Property Ownership Flashcards
1
Q
Implied Grant
A
by actions or evidence but not written or spoke
2
Q
Parcel
A
A single piece of property, also called a plot or lot
3
Q
Estate at will
A
Lease that can be terminated at will by either side, without notice
4
Q
Township
A
36 sections (each section is 1 square mile). Part of Government Survey System
5
Q
Landlocked
A
Property is surrounded by other properties such that there is no legal access
6
Q
Bundle of Rights
A
Describes the owners legal rights in land - sell, lease, occupy, etc
7
Q
Remainderman
A
Person who becomes the property owner at the end of a life estate. Remainderman has fee simple
8
Q
Lot, Block, and Subdivision
A
Legal description of land based on a plat (recorded map of subdivision)
9
Q
License
A
Permission to use another’s property for a particular reason - ex. A theater ticket
10
Q
Plat
A
A map of a town, section, or subdivision
11
Q
Acre
A
43560 sq ft
12
Q
Easement appurtenant
A
Runs with the land; whoever owns the land owns the easement
13
Q
Partition
A
Legal procedure to divide the co-owner’s interests in real property
14
Q
Writ of execution
A
A court order to enforce payment of a lien
15
Q
Estate in severalty
A
Ownership by one entity
16
Q
Qualified Defeasible Fee
A
Ownership that can be defeated if the terms and conditions are violated
17
Q
Physical Characteristics of Land
A
- Immobility
- Indestructible
- Nonhomogeneity (uniqueness)
18
Q
Situs
A
Economic characteristic of land. States that location location location is key, and affects property value
19
Q
Life Estate with reversion
A
Property goes back to original owner at end of life estate
20
Q
Involuntary lien
A
a lien created by an outside source - law, court, etc
21
Q
Fixity
A
Economic characteristic of land. Land, buildings and improvements are fixed investments, long term, and no liquid assets
22
Q
Annexation
A
When personal property becomes real property; becomes a fixture
23
Q
Specific lien
A
a lien against one or more listed properties
24
Q
Estate
A
an interest in real property
25
Chattel
personalty, personal property
26
Encumbrance
a limitation on the rights of a property owner
27
Personal Property
anything that is not real property. It is temporary or moveable
28
Syndicate
2 or more parties join together to create and operate a real estate investment
29
Limited Partner
Liability is limited to the amount of investment; not usually involved in daily operations
30
Easement in gross
easement belongs to another entity regardless of who owns the land - ie. a utility easement
31
General lien
a lien against all property of a debtor
32
Homestead
the residence property of a landowner
33
Holdover tenant
when the tenant stops paying but still refuses to leave
34
Holdover tenancy
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.
35
Freehold estate
Ownership of real property
36
Easement by Reservation
easement kept by grantor when selling property to a grantee.
37
Methods to terminate an easement
release, merger - also called acquiring the adjacent property, abandonment
38
Nonhomogeniety
Physical characteristic of land - no two land is alike
39
Personalty
personal property, chattel
40
Tenancy in Common
when two friends go in on a property; shares are passed on to heirs, can be unequal shares
41
Lien
charge against a property as a security for a debt
42
Property held in trust
property held by one party for the benefit of another
43
Fee Simple
ownership with the greatest bundle of rights. aka fee simple absolute
44
Onsite construction
improvements built on the land; not prefab
45
Statutory estate
an interest in real property created by law
46
Easement
a right in land granting limited use or enjoyment of another's land
47
Scarcity
economic characteristic of land. Short supply and great demand leads to higher value
48
Indeterminate Length
period of time with no end date; ownership or freehold estate is of indeterminate length
49
Vendee's lien
lien used to protect a buyer who has paid and not received a deed
50
Methods to create an easement
express of implied grant; agreement; reservatioin; limitation or prescription; necessity; condemnation
51
Servient estate
property that is limited by an easement appurtenant
52
Voluntary lien
home improvement loan; mortgage
53
Legal description of property
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
Adverse Possession
acquiring title to another's property by occupancy that is hostile, actual, continuous, visible, and distinct for the statutory period - "squatter's rights"
55
Life Estate
Ownership for the duration of one's life; cannot be willed to heirs
56
Offsite construction
prefab, manufactured, or modular buildings. Built in a controlled environment
57
Life Tenant
Owner of a life estate
58
Rectangular Survey System
aka Government survey system. Uses base lines, meridians, townships, sections, and ranges
59
Poor Man's Will
Joint Tenancy
60
Section
1 square mile or 640 acres; part of Government Survey System
61
Estate for years
a lease with specific starting and ending date (like what our tenants do). Survives death or the sale of the property
62
Modification
Economic Characteristic of Land. States that improvements made by man will alter the value of land and surrounding properties
63
Easement by Condemnation
easement acquired by the government under right of Eminent Domain. For use by government, utilities or railroads
64
Leashold Estate
an interest in real property giving a party possession without ownership
65
Government Survey System
aka Rectangular Survey System. A legal description of land using base lines, meridians, townships, sections, and ranges
66
Trade Fixture
personal property installed on leased property for a commercial purpose. Can be removed before end of lease.
