Real Estate Vocab Review
Fee Simple Estate
- highest possible ownership.. - also know as fee simple absolute -limited by the four government powers
Less than Freehold Estate
-limited period of time -held by someone who rents or leases property.
Net Lease or Triple Net
-tenant pays taxes, insurance and maintenance
Fair Housing Act
1968 act banning refusal to sell or rent a dwelling to any person because of race, color, religion, sex, or national origin.
Jones vs. Mayer
1968 court case that bared all racial discrimination, private as well as public, in the sale or rental of property based on the thirteenth amendment.
Injunctions
Court order that compels a party to do or refrain from specific acts.
Extended Policy of Title Insurance
Includes everything in a standard policy plus defects found in a property inspection. Which would include unrecorded rights of parties in possession, examination of survey. unrecorded liens, not known by a policy holder.
Easement in Gross
Involves only one property, no dominant tenament (property)
Fee Simple Defeasible
Possesses the property as a fee simple subject to a condition Title which is not absolute because it may possibly be annulled or voided at a later date.
Deeds
evidence of transfer a legal document that is signed and delivered, especially one regarding the ownership of property or legal rights.
Probate
executor for the estate of a deceased person sells property in order to divide the property among the beneficiaries.
Taxation
financial charge by a state to fund various public expenditures
Reliction
gradual recession of water leaving land permanently uncovered.
Easement by Prescription
granted after used the property in a hostile, continuous and open manner for a statutorily prescribed number of years
Testate
has a will
Constructive Eviction
landlord fails to do something that he/she has a legal duty to provide.
Estate at Sufferance
landlord is suffering as tenant is in possession passed agreed upon time, or did not pay rent.
A Quiet Title Action
lawsuit in order to establish a party's title A court action to remove a cloud or another claim that has been placed on title to property.
Lis Pendis
lawsuit pending involving either the title to the property or a claimed ownership interest in it.
General Liens
lien against all personal property
Debit
money owed
Liens
money owned attached to the property, not owner
Credit
money received
Escrow
neutral third party
Freehold Estate
no fixed duration of ownership. Enjoy the property for an indefinite of time. An estate where ownership is held for an unknown length of time.
Intestate
no will
Personal Property
- goes with the person - Generally movable -Personality or Chattle = Cows are moovable property
Periodic Tenancy
- period to period such as month to month
Trade Fixture
- personal because it goes with a business -It is important that you remember trade fixtures remain the tenant's property, so they are personal property.
Fixture
- was personal and is now real - MARIA Method: Method of attachment Adaptability, Relationship, Intention, Agreement
Real Property
- goes with the property - Generally immovable
Inverse Condemnation
Sueing the government for just compensation when property is taken (the government did not pay correctly)
1031 Tax Deferred Exchange
- Defer taxes - identify 45 days, acquire within 180 days of closing previous property.
Chain of Title
history of ownership which shows conveyances and encumbrances.
Estate for Years
- defined period of time - for example 6 months or july 3rd - september 8th
Condemnation
Process of compensating a person when property is taken by eminent domain.
Easement
-Right to cross -"ingress" which means to enter -"egress" which means to exit -Must be in writing.
Appurtenances
-Runs with the land -Something which belongs to something else, it an be attached or not; it could be a barn to a house, or an easement to land. -The appurtenance is part of the property and passes with it upon sale or other transfer.
Percentage Lease
-based on a percentage of gross receipts. -Typically @ Shopping centers.
Short Rate
A higher periodic rate for a shorter term than what was originally contracted
Down Zoning
Commercial to residential
A Quitclaim Deed
Deed releasing a person's interest with no warranties. Typically in non-sale situations
Title Insurance
Ensure clear and marketable title
dominant tenement
Gaining the benefit of the easement
Involuntary Lien
Liens that were imposed on a individual. i.e. .. taxes and judgment liens
Encumbrances
Limitation Some kind of burden on the property
Government Powers
PETE - Police Power, Escheat, Taxation, Eminent Domain
Tenant Improvement Allowance
allowance to customize generally for business purposes.
Alienation of Title
capacity of property or a property right to be sold or transferred
Chattel Real
cows moove - personal property
Warranty deed
deed that guarantees a clear title to the buyer of real property.
