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Real Estate: Unit 2
| Term | Definition |
|---|---|
| Abatement | To decrease, reduce or stop an activity. An abatement action would require removal of a nuisance (a smell or loud sound); or rent can be abated when a housing unit is uninhabitable. |
| Abstract of Judgement | A general lien placed on a debtor's real and personal property until a judgment is paid in full to the plaintiff in the lawsuit. |
| Accretion | The process of increasing land through deposits of mud or sand (alluvion) by the action of water |
| Ad Valorem | Property tax based on the assessed value of the property. (from Latin "according to value") |
| Adjudication | the legal process by which an arbiter or judge reviews evidence and argumentation, including legal reasoning set forth by opposing parties or litigants to come to a decision which determines rights and obligations between the parties involved |
| Affirmative Easement | The right to use property belonging to another person for a specific reason. |
| Appurtenant Easement | An easement that attaches to (transfers with title) and benefits the adjacent land. Example: Land A receives a "right of way" to cross Land B in order to have access to a public road. |
| Assessed Value | The value set on a property for taxation purposes. |
| Attachment | |
| The act of taking ones property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor | |
| Avulsion | The loss of land when it is washed away by a sudden act of nature. |
| Buffer Zone | A strip of land, usually used a park, separating land dedicated to one use from land dedicated to another use. (zoned differently) e.g. residential from commercial |
| Building Code | Standards established by local or state government to protect the public by regulating building and construction methods, including plumbing, electrical, and fire. |
| Bulk Zoning | A method used to control density and overcrowding by restricting setbacks, building height, or ratio of open area. |
| Certificate of Occupancy | Proof by the county that a structure had met building code requirement and may be occupied. *Issued either when a building is new or when remodeling required a building permit |
| Cluster Zoning | An area where residential density is described overall but the developer is allowed flexibility in placing the residences in groups interspersed with open space. |
| Conditional Use Permit | |
| Special permission allowing a use that is inconsistent with zoning, but necessary for the common good, such as locating an emergency medical facility in a residential area. | |
| Covenants, Conditions, & Restrictions (CC&R's) | Private voluntary rules (intended to be beneficial) used in homeowner association's and PUD's; also deed restrictions that control property use, architectural changes, landscaping, & whether or not animals are permitted, etc. |
| Doctrine of Prior Appropriation | Legal doctrine that srates water rights are determined by priority of beneficial use. This means that the first person to use or divert water for a beneficial use or purpose can acquire individual rights to the water. |
| Dominate Estate | The parcel that receives the right (permission) from the servient estate to use the adjacent lands. |
| Downzoning | Changing the zoning to a more restricted use, such as multi-family to single family. -restricts the density |
| Easement by Necessity | |
| An easement that is created when am owner sells a parcel of land that has no legal access to a street or public way except over the sellers remaining land--court order based on the principle that the owners must have the right to enter and exit their land | |
| Easement by Prescription | One created by continous, notorious, and hostile use of the property for a statutory uninterrupted period of time. |
| Easement in Gross | |
| a legal right to use another person's land for as long as the owner owns that land or the holder of the easement dies | |
| Easements | An easement gives one the right to enter and use another persons land with in certain definable limits. |
| Enroachment | A building or some portion of it-a wall or fence, for instance- that extends beyond the land of the owner and illegaly intrudea on the land of an adjoining owner or public street or alley |
| Encumbrance | A burden, voluntary or involuntary, that reduces a property's value or use. -may affect title (lien, mortgage) or physical condition (easement, enroachment). |
| Environmental Impact Statement | A statement, required by The National Policy Act of 1969, thathe details the impact a project will have on the environment. |
| Equalization Factor | A factor (number) by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with statewide tax assessments. -used by a county assessor in areas where assessments are not considered fair. |
| Flood Plain | Low area adjacent to waterways and subject to flooding |
| General Lien | The right of a creditor to have all of a debtors property- both real and persona- sold to satisfy a debt. |
| Grandfather Clause | A phrase indicating permission to continue doing something that was once permissible, but is now not allowed. In zoning, permits a nonconforming use. Exampe: an existing auto repair shop being allowed to remain in a shopping area thats being revitalized. |
| Groundwater | Non-flowing water that exists under the earth's surace within the tiny spaces or crevices in geological formations |
| Implied Easement | Created by acts of the parties; one that is apparent and for which access is implied. Example: if one sells a stand of trees to be used for lumber, one also grants and implied easement to harvest the trees. |
| Inclusionary Zoning | refers to municipal and county planning ordinances that require a percentage of new homes bring built must be affordable for low-income families. |
| Involuntary Lien | A Lien placed on property without the consent of the property owner, such as a tax lien. *in reality most liens are involuntary |
| Judgement | The evaluation of evidence to make a desicion. |
| Laches | A equitable doctrine used by the courts to bar a legal claim or to prevent the assertion of a right because of undue delay or failure to assert the claim or right. |
| License | A right of access that is temporary, personal, and revocable; such as a license to use a campground or fish in the lake on the landowner's property. |
| Lien | 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 affecting a particular property has been filed in either a state or federal court. | |
| Littoral Right | 1.)a landowners claim to use water in large navigable lakes and oceans adjacent to their property 2.)the ownership right's of land bordering these bodies of water up to the high water mark. |
| Master Plan | A comprehensive government plan to guide the long-term physical development of a particular area. |
| Mechanic's Lien | A statutory Lien created in favor of contractors, laborers, material suppliers and others who have performed work or furnished materials in the erecting or repair of a building. |
| Mill | 1/10 of 1 cent. Some states use a mill rate to compute real estate taxes; for example, a rate of 52 Mills would indicate a tax of $0.052 for each dollars of assessed valuation of a property. |
