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Fin 345 exam 2
n/a
113
Real Estate & Planning
Undergraduate 3
10/25/2009
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Term
community property 2
 Definition
theory under which all property acquired during a marriage is considered to be equally owned by the husband and wife, regardless of the financial contribution each spouse actually made to the property’s acquisition.
Term
alienable 2
 Definition
a property owners right to transfer interests owned in a property during his or her lifetime
Term
descendible 2
 Definition
a property owner’s right to transfer interests owned in a property to legal heirs should the owner die without a valid will.
Term
Devisable 2
 Definition
a property owners right to transfer interests owned in a property via a will.
Term
fee simple absolute 2
 Definition
the fullest and most complete set of ownership rights one can possess in real property.
Term
riparian theory 2
 Definition
theory that permits land owners whose land underlies or borders non-navigable bodies of water to use all the water needed as long as the use does not deprive other landowners who are also entitled to use some of the water.
Term
life estate 2
 Definition
an ownership interest in real property that normally ends upon the death of a named person.
Term
prior appropriation 2
 Definition
theory that states that the first person to use a body of water for some beneficial economic purpose has the right to use all the water needed, even though landowners who later find a use for the water may be precluded from using it.
Term
freehold estate 2
 Definition
ownership interests in real property.
Term
leasehold estate 2
 Definition
a tenant’s rights to use and possess (but not own) a property as defined in a lease agreement.
Term
possibility of reversion 2
 Definition
the future interest that follows a qualified fee determinable estate.
Term
power of termination 2
 Definition
the future interest that follows a qualified fee conditional estate.
Term
Reversion 2
 Definition
the future interest associated with a life estate held by the grantor.
Term
Remainder 2
 Definition
the future interest associated with a life estate held by someone other than the grantor.
Term
qualified fee determinable 2
 Definition
an estate that terminates automatically should some condition be violated.
Term
qualified fee conditional 2
 Definition
an estate that a court may rule has been terminated should some condition be violated.
Term
fixture 2
 Definition
an item that was once personal property but has become part of the real estate.
Term
trade fixture 2
 Definition
personal property used in a trade or business.
Term
condominium 2
 Definition
a form of joint ownership whereby the property owners own their individual units separately but share ownership of common areas; a building owned in this manner.
Term
Cooperative 2
 Definition
a form of joint ownership whereby the property owners own shares of stock in a corporation that owns the property and are entitled to occupy space within the building.
Term
Time share 2
 Definition
a form of concurrent estate that splits ownership of a property across owners and across time
Term
tenancy for a stated period 2
 Definition
a leasehold estate that has definite starting and ending dates.
Term
tenancy from period to period 2
 Definition
a leasehold estate that continues to automatically renew each period unless terminated by either party.
Term
tenancy at will 2
 Definition
an informal leasehold estate of indeterminable length that may last as long as the parties agree.
Term
tenancy at sufferance 2
 Definition
a leasehold estate that defines a tenant’s rights to occupy the property against the wishes of the lessor.
Term
tenancy in common 2
 Definition
a form of concurrent estate in which each owner has an undivided interest in the property.
Term
joint tenancy 2
 Definition
joint ownership in which all owners have equal, but undivided, interest in a property.
Term
tenancy by the entirety 2
 Definition
a form of concurrent estate in which a husband and wife can own property jointly.
Term
grantor 2
 Definition
the party who transfers a freehold estate in real property to a grantee.
Term
Grantee 2
 Definition
the party who receives a freehold estate in real property from the grantor.
Term
Lessor 2
 Definition
the person who gives a leasehold interest in a property to a lessee.
Term
Lessee 2
 Definition
the person who receives a leasehold interest in a property from the lessor.
Term
rectangular survey system 2
 Definition
a grid-based system used to legally describe the location of a property.
Term
base line 2
 Definition
east-west lines used as reference points in the rectangular survey system.
Term
principal meridian 2
 Definition
north-south lines used as reference points in the rectangular survey system.
Term
township 2
 Definition
a 36-square-mile area formed by township and range lines in the rectangular survey system.
Term
Section 2
 Definition
1-square-mile rectangles that divide townships into 36 equal areas of 640 acres each.
Term
Metes 2
 Definition
refers to distance in the legal method for describing the exact boundaries of a property.
