Real Estate Terms Flashcards
1
Q
Trust Deed
A
The trust deed, also called deed of trust is used when property serves as security for a debt. The debt typically is the loan used to purchase the property as collateral to guarantee payment of the amount borrowed.
2
Q
Zoning
A
Zoning is an act of city or county government. Zoning laws or ordinance specify the possible uses of property in a defined area. Zoning is a 20th-century invention intended to promote the public health or general public welfare. It has been the subject of many legal battles involving the extent to which public interest can take priority over private ones.
3
Q
Boot
A
Property received in an exchange has the same cost basis for the recipient as the property transferred, provided that no money or other additional consideration accompanies the transfer. Additional consideration, or boot, is reportable gain for tax purposes in the amount of the cash value of the boot received.
4
Q
Homestead Exemption
A
California and other states provide homeowners with special protection from creditors. Some of all of the value of the owners equity in the homestead is exempt from the claims of unsecured creditors.
5
Q
Accession Accretion
A
Accession refers to an increase in the property owned. Manmade or natural additions to property may extend the owner’s tittle to include those additions - by the construction of improvements.
Land area can be increase by forces of nature. Accretion is the process by which land adjacent to a flowing body of water accumulates new soil.
6
Q
Unilateral Contract
A
When only one party has an obligation under the contract, a unilateral contract is formed.
7
Q
License
A
One more way to transfer a right to use land is by a license, the permission given to another to com onto ones land. A license is a nonexclusive right, which means that the person to whom it is given has no right to exclude others from the owner’s land. A license is personal property rather than real property and temporary than permanent. A license may be terminated at any time without prior notice.
8
Q
Intestate
A
A person who dies without having made a will.
9
Q
Testate
A
A person who dies testate leave a will
10
Q
Adverse Possession
A
The concept of taking over someone else’s property and occupying it long enough to acquire ownership of it can be appealing, but the reality s much more complex and rarely accomplished. You can acquire title to real estate by Adverse Possession if you follow these five steps.
1. open 2. notorious 3. continuous 4. hostile 5. adverse to the interest of the real owner for five years (ONCHA).
11
Q
Section of Land
A
A township is composed of 36 sections. One standard section is one square mile, which contains 640 acres. A section may be further divided.
12
Q
Base lines
A
Imaginary lines that run east-west and intersect meridians that run north-south to form the starting point for land measurement using the rectangular survey system of land description.
13
Q
Meridians
A
Imaginary lines that run north to south and intersect base lines that run east to west to form the starting point for land measurement using the rectangular survey system of land description.
14
Q
Metes/Bounds
A
Method of legal description of land using distances (called metes) measured from a point of beginning and using natural or artificial boundaries (called bounds), as well as single objects (called monuments or markers) as points of reference.
15
Q
Lot and Block system
A
Subdivision system; method of legal description of land using parcel maps identified by track, block, and lot number
16
Q
Community Property
A
All property acquired by husband and wife during marriage except that qualifying as separate property.
17
Q
Right of Appropriation
A
Right of government to take, impound, or divert water flowing on the public domain from its natural course for some beneficial purpose.
18
Q
Section and township system; U.S. government survey system; method of legal description of land using areas called town-ship measured from meridians and base lines.
A
Rectangular Survey System
19
Q
Latin phrase meaning “Let the buyer beware.”
A
Caveat Emptor
20
Q
Right to use of water from a lake or other body of still water by adjoining property owners.
A
Littoral Rights
21
Q
An installment payment on a promissory note - usually the final payment - that is significantly larger than the other installment payments.
A
Balloon Payment
22
Q
Creditor’s right in identified property of the debtor.
A
Specific Lien
23
Q
The right of a landowner whose property borders a lake, river, or stream to the use and enjoyment of the water adjacent to or flowing over the property, provided the use does not injure other riparian landowners.
A
Riparian Rights
24
Q
Right to use of water found at surface of land and underground.
