Real Estate Vocab Flashcards
Bundle of rights
Rights that are inherent in ownerships
Acronym: DEEPC
Enjoyment Exclusion Disposition Possession Control
Reliction
Water recedes… new land acquired
Holder of life seat
Entitled to use property that is held in life estate
Estate in reversion
Held by the grantor of the original conveyance
Estate in remainder
Would be a reversion, but is instead transferred to someone other than the grantor
Percentage lease
Percentage of gross receipts
Net lease
Have to pay Triple net lease… taxes, insurance, maintenance
Gross lease
Set fee
Sandwich Lease
AKA… “sublet” Lessor is also the lessee
Subleases
Lessor is also lessee, aka Sandwich lease
Tenant improvement allowance
Landlord will compensate tenant for all or portion of funds required to construct the commercial space
Abandonment
Release of responsibility and/or ownership
Assignment
Giving responsibility and/or ownership to another
Transfer of contract rights
Surrender
Release of responsibility and/or ownership
Constructive eviction
Landlord either does something or fails to do something that he has a legal duty to provide
Estoppel statement
A signed statement by a party certifying for the others benefit that certain facts are correct. It determines party’s responsibilities in a commercial lease
Deed
Evidence of transfer of title
Quitclaim deed
Immediate transfer of ownership
Fixture
Runs with the Land… MARIA
Method of attachment Adaptability (necessary for home?) Relationship (seller vs landlord) Intent (why was it attached?) Agreement (supersedes everything)
Appurtenances
Things that run with the land… real property
Easement appurtenances
Goes with property… real property
Estate
Duration of ownership
Freehold estate
Infinite time and and ownership
Less than free hold estates
Designated time of ownership ex. LEASE
Fee simple estate
Absolute ownership except taxes
Fee simple defeasible/determinable
Can loose property based on a condition or condition subsequent
Life estate
Ownership based on someone’s life
Estate for years
Defined specific times. Start and end.
Periodic tenancy
Month to month/ week to week
Estate at will
End at anytime. (Not legal in many states)
Estate at sufferance
Tenant will never leave
Percentage lease
Percentage of gross receipts or sales
Net lease
Triple line, tenant pays for taxes insurance and maintenance
Gross lease
Set fee. Standard residential lease
Real property
Runs with the land… generally immovable
Personal property
Runs with the person… generally movable
Chattel real
Personal property
Trade fixture
Business related personal property
Riparian rights
Moving water
Littoral rights
Not moving water
Accretion
Increase size of porperty
Avulsion
Sudden tearing away of property
Reliction
Water recedes and new land is acquired
Fee simple defeasible
Can lose property from a subsequent condition… condition can lose title
Holder of life estate
Entitled to use property that is held in life estate
Estate in reversion
Held by the grantor of the original conveyance
A lease
Is personal property
Leasehold estate can be bought and sold on open market
Percentage Lease
Commercial type lease. Base rent plus a percentage of revenue from property. Percentage of gross receipts
Sandwich lease
Lessor is also Lessee, AKA sublet
Lease option
Tenants option to purchase property during the term or at the end of the lease.
Owner is optionor
Tenant is optionee
Consideration can be monthly payments, consisting of rent and overage, money upfront that can be applied towards down payment on an already established amount.
If optionee exercises the option title will revert back to when the contract began not when option was exercised.
Tenant improvement allowance
Landlord will compensate tenant for all or portion of funds required to construct the commercial space
Abandonment
Release of liability or ownership
Assignment
Giving responsibility or ownership to another
Surrender
Release of responsibility and/or ownership
Constructive eviction
Landlord fails to provide legal services
Estoppel statement
Signed statement by a party certifying for the other’s benefit, that certain facts or responsibilities are correct
Deeds
Evidence of transfer
A quitclaim deed
Immediate transfer of ownership
Warranty deed
Grantor guarantees the he holds clear title and right to sell
Special warranty Deed
Guarantees clear title for duration of previous owner
General warranty deed
Guarantees clear title for the life of the property
Title
Ownership
Legal title
Right to sell
Equitable title
Right of possession and the right to gain equity
Chain title
History of of ownership, conveyances, and encumbrances
Abstract of title
Summary of title
Cloud on title
Defect in title
A quiet title action
Removes cloud on title
Alienation of title
Voluntary act of an owner disposing of property
Title insurance
Insures any defects on title to real property besides…
Satisfaction
Records and acknowledges a paid of mortgage.
Severalty
Sole ownership
Concurrent estate
More than one person Owns
Joint tenancy
Unity of time title interest and possession members has rights of survivorship
TTIP
Tenancy in common
Unity of possession know right of survivorship
Encumbrances
Anything that limits the property
Easement
The right to cross another’s land
Dominant tenement
The property with the right of crossing
Servient tenement
The property that is being crossed the property that is encumbered they cannot revoke easement
Easement by prescription
Implied easements granted after the dominant estate has used the property in a hostile continuous open manner for a statutorily prescribed number of years
Appurtenant easement
Easement that transfers with the transfer of title
Easement in gross
No dominant tenement
Police power
Regulations implemented for public health safety and general welfare
Building codes
They are form of police power
Variance
Granted exception to the rule
Down zoning
Commercial to residential
Non-conforming use
Use that was allowed under prior zoning regulations
Holographic will
Entirely hand written
Probate
Process of allocating assets of the deceased
1031
45 days to identify and 180 days to close
Boot
Cash or other property added to an exchange to make the value equal
Inverse condemnation
Suing the government for lack just compensation
Encroachment
One property crosses the line of another property
Liens
Owe money. Warning easements and private restrictions are not liens
General liens
Can take all property ex. Income tax, judgement Liens
Specific liens
Can take a specific property for example mortgages and property taxes
Injunctions
Court
Constructive notice
A person or entity should have known as a reasonable person would have
Actual notice
To give legally sufficient assurance that actual knowledge of the matter has been conveyed
A debit
Money owed
A credit
Money received
Short rate
Penalty method of calculating return premium of an insurance policy
Impounds
Method of collecting debts that take priority over the loan
RESPA
Disclosure of settlement costs and to elongate abusive practices
TILA
Provide complete disclosure of lending fees and practices
Material fact
Some thing a reasonable person would recognize. Caution a buyers Race is never a material fact
Steering
Buyers
Block busting
Induce sellers
Panic selling
Induce sellers
Panic peddling
Induce sellers
Red lining
Deals with financing and LoansChoosing financing based on race.
Misrepresentation
Legal right to rescind
Rescind
Revoke,cancel, or repeal
Misleading
Misleading with intent
Constructive fraud
Misleading without intention
Negative fraud
Lying by omission
Conversion
Using clients money (sometimes earnest money)
Contract essentials
LACC Lawful object Agreement Consideration Capable parties
Void contract
Lacks one of LACC
Voidable contract
Option to rescind
Bilateral contract
Two promises
Unilateral contract
One promos