Term
bounds 2
 Definition
refers to the directions of the property’s boundaries in the legal method for describing the exact boundaries of a property.
Term
Plat 2
 Definition
a detailed land survey drawing, usually prepared by a professional surveyor, that shows the features of a property and its legal description.
Term
Easement 3
 Definition
a right given to another party by a land owner to use a property in a specified manner.
Term
easement appurtenant 3
 Definition
an easement with clearly identifiable dominant and servient estates.
Term
easement in gross 3
 Definition
an easement with only a servient estate.
Term
dominant estate 3
 Definition
the property benefited by the existence of an easement appurtenant.
Term
servient estate 3
 Definition
the property burdened by the existence of an easement appurtenant or easement in gross.
Term
Lien 3
 Definition
a claim on a property as security for a debt or fulfillment of some monetary charge or obligation.
Term
special lien 3
 Definition
a security interest that relates only to a specific parcel of real estate.
Term
general lien 3
 Definition
a security interest on all property owned by an individual.
Term
express reservation 3
 Definition
method of expressly creating an easement on a grantee’s property.
Term
express grant 3
 Definition
method of expressly creating an easement on a grantor’s property.
Term
creation by implication 3
 Definition
an easement created from the factual circumstances even though an easement is not expressly created.
Term
creation by dedication 3
 Definition
Private real property owner grants an easement to
the public for a public purpose, usually a development requirement.
Term
creation by condemnation 3
 Definition
when the government, public utility or railroad expropriates an easement, must be for a legitimate public purpose.
Term
creation by prescription 3
 Definition
creating an easement as a result of “actual and exclusive, open and notorious, hostile and continuous” use for a statutory period of time.
Term
license 3
 Definition
a revocable personal privilege to use land for a particular purpose.
Term
encroachment 3
 Definition
an unauthorized invasion or intrusion of a fixture, building, or another improvement onto another person’s property.
Term
restrictive covenants 3
 Definition
limitations placed on a property by a landowner or previous landowner that prevents the property from being used in certain ways.
Term
adverse possession 3
 Definition
the acquisition of property as a result of “actual and exclusive, open and notorious, hostile and continuous” possession under a claim of right for a statutory period of time.
Term
ad valorem tax 4
 Definition
a tax levied as a percentage of the value of the taxed item.
Term
assessed value 4
 Definition
the estimated value of a property for tax purposes.
Term
comprehensive plan 4
 Definition
a statement of land-use policies that shape the future development of a community.
Term
eminent domain 4
 Definition
the government’s power to take private property for public use upon payment of just compensation.
Term
Escheat 4
 Definition
the government’s right to own real estate following the owner’s death in the absence of a valid will or legal heirs.
Term
impact fee 4
 Definition
fee charged to developers to raise funds for expansion of public facilities needed as a result of the new development.
Term
incentive zoning 4
 Definition
a practice used by communities to encourage developers to provide certain publicly desired features in their developments in exchange for relaxed enforcement of the zoning code.
Term
inverse condemnation 4
 Definition
a lawsuit initiated by a property owner to force the government to purchase a property whose value has been diminished by a governmental action.
Term
Mandatory dedication 4
 Definition
a requirement that developers donate property to the community for public use as a condition for obtaining development approval.
Term
performance zoning 4
 Definition
regulations that restrict land use based on the environmental carrying capacity of the site.
Term
police power 4
 Definition
the governments power to regulate the way private property is used to protect the health, safety, morals, and general welfare of the public.
Term
regulatory taking 4
 Definition
taking property through regulatory procedures.
Term
variance 4
 Definition
permission granted by a government for a landowner to use the property in a manner not ordinarily permitted.
Term
substantive due process 4
 Definition
the power of the government to obtain private property for public purposes.
Term
procedural due process 4
 Definition
process when all affected property owners must be informed of proposed zoning regulations, where there must be an appeals process.
Term
Deed 5
 Definition
a written document that evidences ownership.
Term
bargain and sale deed 5
 Definition
a deed that simply states that the grantor has title to the property and the right to convey it but does not contain any express covenants or warranties to the title’s validity.
Term
general warranty deed 5
 Definition
the deed that offers the most protection to the grantee, complete with all relevant covenants and warranties.
Term
special warranty deed 5
 Definition
similar to a general warranty deed, except the covenants and warranties apply only to the events that occurred during the grantor’s period of ownership.
