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Real Estate
Vocab
| Term | Definition |
|---|---|
| Non-Home Stead | Property owned but not used as the owners Dwelling |
| Four Unities that affect ownership | Time |
| Tenancy by entirety | This Tenancy is held when co-owner or spouse dies |
| Joint Tenants | Must Acquire title at the same time and requires concurrent ownership of all 4 unities / same percentage of ownership |
| CC&R | Covenants |
| Master DEED | Contains legal description of a facility |
| NEPA | National |
| Variance | A permitted deviation from specific requirements of the zoning ordinance |
| License | Written permission that allows an entity a specific use of a property |
| Littoral Rights | Rights concerning a property that is abut ( next to ) an ocean |
| Avulsion | The removal of land when a stream suddenly changes its channel (course). / The loss of land due to sudden or violent actions of nature |
| Appurtanance | A right |
| Profit-A-Prende | The granting of rights to purchase mineral rights and begin mining |
| Escheat | Provides the Government the right or power to take ownership of land (estate) of person dying Intestate(without heirs) |
| Easement in Gorss | The most common commercial easement |
| General Lien | Lien that affects all real and personal property of debtor |
| Testamentary Trust | Takes effect after the death of the trustor |
| Gross Profit | Pater / Total = Rate |
| Chatel | Personal Property |
| A__________? | DEED- transfers owenership of real property from one person to another |
| Police Power | The right of the Government to place restrictions on privately held land. |
| Trust Account | A seperate account in which money is held until the transaction is closed |
| Free-Hold Estate | An estate in which ownership continues for an indefinite amount of time |
| Discount Mortgage | The selling of a mortgage to another party at a discount or another amount less than value |
| LTV | loan-to-value : The mortgage value a bank is willing to give |
| Gross Estate | The total value of all properties whether real or personal |
| Fiduciary | A person in a postition of trust and confidence as between a principal and a broker |
| Estoppel | a Method of creating an agency relationship in which someone states incorrectly that another person is their agen |
| Encumbrance | An impediment to a clear title |
| Emblements | Annual Crops ( Fructis Industriales) |
| Dower | The legal rights of a widow to a portion of her deceased husbands real property |
| Conveyance | The Transfer of property |
| Conjugal property | Property attained through the joint efforts of a husband and wife while living together |
| Curtesy | The legal rights of a widower toa portion of his deceased wifes real property |
| Co-current Ownership | Ownership by thow or more persons at the same time |
| Collateral | something pledged as security for repayment of a loan |
| Caveat Emptor | Giving Notice. Advising the buyer to examine the goods or property and buying at own rish |
| Capitalization rate | A rate of return a property will produce on a owners investment |
| Capital Gain | Profit from sale or exchange of an asset including real property |
| Annexation | A process where an item of personal property has become part of the real property because the land owner installed it |
| Bill Of Sale | A written instrument given to pass title of a personal property |
| Bilateral Contract | A contract in which each party promises to perform an act in exchange for the other parties to perfrom |
| Breach | The breaking of the law or failure of duty either by omission or commission |
| Blanket Mortgage | A single mortgage which covers more then place of realestate |
| American Disabilities ACT ( ADA ) | Federal law 1992 |
| Assessed Value | Value placed on a real property as a bases for taxation |
| Ad-Valorem Tax | A tax levies according to value |
| Alienation | The act of transferring tittle of real property to another may be both voluntary or involuntary |
| Assignment | The transfer in writing of rights or interest in a bond |
| Accession | the rights of the owner to everything produced Incorporated or attached naturally of physically to the property |
| Tenancy By Entirety | Special form of joint tenancy limited to husband and wife which places legal ownership into the martial unit |
| Survivorship | A Distinguished feature in a joint tenancy |
| Tenancy In Severalty | Ownership by only one person |
| Tenancy in common | An interest in real estate held by two or more persons without rights of ownership. Entitled to common areas |
| Community Property | Property Acquired during marriage by joint efforts |
| Estate At WIll | has no determined period length and may be terminated at any time by either party by giving notice |
| Corporal Rights | Rights to things that are tangible( can be seen or touched) |
| Defeasible | open in principle to revision |
| Tenaments | The land as will as the inherited rights of ownership that come from owning said land |
| In-corporal Rights | Rights to things that are intangible ( Cannot be seen or touched |
| Statutory Lien | Lien arising solely because of a statute. It is essentially a lien that is created automatically by operation of a statute or law (meaning it doesn’t require any subsequent judicial action such as a lawsuit or court judgment). |
| Special Warranty Deed | Warrants only that the real estate is not encumbered except as stated in the deed. |
| Quit Claim Deed | Carries with it no warranties whatsoever and conveys only the interest, if any, the grantor possesses in the property. |
| Partition Suit | a civil lawsuit filed in order to obtain a judicial ruling and court order to separate or liquidate real or personal property owned by more than one party |
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10154074380767493
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