A
Water Rights
25
Acquiring a specific use of or the right to travel over the land of another by statutory requirements similar to those for adverse possession.
Easement by Prescription
26
An agreement or a promise to do or not to do a particular act, usually imposed by deed.
Covenant
27
A real estate salesperson or broker who works as the employee of a real estate broker
Associate Licensee
28
The transferring of property to another; an involuntary transfer of title
Alienation
29
A listing agreement that gives the listing broker the right to purchase the listed property; because of the potential for the appearance of impropriety, if the option is exercised the principal should be informed of the broker's profit in the transaction and agree to it in writing.
Option Listing
30
A bar against future conduct. By acting as if an agency relationship exists, a principal is prevented by estoppel from denying it in future.
Example: Person S tells Person J that Broker B is selling the Person S home. Person J brings an offer to Broker B, who prepares a written offer to purchase, listing Broker B as the broker and stipulating a commission rate. Person S can accept the offer by signing it. If Person S does so, will an agency be created?
Yes, if Person S accepts the offer, which lists Broker B as the selling agent entitled to the sales commission. Person S's acceptance by signing the agreement would satisfy the requirement for a writing.
Estoppel
31
Real estate license on which one or more conditions are imposed by the Real Estate Commissioner as the result of a disciplinary action.
Restricted License
32
An involuntary lien that arises from a taxpayer's obligation to pay real property taxes, state income and estate taxes, or federal income, gift, and estate taxes.
Tax lien
33
Deed given to the purchaser at a court-ordered sale to satisfy a judgment, without warranties.
Sheriff's deed
34
Any transfer of a substantial part of the materials, supplies, merchandise, equipment, or other inventory of a business that is not in the ordinary course of the business's activities
Bulk transfer of goods
35
Anything that benifits an agent's self-interest or that of someone related to the agent, which would interfere with the objective fulfillment of an agent's obligation to a principal.
Conflict of interest
36
A listing agreement providing that the agent may retain as compensation for her services all sums received over and above a net price to the owner. The broker's compensation is whatever amount the property sells for over a previously agreed (net) amount.
Net listing
37
An easement in gross is a personal right to use land. The right belongs to an individual (a person or business corporation) and is not appurtenant to any ownership interest in land. The instrument creating the easement in gross can be made binding on future owners of land, in which case it will "run with the land." Sometimes, a railroad right-of-way is an easement in gross. the railroad does not own any adjacent land but has the right to travel over the land on which the easement lies. Pipeline and power line easements are other examples.
An easement right with no accompanying property ownership right.
Easement gross
38
Is used to help secure payment for any labor, service, equipment, or materials used in the construction of improvements to real estate.
A statutory lien against real property in favor of persons who have performed work or furnished materials for the improvement of the property
Mechanics's lien
39
An agent who has been granted a power of attorney by a principal.
Attorney-in-fact
40
An open listing, also called a nonexclusive listing, provides for a commission to the broker if the broker is the procuring cause of sale. It provides no compensation if another broker fulfills that task or if the owner does. To be the procuring cause of a sale, the agent must be the one who brings the parties together or at least must initiate the contact that leads to a sale
Open listing
41
In a dual agency, the same agent represents two principals in the same transaction. A dual agency thus places the agent in the precarious position of carrying out agency responsibilities to two principals whose interest are in opposition.this can occur when a listing broker finds a buyer for the listed property. A dual agency can also occur when two associate licensees in the same brokerage work on behalf of the employing broker to represent both buyer and seller. A real estate broker in a dual agency relationship must make sure that both clients know of and consent to the dual representation.
Dual agency
42
A voluntary lien is one agreed to by the property owner. A mortgage or deed of trust that an owner of real estate gives to obtain financing is an example of a voluntary lien
Voluntary lien
43
The cause originating a series of events that lead directly to the intended objective; in a real estate transaction the procuring cause is the real estate agent who first procures a ready, willing, and able buyer.