Term
quitclaim deed 5
 Definition
a deed used to transfer any interest a grantor may or may not have in a property, without implying that the grantor has a valid interest to convey.
Term
covenant 5
 Definition
a promise or guarantee made by a grantor in a deed.
Term
covenant against encumbrances 5
 Definition
an assurance made by the grantor that no liens or encumbrances other than those of public record exist against the property.
Term
covenant of further assurances 5
 Definition
an assurance made by the grantor that the grantor will execute any future documents needed to perfect the grantee’s title.
Term
covenant of seisen 5
 Definition
an assurance made by the grantor that he or she is in full possession of the interest being conveyed by a deed and thus has the right to convey it.
Term
covenant of quite enjoyment 5
 Definition
an assurance made by the grantor that no other party will disturb the grantee claiming to own the property or to have a lien on it; a promise from the lessor that the tenant has the right of exclusive possession of the property during the term of the lease.
Term
Consideration 5
 Definition
anything that incurs legal detriment or the forgoing of a legal benefit.
Term
insurable title 5
 Definition
a title in real estate that a reputable title insurance company is willing to insure which is most frequently without major defect.
Term
marketable title 5
 Definition
a title free and clear of all past, present, and future claims that would cause a reasonable purchaser to reject such title.
Term
Torrens system 5
 Definition
a system of land registration used by a few states as an alternative to grantor/grantee indexes.
Term
Offer 6
 Definition
a statement that specifies the position of its maker (offeror) and indicates that the offeror is willing to be bound by the conditions stated.
Term
acceptance 6
 Definition
an expression of satisfaction with an offer.
Term
Counteroffer 6
 Definition
a response to an offer that represents a new offer.
Term
Contract 6
 Definition
a legal device used by two or more persons to indicate they have reached an agreement.
Term
Consideration 6
 Definition
anything that incurs legal detriment or the forgoing of a legal benefit.
Term
breach of contract 6
 Definition
failure to perform a required contractual obligation.
Term
statute of frauds 6
 Definition
a law designed to prevent fraudulent practices involving contracts.
Term
partial performance 6
 Definition
fulfillment of the terms of an agreement to such an extent that the existence of the agreement may be reasonably inferred.
Term
contractual capacity 6
 Definition
the mental ability to understand what a contract represents and the meaning of its term.
Term
option-to-buy 6
 Definition
a contract that gives one party the right, but not an obligation, to purchase a property within a specified time horizon at a specified price.
Term
land contract 6
 Definition
a contract that establishes an obligation to transfer title from a seller to a buyer at some future date based on an agreed-upon payment schedule.
Term
contingency 6
 Definition
terms of a contract that may result in the contract being canceled if certain events occur.
Term
Lease 7
 Definition
a legal agreement between lessor and lessee.
Term
Lessor 7
 Definition
the person who gives a leasehold interest in a property to a lessee.
Term
Lessee 7
 Definition
the person who receives a leasehold interest in a property from the lessor.
Term
gross lease 7
 Definition
a lease contract stipulating that the landlord will pay all operating expenses, taxes, and insurance for the property during the period of the lease.
Term
net lease 7
 Definition
a lease that stipulates that the lessee will pay operating expenses for a property during the lease period.
Term
net net lease 7
 Definition
a lease that stipulates that the lessee will pay operating expenses and insurance for the property during the lease period.
Term
net net net lease 7
 Definition
a lease that stipulates that the lessee will pay operating expenses, insurance, and property taxes for the property during the lease period.
Term
fixed rent lease 7
 Definition
a lease contract that stipulates a fixed rent amount for the period of the lease.
Term
graduated rent lease 7
 Definition
a lease contract that stipulates scheduled rent increases over the period of the lease.
Term
reappraisal lease 7
 Definition
a lease that stipulates that the rent will be adjusted periodically as the value of the building changes, as determined by an appraisal.
Term
percentage of sale lease 7
 Definition
a lease for a property used for commercial purposes under which the rental payments are based on some percentage of sales made on the premises.
Term
indexed lease 7
 Definition
a lease in which rent payments are adjusted based on changes in the cost of living.
Term
assignment 7
 Definition
the act of passing all of one’s rights and responsibilities under a legal agreement to a third party.
Term
Martgage Lien 3
 Definition
voluntary lien securing payment of debt
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