67
Dominant estate
benefits from the easement appurtenant
68
Easement by agreement
an easement negotiated by the property owner and the party in need of the easement
69
Real Property
land + apurtenance (rights, privileges, and improvements)
70
Statutory lien
lien created by law (taxes, judgements)
71
Express Grant
written or spoken
72
Easement by prescription
easement acquired by constant use without permission for a required number of years, usually 10. AKA easement by limitation or prescriptive easement
73
encroachment
structures or improvements of one property overlap onto another's property
74
Lot
a single piece of property, also called a plot or parcel
75
General Partner
has full responsibility and full liability
76
Equitable lien
a lien created by common law (through the courts)
77
Community Property
all property after marriage is jointly owned by the husband and wife
78
Metes and Bounds
legal description of land having Point of Beginning, using Terminal Points and Angles, degrees and minutes to outline a property
79
Sole ownership
ownership by a single entity (ie. estate in severalty)
80
Immobility
Physical Characteristic of Land. The land cannot be moved
81
Easement by Necessity
granted by courts to a landlocked owner who is unable to gain access any other way
82
Conditional Fee
Defeasible Fee; ownership with terms and conditions that can cause ownership to be defeated or terminated
83
Monuments
permanent survey markers, natural or manmade
84
Periodic Tenancy
ie. month to month lease
85
Plot
lot or parcel; a map of a single property site
86
Economic Characteristics of Land
Situs, Fixity, Scarcity, Modification
87
Defeasible Fee
ownership with terms and conditions that can cause the ownership to be defeated or terminated
88
Pur Autre Vie
on the life of another; a life estate held by one party for the life of another
89
Cloud on the title
encumbrance that causes doubt as to the validity of title and can prevent sale or transfer of title
90
Release
the legal method of removing an encumbrance
91
Rights of survivorship
a characteristic of joint tenancy; upon one owner's death, his share passes to surviving co-owners. Heirs have no claim
92
Joint tenancy
ownership by two or more parties WITH RIGHTS OF SURVIVORSHIP. (ie. lovers)
93
Reservation
when a grantor withholds title to a part of the land transferred by a deed
94
Vendor's lien
a lien created by seller financing
95
Qualified Fee
aka Defeasible fee; ownership with terms and conditions that, if violated, can cause ownership to terminate
96
Indestructibility
physical characteristic of land; land cannot be destroyed
97
Severance
real property becomes personal property (aka uninstall, unattach)
98
Mechanic's and Materialman's lien
M&M lien; used to secure payment for work or materials used to improve the property
99
Tenancy by the Entirety
joint tenancy where co-owners are married
100
Accession
gaining title to improvements as a result of the annexation of fixtures
101
Tenancy at sufferance
when there's a squatter; the landlord is suffering
102
Fixture
personal property that has been attached to become real property
