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RE terms Flashcards

1
Q

Indefeasibility of Title

A

The principle that a registered title is conclusive evidence of ownership.

Once a property is registered in the land titles register, the owner’s t

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2
Q

Caveat

A

A notice lodged to prevent the registration of certain dealings with the land.

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3
Q

Easement

A

A right to access or otherwise use someone else’s land for a specified purpose.

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4
Q

Encumbrance

A

A claim, lien, charge, or liability attached to and binding real property.

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5
Q

Freehold Land

A

Land held in fee simple, the most complete form of ownership.

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6
Q

Leasehold

A

A form of land tenure where one party leases land from another.

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7
Q

Mortgage

A

A legal agreement by which a bank or creditor lends money at interest in exchange for taking title of the debtor’s property.

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8
Q

Priority Notice

A

A notice lodged to protect the priority of a dealing that is intended to be lodged for registration.

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9
Q

Transfer

A

The act of conveying property from one person to another.

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10
Q

Trustee

A

A person or organization that holds or manages property for the benefit of another.

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11
Q

Alienation

A

The transfer of property rights from the government to individuals or entities.

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12
Q

Crown Land

A

Land owned by the state or government.

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13
Q

Deed of Grant

A

A document that grants land from the Crown to an individual or entity.

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14
Q

Lease

A

A contractual agreement where one party conveys land to another for a specified time, usually in return for a periodic payment.

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15
Q

Pastoral Lease

A

A lease of Crown land for grazing livestock.

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16
Q

Perpetual Lease

A

A lease that continues indefinitely, subject to compliance with lease conditions.

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17
Q

Reserve

A

Land set aside for a specific public purpose.

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18
Q

Road

A

Land designated for use as a public thoroughfare.

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19
Q

Surrender

A

The voluntary relinquishment of a lease or other interest in land.

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20
Q

Tenure

A

The legal regime under which land is held.

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21
Q

Trust Land

A

Land held by a trustee for a specific purpose.

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22
Q

Valuation

A

The process of determining the value of land for various purposes, including taxation.

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23
Q

Adverse Possession

A

A legal doctrine that allows a person to claim ownership of land under certain conditions, such as continuous and open use without the permission of the original owner.

24
Q

Bona Fide Purchaser

A

A person who buys property in good faith without notice of any other claim to the title of that property.

25
Constructive Trust
An equitable remedy where a person who has wrongfully obtained or holds legal rights to property is deemed to hold it as a trustee for the person entitled to the beneficial interest.
26
Equitable Mortgage
A type of mortgage that is recognized in equity rather than law, often created by the deposit of title deeds or other documents of title.
27
Fee Simple Absolute
The most complete form of ownership of land, with no limitations on its inheritability.
28
Joint Tenancy
A form of co-ownership where two or more persons hold equal shares in property with the right of survivorship.
29
Lis Pendens
A notice indicating that a lawsuit has been filed concerning the title or possession of a specific property.
30
Proprietary Estoppel
A legal doctrine that prevents a person from denying another's rights to property when the latter has relied on the former's representations or conduct to their detriment.
31
Restrictive Covenant
A binding legal obligation written into the deed of a property by the seller, which restricts the use or development of the land in some way.
32
Subrogation
The legal right held by insurers to pursue a third party that caused an insurance loss to the insured.
33
Torrens System
A system of land registration where the state guarantees title to land, simplifying the transfer process and providing greater security of ownership.
34
Vendor's Lien
A lien that a seller has on the property sold for the unpaid purchase price.
35
Voluntary Conveyance
The transfer of property without valuable consideration, such as a gift.
36
Zoning Ordinance
A law that defines how property in specific geographic zones can be used, including regulations on the types of buildings allowed and their uses.
37
Accretion
The gradual and imperceptible addition of land by natural forces, such as the deposit of soil by a river.
38
Chattel Mortgage
A mortgage on movable personal property (chattels) as opposed to real property.
39
Eminent Domain
The power of the government to take private property for public use, with compensation to the owner.
40
Escheat
The reversion of property to the state when an individual dies without heirs or a will.
41
Fixture
An item of personal property that has been attached to land or a building and is regarded as an integral part of the property.
42
Injunction
A court order requiring a party to do or refrain from doing specific acts.
43
Laches
An equitable defense that bars a claim due to unreasonable delay in pursuing it.
44
Merger Doctrine
The principle that when a greater and lesser estate coincide in the same person, the lesser estate merges into the greater estate.
45
Nuisance
An interference with the right to use and enjoy land, which may be public (affecting the community) or private (affecting an individual).
46
Partition
The division of property among co-owners so that each owns a separate portion.
47
Quiet Title Action
A lawsuit brought to establish a party's title to real property and remove any challenges or claims to the title.
48
Reversionary Interest
The interest that remains with the grantor or the grantor's heirs after the expiration of a lesser estate, such as a lease.
49
Statutory Easement
An easement created by statute, granting certain rights to use another's land for a specific purpose. | A utility company has a statutory easement to install and maintain power
50
Tenancy in Common
A form of co-ownership where each owner holds an undivided interest in the property, without the right of survivorship.
51
Title Insurance
Insurance that protects against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens.
52
Usufruct
The right to use and enjoy the benefits of someone else's property without owning it, typically for a limited period.
53
Vested Interest
A present and fixed right to future enjoyment or ownership of property.
54
Writ of Possession
A court order granting the right to take possession of property, often used in eviction proceedings.
55
Encroachment
An intrusion on a person's territory, rights, or property.

Real Estate (2 decks)

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