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Session 2
Encumbrances and Contract Basics
| Question | Answer |
|---|---|
| Adverse Posession | A statutory method of acquiring title to or acquiring an interest in the property of another |
| Conservation Easement | An agreement that limits certain types of uses or prevents development from taking place on the property while the land remains in private ownership |
| Deed Restriction | PRIVATE CONTROLS on land use imposed by a developer for the benefit of all owners. |
| Easement Appurtenant | A right across one property for the benefit of the adjacent property. |
| Easement by Necessity | Created when the easement is indispensable to the dominant tenement. EX when a parcel is landlocked the easement by necessity allows entry and exit to the landlocked parcel |
| Easement in Gross | The right or interest of a person to benefit from the use of the land. |
| Easement Personal | A type of license where one party has permission to cross or use another's property. This permission is not permanent and may revoked. |
| Easements | Non- Possessory right to use another's property for a specific purpose. |
| Encroachment | A physical trespass onto someone else's property either above, below, or on the surface. |
| Encumberance | Any claim, right, or interest held by one who is not the legal owner of the land and included deed restrictions, easements, encroachments, and liens. (Burdens your title and use of land) |
| General lien | Liens placed against a person and all real or personal property he or she owns |
| Income tax Lien | Claims placed by the government for nonpayment of income taxes |
| Involuntary Lien | Liens placed by action of law against a property without the owners consent |
| Judgement Lien | Court ordered liens |
| Liens | A financial Encumbrance |
| Prescriptive Easement | An easement created by open and notorious, hostile, and adverse use of another persons land, such as a fence over the property line or a shortcut across another persons property. |
| Specific Lien | Liens placed against a specific property |
| View Easement | A right a property owner has in an adjacent property by which the adjacent property owner may not interfere with the view of the easement holder. |
| Voluntary Lien | A lien placed by the owner |
| Bilateral Contract | A contract in which a promise is made by one party in return for the promise of another. |
| Buyer Broker Agreements | A written employment contract in which the buyer hires a broker and agrees to pay the broker compensation to assist the buyer in locating and acquiring property. |
| Coming soon listing | Refers to a listed property that is not yet available for sale. |
| Competent parties | Legally capable individuals who can enter into a binding contract |
| Contract | A legally enforceable agreement to do or not to do a specific thing. a promise or set of promises that have the force and effect of law. |
| Covenant Not to compete | A promise often given by the seller of a business not to compete with the buyer of the business in an agreed area for a specific time. |
| Exclusive Agency Listing | A listing in where the seller appoints the listing broker as the sellers exclusive agent and agrees to pay the listing broker a commission if that broker finds a buyer/ if another broker produces a buyer. |
| Exclusive right to sell Listing | A listing in which the seller appoints the listing broker as the sellers exclusive agent and agrees to pay the listing broker a commission if that broker finds a buyer. |
| Executed Contract | A contract in which all the terms and conditions have been fully performed by the parties |
| Executory Contract | A contract in which all the terms and conditions have not been fully performed. |
| Expressed Contract | A contract in which all the terms have been specifically stated between the parties either verbally in writing. |
| Implied Contract | A contract created from the actions or conduct of the parties, such as a tenant continuing to pay rent and the landlord continues to accept the payment. |
| Legal Object | the purpose for a legal agreement |
| Net Listing | A compensation model, NOT a type of listing agreement. In a net listing, the seller agrees to take a specified amount as net proceeds, and the broker may retain the amount of the sales price less the net amount. |
| Offer and Acceptance | All parties must fully understand and agree to all terms. freely there must be no misrepresentation collusion undue influence duress menace or fraud. |
| Open Listing | A listing where the seller agrees to pay the listing broker a commission only if that broker finds a ready willing and able buyer for the property. |
| Option | Gives the optionee the exclusive right to buy or lease a property within a specified period for a specified price and terms. |
| Option Money | payment to the owner for the right to enter the property and perform any inspections or due diligence necessary within a specified amount of time. |
| Pocket Listing | A listing that is not shared with other licensees in the company or with the multiple listing service |
| Right of First Refusal | I call dibs |
| Sherman Antitrust Act of 1890 | A law that prohibits anti competitive practices (Fixed prices, nonnegotiable commissions, market allocation, boycotts) |
| Statute of Frauds | Requires certain contracts to be in writing to be enforceable and must be signed by the parties or their authorized agents. |
| Unilateral Contract | A contract in which one party makes a promise to induce another party into action. |
| Valid Consideration | Anything that has some sort of value under the law |
| Valid Conract | Contains all of the essential elements required for a court to enforce the contract |
| Void Contract or Invalid Contract | No contract at all. does not exist legally. |
| Voidable Contract | A contract that appears to be valid but because of a defect could be voided by one of the parties returning both to their original position. |
| Injunction | A court order that restrains someone from continuing to act |
| Dominant Parcel | Benefits From Easement |
| Servient Parcel | Burdened by Easement |
| NOCH (Adverse posession) | Notorious, Open , Continuous, Hostile or Adverse |
| Time required in AZ to make a claim for adverse posession | 10 Years |
| Quiet title action | A court action to remove the easement or other cloud on title. |
| Employment Agreement | A written agreement that authorizes or employs a broker to purchase, sell, or manage real property for compensation or commission |
| Unenforceable contract | A contract that appears to be valid and enforceable but is missing an essential element therefore the court cannot enforce it. |
| Inception | Start |
| Expiration | Termination |
| Antitrust | A business activity that attempts to monopolize, contract, or conspire in a way that restricts competition and negatively impacts another's ability to do business |
Created by:
Baayangle
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