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.