Real Property General Flashcards
Learn foundational concepts related to real property, including characteristics, legal descriptions, and classifications.
Which real estate term is this?
A process through which property title can be seized by someone without formal transfer by occupying it.
Adverse Possession
Which real estate term is this?
Allows the holder to use another person’s property for a specific purpose, like a driveway.
Affirmative Easement
Which real estate term is this?
Includes farms, ranches, timberlands, pasturelands, orchards, vineyards, and grasslands.
Agricultural Real Estate
Which real estate term is this?
The right for an individual to own real property free of rent or service due to a governing authority.
Allodial System
Which real estate term is this?
A phrase used in sales to mean the seller provides no guarantees.
“As Is”
Which real estate term is this?
Movable personal property that is not permanently affixed to real estate, such as furniture or livestock.
Chattel
Which real estate term is this?
A lien voluntarily agreed to, often as a result of a loan or credit extension.
Consensual Liens
(aka, Voluntary Lien)
Which real estate term is this?
Structures originally intended for one purpose, like factories, repurposed for another use, typically residential.
Converted-Use Property
Which real estate term is this?
A residential organization owned by members who are shareholders, operated for their benefit.
Cooperative
(Co-op)
Which real estate term is this?
Private land use controls in a development, limiting activities like home color or RV parking.
Covenants
Which real estate term is this?
The right of one party to use another party’s property under specific circumstances.
Easement
Which real estate term is this?
Four characteristics: scarcity, modification, fixity, and situs.
Economic Characteristics of Land
Which real estate term is this?
An unpermitted intrusion into another’s real property.
Encroachment
Which real estate term is this?
Any claim or limitation against real property, such as easements or liens.
Encumbrance
Which real estate term is this?
The legal process used by a landlord to expel a tenant from real property.
Eviction
Which real estate term is this?
Limits how much a landlord will pay for expenses in a net lease.
Expense Stop
Which real estate term is this?
An easement explicitly written in a contract, deed, or will.
Express Easement
Which real estate term is this?
Physical object attached to land or a structure, considered real or personal property.
Fixture
Which real estate term is this?
Legal process where a lender reclaims or sells a property pledged as mortgage security.
Foreclosure
Which real estate term is this?
Property of the same nature, character, or class, quality or grade notwithstanding.
Like-kind Property
Most real property will be like-kind to other real property (e.g., real property that is improved with a residential rental house may still be like-kind to vacant land) although this only applies to land within the U.S.
Which real estate term is this?
Personal property, built off-site and then, generally, transported via trailer to the intended homesite and sometimes attached to a foundation.
Manufactured or Mobile Homes
Which real estate term is this?
Facts that a reasonable person would believe were important or significant to a particular situation, e.g., in real estate, facts significant enough to either terminate the transaction or want to significantly adjust their offer.
Material Facts
Which real estate term is this?
Like manufactured homes, are factory built, but instead of being assembled at the factory, the pieces are delivered and construction is finished on the actual homesite.
Modular or Prefab Homes
Which real estate term is this?
Items of personal property the buyer wants included in a real property transaction.
Non-realty Items
Which real estate term is this?
A lien recorded with a public agency, securing a higher priority.
Perfecting Liens
Which real estate term is this?
Any movable physical object owned by someone, not attached to land.
Personal Property/Chattel
Which real estate term is this?
Levies on real estate that owners must pay to the local governing jurisdiction, based on assessed property value.
Property Tax(es)
Which real estate term is this?
A lien placed on property at the start of each tax year until property taxes are paid, taking priority over most other liens.
Property Tax Liens
Which real estate term is this?
The percentage of assessed real property value used to calculate property taxes, sometimes expressed in mills.
Property Tax Rate
Which real estate term is this?
Phrase indicating an obligation is attached to property, not the owner.
Run(s) with the Land
Which real estate term is this?
Used in various contexts in real property law.
Severance
Which real estate term is this?
Property with a quality making it undesirable to buyers, unrelated to physical condition.
Stigmatized Property
Which real estate term is this?
Real property used for business purposes, including retailers, office buildings, hotels, and supermarkets.
Commercial Real Estate
Which real estate term is this?
The skill and science of determining, measuring, and mapping land.
Survey
Which real estate term is this?
A legal claim placed on property with the owner’s consent, typically used to secure a loan such as a mortgage.
Voluntary Lien
(aka, Consensual Lien)