Procuring cause
44
A quitclaim deed conveys any interest the grantor may have in the property at the time the deed is executed. No implied warranties are made by a quitclaim deed, and there is no express or implied warranty that the grantor owns any interest at all in the property. A quitclaim deed should never be used when a grant deed can be used.
Ex; Person K bought Whiteacre after marrying Person L, but Person K used money from the sale of Persons K's separate property to do so. When Person K sold Whiteacre, Person K signed the deed as Person K, a married person. Person K's spouse did not sign the deed. The grantee of Whiteacre questioned the validity of that conveyance when years later a would-be purchaser was unable to acquire title insurance.
The cloud on the title of the present owner of Whiteacre was cleared by having Person L sign a quitclaim deed, relinquishing whatever claim Person L might have in the property.
Quitclaim deed
45
A will written entirely by hand, signed, and dated by the testator. It does not need to be witnessed, but it must be entirely handwritten. There can be no printed or typewritten parts of a holographic will
Holographic will
46
Any form of restriction is a limitation on the use of land. The most common private restriction are the "covenants, conditions, and restrictions" found in a deed. The most common public (government) restriction is the zoning ordinance.
Restrictions
47
Water of any moving body of water may permanently recede, uncovering new land that was once under the water. This process, called reliction, increases the adjacent owner's property.
Reliction
48
Cultivated crops are called emblements. They are considered part of the land until they are harvested. Then, they become personal property. If grown by a tenant on leased land, however, they are considered personal property both while growing and after harvest. The sale of growing crops is governed by the provisions of the Uniform Commercial Code.
Crops produced by human labor (lettuce, cotton, grapes, and so on) are also referred to by the legal term, fructus industriales. They are distinguished from naturally occurring plant growth (such as grasses), which are termed fructus naturales.
Emblements
49
A multiple listing service (MLS) is an organization of real estate agents that receives information from individual members on their property listings and make that information available to participating members. MLS members agree to abide y the rules of the MLS. the MLS benefits sellers by making more agents aware of the availability of their property. Buyers benefit from a wide choice of properties from which an agent can present those that meet the buyers' needs.
Multiple listing service (MLS)
50
California law presumes that every person who dies has an heir who could take title to the decedents property. Sometimes, however, it is impossible to locate an heir. The attorney general acts on behalf of the state to bring a claim against the estate and, if no claimant comes forward within five years, title two the property vests in the state. This process is called escheat.
Escheat
51
A legal action brought by the owner of land when government puts nearby land to a use that diminishes that value of the owner's property.
Inverse condemnation
52
The assets of an existing business enterprise, including its goodwill.
Business opportunity
53
When properly drawn, a will names an executor to act as the decedent's representative in ensuring that the terms of the will are carried out. Probate is the name of the courts process that determine the decedent's heirs and creditors, pays debts owed by the estate, and transfers title to any remaining property from the decedents to the decedent's heirs.
If theres a will, the decedent's representative presents the will to the probate court and receives permission to carry out its provisions. Sometimes, the deceased leaves no will or fails to name a representative, or the named representative refuses to serve in that capacity. In any of those cases, the court may appoint an administrator to handle the estate.
Probate
54
Sharing of the compensation (usually, a commission) received by the listing brokers with the broker who brings the buyer to the transactions.
Cooperating split
55
A listing agreement employing a broker as agent for a seller of real property under the terms of which the broker is entitled to compensation if the listed property is sold during the duration of the listing, whether by the listing agent, another agent, or the owner acting without the services of an agent.
Exclusive authorization and right-to-sell listing
56
A person employed by another who has almost complete freedom to accomplish the purpose of the employment.
Independent contractor
57
Agreement in which both parties make a promise to do something or to refrain from doing something and both are obligated to fulfill the promise.
Bilateral contract
58
Compensation in any form received by a real estate licensee without the knowledge of the licensee's client.
