Maryland Real Estate Exam Vocabulary Flashcards

Maryland Real Estate Exam Vocabulary Flashcards General Warranty DeedGuarantees clear title for the life of the property Appurtenance (a-pur-ten-nance)'Runs with the Land'. A right associated with the property.ex. parking spaces, easements, water rights... it transfers to a new owner when sold Types of Real Property (6)residential, commercial, mixed use, industrial, agricultural, special purpose Quitclaim DeedImmediate transfer of ownership Americans with Disabilities Act1991, discrimination against the disabled and mandated easy access to all public and commercial buildings.Estate at SufferanceStays after lease expires Voluntary lien vs. involuntary lienYou get a mortgage/you lose your mortgage Grantee is the buyer or seller?buyer Warranty Deeda deed that guarantees a clear title to the buyer of real property.DeedsEvidence of transfer

General LienCan take all property ex: income tax, judgement lien

Police powerpublic health, safety and general welfare Bundle of Rightsrights that are inherent in property ownership titleevidence of ownership Joint TenancyUnity of time, title, interest and possession TTIP. Has right of survivorship; no probate appurtenancesomething that is transferred with or runs with the land R3Multi family residential Percentage LeasePercentage of gross receipts landThe earth's surface, extending downward to the center of the earth and upward to infinitely including things nature, such as trees and water.Encumbrancesa claim against someone's property Tenancy in CommonShares can be unequal; no right to survivorship and Yes probate required Avulsion (a-vul-sion)The sudden tearing away of land, as by earthquake, flood, volcanic.IntestateNo will Physical Characteristics of Land (3)Immobility, Indestructibility, Uniqueness Fee Simple EstateThe complete ownership of a property; may be either absolute or conditional.Encroachmentmy shed encroached on there property Estate at willend at any time Doctrine of Prior AppropriationWhere water is scarce, ownership and use of water are determined by the doctrine

MARIAMethod of annexation - permanentAdaptability of the item for the land's ordinary useRelationship of the partiesIntention of the person in placing the item on the landAgreement of the parties brokerageThe business of bringing people together in a real estate transaction.Equitable TitleRight of possession and the right to gain equity Severaltysole ownership Chattel Propertypersonal property that is (move-able) Estate in Remainderwould be a reversion, but is instead transferred to someone other than the grantor Littoral Rightsrights of a landowner adjacent to a lake Severanceseparation (change real property into personal property) CondemnationProcess of paying when property is taken under eminent domain Appurtenant EasementEasement that transfer with the transfer of title Eminent DomainGovernment can take private property for public use and pay a compensation Gross LeaseTenant pays rents, landlord pays all expenses of property; common form of residential lease Life Estateownership for the duration of someone's life 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.Easement in GrossAllows an individual to use someone else's land. (utility company) Fee Simple Estate/Fee Simple AbsoluteAbsolute ownership, not free from all encumbrances ie..taxes Liquidityhow quickly an asset can be turned into cash Accretion (a-cre-tion)Increase the size of the property Fair Housing ActThe federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin 19668 Personal Propertystay with the person. (movable) Dominant Tenementthe property with the right to crossing appraisalan opinion of a property's market value, based on established methods and the appraiser's opinion Annexationchange personal property into real property Building codes areset of rules that specify that standards for constructed.building codes is a police power Freehold EstateUnlimited in duration/ownership Holder of the life seatentitled to use property that is held in a life estate Estate in Reversionheld by the grantor of the original conveyance Servient TenementThe property that is being crossed, the property that is encumbered. They can not revoke the easement.

Inverse CondemnationSuing the government for just compensation when property is taken under eminent domain Freehold estates are for how long?indeterminable length of time, (lifetime or forever) Alienation of TitleVoluntary act of an owner disposing of the property Title InsuranceA policy that protects the insured against loss or damage due to defects in title.LiensOwe money. Private restrictions and easements are not liens Periodic Tenancyfrom period to period/ month to month or week to week Concurrent Estatestwo or more people owning property at the same time Abstract of TitleSummary of title Jones vs. Mayer1968 court case that bared all racial discrimination, private, as well as public, in the sale or rental of property based on the 13th amendment Real PropertyStay with the property. Land and everything permanently attached to it (immovable) ZoningA planning tool used to separate industry and business from residential neighborhoods. This is a police power EscheatGoes to the state then somebody dies without a will and without heirs real estateland and anything that is attached to it; house, buildings Easementthe right to use the land of another for a specific purpose (my driveway) Economic Characteristics (4)1. Scarcity - has not been developed2. Improvements - on one land can affect the value of others3. Permanence of investment4. Area preference - location Relictionrecession of water which uncovers land that usually was a river.AbandonmentRelease of responsibility and/or ownership Legal titleright to sell property Escrowneutral third party Government PowerPETE; police power, escheat, taxes, eminent domain TestateHas a will leveragethe use of borrowed money to finance an investment Titleownership Sandwich LeasePrimary party is lessee and a lessor, aka sublet Fee Simple DefeasibleHas a condition that can cause loss of title PETEPolice Power, Eminent Domain, Taxation, Escheat Sherman Antitrust ActFirst federal action against monopolies, Lis Pensidlaw suit pending Special Warranty DeedGuarantees clear title for the duration of the previouS owner Grantor is the buyer or seller?Seller - The seller in a transaction.Subleases(sandwich lease) Lessor is also the lessee

Estate for yearsDefined period of time and termination date ex. summer rental Net LeaseAn agreement for the tenant to pay rent plus taxes, insurance, and utilities.injuctionAn court order which legally stop something Capital gainthe difference between the selling price and purchase price that results in a financial gain for the seller Fee Simple Defeasible Estate"a fee estate that is qualified by some condition that, if violated, may "defeat" the estate and lead to its loss and reversion to the grantor." LeasePersonal property, type of encumbrance Riparian Rightsland that borders on water. The rights include access to use of the water.Specific Lienscan take a specific property ex. mortgage Constructive EvictionLandlord fails to perform duties that she has a legal duty to provide.Building codesset of rules that specify the standards for constructed. This is a police power Less than Freehold EstateLimited in duration/leases Subsurface Rightsthe rights to the natural resources below the earth's surface Chain of TitleHistory of ownership, conveyances (transport) and encumbrances (a mortgage)