Legal Issues
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| abstract of title | The history of a title and the current status of a title based on a title examination
🗑
|
||||
| accession rights | Property owners rights to all that the land produces or to all that is added to the land, either intentionally or by mistake
🗑
|
||||
| acknowledgment | A formatl statement made before an authorized official (ie: notary public)by a person who executed a deed,a contract or another document that it was a free act
🗑
|
||||
| act of waste | Abuse or misuse of property by a life tenant
🗑
|
||||
| adverse possession1 | A method of acquiring title to real property by conforming to statutory requirement
🗑
|
||||
| air rights | Rights to the air space above the surface of the land
🗑
|
||||
| alienation | Transfer of title to real property
🗑
|
||||
| alluvion | Increased soil, gravel or sand on a stream bank resulting from flow or current of the water
🗑
|
||||
| appurtenances | All rights or privileges that result from ownership of a specific property and move with the title
🗑
|
||||
| assessments | A percentage of a propery's market value;this figure is used for property tax purposes and ultimately determines how the total tax is shared among property owners
🗑
|
||||
| avulsion | Sudden loss of gain of land as a result of water or shift in a riverbed that has been used as a boundary
🗑
|
||||
| bargain and sale deed | A form of deed with or without covenants of title
🗑
|
||||
| beneficiary1 | The recipient of personal property by will
🗑
|
||||
| beneficiary2 | The lender in a deed of trust
🗑
|
||||
| adverse possession2 | A form of involuntary alienation of title
🗑
|
||||
| block and lot | A valid legal description of property on the tax map or a prior recorded legal instrument
🗑
|
||||
| bundle of rights | The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property
🗑
|
||||
| chain of title | Successive conveyances of title to a specific parcel of land
🗑
|
||||
| chattel | Personal Property
🗑
|
||||
| closing statement | An accounting of the funds received and disbursed in a real estate transaction
🗑
|
||||
| consideration | Anything of value, as recognized by law, that is offered as an inducement to a contract
🗑
|
||||
| constructive notice | Notice in which all affected parties are bound by the knowledge of a fact even though they have not been actually notified of such fact
🗑
|
||||
| active notice | The knowledge a person has of a fact
🗑
|
||||
| conveyance | Transfer of title to real property
🗑
|
||||
| credits | In a closing statement, money to be received or credit given for money or an obligation given
🗑
|
||||
| debits | In a closing statement,an expense or money received against a credit
🗑
|
||||
| curtesy | A husband's interest in the real property of his wife
🗑
|
||||
| dower | A wife's interest in her husband's real property
🗑
|
||||
| dedication | An appropriation of land or an easement therein given by the owner to the public
🗑
|
||||
| dedicatiton by deed | The deeding of a parcel of land to a municipality
🗑
|
||||
| delivery and acceptance | The transfer of a title by deed requiring the grantor to deliver and the grantee to accept a given deed
🗑
|
||||
| acceptabe types of property description | metes and bounds;reference,lot and block and monuments
🗑
|
||||
| dominant tenement | land benefiting from an easement appurtenant
🗑
|
||||
| easement | A nonpossessory right of use in the land owned by another
🗑
|
||||
| easement appurtenant | A right of use in the adjoining land of another that moves with the title to the property benfiting from the easement
🗑
|
||||
| easement by condemnation | Created by the excercise of the government's right of eminent domain
🗑
|
||||
| easement for light and air | A type of negative easement restraining a property owner from developing his or her propety so as to block the view of another
🗑
|
||||
| easements by grant | Created by the express written agreement of the landowners, usually in a deed
🗑
|
||||
| easements by implication | Arising by implication from the conduct of the parties
🗑
|
||||
| easements by necessity | Exists when a landowner has no access to roads and is landlocked
🗑
|
||||
| easements by prescription | Obtained by use of the land of another for the legally prescribed length of time
🗑
|
||||
| easements in gross | A right of use in the land of another without the requirement that the holder of the right own adjoining land
🗑
|
||||
| encroachment | Trespass on the land of another as a result of intrusion by some structure or other object
🗑
|
||||
| encumbrance | A claim, lien, charge or liability attached to and binding upon real property
🗑
|
||||
| executor | A male appointed in a will to see that the terms of the will are carried out
🗑
|
||||
| executrix | A female appointed in a will to see that the terms of the will are carried out
🗑
|
||||
| fee simple estate | The ownership and right of title to land for an undetermined period of time and can be inherited
🗑
|
||||
| fixture | Personal property that has become real property by having been permanently attached to real property
🗑
|
||||
| full covenant and warranty deed | A deed containing the strongest and broadest form of guarantee of title
🗑
|
||||
| general lien | A lien that attaches to all of the property of a person within the court's jurisdiction
🗑
|
||||
| specific lien | A lien that attaches to one particular property only
🗑
|
||||
| grantor | A person who conveys title to real property by deed
🗑
|
||||
| grantee | A person who receives title to real property by deed
🗑
|
||||
| habendum clause | The statement in a deed beginning with the words 'to have and to hold' and describing the estate granted
🗑
|
||||
| homestead | Properties that are wholly or partly used as owners' residences and are classified as such for property tax purposes
🗑
|
||||
| illiquid | An investment that is not easily convertible to cash
🗑
|
||||
| involuntary alienation | Transfer to title of real property as a result of a lien foreclosure sale, adverse possession, the filing of a petition in bankruptcy, or condemnation under power of eminent domain or upon the death of the titleholder, to the state when there are no heirs
🗑
|
||||
| voluntary alienation | The transfer of title freely by the owner
🗑
|
||||
| involuntary lien | An act in which a creditor places a claim on real and or personal property of another to obtain payment of a debt
🗑
|
||||
