ARTI Academy Real Estate Vocab Flashcards

ARTI Academy Real Estate Vocab Flashcards Lis Pendensa pending legal action, or notice of pending legal action Unity of TitleTitle has to be conveyed to all the tenants at the same time in the same deed.Fee Simple (Fee Simple Absolute)You get everything, highest form of ownership How is an Easement Created?An easement is created by a written agreement between the parties that establishes the easement right.ExpressImpliedLegal Action Judgement LienA court ruling that gives a creditor the right to take possession of a debtor's real property if the debtor fails to fulfill his or her contractual obligations.Deedthe official document transferring ownership from seller to buyer Party Wall EasementEach party owns half of the improvement placed between the properties(a wall) Joint Tenancy (PITT)The four unities necessary to create joint tenancy.Unity of...PossessionInterestTimeTitleOften husband and wife, but can be anything else.Deed of ConveyanceA document used to transfer legal title from the trustee back to the borrower (trustor) after a debt secured by a deed of trust has been paid to the lender (beneficiary.) Basically the buyer gets the title of the property back from the bank after paying off the mortgage.EncumbranceA burden on the title. Temporary and can be fixed. A cloud over someones head such as a mortgage.Real PropertyLand, improvements attached to the land, and the rights to use them (also called Real estate) Implied EasementAn easement created by actions or use of the property. For example, if two lots used to belong to one owner and only one of them connects to a road, it is implied that the other lot will need access to the road to enjoy the property.DEVISOR/DEVISEEDevisor- Person who makes a willDivisee- person who receives the benefits of a will.Personal PropertyAll property not classified as real property. Not attached or made part of structure. Also called Chattel or Personalty Holographic Willa handwritten will Legal Life Estate- DowerIf husband passes away, a wife gets the estate.CodicilA change to a will SeverenceChanging and item from Real Property to Personal Property by detaching it from the land (Fence) Specific and General LienA specific lien is tied to only one property while a general lien can be applied to multiple

Habendum ClauseAn exception or addition to the rights in a deed. A common one is the exception of mineral rights. "To have and to hold" Living WillA will before they pass away but can't communicate or handle where you want your assets to go. Coma, accident, etc. Also talk about life support, organ donor, etc.Statutory Dedicationtransfer of private property to the public for public use in writing through a deed rectangular coordinate system (government system) a big grid that each square is 6x6 Miles. Can be broken up into sections until you get the location of property Testator or TestatrixIf male, the person who dies with a will is a testatorIf female, the person who dies with a will is a testatrix RemaindermanOne entitled to receive a remainder interest in some estate sometime in the future.Bundle of Legal RightsRight of Possession, Right of Use, Right of Quiet Enjoyment, Right of Exclusion, Right of Disposition (Like a bundle of sticks being passed to show ownership) City BlockAnother way to describe land such as Metes and Bounds.Deed of TrustA deed used in the case of a mortgage. If someone stops making the payment, then the bank has power to foreclose the property. Bank has the right to sell if you default.Easement in Grossthe right to use land for a specific, limited purpose unrelated to any adjacent parcel.Such as hunting rights Easement by NecessityAn easement put into place by a need, such as an easement for a road needed to keep a property from being landlocked Quit Claim DeedA deed that does not convey the bundle of rights. Its seller telling buyer that they grant them any interest or ownership that they had in this property. NO Guarantee.

Fee Simple Title or Fee Title is often referred to as:Co-Ownership

Metes and BoundsDescribe any type of property no matter the size, shape, or location. Describe using minutes, degrees, and feet. Has a beginning, and goes clockwise. (the original way to describe land) Affixed (Surface Rights)Typically in reference to mineral, water, or surface rights.Resources taht go with the property are affixed. When you buy property you get the ground to the core of the earth and the sky up to the air. Affixtures are what are attached to the land.Fee Simple DefeasibleYou get almost all of the bundle fo rights. Highest degree of ownership, but there are some conditions or exceptions.Titlea way that the property is held. Not an actual document with Real Estate Void vs. VoidableVoid has no legal force because it is lacking an essential part of a contract, something within it renders it illegal or

unlawful; voidable is one in which either or both parties may reject or disaffirm (contingencies)Void never was valid.Voidable could be rendered invalid or valid.

situsAnother name for Location Freehold Estatea right of title to land that is characterized by two essential

elements: immobility, meaning that the property involved is

either land or an interest that is attached to or has been derived from land, and indeterminate duration, which means there is no fixed duration of ownership.EgressGetting out of a property Grantor-GranteeThe grantor gives, sells, or transfers the property to the grantee. The grantee receives the property.Life EstateYou grant someone the ownership to a property for as long as they live. Then someone else would get it after death LienA charge or claim against a person's property made to enforce the payment of money. For example, property taxes and your mortgage are a lien Rights of SurvivorshipIf in a joint tenancy, if one owner dies then the other tenant gets their share. Unique to Joint Tenancy Essential Elements of a Deedintent, in writing, names the grantor and grantee, consideration, granting clause, legal description, Habendum Clause, Signature, Notary Acknowledgment, Mailing Address, Delivery Unity of TimeEveryone entered into the agreement at the same time Homesteadan exemption issued on a part of your property that provided protection from judgements and creditors for the duration of life. Can only have one homestead at a time Easementa right to cross or otherwise use someone else's land for a specified purpose.Appurtenant Easementright to use adjoining property that transfers with the land.Appurtenant means= running with as the land will always be running with the easement.Trustan asset set aside and held by another party for the benefit of someone else. Parents often set aside trusts for their children AlienationThe transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.Fixtureanything that is actually attached to the house or structure.(cabinets, furnace, etc) This becomes part of the Real Property of Real Estate ProbateThe process of proving in court that the will of someone who has died is valid, and of administering the estate of a dead person.Unity of PossessionThe right of each tenant to the possession and use of the whole property. (Joint tenants and tenants in common.) Non-disclosure StateUtah is a non-disclosure state. It means that the sales prices of property are not publicly published. Often will see