No will. Testate - No will. Testate PETE: Police power, Escheat, T...

WI Real Estate Vocabulary Flashcards No will.Testate

PETE: Police power, Escheat, Taxation, Eminent Domain.Police Powder

A higher periodic rate for a shorter term than what was originally contracted.Impounds Neutral third party.Debit LeasePossession bu5 not ownership from lessor to lessee.Considered personal property.Percentage LeaseBased on a percentage of gross receipt.Freehold EstateNo fixed duration of ownership.States ability to regulate for the betterment of the health, safety, morals, and general welfare of the community.Zoning Lien that is on a single property.Voluntary Lien Life EstateOwnership of land for the duration of a person's life.

Littoral RightsLake: body of water

Lien against all personal property.Specific Liens Transfer of real property from one person or entity to another person or entitiy. Each party transferring an interest in the proptery, or "grantor", is required to sign it.A Quitclaim Deed Ensure clear and marketable title.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.ALTA Policy of Title Insurance A type of zoning varianxe where a parcel of land may be given an exeprion from current zoning ordinances due to the improvement mabe by owner of before the current zoning ordinances made the desired use nonconforming under local law.Escheat Executer for tge estate of a deceased person sells property in ordee to divide the property among the beneficiaries.Holographic Will AbandonmentSubleases Has a will.Probate Exempt from new rule.Nonconforming Use Agreement to return the property to the owner(Landlord) before the lease ends.Constructive Eviction Exeption to the rule.Down Zoning Ownership with others.Joint Tenancy Grants possession but not responsibility. Assignment Gross LeaseTenant pays fixed amount.Percentage taken from your next dollar of taxable income.1031 Tax Deffered Exchange

Latin for according to value.Eminent Domain -Inform use of consumer credit.- Required disclosures about its terms and cost to standardized the manner in which costs associated with borrowing are calculated and disclosed.Fair Housing Act Lien on behalf of those who have supplied labor or marerials that improve the property.Judgemnt Lien Grants possession and responsibility.Surrender Defect in title ie...single women married. A Quiet Title Action Financial charge by state to duns various public expenditures.Marginal Tax Rate Capacity of property or a property right to be sold or transferred.Alienation of Title Personally given to somebody.Escrow Real PropertyGoes with the property. Generally immovable.Granted after used the property in hostile, continuous and open manner for a statutorily prescribed number of years.Appurtenant Eastment Money owerd.General Liens Suing the government for jusg compensation when property is taken.Encroachment Landlord fails to do something that he/she has legal duty to provide.Deeds Suffers the burden if an easment.Easement by Prescription Money set aside by a lender to pay for recurring costs that take priority over the loan such as taxes and insurance.

RESPA Right to use adjoining property that transfers with the land.Easement in Gross Estate at SufferanceLandlord is suffering as tenant is in possession passed agreed upon time.Fair market value of other property received in an exchange.Ad Valorem Money recieved.Short Rate 1968 act Banning refusal to sell or rent a dwelling to any person because of race, color, religion sex, or national origin.Jones vs. Mayor Tenant Improvement AllowanceAllowance to customize generally for business purposes.Signifies that a person should have known as a reasonable person would have.Actual Notice Commercial to residential.Grandfather Clause Court order that compels a party to do or refrain from specific acts.Constructive Notice Eliminating kickbacks and referral fees which add unnecessary costs to settlement services.

TILA Capacity of property or a property rights to be sold or transferred.Title Insurance

No dominant temement.Government Powder AlusionTearing away of land.Evidence of transfer.A Grant Deed Deed that guarantees a clear title to the buyer of real proptery.Special Warranty Deed Sole ownership.Concurrent Estate FixturesWas personal and is now real. MARIA (Method, Adaptabliltiy, Relationship, Intention, Agreement.Bundle of RightsRights & interest of having title such as possession, control, exclusion, sell, and of enjoyment.Right to cross.Domimant Tenement Liens that were imposed on an individual ie...taxes and judgememt liens.Machanics Lien Protects real property owners and mortgage lenders against losses from defects in title.Extended Policy of Title Insurance Summary.Cloud on Title Net LeaseTenant pays taxes, insurance maintenance.History of ownership which shows conveyances and encumbrances.Abstract of Title TTIP right of survivorship.Tenancy in Common Government abiltiy to take private property for public use.Condemnation Police power that decides areas for designated uses.Variance Limitations.Easement AppurtemancesRuns with the land.Reversion of property to the state when the owner dies without heirs.Intestate Gaining the benefit of the easement.Servient Tenement Process of compensating a person when property is taken by eminent domain.Inverse Condemnation Lien placed by the court.Lis Pandis Trade FixturesPersonal because it goes with a business.Ownership.Chain of Title When a structure is built in part of a neighbor's property.Liens

Riparian RightsRiver: moving body of water.

RelictionGradual recession of water leaving land permanently uncovered.Periodic TenancyPeriod of period such as month to month.Estate At WillEnd at any time.AccretionAdditional of land.Deed releasing a person's interest with no warranties.Typically in non-sale situations.Warranty Deed Money owed.Credit Transfer FeeRound to the nearest hundred and multiply by .003.Sandwich LeasePrimary party is lessee and a lessor.

Seller warrants or guarantees the title against defects that may have arisen during the entire life of the property.Title Includes everything in a standard policy plus defects found in a property inspection. Which would include unrecorded rights of parties in possesson, examination of survey, unrecorded liens not known by policy holder.Severalty Chattel RealCows mooove. Personal proptery.Fee Simple DefeasiblePossess the property as a fee simple subject to a condition.Lawsuit pending involvimg either the title to the property or a claimed ownwrship interest in it.Injunctions Unity of possession.Encumbrances Writtem by hand.Taxation Estate For YearsDefined period of time for example 6 months or July 3rd-September 8th.Seller warrants or guarantees the title against defects that may have arisen during the entire life of the property.General Warranty Deed Fee Simple EstateHighest possible ownership. Also known as fee simple absolute.-Defers taxes.-Identify 45 days, acquire within 180 day's of closing precious property.Boot Less than Freehold EstateLimited period of time.Lien that exists because of am action taken by a debtor.Involuntary Lien