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Real Estate Prep

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
        Help!  

Term
Definition
Property   show
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Ownership   show
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Allodial System   show
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Estate in Land   show
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Eminent Domain   show
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show The Process used to acquire property under the right of eminent domain  
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show The Right of the state to assume ownership of property when the owner dies without a valid will or it's abandon  
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show Personal Property that is permanently attached to real property so it is considered part of that real property  
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Fixture (Three ways to make personal property into a fixture)   show
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Emblements   show
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show A Right, Privilege, or improvement associated with land. Parking spot  
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show Personal Property Only  
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Chattel Real   show
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Fee Simple Defeasible   show
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show A Freehold estate that is not normally inheritable  
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Estates less than a freehold   show
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Reversion Interest   show
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Estate in Severality   show
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Joint Tenancy   show
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show Each Spouse has an equal interest in property acquired during a marriage. Not recognized in Florida  
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Tenancy by the Entirety   show
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show The Process of separating a concurrent ownership  
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Partition in Kind   show
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show 30% of the net estate  
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Homestead tax exemption   show
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Easement   show
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Easement Apurtenant   show
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show An Easement that Affects only one property, Only a Servient estate  
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show An easement in gross held by an individual that can be terminated by sale or death but can not be revoked  
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show A written agreement between a landowner and easement holder  
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show An Easement created by continuous, uninterrupted, hostile possession  
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Easement [PoPCoRN]   show
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Quitclaim deed   show
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Termination by abandonment   show
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Termination by vacation   show
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show Made by the courts and attaches to both real and personal property  
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show After a judgment lien, A sheriff is directed to sell the property  
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show The Legislation which establishes priority of liens in most states  
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Lien Priority   show
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Title   show
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show A Summary of all instruments affecting title and all encumbrances affecting the title  
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show A Title which is free of reasonable doubt as to ownership  
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show Inspect the property and check the public records  
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Actual Notice   show
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show File for a quiet title action and the status and condition is determined by the courts. Only has the current owner. Any encumbrances to a title must be entered on the certificate of title  
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Title Insurance   show
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Deed   show
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Statue of Frauds   show
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Bill of Sale   show
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show The act of transferring ownership with a deed  
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show The Party who transfers a deed. Delivers the deed within their lifetime  
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Grantee   show
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show The Granting clause of the deed  
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show An optional part of a deed that tells the extent of interest transferred  
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General Warranty   show
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show The Grantor owns the property and has the right to convey  
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show Grantee's ownership will not be challenged by the claims of others  
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show Assures that the Grantor will bear the expense of defending the title against the claims  
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Special Warranty Deed   show
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Bargain and sale deed   show
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Quitclaim Deed   show
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show Different types of estates convey different amounts of ttle  
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Deed [2]   show
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show A valid will  
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show A decedent that leaves a valid will  
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Devise   show
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show A decedent who conveys real property in a will  
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show A Gift of personal property  
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Distributees   show
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Laws of Succession   show
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Executor   show
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Ground Lease   show
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show Lease is lower in the beginning to attract customers and then increases. Also called a step-up lease  
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show Increases based of economic factors and anything found in The escalation clause  
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show The amount of rent that could be obtained for a property on the open market if available  
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show The transfer of ALL right that a tenant holds in a leased property. But still has the secondary liability  
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show The Largest unit of measurement in a subvision  
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Metes and bounds Method   show
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show is a precisely identified location using longitude and latitude which serves as a reference point for starting a land survey. AKA Benchmarks  
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show The largest unit of measurement in the government rectangular survey system. Measures 6 miles and made from 36 sections  
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Range   show
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Tier   show
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show The Area of a section is 640 Acres  
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show Consideration, agreement, legally competent, legal consideration  
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Valuable consideration   show
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show Worth promised in a contract that doesn't have a monetary value  
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Florida Real Estate Commission   show
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Florida Division of Real Estate   show
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The Civil Rights Act of 1866   show
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show Covers discrimination in the sale or lease of certain types of real property to the whole gambit of people. Applies to All siingle Family residence owned by businesses. File complaint with HUD, District Court , U.S attorney general  
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show Extends anti-discrimination coverage to the handicapped and family with kids. Max fine up to 50,000  
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Promissory note   show
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show Allows the lender to demand full and immediate payment if the borrower fails to meet all terms of the note  
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Escalation clause   show
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Hypothecation   show
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Title Theory   show
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Lien theory   show
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show The borrower in a mortgage instrument  
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Mortgagee   show
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Granting Clause   show
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show The clause in a mortgage  
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show Permits the lender to call in the note i the mortgagor transfers the property for the purpose of preventing assumption of a loan  
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Certificate of estoppel   show
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show A clause in a mortgage which waives a priority of recordination  
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Statutory redemption   show
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show Sometimes used instead of a mortgage and the title is held by the trustee. It held the reconveyance and power of sale clauses  
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What is the point of The Agency Disclosure Agreement   show
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show At the 1st substantive contact  
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show Pre-1978  
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When are window guards mandatory for city dwellings   show
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show It governs subdivision  
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What is Article 12-A   show
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show It is a defect that is not discover-able by reasonable inspection and must be disclosed  
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show They are appointed  
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What is the Master Plan   show
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What is another name for master plan   show
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show A Halt on construction  
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What is Article 78   show
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show How much waste water the soil can process  
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show The number of bedrooms  
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What is the length of a an independent contract   show
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show Personal Property  
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Estates in Land - Freehold   show
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show One Owner  
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If tenancy in common people die who gets there interest in the property   show
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Tenant by Entirety   show
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show The right or interest in a property  
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When does a mechanics lien have to be filed   show
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Affidavit of entitlement   show
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How long are Judgements good for   show
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show A written instrument that conveys title  
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show Mete and Bounds or a reference plot number.  
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which kind of deed offers the greatest protection   show
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What is a warranty deed   show
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show The Bargain and sales deed with conventants  
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show A quitclaim deed  
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show NY Department if State  
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show Honest dealings  
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What is a universal agent   show
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What is an example of a general agent   show
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show Special Agent  
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show Care and Confidentiality  
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show Loyalty  
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What is the O in CCLOAD   show
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show Accounting  
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What is D in cc Load   show
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What is the best listing for a broker   show
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If a seller does not give the buyer a written disclosure of the property condition statement, what is the buyer entitled too   show
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show Chattel  
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What is the difference between a a fee simple estate and a life estate   show
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show Encumbrances  
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show 30 Percent  
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What is a surety bond   show
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The taxes made before exemptions are subtracted is known as the   show
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What is the equalization factor   show
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Created by: bswdimples
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