Agent Prep 2024 Vocabulary Study Set California Real Estate Exam

Agent Prep 2024 Vocabulary Study Set California Real Estate Exam Flashcards Insures against any losses due to defects or problems with the title after it has been searched or examined. Ensures the buyer is getting a clean title. No title policy covers everything, however- for example, zoning.Standard Policy of Title Insurance When a neighbor is using land which they do not own- for example, if the owner of a parcel of land built a driveway on his own land that accidentally crossed two feet over onto his neighbor's land. Can be considered trespass.Lien The right to use or enter someone else's land for a special purpose, within limits. Land with an easement on it is encumbered.Dominant Tenement Chattel RealOften merely refers to tangible movable personal property.When something is taxed based on its value. Latin for "According to Value." Tax Shelter Chain of TitleRecord of all prior transfers and/or encumbrances for a particular parcel of land. It is important when deciding to issue the title insurance.Property owned by just one individual (or corporation).Concurrent Estate Estoppel StatementA signed statement certifying that certain facts are correct, which cannot be later contradicted by the signer- for example, that a lease exists or that rent is paid to a certain date.Lien filed for to benefit someone who worked on the property. Only considered valid if they have been verified and recorded. Take priority depending on when work began- they may take priority earlier than their date of recording. Notices for mechanic's liens can be for completion, cessation, and non-responsibility.Judgement Lien Cash or property used to balance out the equities of properties being exchanged. Receipt of boot may result in a recognized gain. Cost basis of the old property will be the same as Cost Basis of the new property being acquired, regardless of any boot given in the exchange.Ad Valorem DeedEvidence of property transfer.Real PropertyGenerally immovable. Goes with the real estate.SurrenderGiving up possession of a property.General Warranty DeedA type of deed where the grantor or the seller guarantees that s/he holds clear title to a piece of real estate and has a right to sell it. The guarantee is not limited to the time the grantor owned the property- it extends back to the

property's origins.Process which allows investors to sell a property and reinvest the proceeds into a new property (as part of a qualifying like-kind exchange) while postponing the

payment of capital gain taxes.Boot Bundle of RightsLegal rights of the real estate title holder. Includes the right of possession, the right of control, the right of exclusion, the

right of enjoyment and the right of disposition.