Secret profit
59
The tearing or washing away of land along the bank of body of water by natural forces.
Avulsion
60
Person who is hired by someone else to perform work; for purposes of the Real Estate Law, a real estate salesperson is always considered an employee under the supervision of the employing broker; for tax purposes, a real estate salesperson working for a real estate broker can be hired as an employee or an independent contractor, if the requirements of the Internal Revenue Service are met.
Employee
61
Person who hires someone else to perform work.
Employer
62
The history of the conveyances and encumbrances affecting the present owner's title to property, as far back as records are available.
Chain of title
63
Anything that affects or limits the fee simple title to or affects the condition or use of real estate.
Encumbrance
64
Another form of easement by implication of law is the easement by necessity. A tract of land may be landlocked-that is, there may not be a road adjacent to any part of it. The owner of such a tract has an easement by necessity implied by law over any land of the seller that is adjacent and provides access to a roadway. If the sellers owns no land adjacent to the landlocked parcel, there will b an implied easement over the lan that provides the most efficient road access, even though that land now belongs to a "stranger" to the transaction, provided both parcels were once owned by the same person.
Easement by necessity
65
Is anything, including improvements, that is attached, or affixed, to land. A fixture can be attached by its roots (trees or shrubs) or imbedded in the land (walls). A fixture might also be something permanently resting on the land, such as a building. A building would include all things customarily considered permanently attached to it, such as siding, plaster, nails, doors, and windows.
Fixture
66
The federal and state government have the right to acquire title to property by eminent domain. If property is for a public purpose such as highway construction, it is first subject to condemnation, a process that gives notice to the property owner that the property is being taken. The property owner receives compensation based on an appraisal, which usually is the property's fair market value. Fair maker value is the price a property should bring on the open market.
Eminent domain
67
One on whose behalf a trustee holds property conveyed by a trustor; the lender under a deed of trust.
Beneficiary
68
A tenant in common may want to dissolve the shared ownership. This can be accomplished by agreement of all covenants or, if there is a dispute, by a lawsuit know as a partition action. If it is possible to divide the property among the owners in equitable shares, the court will do so. Otherwise, the property will be sold. If a sale is ordered by the court, the proceeds of the sale will be distributed to the covenants in the same shares as their ownership interests, less a proportionate part of any expenses owed.
Partition action
69
The Recovery Account is another fund financed by license fees. It is available to aid victims of licensee fraud, misrepresentation, deceit, or conversion (theft) of trust fund, who are awarded money damages by a court or as a result of a DRE administrative proceeding that are noncollectable. A maximum of $50,000 per transaction or $250,000 per licensee can be paid from the Recovery Account. Reimbursement to the fund by the offender will be required as part of the disciplinary process.
Recovery account
70
Portion of the California Business and Professions Code regarding licensing of real estate brokers and salespeople and activities of the California Department of Real Estate; also includes Subdivided Lands Law.
Real Estate Law
71
False advertising. This knowingly authorizing, directing, conniving at, or aiding in the publication, advertisement, distribution, or circulation of any material false statement or representation concerning any business, business opportunity, or land or subdivision offered for sale. When advertising a property, a licensee must disclose that the property is offered through a licensed real estate agent. Failure to disclose this fact and provide the name of the licensee is called blind advertising and is illegal.
Blind ad
72
California legislation has been complied into series of books called codes. What is commonly referred to as the Real Estate Law is Division 4 of the Business and Professions Code. The Real Estate Law has two parts:
1. Part 1 covers licensing.
2. Part 2 covers transactions and includes the Subdivided Lands Law.
The complete text of all 29 volumes of the California codes, as well as information on bills pending before the California legislature, can be found at http://leginfo.legislature.ca.gov.
Business and Professions Law (code)
73
A standard land area of six miles square, divided into 36 sections of one mile square each, used in the rectangular survey system of land description.
