A

real property becomes personal property (aka uninstall, unattach)

98
Q

Mechanic’s and Materialman’s lien

A

M&M lien; used to secure payment for work or materials used to improve the property

99
Q

Tenancy by the Entirety

A

joint tenancy where co-owners are married

100
Q

Accession

A

gaining title to improvements as a result of the annexation of fixtures

101
Q

Tenancy at sufferance

A

when there’s a squatter; the landlord is suffering

102
Q

Fixture

A

personal property that has been attached to become real property

Real Estate (7 decks)

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