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Real Estate School

Terms & Definitions Kats Meowww

TermDefinition
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.
Created by: 370553766401898