Estate at Will
end at any time
Title
ownership Evidence of the right to possess property is known as...?
Concurrent Estate
ownership with others
Marginal tax rate
percentage taken from your next dollar of taxable income
Sandwich Lease
primary party is lessee and a lessor
Building Codes
protect public health, safety and general welfare
Riparian Rights
river - moving body of water to one direction
Life Estate
-Ownership of land for the duration of a person's life -Example: Anne can give a property to Dan for the life of Anne. Dan would be the life tenant.
Nonconforming Use
A type of zoning variance where a parcel of land may be given an exception from current zoning ordinances due to improvements made by a prior owner or before the current zoning ordinances made the desired use non-conforming under local law.
American Land Title Association (ALTA) policy
An organization, composed of title insurance companies, which has adopted certain insurance policy forms to standardize coverage on a national basis. Protects real property owners and mortgage lenders against losses from defects in titles.
Cloud on Title
Defect in title ie.. single women married Something affecting the title that may stop its transfer
Real Estate Settlement Procedures Act (RESPA)
Eliminating kickbacks and referral fees which add unnecessary costs to settlement services.
Variance
Exception to the zoning rules.
Boot
Fair market value of other Property received in an exchange
Eminent Domain
Government ability to take private property for public use
Assignment
Grants possession and responsibility Transfer of Contract Rights
Subleases (Sublet)
Grants possession but not responsibility
Littoral Rights
Lake - body of water standing still, it has no direction
Ad Valorem
Latin for according to value When something is taxed based on its value.
Mechanics Lien
Lien on behalf of those who have supplied labor or materials that improve the property. requires verification and recording to be valid.
Judgement Lien
Lien placed by the court
Impounds
Money set aside by a lender to pay for reoccurring costs that take priority over the loan such as taxes and insurance.
Abandonment
Personal property left by an owner who intentionally relinquishes all rights to its control. Real property may not be abandoned.
Actual Notice
Personally given to somebody
Zoning
Police power that divides and into areas for designated uses
Escheat
Reversion of property to the state when the owner dies without heirs.
Special Warranty Deed
Seller only warrants or guarantees the title against defects that may have arisen during the period of ownership of the property.
General Warranty Deed
Seller warrants or guarantees the title against defects that may have arisen during the entire life of the property.
Constructive Notice
Signifies that a person should have known as a reasonable person would have.
Standard Policy of Title Insurance
Standard coverage includes: - Defects that are found in public records - Forged documents - Incompetent grantors - Incorrect marital statements - Improper delivery of deeds
Police Power
States ability to regulate for the betterment of the health, safety, morals, and general welfare of community.
servient tenement
Suffers the burden of an easement.
Joint Tenancy
TTIP right of survivorship -Time -Title -Interest -Possession
Encroachment
When a structure is built in part on a neighbor's property. Examples might also include a fence or driveway which crosses the property line. It is a form of trespass. A neighbor is using land which they do not own.
Accretion
additional of land
Surrender
agreement to return the property to the owner (landlord) before the lease ends.
Grandfather Clause
exempt from new rule,
Appurtenant Easement
right to use adjoining property that transfers with the land between two parties, which is dominant and servant. An easement that is attached to a property and allows the owner the use of the neighbor's land. The rights are passed on to the next owner.
Severalty
sole ownership
Abstract of Title
summary
Avulsion
tearing away of land
Gross Lease
tenant pays fixed amount which means that landlord will pay for the expenses such as repairs.
A Grant Deed
transfer of real property from one person or entity to another person or entity. Each party transferring an interest in the property, or "grantor", is required to sign it.
Tenancy in Common
unity of possession, do not have right of survivorship
Holographic Will
written by hand
Lease
- possession but not ownership from lessor to lessee - considered personal property -Oral can be binding if it is less than a year in California -It is a bilateral contract -Must contain Mutual Agreement, Consideration, Capable Parties & Lawful Object -Personal Property
Voluntary Lien
lien that exists because of an action taken by a debtor
Specific Liens
lien that is on a single property
Bundle of Rights
-Right & interest of having a title such as possession control exclusion enjoyment disposition (sell/transfer) -Are the rights that come with property ownership.