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Real Estate Exam Prep > Title and Ownership > Flashcards

Title and Ownership Flashcards

1
Q

Acknowledgement

A

Formal certification of a signature

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2
Q

Actual notice

A

Knowledge that one has gained based on what he has seen, heard, read, or observed

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3
Q

Adverse possession

A

A means by which title may be acquired, through the actual, hostile, open and notorious, exclusive and continuous occupancy by one who does not have title

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4
Q

Allodial system

A

System of possession of land based on individual ownership, as opposed to the Feudal System

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5
Q

Attachment

A

Seizure of property by court order, to insure payment of a debt or to have it available to satisfy a possible judgement

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6
Q

Common element

A

Those parts of a condominium in which each unit owner holds an individual interest

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7
Q

Condemnation

A

The process of taking property by the state under right of eminent domain

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8
Q

Condominium ownership

A

A system of individual fe ownership of portions of a building that has other similar units

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9
Q

Consideration

A

Something of value given in returned for the act or promise of another. An essential element of a contract

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10
Q

Constructive notice

A

The recording of documents in the public records

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11
Q

Cooperative ownership

A

A system of ownership in which individuals have shares of stock in a corporation that has title to the property

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12
Q

Deed in Lieu of foreclouse

A

Voluntary act by borrower and lender. “Friendly foreclosure”

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13
Q

Deed of trust

A

Used instead of a mortgage in some states.

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14
Q

Deed restriction

A

A clause in a deed limiting or controlling the future use of the property

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15
Q

Descent and distribution

A

(intestate succession) A method for distributing the assets of a deceased person’s estate in the absence of a will

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16
Q

Dominant estate

A

The interest of the owner of land who has the right to use an appurtenant easement

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17
Q

Downzoning

A

A change in zoning from a higher, more active category to a lower, less active (and perhaps, less profitable) category

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18
Q

Easement

A

A specified and limited right or privilege to use another’s property

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19
Q

Eminent domain

A

The right of the government to acquire private property for public use

20
Q

Encroachment

A

An unauthorized invasion or intrusion upon another’s property

21
Q

Equitable title

A

Interest held by vendee under sales contract when legal title is vested in another’s name

22
Q

Escheat

A

Reversion of property to the state when a person dies intestate with no known heirs or when property is abandoned

23
Q

Estoppel

A

A legal bar to a person alleging or denying a fact when his own previous actions have conclusively indicated the contrary

24
Q

Fee simple estate

A

(Fee absolute) The complete ownership of property, without condition. The largest and highest interest one can possess in real estate

25
Q

Foreclosure

A

The legal procedure whereby mortgaged property is taken to satisfy a debt that is in default. Can be judicial or nonjudicial

26
Q

Freehold

A

An interest in real property of a life estate or greater

27
Q

Homestead exemption

A

Statutory provision that protects a person’s homestead from the claims of creditors

28
Q

Joint tenancy

A

Tenancy with right of survivorship and various other characteristics

29
Q

Laches

A

Similar to statute of limitations. An equitable doctrine used by courts to bar a plaintiff from asserting a claim or right because of undue delay on his part

30
Q

Land use control

A

A broad term describing any legal description that regulates how a parcel of land may be used

31
Q

Leasehold estate

A

An interest less than a freehold, held by a lessee

32
Q

Lien

A

A claim against the property of another as security for a debt or charge

33
Q

Life estate

A

An estate or interest in real estate held during the term of a specified person’s life

34
Q

Lis pendens

A

“Pending suit”. A notice of pending legal action that clouds title to real estate

35
Q

Mechanic’s lien

A

A lien levied against specific property by those who furnish materials and/or labor for its construction, improvement, or repair

36
Q

Nonconforming use

A

(Grandfathered) A land use that does not comply with current zoning, but Is allowed to remain as it was prior to the ordinance. Generally such properties cannot be remodeled or enlarged

37
Q

Planned unit development

A

Individually owned houses coupled with membership in the Owners Association that holds title to the common areas

38
Q

Police power

A

The right of a government to enact legislation to protect its citizens

39
Q

Quitclaim deed

A

A form of deed without covenants or warrants of any type

40
Q

Remainder estate

A

A present right to future title; title is taken upon the termination of a life estate; Remainderman

41
Q

Reversion estate

A

An estate in which title returns (reverts) to the original grantor or his heirs upon termination of a life estate

42
Q

Servient estate

A

The estate of the owner whose land is burdened by an appurtenant easement

43
Q

Statutory

A

Created by law

44
Q

Tacking

A

Adding successive periods of continuous occupation to qualify for title by adverse possession

45
Q

Tenancy-in-common

A

A form of joint ownership without right of survivorship

46
Q

Tenants by the entireties

A

A form of joint ownership between husband and wife (married couples)

47
Q

Special warranty deed

A

A deed in which the grantor warrants only against claims that arise from his ownership

Real Estate Exam Prep (4 decks)

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