| Negative Easement | Restricts a servient owner from something specific, usually a building restriction that might block a view or sunlight. -an obligation not to use land in a certain way |
| Nonconforming Use | A use of property that is permitted to continue after a zoning ordinance prohibiting it had been established for the area. |
| Noncumlative Zoning | Zoning that permits only one use with no exception. |
| Nuisance | Interference with ones reasonable use or enjoyment through an invasion of excessive noise, odors, light, fire hazards, or other trespass to the senses. |
| Prescription | Acquiring a right of access (usually an easement) by lon uninterrupted use with out the consent of the owner. *established in statute. |
| Reliction | An increase in land due to the gradual recession of water from its normal level. |
| Restrictive Covenants | A clause in a deed that limits the way real estate ownership may be used. It restricts things like lot size and architectural controls. |
| Riparian Right | An owner right in land that borders or includes a stream, river or lake. These rights include access to and use of the water. |
| Servient Estate | Land over which the dominant estate crosses in the use of an easement. |
| Special Assessment | A tax or levy customarily imposed against only those specific parcels of real estate that will bebefit from a proposed public improvement like a street or a sewer. |
| Specific Liens | A lien affecting or attaching only to a certain, identified parcel of land or piece of property, such as a property tax or mortgage lien. |
| Spot Zoning | An isolated use of a small parcel or area, zoned inconsistently with a larger surrounding use. |
| Tacking On | Occupying real property by related successors in interest, and adding their individual times on order to accumulate the total Tim prescribed in law to claim ownership by adverse possession. |
| Tax Liens | A charge against property, created by operation of law. *Tax liens and assessments take priority over all other liens. |
| Tax Sale | A court-ordered sale of real property to satisfy unpaid property tax liens. (delinquent taxes) |
| Taxation | The process by which government bodies raise monies to fund it's operations. -the main source of revenue for cities and counties for things like schools and road manintenance. |
| Upzoning | A change in zoning to a less restricted use, such as from a single family to multi-family use. |
| Variance | Permission obtained from zoning authorities to build a structure or conduct a use that is not prohibited by the current zoning laws; an exception from zoning ordinances |
| Vendee Lien | A Lien against the seller for default, intended to return to the purchaser all money paid. |
| Vendor Lien | A Lien against the purchaser for the full amount owed to the seller |
| Voluntary Lien | A lien against the property that the owner has knowledge of and has granted consent for, such as a mortgage. |
| Water Rights | Common law right held by owners of land adjacent to river, lakes, or oceans; includes restrictions on those rights and land ownership *the 2 major systems of law governing water rights are the riparian system and the appropriation system |
| Well Permit | Authorization to use well water for single family residences. The permit will state the amount and uses (no watering of garden etc.) |
| Writ of Attachment | A document that creates a lien preventing property from being disposed of befor court enters a final judgement. |
| Writ of Execution | A court order directing the sheriff to sell a defendants real property to satisfy a judgment. |
| Zoning Laws | Laws created by the city and county governments to control use of land. Zoning law's are enacted in the exercise of police powers. |
| Condemnation | 1.) The legal process through which a government takes property under its rights of eminent domain when the owner will not voluntarily sell. 2.)declaring a property uninhabitable |
| Aesthetic Zoning | |
| Zoning that requires that new structures match an existing architectural style. | |
| Incentive Zoning | Provides an incentive to a developer to provide a specific unplanned feature as a tradeoff for being allowed something normally not permitted. |
| Cumalitve Zoning | Zoning that permits a less restricted use as well as the designated use. For example, single family homes may be built interspersed with multi-family use. |
| Subdivider | One who partitions a large parcel of land for resale as individual lots. |
| Interstate Land Sales Full Disclosure Act | Regulates interstate sale of unimproved lots, designed to prevent fraudulent marketing schemes that mat arise when land is sold without being seen by purchasers. |
| Erosion | A gradual loss of soil due to nature--winds, rainfall, currents, etc. |
| Enabling Acts | State legislation establishing powers of a local county or municipality. Zoning powers are generally granted to local government pursuant to enabling acts |
| Alluvion | The mud or soil that is carried by a river or a stream and adds to the volume of land over time in a proccess called accretion |
| Attractive Nuisance | An item or property which might attract the curious (children) to their detriment, e.g. swimming pool, construction site, abandoned appliances, etc. Owners generally have direct liability for attractive nuisances that are not secured. |
| Police Power | The constitutional authority and inherent power of the state to adopt and enforce laws and regulations to promote and support the public health, safety, morals, and general welfare. |
| Density Zoning | Ordinances that restrict the average number of houses per acre that can be built within a particular subdivision. |
| Plat | A detailed map that illustrates the geographic boundaries of individual lots. |
| Taking | That act of appropriating private land for public use upon payment of fair market value under a governments right of eminent domain and through the legal process called condemnation. |
| Mortgage Lien | A Lien on a property that secures the underlying debt obligation. -it is a voluntary Lien created by the property owner and is accorded priority by date of recording |
| Redemption Period | A period of time established by law during which a property owner has the right to redeem real estate after a foreclosure or tax sale. |
| Statutory Lien | A Lien on property created by statue without any action by the property owner i.e. tax Lien |
| Subordinate Agreements | Written agreements between Lien holders to change the priority of mortgage, judgement, and other liens. |
| Exclusionary Zoning | Any zoning ordinance which as a purpose, effect, or result of achieving a form of economic or racial segregation. |
| Wetland | An area of ground that is saturated with water either permanently or seasonally. |
| Legal Nonconforming Use | A use that was legally built under previous regulation's but does not meet existing standards. |
| R1 Zoning | Permits only single-family detached houses on lots of athe least 100 feet wide. |
Created by:
Rissabeth11
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