Terms Pt.6

Question 1

Constructive Eviction

Answer 1

(10) Occurs when the landlord’s actions or omissions allow the leased premises to become uninhabitable for its intended use. Usually a violation of the implied warranty of habitability or the implied covenant of quiet enjoyment.

Question 2

Constructive Fraud

Answer 2

(8) The misrepresentation of material facts, without intending to deceive or mislead but involving a breach of duty, such as negligence or carelessness. For example, a broker is negligent in the duty to discover the truth about zoning and unintentionally misleads a prospective purchaser.

Question 3

Constructive Notice

Answer 3

(4) Knowledge that one is presumed by law to have even though there is no actual knowledge of the fact. Constructive notice may be given by recording an instrument in the public records or by taking possession.

Question 4

Constructive Severances

Answer 4

(1) The transfer to someone other than the owner of the land the rights to remove attachments such as timber, or buildings, or the right to remove minerals.

Question 5

Consummate Dower

Answer 5

(2) A wife’s right in her husband’s estate after his death.

Question 6

Contiguous

Answer 6

(12) Adjoining, next to, in actual contact, with.

Question 7

Contingent Remainder

Answer 7

(2) A nonpossessory estate created when a fee simple owner grants a lesser estate and designates another person to take possession of the fee simple estate upon termination of the lesser estate and the occurrence of a stated condition.

Question 8

Contour

Answer 8

(1) The shape of the earth’s surface.

Question 9

Contract

Answer 9

(8) An agreement to do or not to do a particular act or thing which is enforceable by law. The the agreement must contain the following elements: Legally competent parties, mutual assent, genuine assent, consideration, lawful purpose, and be in writing when required by law.

Question 10

Contract Rent

Answer 10

(10) The amount of rent stated in a lease agreement.

Question 11

Conventional Life Estate

Answer 11

(14) One that is neither insured nor guaranteed by the gov’t.

Question 12

Conveyance

Answer 12

(4) The document used to transfer interest in real property. Such as deeds, leases, mortgages, etc.

Question 13

Cooperative

Answer 13

(3) A form of concurrent ownership of a multiple unit building in which a corporation holds title to the land and improvements. Each unit owner buys stock in the corporation for the exclusive right to use a particular unit for the life of the corporation. The unit owner is assured of this right through a proprietary lease,

Question 14

Co-owner

Answer 14

(3) One who owns an interest in property simultaneously with another. Also known as co-tenant.

Question 15

Corporation

Answer 15

(8) A legal entity created under authority of the state. A resolution of the board of directors authorizing certain offers to sign a contract. This is required in order to bind a corporation,

Question 16

Correlative Rights

Answer 16

(1) The doctrine of law which allows riparian owners in certain states to use only a reasonable share of the water during periods of drought.

Question 17

Cost

Answer 17

(12) A historical record of past expenditure necessary to bring a property into being.

Question 18

Cost Approach

Answer 18

(12) One of the 3 approaches to value; it involves estimating the current cost of replacing all improvements, from which the amount of estimated accrued depreciation is deducted, and an estimated value of the land is added.

Question 19

Cost-to-cure

Answer 19

(12) A method of estimating accrued depreciation by calculating the cost to correct all curable depreciation; also called Observed Condition.

Question 20

Counter-offer

Answer 20

(8) A proposal by an offeror to an offeree or made in response to an offer. A counter offer terminates the original offer. Sometimes called qualified acceptance. A proposal made by the receiver of an offer to the one who made the offer.

Question 21

Covenant Against Encumbrances

Answer 21

(4) A deed provision which assures the grantee that title to the property is free from any and all encumbrances not excepted in the deed or visible on the premises, or recorded in the public records.

Question 22

Covenant of Further Assurances

Answer 22

(4) A deed provision in which the grantor promises to perform any acts necessary to produce whatever documents are required to perfect title to the grantee.

Question 23

Covenant of Quiet Enjoyment

Answer 23

(4) A deed provision in which the grantor promises that the grantee shall be free of interference from the acts or claims of others having a superior title to the property.

Question 24

Covenant of Seisin

Answer 24

(4) A deed provision in which the grantor promises that at the time of conveyance, he owns the property and has the right to convey title to it.

Question 25

Covenant of Warranty Forever

Answer 25

(4) A deed provision in which the grantor promises to compensate the grantee for any loss suffered while defending the title against persons asserting a genuine claim to the property from any time in the past.