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NE Real Estate
NE Real Estate Unit 15
| Term | Definition |
|---|---|
| estate tax | federal tax on decedent's RP/PP |
| equitable right of redemption | defaulted recover the property before its sale by paying the fees |
| assessment equalization factor | a factor (#) assess value multiplied w/statewide tax assessments |
| ad valorem tax | tax leived according to value |
| equitable lien | lien imposed due to common law |
| conditional use permit | special permission for a use |
| judgment | formal decision of a court |
| mortgage lien | lien or charge on property secures underlying debt obligation |
| statutory lien | lien imposed on property by statue |
| writ of attachment | a doc ordered by the court to have a sheriff enter a leased property |
| mechanic's lien | statutory lien created in favor of contractors |
| flood plan | subject to overflow and subject to gov't control |
| variance | permanent exception granted to either build a new structure or conduct |
| developer | profitable; construction of improvements |
| density zoning | restrict the maximum average number of housing units per acre |
| abstract of judgment | written summary of judgment stating how much money the losing party owes |
| certificate of occupancy | permission to occupy a completed building |
| laches | legal doc that a legal right or claim will not be enforced |
| prior appropriation water rights | in West; divert un-appropriated waters stream |
| vendor's lien | unpaid purchase price of land |
| restrictive covenant | clause in a deed limits the way the RE ownership may be used |
| tax sale | court-ordered sale of RP to cover delinquent taxes |
| subdivider | buys undeveloped land, divides into smaller lots to sell |
| tax lien | charge against property, priority over all liens |
| subordination agreement | written agreement btwn holders of liens changes priority of liens |
| statutory right of redemption | recover the property after its sale by paying the fees |
| zoning ordinances | police power to regulate and control the character and use of property |
| nonconforming use | permitted to continue after zoning ordinance prohibiting |
| interstate land sales full disclosure acts (ILSA) | sale of RE in interstate commerce |
| enabling acts | state legislation confers zoning on municipal gov't |
| voluntary lien | lien placed on property w/the knowledge |
| vendee lien | moneys paid to the seller |
| subdivison | tract of land divided by owner |
| percolating water | underground water not confined to a defined underground waterway |
| conviction, covenants & restrictions (CC&R's) | private, voluntary rules; deed restrictions that control property use |
| well permit | authorization to use well water |
| buffer zone | strip of land separating 2 parcels of diff zones |
| building code | standard to protect the public by regulating building and construction methods |
| comprehensive plan | growth plan guides the long-term |
| specific lien | attaching only to a certain, identified parcel of land or property |
| special assessment | tax or levy specific parcels of RE; public improvement |
| mill | one-tenth of one cent |
| lien | right given to creditors to have their debts satisfied out of the property |
| junior lien | subordinate in right or lien |
| involuntary lien | a lien w/o the consent of the property owner |
| inheritance taxes | taxes on a decedents RP/PP |
| general real estate tax | taxes levied on RE by the gov't agencies and municipalities |
| general lien | debtor's property-both RP/PP- sold to satisfy a debt |
Created by:
SevitaM
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