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A-4 Chapter 4 Encumbrances > Vocabulary for Encumbrances > Flashcards

Vocabulary for Encumbrances Flashcards

1
Q

anything that affects or limits the fee simple (or fee simple absolute) title to property

A

Encumbrance

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2
Q

a right or interest in a property held by one who is not the legal owner of the property

A

Encumbrance

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3
Q

An easement, deed restriction, encroachment and lien are examples of what?

A

Encumbrances

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4
Q

a non-revocable right of USE of property not your own which can be created by necessity, implication (eg mineral rights) or prescription (adverse possession)

A

Easement

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5
Q

PRIVATE controls on USE of property by an entity not owning the property

A

Deed restrictions

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6
Q

declaration of restrictions, restrictive covenants, and CCR’s are also names for

A

Deed Restrictions

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7
Q

covenants, conditions and restrictions

A

CC&Rs

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8
Q

2 ways to enforce deed restrictions

A

HOAs and the courts

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9
Q

a physical trespass or nuisance from a neighbor

A

Encroachment

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10
Q

a way to resolve an encroachment through the HOA or courts

A

Abatement action

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11
Q

a charge or claim one has on the property of another as security for a debt or obligation; can be specific or general, voluntary or involuntary and is enforceable

A

Lien

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12
Q

a mortgage, trust deed or carry-back are examples of this

A

Voluntary lien

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13
Q

a judgment, assessment, attachment, mechanics lien, property taxes, IRS and decedent debts are are types of this

A

Involuntary lien

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14
Q

a court decree which after being entered and recorded becomes a lien on all the property of a defendant (general lien)

A

Judgment

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15
Q

money paid for street improvements is an example of this specific lien

A

Assessment

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16
Q

money paid on property as a specific lien

A

Property taxes

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17
Q

seizure of real or personal property by the court as security for satisfaction of debt like credit care debt is this type of specific lien

A

Attachment

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18
Q

a lien, usually by contractor for unpaid services; would be filed AFTER completion of the project; this can be assigned

A

Mechanic Lien

19
Q

a general lien for unpaid taxes

A

IRS lien

20
Q

a lien on an estate where a probate court must give claims consideration

A

Decedent debts

21
Q

filing Liz Pendens, writ of attachment and garnishment are the 3 steps to this lien

A

Attachment

22
Q

meaning “legal action pending”, this is document giving constructive notice to interested persons that an action against a specific piece of property has been taken.

A

Liz Pendens

23
Q

a recorded legal writ giving the court custody of real property until a creditor’s suit is settled; also known as “freezing an asset”.

A

Writ of Attachment

24
Q

the legal taking of wages, goods or effects through a third party to satisfy a debt (will use a writ)

A

Garnishment

25
Q

word that means “incomplete”

A

Inchoate

26
Q

a decision by the court on an action or lawsuit; it becomes a general lien on all property owned in the county where recorded; remains on credit report for 7 years, but enforceable only 5 years

A

Judgment

27
Q

a court order directing the sheriff to seize and sell as much of the defendant’s property as necessary to satisfy the debt and expense of the sale

A

Writ of Execution

28
Q

a legal period of time in which parties may bring suit to enforce their rights;in AZ it is 5 years to obtain a writ of execution

A

Statute of Limitations

29
Q

if done within 90 days of the end of the statute of limitations for the judgment, the period can be extended another 5 years and is called this

A

Renewal

30
Q

if the plaintiff tries to assert claim after the statute period has passed it is called this

A

Laches

31
Q

a judgement lien takes its priority when?

A

At the time it is recorded

32
Q

a document acknowledging payment of a judgment with interest (to be charged annually at 1% above prime at time of judgment or 10% of judgment, whichever is less)

A

Satisfaction

33
Q

name of the theory where a borrower has legal title to mortgaged property and the lender is the holder of the deed of trust or mortgage lien (AZ); title is held by mortgagor while lien is held by lender

A

Lien Theory

34
Q

name of the theory where the lender has legal title to a mortgaged property and the borrower has equitable title; lender holds the title.

A

Title Theory

35
Q

a voluntary bank lien in which real estate is pledged as security for a debt

A

Mortgage

36
Q

a voluntary lien in which the trustor conveys title to a trustee who holds it as security for the beneficiary

A

Trust deed

37
Q

a property lien in which the seller assumes the lender’s role and carries the unpaid balance of the purchase price as a loan to the buyer

A

Seller carry-back

38
Q

a lien that covers work done and materials, usually filed by a contractor, for home improvement; require a written contract between homeowner and worker

A

Mechanics Lien

39
Q

priority begins when work begins or materials are delivered for this lien

A

Mechanics Lien

40
Q

the number of days of notification required for a mechanics pre-lien notice

A

20 days from signed contract

41
Q

the number of days for a mechanics lien to be recorded

A

120 days from completion of work

42
Q

the priority is the date the work began or materials are delivered for this lien

A

Mechanics Lien

43
Q

the number of days to file a lawsuit if contractor is not paid

A

180 days from date of recordation

44
Q

when an improvement is physically finished, used by the owner or given final inspection

A

Completion of work by contractor

A-4 Chapter 4 Encumbrances (2 decks)

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