Prep Agent Practice Exam Terms Flashcards

Prep Agent Practice Exam Terms Flashcards Probateexecutor for the estates of a deceased person sells property in order to divide the property among the beneficiaries Freehold estateno fixed duration of ownership

Encumbrancesburden/limitation on the land (EX: lien)

Creditmoney received Surrenderagreement to return the property to the owner (landlord) before the lease end Abstract of Titlesummary Net leasetenant owes taxed insurance and maintenance Holographic willwritten by hand Inestateno will Constructive evictionlandlord fails to do something that they have a legal duty to provide Escheatreversion of a property to the state when the owner dies without heirs Tenant improvement allowanceallowance to customize, generally for business purposes Leasepossession but not ownership Government PowersPolice power, escheat, eminent domain, taxation Taxationfinancial charge by the state to fund various public expenditures Constructive noticesignifies that a person should have known as a reasonable person would have Relictiongradual recession of water leaving the land permanently uncovered ChattelMoooooove Accretionaddition of land Standard Policy title insurancedefects, forged documents, incompetence, incorrect statements or deeds Quitclaim deedreleasing a person's interest with no warranties. Typically with non-sale situations Easement in Grossno dominant tenant Misrepresentationfalse or misleading Jones v. Mayer1968 banned racial discrimination, private and public Encroachingtrespassing Escrowneutral 3rd party (title co) Deedsevidence of the transfer Chain of Titlehistory of ownership that shows conveyances and encumbrances Assignmentgrants possession and responsibility

Riparian rightsRiver Servient tenementsuffers the burden of the easement Specific lien(loan) only lose what is owed Intestate successionwhen a person dies without leaving a valid will and the spouse and heirs will take (receive the possessions) by the laws of descent and distribution "Grandfather" clauseexempt from new rule Marginal tax rate% taken from your next dollar of taxable income Nonconforming usetype of zoning variance where a parcel of land may be given as exception from current zoning ordinances due to improvements made by owner TILA1968 is United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.Inform use of consumer credit- Trust in Lender Act Personal propertyMoveable Estate at sufferancedeadbeat tenant General lien(taxes) coming after things above and beyond property Grant deedtransfer of real property from one person or entity to another Voluntary lien(loan) if they need to borrow money to pay it back Ad Valorem"according to value" Subleasesgrants possession but not responsibility Comminglingmixing of funds A cloud on titleSomething affecting the title (change of names through marriage) Concurrent estateownership with others Alienation of titlecapacity of property or a property right to be sold or transferred BootFair market value of other property received in an exchange Percentage leasebased on percentage of gross receipts RESPA(real estate settlement procedures ACT) -1974 eliminating kickbacks and referral fees which add unnecessary costs to settlement services Multi-family residentialR3 Severaltysole owner Short ratehigher periodic rate for a shorter term than what was originally contracted ALTA policy of title insuranceprotects real property owners and mortgage lenders against losses from defects in taxes Varianceexception to the roll

Acknowledgementinvolves a public official, frequently a notary Less than freehold estate/LeaseholdLeased or rented Bundle of rightsUse, possess, enjoy, sell Joint tenancy"TTIP" time, title, interest, possession "right of survivorship" Fee simple estatehighest possible ownership "fee simple absolute" Down zoningCommercial to residential InjunctionsCourt order to stop ZoningPolice power that divides into areas for designated uses (R1 single family, R3 multi-family residential) Building codesprotect public health, safety and general welfare Easementright to cross Avulsiontearing away of land Life estateownership of land for the duration of a person's life Impoundstaxes, insurance- money lenders set aside for reoccurring costs that take priority over a loan Lis PendensPending lawsuit (suing over ownership- divorce fighting over who owner is) Sandwich leaseprimary party is lessee and lessor Sherman Anti-trust act1890 bans anti-competitive behavior (price fixing) Actual noticepersonally given to someone Titleownership Estates for yearsFixed period of time Community propertywhen you own property with a spouse, marriage Inverse Condemnationsuing the govt. when property is taken without compensation Fixture"MARIA" Method (how you attach it), Adaptability (become part of property- blinds), Relationship (landlord/tenant), Intention (why it's there), Agreement (contract) Gross leasetenant pays fixed amount Extended policy of title ins.everything in a standard policy plus defects found in a property Periodic tenancymonth to month Trade Fixturepersonal property in a business (dentist chair) Title Insuranceensure clear and marketable title Appurtenancesruns with the land Debtmoney owed AppurtenancesStays in the land A Quiet Title Actionlawsuit in order to establish a party's title Special Warranty deedseller warrants or guarantees the title against defects that may have arisen during the period of ownership of the property Police PowerGeneral welfar (govt. power- zoning) Testatehas a will Fee simple defeasiblepossesses the property as a fee simple subject to a condition

Eminent Domaingovt. or its agent to expropriate private property for public use with payment or compensation Condemnationconversation- very strong disapproval Tenancy in commonunity of possession Warranty deedGuarantees a clear title to the buyer or real property Real propertyImmovable Involuntary lien(mechanic's lien) taxes and judgement liens Lienmoney owned on the property Fair Housing Act1968 refusal to sell or rest a dwelling to any person because of race, color, religion, sex or national origin Dominant tenantgaining the benefit of the easement