Puffing Flashcards - Necessity Easement Easement needed because of a...

Puffing Flashcards devisegift of real property by will Necessity EasementEasement needed because of a land- locked parcel indefeasible titlePerfect title; title that cannot be defeated or voided.Blue Sky LawsState laws that regulate the offering and sale of securities for the protection of the public.partitionLegal procedure to divide the co-owners' interests in real property Legateeone who inherits personal property under a will ordinancea law or regulation Deviseeone who inherits real estate under a will attachmentSeizure of property by court order Fee Simple AbsoluteOwnership on which there are no limitations, the highest form of land ownership.et al.et alia ( and others) Real Propertyphysical property such as land and buildings EscheatThe reverting of property to the State when heirs capable of inheriting are lacking.Quiet Title SuitA lawsuit to remove clouds and defects on title per capitaper person ingress/egressentering and leaving Bargain and Sale DeedA deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion Junior LienA subordinate lien.homestead exemptionA statutory protection of real property used as a home from the claims of certain creditors and judgments up to a specified amount.conveyanceinstrument by which title to property is delivered Abstract of TitleThe condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.GrowthThe process of becoming larger et uxLatin for "and wife." Holographic Willhandwritten will LeaseholdInterest less than a freehold Escalation ClauseA clause written into a loan or lease that allows for payments to be increased at specified times by stated amounts.

Political unitcity-state codicila supplement to a will Fructus IndustrialesCrops that are planted and harvested each year.DevisorOne who wills property to another Quitclaim Deeddeed that conveys an individual's property rights to another but has none of the covenants of the warranty deed Bundle of RightsA term used to describe an owner's legal rights in land - right to sell, lease, occupy, etc.Adverse PossessionThe actual, open, notorious, hostile, and continuous possession of another's land under a claim of title.Possession for a statutory period may be a means of acquiring title.AvulsionAddition or removal of land FreeholdInterest in real property of a life estate of granter Government SurveyA method of land description based on townships and sections. (Rectangular survey system).Surface Rightsthe rights to use the surface of the earth release of lienA lien on a property that is now free from a mortgage.Earnest MoneyA sum of money given to bind an offer or agreement Equitable LienArises out of an agreement that some particular property shall be used as security for a debt or obligation.

Examples: vendee's lien, vendor's lien

Remainder EstateA present right to future title; title is taken upon the termination of a life estate.opinion of titleAn attorney's written evaluation of the condition of the title to a parcel of land after examination of the abstract of title.accessionAdditions to property as a result of annexing fixtures or alluvial deposits.Feudal SystemA system of ownership usually associated with pre-colonial England, in which the king or other sovereign is the source of all rights. The right to possess real property was granted by the sovereign to an individual as a life estate only. Upon the death of the individual, title passed back to the sovereign, not to the decedent's heirs.AlienationThe transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.demisedeath; a ceasing to exist Easementthe right to use land for a specific and limited purpose Cooperative OwnershipA residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease to a specific apartment in the building.

grantTransferring real estate by means of a deed.Color of TitleThat which appears to be good title but which is not title in fact.administratora man who has been appointed by the court to settle an estate Constructive NoticeNotice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.Disclosure of Interestthe making known of one's true position or interest in a transaction Doctrine of Prior AppropriationThe theory that whoever begins using the water first, has the right to continue using the water.Per Stirpesthe method of proportionately dividing an estate between beneficiaries according to their deceased ancestor's share Lis PendensA notice that there is and action or lawsuit pending that may adversely affect the title.EstoppelA legal theory under which a person is barred from asserting or denying a fact because of the person's previous acts or words.Chattelpersonal property EncrumbranceClaim against property held by one who is not the legal owner

Lot, Block and SubdivisionLegal Description of Land: Recorded Map or Plat

estateThe degree, quantity, nature, and extent of interest a person has in real property.Alluvionsolid material deposited by a body of water monumentBoundary marker bequesta gift of personal property by will AnnexationJoining of one parcel of land with another Equitable TitleThe interest held by a vendee under a contract for deed or an installment contract; the equitable right to obtain absolute ownership to property when legal title is held in another's name.antitrust lawslaws that prevent monopolies and promote competition and fairness condemnationThe process of exercising eminent domain through court action.indemnitya payment for damage or loss appurtenanceThe right or privilege that goes with the ownership of land.Easement by PrescriptionAcquired through open and adverse use of another's property

Joint TenancyA form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition.Planned Unit Development (PUD)A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.benchmarkstandard of measure receiverA court-appointed person who is charged with preserving a property, collecting rents and doing anything necessary to maintain the property's condition.alloidal systemA system of land ownership in which land is held free and clear of any rent or service due to the government; commonly contrasted to the feudal system. Land is held under the allodial system in the United States.Life EstateAn interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.caveat emptorlet the buyer beware Intestatewith no will Bundle of RightsThe rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property.Deficiency JudgmentA judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.Dominant Estatethe land that benefits from an easement Metes and BoundsA term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes (length or measurements) and Bounds (boundaries) description is often used when a great deal of accuracy is required.GentrificationA process of converting an urban neighborhood from a predominantly low-income renter-occupied area to a predominantly middle-class owner-occupied area.Deed RestrictionsClauses in a deed limiting the future uses of the property.Reversionary EstateAn estate in which the right of possessionComes into being upon the termination of a lesser estate, such as a life estate. The right of future possession is vested in the grantor of the lesser estate or the grantor's heirs if the grantor is deceased .Fructus NaturalesPlants that do not require annual cultivation and are considered real property.Groundwaterthe water that is beneath Earth's surface encroachmentintrusion on a person's territory, rights, etc.Dual AgencyRepresenting both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many