Township
74
Property listing that the listing agent markets privately before entering it in the multiple listing service (MLS); usually a violation of MLS rules.
Pocket listing
75
A joint tenancy is a special form of co-ownership. It requires that all co-owners take title to the property at the same time, by the same document. In addition, each must have an equal share of the property and the right of survivorship. These four unities of a joint tenancy, which can be remembered by the acronym TTIP, are as follows:
1. T - Unity of time (each takes title at the same time)
2. T - Unity of title (each receives title through the same deed)
3. T - Unity of interest (each owns an equal share)
4. T - Unity of possession (each has the right to use all of the property)
Joint tenancy
76
California has adopted the Uniform Commercial Code. The Uniform Commercial Code governs the sale or transfer of goods ordinarily held for sale in the course of business. Goods held for sale by a business probably were obtained on credit from a supplier or manufacturer.
Uniform commercial code
77
A condition generally is enforceable by the person imposing the condition. In a sale transaction, that would be the seller. A Condition Subsequent, if performed, will enable the seller to regain title to the land. Because a condition limits the estate granted, it should appear on the far of the deed.
A qualification of an estate granted that can be imposed only in a conveyance; it can be a condition precedent or a condition subsequent.
Condition
78
Form of business ownership in California that offers owners the limited liability of a corporation while still having the ability to take part in running the company.
Taxes and fees are higher for an LLC than for a partnership.
Limited liability
79
The solo proprietorship is the simplest form of business ownership, because it has only one owner. The sole proprietor:
- conducts business in his own name or under a trade name,
- reports business income on his individual income tax return, and
- is responsible for the business's debts.
The sole proprietor may or may not have employees, such as personal assistants.
Sole proprietor
80
The owner of a life estate has the right to possession and use of property, but the estate last only as long as the life of a person (or persons) identified in the deed or will that creates the estate. Usually, the measuring life is that of the holder of the life estate.
If the right go possession returns to the original property owner when the life estate ends, the original owner has a reversion. If the right of possession goes to a third person when the life estate ends, that person has a remainder. The remainderman holds an estate in remainder during the existence of the life estate and a fee simple estate on termination of the life estate.
Life estate
81
The right of future possession and use that will go to someone other than the grantor or termination of a life estate.
Remainderman
82
The right of future possession and use retained by the grantor of a life estate
Reversion
83
A writ of execution is a court order directing the county sheriff or another officer to satisfy a judgment out of the debtor's property. The property available to satisfy the judgment includes any nonexempt real property owned by the debtor. The property is sold at public auction, and the proceeds are used to pay the judgment. When personal property is sold at auction, the buyer receives a certificate of sale. When real property is sold at auction, the buyer receives a sheriff's deed. The officer who conducts the same must record a duplicate of the sheriff's deed in the office of the county recorder.
Writ of execution
84
A metes and bounds description starts at a designated point, called the point of beginning. It then follows each boundary for a given distance, in a clockwise direction, and at a precise angle from the last point. The simplest type of description using metes and bounds would be to follow the dimensions of a tract.
Point of beginning
85
One of the most important duties the agent owes the principal is the duty of loyalty. The agent in a real estate transaction acts as a fiduciary, a person to whom property or the power to act is entrusted on behalf of someone else. The agent's role in the transaction is to consider the interests of the principle first and foremost.
Fiduciary
86
A fee simple estate with no restrictions on its use.
Fee simple absolute
87
That which appears to be good tittle but which is not tittle in fact. Example: title under a forget deed.
Color of Title
88
A term applied to the remainder of an acre of a newly subdivided land after the area devoted to street, sidewalk, curbs, etc, has been deducted from the acre.
Commercial Acre
89
An agent's compensation for performing the duties of his agency; in real estate practice, a percentage of the selling price of property, percentage of rentals, etc.
Commission
90
A pledge, promise, or firm agreement
Commitment
91
The body of law that grew from custom and practices developed and used in England "since the memory of man runneth not to the contrary". (based on court decisions, not statutes).
