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real estate > Real Estate Property Ownership > Flashcards

Real Estate Property Ownership Flashcards

1
Q

principal residence

A

The residential property where the homeowner

resides a majority of the year.

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2
Q

partition

A

A division of real or personal property or the

proceeds there from among co-owners.

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3
Q

civil law

A

A Spanish legal system in which elaborate
statutes are created to address potential issues
in advance of disputes

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4
Q

vesting

A

A method of holding title to real estate, including
joint tenancy, tenancy in common, community
property and community property with the right
of survivorship.

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5
Q

common law

A

An English legal system in which disputes are
decided on a case-by-case basis before a
judge.

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6
Q

Mello-Roos

A

The Mello-Roos Community Facilities Act of 1982
authorizes the formation of community facilities
districts; the issuance of bonds, and the levying of
special taxes thereunder to finance designated
public facilities and services.

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7
Q

Fannie Mae

A

subdivision

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8
Q

fixed-term tenancy

A

A leasehold interest which lasts for the specific
lease period set forth in a lease agreement. A
fixed-term tenancy automatically terminates at
the end of the lease period. [See RPI Form 550
and 552]

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9
Q

community property

A

All property acquired by husband or wife during
a marriage when not acquired as the separate
property of either spouse.

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10
Q

encumbrance

A

A claim or lien on a parcel of real estate, such
as trust deeds, CC&Rs, easements, taxes or
assessments.

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11
Q 
Department of Housing and
Urban Development (HUD)
A 
The Department of Housing and Urban
Development which is responsible for the
implementation and administration of U.S.
government housing and urban development
programs.
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12
Q

profit a prendre

A

The right to remove minerals from another’s real

estate.

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13
Q

tenancy-at-will

A

A leasehold interest granted to a tenant, with
no fixed duration or rent owed. A tenancy-at-will
can be terminated at any time by an advance
notice from either party.

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14
Q

servient tenement

A

The property whose title is burdened by an
easement limiting its owner’s use of the portion
of the property subject to the easement.

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15
Q

dominant tenement

A

The property benefitting from an easement

whose owner is entitled to use the easement.

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16
Q

right of alienation

A

A homeowner’s ability to sell or lease the property

for a period exceeding one year.

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17
Q

estate for life

A

A possessory, freehold estate in land held by a
person only for the duration of his or her life or the
life or lives of another.

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18
Q

estate at sufferance

A

An estate arising when the tenant wrongfully
holds over after the expiration of the term. The
landlord has the choice of evicting the tenant
as a trespasser or accepting such tenant for
a similar term and under the conditions of the
tenant s previous holding. Also called a tenancy
at sufferance.

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19
Q

police power

A

The constitutional source of the state or local

government’s authority to act.

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20
Q

leasehold estate

A

A tenant’s right to occupy real estate during
the term of the lease. This is a personal property
interest.

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21
Q

overlying rights

A

The right of a real estate owner to take the

ground water below the surface of their land.

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22
Q

special assessment

A

1) Legal charge against real estate by a public
authority to pay cost of public improvements such
as street lights, sidewalks, street improvements. 2) In
a common interest subdivision, a charge, in addition
to the regular assessment, levied by the association
against owners in the development, for unanticipated
repairs or maintenance on the common area or
capital improvement of the common area.

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23
Q

public policy

A

A system of laws maintained by local, state
or federal government for the conduct of its
people.

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24
Q

bundle of rights

A

All of the legal rights incident to ownership of
property including rights of use, possession,
encumbering and disposition.

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25
Q

Alquist-Priolo Maps

A

Maps which identify earthquake fault areas
available from the State Mining and Geology
Board and the city or county planning
department.

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26
Q

freehold estate

A

An estate of indeterminable duration, e.g., fee

simple or life estate.

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27
Q

public housing

A

Subsidized housing typically reserved for lowincome
families, the elderly, and persons with
disabilities.

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28
Q

joint tenancy

A

building code

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29
Q

easement in gross

A

An easement which belongs to an individual

and is not appurtenant to a property.

30
Q

alluvium

A

The gradual increase of the earth on a shore of
an ocean or bank of a stream resulting from the
action of the water.

31
Q

mobilehome

A

Property designed to be used as a dwelling,
classified as either personal or real property
depending on this method of attachment. Also
known as a manufactured home.

32
Q

riparian rights

A

The right of a real estate owner to take surface
water from a running water source contiguous
to their land.

33
Q

U.S. Department of Veterans
Affairs (VA) mortgage
guarantee

A

A program that assists qualified veterans or their
surviving spouses to buy a home with zero down
payment. [See RPI Form 153]

34
Q

estate

A

As applied to real estate, the term signifies the
quantity of interest, share, right, equity, of which
riches or fortune may consist in real property. The
degree, quantity, nature and extent of interest
which a person has in real property.

35
Q

easement

A

A property easement is a legal situation in which the title to a specific piece land remains with the landowner, but another person or organization is given the right to use that land for a distinct purpose. For example, a utility company may have an easement that allows them access to an electrical pole on your property. Or, you could have an easement on part of your property if it blocks access to a main road.

36
Q

declaration of homestead

A

A document signed by a homeowner and filed
with the county recorder’s office to protect
the owner-occupant’s homestead equity from
seizure by creditors. [See RPI Form 465]

37
Q

general plan

A

Development policies for acceptable land uses

within a jurisdiction.

38
Q

covenants, conditions and

restrictions

A

Written rules, limitations and restrictions on use
mutually agreed to by all property owners in a
subdivision or common interest development

39
Q

life estate

A

An interest in a parcel of real estate lasting the

lifetime of the life tenant.

