WRA 8: Title of Real Estate-Vocabulary Flashcards

WRA 8: Title of Real Estate-Vocabulary Flashcards

Special AssessmentA tax on property owners in the area of an improvement such as new curbs and gutters.DeedA document that transfers ownership of title.Use-value AssessmentA method of assessing Wisconsin agricultural land for property tax purposes.Party Wall EasementA wall that is located on a boundary line between two adjoining parcels of land.Gap PeriodThe time between the effective date of a title commitment and the recording of the owner's interest.Easement by PrescriptionAn easement created by adverse use of a property over a statutory period.Judgment LienA lien binding the real estate of one who is in debt to the holder of a judgment, giving the holder a right to foreclose on the land for the satisfaction of the judgment.Easement by NecessityAn easement that is acquired through the operation of law allowing a purchaser of land ingress and egress.Personal Representative's DeedA deed used by a personal representative when conveying property from an estate.EncumbranceAny claim against a property that may diminish its value.Easement in GrossAn interest to use another land that usually ends with the death of the grantee or transfer of property.Mortgage LienLien rights given to a lender by a borrower in exchange for the loan.EncroachmentTo advance upon, or trespass upon the property of another as in the extension of some improvement or object across the boundary of a neighboring tract.Construction LienA specific, involuntary lien placed against real property for securing a debt.Equitable TitleThe right to obtain absolute ownership of a property when legal title is held in another's name.Title Insurance PolicyAn insurance policy that protects the insured against loss or defects that may occur in the title.Warranty DeedA deed in which the grantor warrants clear title to the property.Quitclaim DeedA deed that conveys title to real property without making warranties or representations regarding the quality of the deed.Chain of TitleChronological record of a property's ownership.Assessed ValueA property's value for determining property taxes.Appurtenant EasementAn easement that exists between two adjacent property owners where one is the dominant estate and the other is

the servient estate.

Easement by CondemnationAn easement acquired through operation of law by a government for a public use.Ad ValoremLatin for according to valuation.Servient Estate/TenementThe landowner who grants or serves the right to use property to another in an appurtenant easement.Abstract of TitleA condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place.Commercial Easement in GrossAn easement between a landowner and a company that binds subsequent owners.General LienA claim on both real and personal property owned by an individual.RecordingA written instrument affecting any estate, right, title, or interest in land that is recorded in the public records in the county where the land is located.Personal Easement in GrossAn easement that exists between a landowner and another person that typically ends upon the death of the easement holder or transfer of title.Marketable TitleA title that is free from defects and encumbrances and may be transferred to another party.Property TaxesTaxes levied by the government against real estate.EasementAn incorporeal right held by one party to make use of the land of another for a limited purpose.Specific LienA claim against a piece of property.Writ of AttachmentThe method by which the court gains custody of a deed to assure that the collateral will not be sold without satisfaction of a court ordered judgment.LienA legal right to place a claim or encumbrance on property or have it sold for payment of a debt.Gap EndorsementWhen a title company will provide coverage for liens that occur between the title commitment and the recording of the deed.Dominant Estate/TenementA party to an easement who received an easement right to use another's property.Suit to Quiet TitleA court action intended to establish the title to a particular property where there is a cloud on title.Constructive NoticeKnowledge that the law presumes a person has because of documents that have been recorded as a matter of public record.Lis PendensA notice filed on public record to give constructive notice that a property is in litigation and there may be a forthcoming lien.

Writ of ExecutionA court order instructing the officer of the court to carry out the decision of the court.