Common Law
92
A part of metropolitan area that has a number of neighborhoods that have a tendency toward common interest and problems
Community
93
Property accumulated during marriage that is owned equally by husband and wife
Community Property
94
Sales which have similar characteristics as the subject property and are used for analysis in the appraisal process.
Comparable Sales
95
Damages to reimburse an injured party for the actual loss suffered.
Compensator Damages
96
Legally qualified.
Competent
97
Business profits encourage competition, which ultimately may reduce profits for any one business.
Competition, Principle of
98
One of the features making up the whole property.
Component
99
Interest paid on original principal and also on the accrued and paid interest which has accumulated.
Compound Interest
100
The final estimate of value, realized from facts, data, experience, and judgment.
Conclusion
101
The act of taking private property for public use; also a declaration that a structure is unfit for use.
Condemnation
102
A qualification of an estate granted which can be imposed only in conveyances. They are classified as conditions precedents and conditions subsequent.
Condition
103
A condition that requires certain action or the happening of a specified event before the estate granted can take effect. Example: Most installment real estate sale contracts require all payments to be made at the time specified before the buyer may demand transfer of title.
Condition Precedent
104
When there is a condition subsequent in a deed, the title vesets immediately in the grantee, but upon breach of the condition the grantor has the power to terminate the estate if he wished to do so. Example: A condition in the deed prohibiting the grantee from using the premises as a liquor store.
Condition Subsequent
105
A commitment of a definite load amount for some future unknown purchaser of satisfactory credit standing.
Conditional Commitment
106
A system of dividual fee ownership of units in a multifamily structure, combined with joint ownership of common areas of the structure and the land. (Sometimes referred to as a vertical subdivision).
Condominium
107
Individuals of firms that purchase loans from originators to resell to investors
Conduits (REMIC's - real estate mortgage investment conduits)
108
An entry of judgment upon the debtors voluntary admission or confession.
Confession of judgment
109
A court approval of the sale of property by an executor, administrator, guardian, or conservator.
Confirmation of Sale
110
Loans that meet the purchase requirements of Fannie Mae and Freddie Mac.
Conforming Loans
111
Holds that property values are maximized when buildings are similar in design, construction, and age, particularly in residential neighborhoods.
Conformity, principle of
112
Anything of value given to induce entering into a contract; it may be money, personal services, or anything having value.
Consideration
113
A remainder interest that can be defeated by the happening of an event.
Contigent Remainder
114
Loans made for the construction of home or commercial buildings. Usually funds are disbursed to the contractor-builder during construction and after periodic inspections. Disbursement are base on an agreement between borrower and lender.
Construction Loans
115
Breach of a covenant of warranty or quiet enjoyment; e.g., the inability of a lease to obtain possession because of a paramount defect in title, or a condition making occupancy hazardous. A lessee can treat it as cause to void a lease.
Constructive Eviction
116
Notice given by the public records.
Constructive Notice
117
The surface configuration of land.
Contour
118
Lines on a map that indicate elevation. When lines are close together, it indicates a steep stoop, but if the lines are far apart, it indicates the land is relatively level.
Contour lines
119
An agreement, either written or oral, to do or not to do certain things.
Contract
120
A component part of a property is valued in proportion to its contribution to the value of the entire property, regardless of its separate actual cost.
Contribution, principle of:
121
These are goods used or bought for use primarily for personal, family, or household purposes.
Consumer goods
122
A loan secured by a mortgage or trust deed that is made without governmental underwriting (FHA-insured or VA-guaranteed)
Conventional Mortgage
123
This has two meanings. One meaning refers to the process of transferring title to property from one person to another. In this sense it is used as a verb. The other meaning refers to the document used to effect the transfer of title (usually some kind of deed). In this last sense, is is used a noun.
