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Real Estate School
Terms & Definitions Kats Meowww
| Term | Definition |
|---|---|
| Pur autre vie | For the life of another. A life estate pur autre vie is a life estate that's measured by the life of a person other than the grantee. |
| Remainder interest | A future interest in real estate created by the grantor for some third party that will be enjoyed afteEr the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another. |
| Reversionary interest | A future estate that the grantor holds while granting a life estate to another person. |
| Estover | A necessity allowed by law. EX. The right of a life tenant to use some of the property's resources to provide for needed repairs. |
| Waste | An improper use or abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor or vendee. It impairs the value of the land or the interest of the person holding the title or the reversionary rights. |
| Homestead | Land that is owned and occupied as the family home. In many states, a portion of the area or value of this land is protected for exempt from judgments for debts. |
| Severalty | The ownership of real property by only one person or entity; Also called "sole ownership". |
| Three forms of concurrent ownership are: | 1) Tenancy in common, 2) Joint tenancy, Tenancy by the entirety. |
| Tenancy in Common | A parcel of real estate may be owned by 2 or more people/entities. |
| Joint Tenancy | A concurrent form of ownership of real estate between 2 or more parties who have been named in one conveyance as joint tenants. |
| Tenancy by the entirirety | The owners must be hus/wife when title is recv'd. Owners have rights of survivorship. During owners lives, title can be conveyed only by a deed signed by both parties. Generally there's no right to partition. |
| Common interest community ownership | Contains elements of both ownership in severalty and concurrent ownership. |
| Bundle of Rights (all) | RIGHT of Disposition, RIGHT of Enjoyment, RIGHT of Exclusion, RIGHT of possession, RIGHT of control of property. (43332-DEEP-C) |
| ad valorem taxes | A tax levied according to value |
| assessment | The imposition of a tax, charge or levy usually according to established rates. Also, official valuation of property for the purpose of establishing assessed value for tax purposes. |
| deed restrictions | Clause placed in a deed by the owner to control the future uses of the property. |
| dominant tenement | Prop. that includes in it's ownership the appurtenant right to use an easement over another person's adjacent property (servient tenement) |
| Easement | Right to limited use and enjoyment for a specific purpose without ownership |
| Easement Appurtenant | An easement that runs with the land; the easement is part of both the dominant and the servient tracts and conveys with the title to either tenement. |
| Easement by Necessity | An easement allowed by law as necessary for the full enjoyment of a parcel of Real Estate. |
| Easement by Prescription | An easement acquired through adverse use of another's property for a period of 20 or more years in NC. |
| Easement in Gross | Easement that's not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. There's no dominant tract. |
| Encroachment | An unauthorized intrustion of an improvement, or any part of an improvement; Can make title to both parcels unmarketable. |
| encumbrances | A claim, charge or liability that attaches to and is binding on Real Estate. May not prevent the transfer of title. |
| General Lein | The right of a creditor to have all a debtor's current and future property for the next 10 years - buoh real & personal - sold to satisfy a debt; ie, judgment lien. |
| Judgment | The formal decision of a court upon the respective rights and claims of the parties to an action or a suit. |
| License | 1) A privilege or right granted to a person by a state to operate as a real estate broker, 2) personal revocable nontransferable right to a temporaryuse of another's land - a personal right that can't be sold. |
| Lein | A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale. |
| Lis pendens | A recorded legal document giving constructive notice that an action potentially affecting title to a particular property has been filed in either a state or a federal court; title is effectively unmarketable during the litigation. |
| Machinery Act | The NC General Statutes that govern the ad valorem taxation of property. |
| Mass appraisal | A valuation technique sometimes used for tax assessment purposes that applies a standard percentage increase or decrease to all property in a given location; sometimes called "Horizontal Adjustments". |
| Mechanic's Lien | A specific, involuntary lien secured by interest in real properties to give security to contractors, laborers & materialmen who have performed work or furnished materials in the erection or repair of a building. |
| Mill | 1/10th of 1 cent. Ex: A rate of 52 mills = $0.052 tax for each dollar of assessed valuation of a real property. |
| Octennial Reappraisal | In NC, the statutory reappraisal of all real property in every country every 8 years for tax purposesl |
| Priority | The order of position or time. The priority of liens is generally determined by the chronological order in which the lien documents are recorded. Prop. tax & assessment liens have priority even over previously recorded liens. |
| Servient Tenement | Land on which an easement exists in favor of an adjacent property (called the dominant tenant); also called a servient estate or tract. Easement runs with the land. |
| Special Assessments | A tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement like a street or a sewer. |
| Specific Lien | A lien affecting or attaching only to a specific parcel of land or piece of real property; ie, mortgage lien. |
| Tax Lien | A Statutory lien against real property for non-payment of taxes. |
| Writ of attachment | At the request of a creditor, the court retains custody of the unsecured property during the lawsuit to ensure that the property remains available to satisfy a judgment ordered as resolution of the suit by the court. |
| Writ of Execution | A court order directing the county sheriff to sell a defendant's property as required by judgment or court decree. |
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