40
Q

State Water Resources

Control Board

A

Government entity established to ensure the
proper allocation and efficient use of state water
resources.

41
Q

appurtenance

A

That which belongs to something, but not immemorially; all
those rights, privileges, and improvements which belong to
and pass with the transfer of the property, but which are not
necessarily a part of the actual property. Appurtenances
to real property pass with the real property to which they
are appurtenant, unless a contrary intention is manifested.
Typical appurtenances are rights-of-way, easements, water
rights, and any property improvements.

42
Q

riparian land

A

A parcel of real estate located next to a water
source with surface water and within the
watershed of the surface water.

43
Q

eminent domain

A

The right of government to take private property
for public use. The government on the taking
pays the owner the fair market value of the
property. [See RPI Form 552 §19]

44
Q

tenancy in common

A

Co-ownership of property by two or more persons
who each hold an undivided interest, without
right of survivorship; interests need not be equal.

45
Q

township

A

In the survey of public lands of the United States,
a territorial subdivision six miles long, six miles
wide and containing 36 sections, each one mile
square, located between two range lines and
two township lines.

46
Q

senior citizen housing

A

Housing intended for persons 55 or 62 years of

age or older.

47
Q

escheat

A

The reverting of property to the State when heirs

capable of inheriting are lacking.

48
Q

Home Mortgage Disclosure

Act

A

A regulatory scheme requiring lenders to

publically release loan data

49
Q

ingress and egress

A

A type of easement granting one property owner
the right to traverse a portion of another’s land
to access their property

50
Q

alienation

A

The transferring of property to another; the
transfer of property and possession of lands, or
other things, from one person to another

51
Q

reversionary interest

A

The interest which a person has in lands or other
property, upon the termination of the preceding
estate. A future interest

52
Q

prescriptive right

A

The right to use water established by appropriating
nonsurplus water openly and adversely for
an uninterrupted period of five years without
documentation of a legal right.

53
Q

Section 8 housing

A

A government housing program for low income
households which provides qualifying tenants
with rent subsidies and minimum habitability
standards.

54
Q

Consumer Financial

Protection Bureau

A

An independent federal agency fathered by
the Dodd-Frank Act responsible for regulating
consumer protection with regards to financial
services and products.

55
Q

accretion

A

Accession by natural forces, e.g., alluvium

56
Q

tenancy-at-sufferance

A

A leasehold interest held by a tenant who retains
possession of the rented premises after the
termination of the tenancy. [See RPI Form 550
§3.3]

57
Q

Dodd-Frank Wall Street
Reform and Consumer
Protection Act

A

A collection of significant changes to U.S.
financial regulation in response to the financial
crisis.

58
Q

Department of Fair

Employment and Housing

A

State agency designated with protecting
Californians from housing, employment, and
public accommodation discrimination.

59
Q

common interest

development

A

Subdivided lands which include a separate interest in
real property combined with an interest in common
with other owners. The interest in common may be
through membership in an association. Examples are
condominium projects, cooperatives or single family
residences in a planned unit development. [See RPI
Form 135]

60
Q

right of survivorship

A

The right of surviving joint tenants or a spouse to
succeed to the entire interest of the deceased
co-owner.

61
Q

estate at will

A

An estate at will is a type of lease agreement where the agreement continues indefinitely until either party terminates it. Under the estate at will, the landlord can ask the tenant to move immediately, and the tenant can also move at any time and give notice to end the agreement.

62
Q

building permit

A

Permits issued by a city or county building
department authorizing commencement of
construction in accordance with minimum safety
standards.

63
Q

right of way

A

A privilege operating as an easement upon land,
whereby the owner does by grant, or by agreement,
give to another the right to pass over owner s land, to
construct a roadway, or use as a roadway, a specific
part of the land; or the right to construct through and
over the land, telephone, telegraph, or electric power
lines; or the right to place underground water mains,
gas mains, or sewer mains.

64
Q

A privilege operating as an easement upon land,
whereby the owner does by grant, or by agreement,
give to another the right to pass over owner s land, to
construct a roadway, or use as a roadway, a specific
part of the land; or the right to construct through and
over the land, telephone, telegraph, or electric power
lines; or the right to place underground water mains,
gas mains, or sewer mains.

A

Fannie Mae a quasipublic agency converted
into a private corporation whose primary function
is to buy and sell FHA and VA mortgages in the
secondary market.

65
Q

condemnation

A

The act of taking private property for public
use by a political subdivision upon payment to
owner of just compensation. Declaration that a
structure is unfit for use.

66
Q

agreed-boundary doctrine

A

When owners of adjacent properties uncertain
over the true boundary agree to establish the
location of their common lot line and acquiesce
to the boundary line for at least five years.

67
Q

solar easement

A

An easement restricting an owner’s ability
to maintain improvements interfering with a
neighbor’s solar energy system.

68
Q

encroachment

A

]An improvement on one parcel of real estate
which extends onto real estate belonging to
another person without their consent.

69
Q

rent control

A

Local ordinances that are reasonably related to
the prevention of excessive rents and maintaining
the availability of existing housing. [See RPI Form
550 §1.3]

70
Q

incorporeal rights

A

Nonpossessory rights in real estate, a rising out of

ownership, such as rents.

71
Q

party wall

A

A common boundary improvement located on
a property line between adjacent properties,
such as a wall, fence or building co-owned by
the adjacent property owners.

real estate (20 decks)

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