Conveyance
124
A form of apartment ownership. Ownership of shares in a cooperative venture that entitles the owner to use, rent, or sell a specific apartment unit. The corporation usually reserves the right to approve certain actions such as a sale or improvement.
Cooperative Ownership
125
A group or body of persons established and treated by law as an individual or unit with rights and liabilities or both, distinct and apart from those of the persons composing it. A corporation is a creature of law having certain powers and duties of a natural person. Being created by law, it may continue for any length of time the law prescribes.
Corporation
126
A system compensating for inaccuracies in the Government Rectangular Survey System due to the curvature of the earth. Every fourth township line, 24-mile intervals, is used as a correction line on which the intervals between the north and south range lines are re-measured and corrected to a full 6 miles.
Correction lines
127
The interpretation of date and value estimates to bring them together to a final conclusion of value.
Correlate the Findings
128
To bring the indicates values developed by the three approaches into mutual relationship with each other.
Correlation
129
Rights of an owner to reasonable use of non-flowing underground water.
Correlative Use
130
A historical record of past expenditures, or an amount which would be given in exchange for other things.
Cost
131
One of three methods in the appraisal process. An analysis in which a value estimates of a property is derived by estimating the replacement cost of the improvements, deducting the estimated accrued depreciation, and then adding the market value of the land.
Cost Approach
132
Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property.
Covenant
133
Certified Property Manager. IREM's highest designation.
CPM
134
Exterior or interiors opening permitting access underneath a building, as required by building codes.
Crawl space
135
Counselor or Real Estate. Members of American Society or Real Estate Counselors
CRE
136
Certified Residential Specialist (A NAR designation).
CRS
137
The number or product resulting by multiplying the width of a thing by its height and by its depth or length.
Cubage
138
Items of physical deterioration and functional obsolescence which are customarily repaired or replace by a prudent property owner.
Curable Depreciation
139
The right which a husband has in a wife's estate upon her death.
Curtesy
140
The indemnity recoverable by a person who has sustained an injury, either in his person, property, or relative rights, through the act or default of another.
Damages
141
An appraiser's file of information on real estate.
Data Plant
142
Bonds issued without specific security
Debenture
143
This is the party who "owns" the property which is subject to to the Security Interest.
Debtor
144
Lose their leaves in the autumn and winter (regarded as hardwoods)
Deciduous Trees
145
Usually an open porch on the roof of a ground or lower floor, porch, or wing.
Deck
146
A conveyance of land by its owner for some public use, accepted for such use by authorized public officials on behalf of the public
Dedication
147
Written instrument which, when properly executed and delivered, conveys title.
Deed
148
A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender.
Deed in Lieu of Foreclosure
149
Real Property is the right of interest that a person has in the land or anything attached to the land.
Real property is legally defined as:
1. Land
2. Anything permanently attached or affixed to the land.
3. Anything incidental or appurtenant to the land.
4. Immovable by law.
Real Property
150
Land ownership: is commonly thought of as owning the surface of the earth. In other words, the ground we walk and build upon. But ownership also give us rights to the space that is above our land and extends below our feet to the center of the earth.
Land
151
When buying personal property, your receipt is called a BILL OF SALE.
- the bill of sale states that the goods have been paid for and that no outstanding loans exist on the personal property. It is always considered good practice to obtain a bill of sale.
- the ownership of personal property is transferred with a "bill of sale". An instrument used to secure a loan on personal property is called a "security agreement"
Bill of Sale
152
Fixtures are items of personal property that are attached to, or incorporated into, the land in such a manner as to become real property.
- the courts use this five test to determine if an item is a fixture.
M 1. Method of attachment
A 2. Adaptability.
R 3. Relationship of the parties
I 4. Intention
A 5. Agreement
Fixtures
153
An area of land that contains 43,560 square feet.
One acre
154
208.71 feet on each side, but his number is generally rounded off to 209 feet.
One Square acre
155
5,280 Feet long
One MILE
156
Contains 640 acres
One SQUARE MILE
