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Principles of RE in TX I > Unit 10: Interest in Real Estate > Flashcards

Unit 10: Interest in Real Estate Flashcards

1
Q

Feudal System

A

system of ownership associated w/ pre-colonial England in which the king or other sovereign was the source of all rights

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2
Q

allodial system

A

land is held free & clear of any rent or service due to the govt

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3
Q

police power

A

govts right to impose laws, statutes, & ordinances, including zoning ordinances & building codes to protect the public health, safety, morals, & welfare

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4
Q

eminent domain

A

right of govt. to acquire property for public use

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5
Q

taxation

A

process by which a govt. or municipal quasi-public body raises monies to fund its operation

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6
Q

escheat

A

reversion of property to the state in the event the property is abandoned or the owner dies w/o leaving a will & has no heirs property can pass to

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7
Q

estate in land

A

the degree, quantity, nature, & extent of interest that a person has in real property

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8
Q

freehold estates

A

estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate

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9
Q

life estate

A

limited in duration to the lifetime of its owner or some other designated person

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10
Q

fee simple

A

max possible estate or right of ownership or real property, continuing forever (AKA fee simple absolute or fee)

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11
Q

defeasible fee estate

A

holder has a fee simple title that may be divested on the occurrence of a specified event

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12
Q

determinable fee estate

A

the property automatically reverts to the generator upon the occurrence of a specified event or condition

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13
Q

fee simple subject to a condition subsequent

A

an estate conveyed “provided that” or “if” it is used for a specific purpose. if it is no longer used for that purpose it reverts to the original grantor

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14
Q

life tenant

A

a person in possession of a life estate

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15
Q

remainder interest

A

the future interest in an estate that takes effect after the termination of another estate such as a life estate

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16
Q

reversionary interest

A

future interest in an estate that takes effect after the termination of another estate, such as life estate

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17
Q

homestead

A

land that is owned and occupied as the family home.

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18
Q

encumbrance

A

any lien, easement, or restriction on the use of the land that may diminish the value of a property, a cloud against clear, free title to property

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19
Q

restrictions

A

private agreements placed in the public record that affect the use of land

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20
Q

easement

A

right to use the land of another for a specific purpose, such as for right of way or utilities

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21
Q

easement appurtenant

A

easement that passes with the land on conveyance

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22
Q

right of way

A

right acquired through accepted usage or contract, to pass over a designated portion of the property of another

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23
Q

easement in gross

A

not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner ex: utility easement

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24
Q

easement by necessity

A

allowed by las as the necessary for the full enjoyment of a parcel of RE ex: right of ingress & egress over a grantors land

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25
Q

easement by prescription

A

acquired by continuous open, uninterrupted, exclusive, & adverse use of the property for 10 years

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26
Q

easement by implication

A

arises when the parties actions imply that they intend to create an easement

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27
Q

license

A

the revocable permission for a temporary use of land

28
Q

encroachment

A

a building of some portion of it, that extends beyond the owner & illegally intrudes on some land of an adjoining owner or a street or alley

29
Q

riparian rights

A

owners rights in land that borders on or includes a stream or river, rights includes access to & use of the water for domestic purposes

30
Q

littoral rights

A

landowners claim to use water in large navigable lakes & oceans that are adjacent to the property

31
Q

prior appropriation

A

concept of water ownership in which the landowners right to use available water is based on a govt administer permit system

32
Q

groundwater rights

A

water under Earths surface below the saturation point & used by a property owner through the rule of capture

33
Q

lien

A

right given by law to certain creditors to have debts paid out to the property of a defaulting debtor usually by means of a court sale

34
Q

voluntary lien

A

lien that arise b/c of actions permitted by a person such as when signing a deed of trust or mortgage

35
Q

involuntary lien

A

arises by the actin of another such as a judgement lien

36
Q

statutory lien

A

imposed on a property by statute - a tax lien, in contrast to equitable lien

37
Q

equitable lien

A

arises out of common law

38
Q

general lien

A

right of a creditor to have all of debtors property both real & personal - sold to satisfy a debt

39
Q

specific liens

A

affecting or attaching only to certain specific parcel of land or piece of property

40
Q

priority

A

order in which unpaid debts or obligations will be satisfied if the property goes through a court sale

41
Q

IRS Tax Liens

A

general lien imposed by the IRS for the non-payment of income taxes

42
Q

subordination agreement

A

charges the priority of mortgage, judgement, & other liens under certain circumstances

43
Q

tax liens

A

charge against property created by operation of law

44
Q

Ad Valorem Tax

A

levied according to value

45
Q

special assessment

A

imposed against only these specific parcels of RE that will benefit from a proposed public improvement like a street or paved alley

46
Q

appraisal review board

A

hear appeals concerning assessed valuations for tax purposes & recommended or deny charges in values shown of record

47
Q

tax sale

A

court ordered sale of real property to raise money to cover delinquent taxes

48
Q

equitable right of redemption

A

right to redeem a property before foreclosure sale by paying the full debt & interest & accrued charges

49
Q

statutory right of redemption

A

right of defaulted property owner to recover the property after its sale by paying the appropriate fees & charges

50
Q

assessment roll

A

public record of the assessed values of all lands & buildings w/in a specific area

51
Q

mortgage (deed of trust)

A

a lien or charge on the property of a mortgage that secures the underlying debt or obligations

52
Q

mechanics lien

A

created in favor of contractors who have performed work or furnished materials in the erection or repair or a building

53
Q

general contractor

A

construction specialist who enters into a formal construction contract w/ a landowner to construct a RE building or project

54
Q

subcontractor

A

specialize in various aspects of the building process to perform individual jobs

55
Q

judgement

A

formal decision of a court on the respective rights & claims of the parties to an action or suit

56
Q

estate taxes

A

federal taxes on a descendants real & personal property

57
Q

inheritance taxes

A

stated imposed taxes on a descendants real & personal property

58
Q

venders lien

A

equitable lien of the grantor upon the land conveyed, in the amount of the unpaid purchase price

59
Q

vendees lien

A

buyers claim against the sellers property when the seller has not delivered title to the buyer, as in an installment contract or contract for deed

60
Q

surety bail bond

A

pledge or RE instead of cash as security for bail

61
Q

wage lien

A

ordered by TXWC against all real & personal property of an employer who owes back wages to an employee

62
Q

federal judgement lien

A

obtained by U.S. entity that affects all real & personal property of the judgement debtor

63
Q

Uniform Commercial Code (UCC)

A

attempts to make uniform throughout the US all laws relating to commercial transactions

64
Q

security agreement

A

creates a security interest in personal property

65
Q

financing statement

A

gives notice of security interest & must be recorded

Principles of RE in TX I (12 decks)

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