Real Estate Vocabulary By Joe At PrepAgent Flashcards

Real Estate Vocabulary By Joe At PrepAgent Flashcards Trade FixtureAn article owned by a tenant and attached to a rented space or building for use in conducting a business.Periodic TenancyPeriod to period such as month to month Sandwich LeasePrimary party is lessee and a lessor... also known as a sublet.Concurrent EstatesTwo or more people owning property at the same time.General Warranty DeedGuarantees clear title for the life of the property.R3Multi family zoning TitleOwnership ProbateProcess of allocating possession of the deceased.Down ZoningCommercial to residential AcknowledgementAuthenticate legal instrument giving document validity Fee Simple EstateAbsolute ownership with all the rights associated with ownership of real property. Not free of all encumberances such as taxes.Dominant TenementThe party that benefits from an easement.Net LeaseTaxes, insurance, and maintenance plus rent... also known as a triple net lease.Legal TitleRight to sell.AppurtenanceRuns with the land AssignmentGiving responsibility and/or ownership to another.SeveralitySole ownership.Involuntary LienA lien placed on property without the consent of the property owner... mechanic's lien, taxes.Bundle Of RightsRights that are inherent in property ownership including right of possession, the right of control, the right of exclusion, the right of enjoyment and the right of disposition.EncroachmentIntrusion on a person's property, rights, etc.EscrowA neutral third party... holds the documents and money involved in a real estate transaction and ensures that all conditions of a sale are met. ______ also refers to a special account that a lender establishes to hold monthly installments from the borrower to cover property taxes and insurance.Littoral RightsNot moving water... lake.Chain Of TitleHistory of ownership showing conveyances and title.Warranty DeedA deed in which the grantor makes formal assurance as to quality of title.Special Warranty DeedA deed in which the grantor warrants, or guarantees, the clear title from previous owner.

FixtureIncorporated into the land... considered real property.Percentage LeasePercentage of gross receipts Fee Simple DefeasibleHas condition that can cause loss of title.EasementThe right to cross another person's land for a specific and limited purpose Estate At SufferanceStays after lease expires... deadbeat tenant.Estoppel StatementA "signed statement by a party certifying for another's benefit that certain facts are correct, as that a lease exists, that there are no defaults, and that rent is paid to a certain date.InjunctionsCourt orders that prohibit a certain activity Cloud On TitleDefect in title ie. Single woman married and name discrepancy.Equitable TitleThe right to possession and to gain equity.RelictionCreation of dry land by the gradual and permanent withdrawal of water Gross Rent MultiplierThe quotient of the sale price divided by the gross rent.Generally expressed as the monthly gross rent in a single family residential property and the yearly gross rent in multifamily units and commercial, office, or industrial property.Constructive EvictionActions of a landlord that so materially disturb or impair a tenant's enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent.Chattel RealPersonal property.AccretionIncreases the size of the land... resulting from the deposit of soil by the water's action Eminent DomainPower of a government to take private property for public use while requiring just compensation to be paid. Can be a utility, educational institution, or a city.General LienA lien that attaches to all property owned by an individual.Real and personal... example judgements.Riparian RightsMoving body of water... river.Holder Of A Life EstateTitle of the person holding a life estate Voluntary LienOption to take on a debt.Actual NoticeTo give legal sufficient insurance that knowledge has been conveyed. Has firsthand knowledge...Personal PropertyRuns with the person, generally movable.Inverse CondemnationSuing the government for compensation for land taken for public use when the taker of the property does not intend to bring eminent domain proceedings. Property is condemned because its use and value have been diminished due to an adjacent property's public use.

ZoningA planning tool used to separate industry and business from residential neighborhoods.Alienation Of TitleVoluntary act of an owner disposing of property.Grandfather ClauseOld rule allowed to continue though nonconforming to existing uses.Easement in GrossNo dominant tenement Ad ValoreumAccording to value.DeedsEvidence of the transfer of title.TestateTo die with a valid will Gross Lease.Pays a set fee.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 and have firsthand knowledge. Possession of property is also considered constructive notice that the person in possession has an interest in the property.Mechanic's LienLiens that arise from construction and other improvements to real estate on money owed.Notices for mechanics liens are Completion, cessation and non--responsibility AbandonmentRelease of responsibility and/or ownership.Quiet Title ActionRemoves a cloud on a title DebitMoney owed OR rule...Suffix implying giving... grantor, optionor Abstract Of TitleSummary of title.Life EstateOwnership based on the life of another Holographic WillEntirely hand written.Judgement LienLien placed by the court Nonconforming UseA pre-existing use of land which does not conform to the zoning ordinance but which may legally remain.Specific LienOne that attaches to a particular property... mortgages and property tax.Joint TenancyTime, title, interest, and possession... TTIP. Has the right of

surviorship.Important: Joint Tenancy can be summarized

with the word unity, unity of time, title, interest and possession. No matter how many joint tenants there are, there is still only One Title to the entire property. Each tenant must hold an Equal Interest in the property.Estate For YearsDefined period of time and termination date... example a summer rental.LeasePersonal property... type of encumberance.Lis PendensLawsuit pending Police PowerState power to enact laws promoting health, safety, and general welfare.LiensMoney owed. Private restrictions and covenants are not liens.

Building CodesSet of rules that specify the minimum acceptable level of safety for constructed facilities IntestateDying without a will.Estate in ReversionWould be a reversion but is held by someone other than the original grantor.CondemnationTaking private property for public use, with fair compensation to the owner; exercising the right of eminent domain.Freehold EstateUnlimited duration of time of ownership EscheatGoes to the state due to lack of will or heirs.CreditMoney received Title InsuranceProtects against defects on title in real property.VarianceException EE rule...Suffix implying receiving... grantee, optionee Estate At WillCan end at any time.Estate In ReversionHeld by the original grantor if a property is to revert to him.Easement by PrescriptionAn easement acquired by continuous, open, and hostile use of the property for the period of time (5 years) prescribed by state law by the dominant tenanment.Tenant Improvement AllowanceAllowance to customize generally for business purposes...compensated by the landlord.1031 Exchange- 45 days to identify a new property- 180 days to close on a new property Real PropertyRuns with the property, generally immovable.In the strict legal sense, real property includes land,appurtenances, that which is affixed to the land, and that which by law is immovable.Quitclaim DeedImmediate transfer of ownership.SubleaseAlso known as a sandwich lease... lessee and lessor arangement.AvulsionDecreases the size of a the land... a forcible pulling away due to dam breaking etc Tenancy in CommonA form of concurrent ownership where two or more persons hold separate titles in the same estate. May have equal or unequal shares. No right of survivorship.BootCash or other valuables added to exchange to make things equal.Servient TenementThe party that suffers from an easement... owns land...cannot revoke the easement.SurrenderRelease of responsibility and/or ownership.Less Than Freehold EstateLimited in duration... example leases.EncumberancesAnything that limits the property.Appurtenant EasementAn easement that transfer with land Government Powers (PETE)Police Power, Eminent Domain, Taxation, Escheat