Real Property Flashcards
Most comprehensive freehold estate
Fee simple
Document that is evidence of a transfer of title to real property
Deed
Property subject to a lien
Collateral
Promise made by the property owner regarding the use or appearance of land
Restrictive covenant
Leasehold automatically arises when tenant wrongfully refuses to vacate the premises
Tenancy at sufferance
Terms found in mortgage contract; ultimately results in sheriff’s sale of real property
Foreclosure
Contains representations regarding the nature and status of title being transferred
Warranty deed
A person’s legal rights to or interest in real property
Estate
Written contract that embodies the agreement between the landlord and the tenant
Lease
Contract that contains all terms for repayment of a loan
Promissory note
Two or more co-owners have equal, undivided ownership interest in property and rights of survivorship
Joint tenancy with rights of survivorship
Leasehold continues in effect until notice of termination is given by either party
Tenancy at will
Interest in real property that is freely transferrable and of unlimited duration
Freehold estate
Interest in property that allows lender to order sale of property to satisfy a loan
Lien
Allows lender to declare entire promissory note immediately due and payable
Acceleration clause
Contains a legal description of property and a risk of loss clause; must be in writing
Agreement of sale
Leasehold scheduled to terminate on a fixed date
Tenancy for years
Land and the structures built upon the land
Real property
Contract that gives the lender a security interest in real property
Mortgage
Property owned jointly by husband and wife
Tenancy by the entireties
Releases whatever ownership interest (if any) that grantor has in real property
Quitclaim deed
Leasehold that continues for successive identical periods of time
Periodic tenancy
Grant to someone other than the property owner the limited right to use land
Easement