| voluntary lien | A type of lien in which individuals consent to placing a security against themselves or their property
🗑
|
||||
| joint tenancy | A form of co-ownership that includes the right of survivorship
🗑
|
||||
| joint venture | Participation of two or more parties in a single undertaking
🗑
|
||||
| land patent | A document conveying public land to an individual
🗑
|
||||
| license | A personal privilege to do a particular act or a series of acts on the land of another
🗑
|
||||
| life estate1 | A freehold estate created for the duration of the life or lives of certain named persons
🗑
|
||||
| life estate2 | A noninheritable estate
🗑
|
||||
| life estate in reversion | A form of life estate that goes back to the creator of the estate in fee simple upon termination
🗑
|
||||
| lis pendens | A lawsuit pending
🗑
|
||||
| littoral rights | Rights belonging to the owner of land that borders a lake, an ocean, or a sea
🗑
|
||||
| marketable title | A title that is free from reasonable doubt and that a court would require a purchaser to accept
🗑
|
||||
| mechanics lien | A statutory lien available to persons supplying labor (mechanics) or material (materialmen)to the construction of an improvement on land when they are not paid
🗑
|
||||
| metes and bounds | A system of land description by distances and directions
🗑
|
||||
| ownership in severalty | Title to real property held in the name of only one person
🗑
|
||||
| parcel | A specific portion of land, such as a lot
🗑
|
||||
| partition | A legal proceeding dividing property of co-owners so each will hold title in severalty
🗑
|
||||
| party wall | A common wall used by two adjoining structures
🗑
|
||||
| personal property1 | All property that is not land and that is not permanently attached to the land
🗑
|
||||
| personal property2 | chattel
🗑
|
||||
| personal property3 | Everything that is movable
🗑
|
||||
| possession1 | A person who either actively or constructively occupies a property
🗑
|
||||
| possession2 | implies constructive notice that the possessor has certain legal rights
🗑
|
||||
| possessory | The act of occupying a property, which implies certain rights
🗑
|
||||
| nonpossessory | An individual does not occupy a property; easements imply a nonpossessory interest in land owned by another
🗑
|
||||
| proration | Division of certain settlement costs between buyer and seller
🗑
|
||||
| public grant | A grant of power, license or real property from the state or government to a private individual
🗑
|
||||
| quitclaim deed1 | A deed of release that contains no warranty of title
🗑
|
||||
| quitclaim deed2 | Used to remove a cloud on a title
🗑
|
||||
| RESPA | Real Estate Settlement Procedures Act
🗑
|
||||
| Real Estate Settlement Procedures Act | A federal law regulating activities of lending institutions in making mortgage loans for housing
🗑
|
||||
| real property | The aggregate of rights, powers and privileges conveyed with ownership of real estate
🗑
|
||||
| real property tax lien | Taxes levied against real property by the local government that have priority over all other liens
🗑
|
||||
| referee's deed | Used to convey real property when a court appointed individual (referee) acts as directed by the court in a bankruptcy or similar case
🗑
|
||||
| reference to a plat | A description on a deed that may refer to a plat map and lot number as part of a recorded subdivision
🗑
|
||||
| reliction | the gradual change of a water line on real property which gives the owner more dry land
🗑
|
||||
| remainder interest | A future interest in a life estate
🗑
|
||||
| remainderman | A person who has a future interest in a life estate
🗑
|
||||
| reversionary interest | A provision stating the owners's interest-that possession of property will go back to the overn at the end of the lease
🗑
|
||||
| right of survivorship | The right of an owner to receive the title to a co-owner's share upon death of a co-owner, as in the case of joint tenancy and tenancy by the entirety
🗑
|
||||
| right of way | An easement allowing someone to use the land of another
🗑
|
||||
| riparian rights | The rights of an owner of property adjoining a watercourse such as a river, including access to and use of the water
🗑
|
||||
| servient tenement | Land encumbered by an easement
🗑
|
||||
| special purpose real estate | A category of real property created as a result of combining the land and its improvements for a single highest and best use
🗑
|
||||
| subordination agreement | Modifies the priority of certain liens; an earlier lienholder may 'take a backseat' to a later lienholder
🗑
|
||||
| subsurface rights | Rights to the area below the earth's surface
🗑
|
||||
| survey | A document showing measurements, boundaries and area of a property
🗑
|
||||
| tenancy by the entirety | A form of co-ownership limited to husband and wife, with the right of survivorship
🗑
|
||||
| tenancy in common | A form of co-ownership that does not include the right of survivorship
🗑
|
||||
| title | Evidence of the right to possess property
🗑
|
||||
| title closing1 | The consummation of a real estate contract
🗑
|
||||
| title closing2 | A meeting in which the buyer,seller and closing agent meet for execution of documents and disbursement of funds
🗑
|
||||
| title insurance | An insurance policy protecting the insured from a financial loss caused by a defect in a title to real property
🗑
|
||||
| title search | An examination of the public record to determine the quality of a title to real property; finds evidence of a marketable title
🗑
|
||||
| trade fixtures | Items that are installed by a commercial tenant and are removable upon termination of the tenancy
🗑
|
||||
| trustee | A person who holds title to property for the benefit of another called a beneficiary
🗑
|
||||
| trustor | A person who conveys title to a trustee
🗑
|
||||
| undivided interest | Ownership of fractional parts not physically divided
🗑
|
||||
| unity of interest | Created when all co-owners have the same percentage of ownership in a property
🗑
|
||||
| unity of possession | Created when all co-owners have the right to possess any and all portions of the property owned, without physical division
🗑
|
||||
| unity of title | Created when co-owners have the same type of ownership in a property
🗑
|
||||
| unity of time | Created when co-owners receive title at the same time in the same conveyance
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
kathleen-harrison
Popular Real Estate sets