RE - Set 12 Flashcards
ASSUMPTION CLAUSE
A buyer takes over the existing loan and agrees to be liable for the repayment of the loan.
BLANKET LOAN
A loan that is secured by several properties.
REVERSE ANNUITY LOAN
A loan that enables elderly homeowners to borrow against the equity in their homes by receiving monthly payments, from a lender, that are needed to help meet living costs; due upon a specific date or upon the occurrence of a specific event, such as the sale of the property or the death of the borrower.
LEGACY
A gift of personal property by will (see bequest).
INTESTATE
Dying without leaving a will.
EASEMENT
The right to use another’s land for a specified purpose; sometimes known as right-of-way.
LIS PENDENS
A recorded notice indicating pending litigation on a property that prevents a conveyance or any other transfer of ownership until the lawsuit is settled.
SECTION
An area of land, used in the government survey method of land description: a land area of one square mile, or 640 acres; 1/36 of a township.
RANGE
A land description used in the US government survey system consisting of a strip of land located every six miles east of each principle meridian.
MONUMENT
A fixed landmark used in a metes and bounds land description.
FEE SIMPLE DEFEASIBLE
An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs; also known as fee simple qualified.
FIXTURE
Personal property that has become affixed to real estate.
LIFE ESTATE
An estate that is limited in duration to life of its owner or the life of some other chosen person.
MERIDIAN
A survey line running north and south, used as a reference when mapping land.
FEE SIMPLE ABSOLUTE
The most complete form of ownership of real property; also known as fee simple, or fee.
WITNESSED WILL
A will prepared by an attorney, that is typed and signed by the maker and two witnesses.
DEVISE
A gift of real property by will.
CODICIL
A change in a will before the maker’s death.
TOWNSHIP
A land description used in the US government survey system consisting of a six-by-six mile area containing 36 sections, each one mile square.
CONVEYANCES
The transfer of title to land from one person to another by use of a written instrument.
REAL PROPERTY
Land; anything affixed to the land; anything appurtenant to the land; anything immovable by law.
PERSONAL PROPERTY
Anything movable that is not real property.
PROPERTY
The rights or interests an owner has in something owned.
RIPARIAN RIGHTS
The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property.
TRADE FIXTURE
An article of personal property affixed to leased property by the tenant as a necessary part of business; may be removed by tenant as personal property upon termination of the lease.
CALIFORNIA LAND TITLE ASSOCIATION
A trade organization of the title companies of the state.
