Real Estate Principles Vocabulary Flashcards
acre
an area of land equaling 43,560 square feet, or a tract about 208.71 feet square
airspace
the reasonable space above a parcel; or a condo, the cubic area of a space within the walls
base lines
imaginary east-west lines that intersect meridian lines to form a starting point for the measurement of land
bill of sale
a written instrument that passes title of personal property from vendor (seller) to the vendee (buyer)
bundle of rights
all of the legal rights relevant to ownership of property including rights to use, possession, encumbering and disposition
chattel / chattel real
a personal property interest in real property; an old term meaning personal property
commission
an amount, usually a percentage, paid to a broker as compensation for his or her services
condominimum
a structure of two or more unites where the interior airspace of each unit is individually owned
emblements
crops (produced on leased land by a tenant farmer) from an annual cultivation considered personal property
fixtures
personal property that has become permanently attached to the land or improvements that are legally treated as real property. (examples: plumbing fixtures, built-in range, etc.)
meridian lines
imaginary north-south lines used in US Government surveys
metes and bounds
a legal description of land, setting forth all the boundary lines with their terminal points and angles
personal property
property that is movable and not real property
potable water
water that is suitable for human consumption
range
a column of land six miles wide, determined by a government survey, running in a north-south direction, lying east or west of a principal meridian
real property
land, improvements, items permanently attached to the land, appurtenances and that which is immovable by law
riparian rights
the right of a landowner, whose land borders a river, stream or waterway, to use and enjoy the water, provided such use does not injure the rights of other owners
rod
this old unit of measurement is 16.5 feet long (5.5 yards)
section
a square of land (US government survey) that contains 640 acres and is one square mile
township
in the survey of public lands, a territorial subdivision six miles long, six miles wide and containing 36 sections, each being one square mile
trade fixtures
personal property used in a business, attached to the property, but removable by the tenant
dedication
the giving of private land by its owner for a public use; most commonly, the developer who gives it to a city
escheat
the reverting of private property to the state when there are no valid heirs
general and limited partnerships
a voluntary association between two or more people to carry on a business with general and limited partners
grant deed
a deed using the word “grant”, or like words, containing warranties against prior conveyances and encumbrances. This is the most commonly used deed in California
freehold estate
an estate of indeterminate duration (example: fee simple or life estate)
joint tenancy
undivided ownership of a property interest by two or more persons, each of whom has a right to an equal share in the interest and right of survivorship
actual notice
it is notice that is actually and expressly given or implied
notary public
a person authorized by the state to witness the signatures of persons executed documents, sign the certificate and affix the official seal
fee simple defeasible estate
a fee estate that is subject to particular limitations imposed by the grantor of the estate
constructive notice
documents filed with the County Recorder in such a way as to be considered open notice to the world
tenancy in common
co-ownership of property by two or more persons who hold undivided interest, without right of survivorship. The interests need not be equal.
encroachment
an unlawful intrusion onto another’s property by making improvements to real property (example: a swimming pool built across property lines)
corporation
a legal entity, sanctioned by the state, with rights and liabilities, distinct and apart from those of the persons composing it.
abandonment
the intentional and voluntary relinquishment of any ownership interest (such as an easement) or possession of real property
prescription
the means of acquiring interests in land, usually an easement, by continued use.
intestate succession
a process of law by which the state lays out the correct succession of inheritance when a person dies without leaving a valid will
affirmation, affidavit, verification
many different types of statements made before a professional witness
reversion
an estate that reverts back to the grantor after the life of the tenant expires
probate
the court procedure of proving that a will is valid
adverse possession
a method of acquiring title to real property, through possession of the property for a statutory period under certain conditions, by a person other than the owner.
quitclaim deed
a deed to relinquish any interest in property that the grantor may have, without any warranty of title or interest
remainder
an estate that is transferred to a third party (anyone other than the grantor) upon the death of the life estate holder
witnessed will
a formal expression of a person’s desires, witnessed by others, as to the disposition of his or her property after death
community property
property acquired by husband and/or wife during marriage that is not acquired as separate property. Each spouse has equal rights of management, alienation and disposition
severalty
an estate of a single entity held by a single person alone
life estate
an estate or interest in real property that is held for the duration of the life of some certain person. It may be the person holding title to the estate or some other person
holographic will
a handwritten expression of a person’s desires as to the disposition of his or her property after death
recording
placing a document in the official records of the county
delivery
the act of receiving a deed
accession
the acquiring of additional property
easement
a right, limited to a specific use, that one party has in the land of another
homestead
a statutory protection of a home from claims of certain creditors and judgments up to a specified amount
encumbrance
anything that affects or limits the fee simple title to, or value of, property (example: mortgages or easements)
notice of non-responsibility
a notice, recorded and posted by the property owner to relieve he or she from responsibility for the cost of unauthorized work done on his or her property or materials furnished
restrictions
a limitation on the use of real property. These limitations fall into two general classifications: public and private. Zoning ordinances are public, while a clause in the deed requiring the roof to be made of Spanish red title would be a private limitation.
attachment
the process by which real or personal property is seized by the court for the purpose of assuring payment
lien
a form of encumbrance that usually makes specific property security for the payment of a debt
satisfaction
discharge of a mortgage or trust deed from the records upon payment of the debt. make sure you receive a Deed of Reconveyance to prove that you paid off the deed of trust
conditions
a limiting restriction stating that upon the happening or not happening of some stated event, the estate shall e changed in some manner
covenant
a promise to do or not do a particular thing
defendant
a person against whom a civil or criminal action is taken
mortgage
an instrument, recognized by law, by which property is hypothecated to secure the payment of a debt. This instrument is not commonly used in California, but is popular on the east coast.
plaintiff
in a court action, the one who sues; the complainant
abstract of judgment
a recorded document of the essential provisions of a court judgment
mechanic’s lien
a lien, created by statute, which exists against real or personal property in favor of persons who have performed work or furnished materials for the improvement of real property
trust deed
a legal document by which a borrower pledges certain real property as collateral for the repayment of a loan. In addition to the buyer and seller, there is a third party to the transaction known as a trustee.
declaration of homestead
a formal statement that protects the head of the household from losing the property to the claims of creditors, usually up to a set maximum amount
blanket encumbrance
a lien, usually a trust deed in California, covering more than one property of the borrower
preliminary notice
a notice that informs or warns owners, lenders and general contractors that subcontractors have been hired, or materials have been supplied to a particular job site
declaration of abandonment
a statement declaring the intent to give up a homestead, usually to declare a homestead on a new residence
Sheriffs Sale
a court ordered sale of real or personal property by the sheriff pursuant to the execution of a judgment
encroachment
the construction of improvements on the property of another
easement appurtenant
an easement for the benefit of the owner of an adjacent parcel of land
dominant tenement
real property that benefits from an easement
writ of execution
a writ to carry out a court order, usually arising from a judgment
servient tenement
a property that is burdened by an easement
easement in gross
an easement for the benefit of a person or utility company rather than for the benefit of adjacent landowners
lis pendens
a notice filed or recorded for the purpose of warning all persons that the title to certain real property is in litigation
general lien
a lien such as a tax lien or judgment lien that attaches to all property of the debtor rather than a specific property
specific lien
a lien that attaches to a specific property rather than all the property of the debtor
