Vocabulary

Question 1

Abrogation

Answer 1

To nullify or replace

Question 2

As Valorem Tax

Answer 2

A tax levied according to the value of the tax

Question 3

What are the conditions of adverse possession?

Answer 3

The process whereby a non-owner can gain ownership of property by occupying it in:

• Hostile
• Continuous
• Open
• Notorious possession
• In Utah
• Paying the property taxes for the statutory period of time (7 years in Utah)

Question 4

Alienation, Due on sale, or assumption clause

Answer 4

A clause which allows the the lender to call the loan due and payable immediately if the property is sold or the loan is assumed.

Question 5

Anticipation

Answer 5

The appraisal principle that weighs the value of the future benefits a product or property will bring.

Question 6

Bundle of rights

Answer 6

All the interests that can be legally held in real property. Separated into:
Possession
Use and Control
Quiet Enjoyment
Disposition

Question 7

Caveat Emptor

Answer 7

The philosophy that says “Let the buyer beware”

Question 8

Chattel

Answer 8

Synonym for personal property

Question 9

Condemnation act

Answer 9

Process by which government exercises the power to transfer ownership of property from private to public use

*See eminent domain

Question 10

Conformity

Answer 10

An appraisal principle which states that because all homes in a particular area are harmonious in design and value, their value is sustained and tends to increase over time.

Question 11

Dedication

Answer 11

A private individual’s gift of property for public use. May be voluntary (giving land for a public park) or statutory (subdividir giving land for roads).

Question 12

Encroachment

Answer 12

The unauthorized intrusion of a building, tree, or other improvement onto a neighbor’s property

Question 13

Escheat

Answer 13

This occurs when someone dies without a will, having no heirs

Question 14

Habendum clause

Answer 14

Known as the “to have and to hold clause” and sometimes the “subject to” clause. It defines and limits the estate which the grantee will receive when the property is transferred.

Question 15

Hypothecation

Answer 15

Using property as collateral or security for a debt without giving up possession of the property.

Question 16

Indemnification

Answer 16

Reimbursement of loss

Question 17

Life estate pur autre vie

Answer 17

A life estate based on the life of a person other than the holder of the life estate.

Question 18

Lis pendens

Answer 18

Latin for “suit pending”
It gives constructive notice that an action affecting a particular parcel of property has been filled in court. The property can be sold, leased, or otherwise disposed of, but all transactions are subject to the outcome of the court decision.

Question 19

Merger

Answer 19

The joining of two contiguous properties so as to extinguish a lesser right.
I.e. Terminate and easement on landlocked property.

Question 20

Severalty

Answer 20

A form of ownership wherein an individual owns the property in sole ownership.

Question 21

Situs

Answer 21

Personal preference for one location over another which affects the value of the property.