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Real Estate Principles > Real Estate Principles Vocabulary > Flashcards

Real Estate Principles Vocabulary Flashcards

1
Q

acre

A

an area of land equaling 43,560 square feet, or a tract about 208.71 feet square

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2
Q

airspace

A

the reasonable space above a parcel; or a condo, the cubic area of a space within the walls

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3
Q

base lines

A

imaginary east-west lines that intersect meridian lines to form a starting point for the measurement of land

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4
Q

bill of sale

A

a written instrument that passes title of personal property from vendor (seller) to the vendee (buyer)

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5
Q

bundle of rights

A

all of the legal rights relevant to ownership of property including rights to use, possession, encumbering and disposition

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6
Q

chattel / chattel real

A

a personal property interest in real property; an old term meaning personal property

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7
Q

commission

A

an amount, usually a percentage, paid to a broker as compensation for his or her services

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8
Q

condominimum

A

a structure of two or more unites where the interior airspace of each unit is individually owned

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9
Q

emblements

A

crops (produced on leased land by a tenant farmer) from an annual cultivation considered personal property

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10
Q

fixtures

A

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.)

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11
Q

meridian lines

A

imaginary north-south lines used in US Government surveys

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12
Q

metes and bounds

A

a legal description of land, setting forth all the boundary lines with their terminal points and angles

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13
Q

personal property

A

property that is movable and not real property

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14
Q

potable water

A

water that is suitable for human consumption

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15
Q

range

A

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

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16
Q

real property

A

land, improvements, items permanently attached to the land, appurtenances and that which is immovable by law

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17
Q

riparian rights

A

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

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18
Q

rod

A

this old unit of measurement is 16.5 feet long (5.5 yards)

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19
Q

section

A

a square of land (US government survey) that contains 640 acres and is one square mile

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20
Q

township

A

in the survey of public lands, a territorial subdivision six miles long, six miles wide and containing 36 sections, each being one square mile

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21
Q

trade fixtures

A

personal property used in a business, attached to the property, but removable by the tenant

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22
Q

dedication

A

the giving of private land by its owner for a public use; most commonly, the developer who gives it to a city

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23
Q

escheat

A

the reverting of private property to the state when there are no valid heirs

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24
Q

general and limited partnerships

A

a voluntary association between two or more people to carry on a business with general and limited partners

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25
Q

grant deed

A

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

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26
Q

freehold estate

A

an estate of indeterminate duration (example: fee simple or life estate)

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27
Q

joint tenancy

A

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

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28
Q

actual notice

A

it is notice that is actually and expressly given or implied

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29
Q

notary public

A

a person authorized by the state to witness the signatures of persons executed documents, sign the certificate and affix the official seal

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30
Q

fee simple defeasible estate

A

a fee estate that is subject to particular limitations imposed by the grantor of the estate

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31
Q

constructive notice

A

documents filed with the County Recorder in such a way as to be considered open notice to the world

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32
Q

tenancy in common

A

co-ownership of property by two or more persons who hold undivided interest, without right of survivorship. The interests need not be equal.

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33
Q

encroachment

A

an unlawful intrusion onto another’s property by making improvements to real property (example: a swimming pool built across property lines)

34
Q

corporation

A

a legal entity, sanctioned by the state, with rights and liabilities, distinct and apart from those of the persons composing it.

35
Q

abandonment

A

the intentional and voluntary relinquishment of any ownership interest (such as an easement) or possession of real property

36
Q

prescription

A

the means of acquiring interests in land, usually an easement, by continued use.

37
Q

intestate succession

A

a process of law by which the state lays out the correct succession of inheritance when a person dies without leaving a valid will

38
Q

affirmation, affidavit, verification

A

many different types of statements made before a professional witness

39
Q

reversion

A

an estate that reverts back to the grantor after the life of the tenant expires

40
Q

probate

A

the court procedure of proving that a will is valid

41
Q

adverse possession

A

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.

42
Q

quitclaim deed

A

a deed to relinquish any interest in property that the grantor may have, without any warranty of title or interest

43
Q

remainder

A

an estate that is transferred to a third party (anyone other than the grantor) upon the death of the life estate holder

44
Q

witnessed will

A

a formal expression of a person’s desires, witnessed by others, as to the disposition of his or her property after death

45
Q

community property

A

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

46
Q

severalty

A

an estate of a single entity held by a single person alone

47
Q

life estate

A

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

48
Q

holographic will

A

a handwritten expression of a person’s desires as to the disposition of his or her property after death

49
Q

recording

A

placing a document in the official records of the county

50
Q

delivery

A

the act of receiving a deed

51
Q

accession

A

the acquiring of additional property

52
Q

easement

A

a right, limited to a specific use, that one party has in the land of another

53
Q

homestead

A

a statutory protection of a home from claims of certain creditors and judgments up to a specified amount

54
Q

encumbrance

A

anything that affects or limits the fee simple title to, or value of, property (example: mortgages or easements)

55
Q

notice of non-responsibility

A

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

56
Q

restrictions

A

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.

57
Q

attachment

A

the process by which real or personal property is seized by the court for the purpose of assuring payment

58
Q

lien

A

a form of encumbrance that usually makes specific property security for the payment of a debt

59
Q

satisfaction

A

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

60
Q

conditions

A

a limiting restriction stating that upon the happening or not happening of some stated event, the estate shall e changed in some manner

61
Q

covenant

A

a promise to do or not do a particular thing

62
Q

defendant

A

a person against whom a civil or criminal action is taken

63
Q

mortgage

A

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.

64
Q

plaintiff

A

in a court action, the one who sues; the complainant

65
Q

abstract of judgment

A

a recorded document of the essential provisions of a court judgment

66
Q

mechanic’s lien

A

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

67
Q

trust deed

A

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.

68
Q

declaration of homestead

A

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

69
Q

blanket encumbrance

A

a lien, usually a trust deed in California, covering more than one property of the borrower

70
Q

preliminary notice

A

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

71
Q

declaration of abandonment

A

a statement declaring the intent to give up a homestead, usually to declare a homestead on a new residence

72
Q

Sheriffs Sale

A

a court ordered sale of real or personal property by the sheriff pursuant to the execution of a judgment

73
Q

encroachment

A

the construction of improvements on the property of another

74
Q

easement appurtenant

A

an easement for the benefit of the owner of an adjacent parcel of land

75
Q

dominant tenement

A

real property that benefits from an easement

76
Q

writ of execution

A

a writ to carry out a court order, usually arising from a judgment

77
Q

servient tenement

A

a property that is burdened by an easement

78
Q

easement in gross

A

an easement for the benefit of a person or utility company rather than for the benefit of adjacent landowners

79
Q

lis pendens

A

a notice filed or recorded for the purpose of warning all persons that the title to certain real property is in litigation

80
Q

general lien

A

a lien such as a tax lien or judgment lien that attaches to all property of the debtor rather than a specific property

81
Q

specific lien

A

a lien that attaches to a specific property rather than all the property of the debtor

Real Estate Principles (3 decks)

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