OR rule - ANSWER-Implying Giving
EE rule - ANSWER-implying receiving
Bundle of Rights - ANSWER-The rights of an owner to possess, control, enjoy,
... [Show More] sell, lease, mortgage, and dispose of the property.
Real Property - ANSWER-physical property such as land and buildings, generally immovable
Personal Property - ANSWER-possessions such as jewelry, furniture, and boats
Chattel Real - ANSWER-personal property
fixture - ANSWER-incorporated into the land, real property
Trade Fixtures - ANSWER-business office, personal property
Riparian Rights - ANSWER-moving body of water, ex. a river
Littoral Rights - ANSWER-not moving water, ex. a lake
accretion - ANSWER-increasing the size of property
Avulsion - ANSWER-The sudden tearing away of land
Reliction - ANSWER-water recedes so new land is acquired
appurtenances - ANSWER-run with the land
Freehold Estate - ANSWER-unlimited in duration/ ownership
fee simple estate - ANSWER-Absolute ownership, not free from encumbrances, IE. taxes
Fee Simple Defeasible - ANSWER-ownership of property that has a condition that can cause loss of title
Life Estate - ANSWER-ownership based upon the life of another
holder of life estate - ANSWER-entitled to use property that is held in a life estate
Estate in Reversion - ANSWER-An estate that comes back to the original grantor
Estate in Remainder - ANSWER-Estate transferred to someone other then the grantor
Less than Freehold Estate - ANSWER-limited in duration ex. leases
Estate for years - ANSWER-defined period of time and termination date, ex. summer rental
Periodic Tenancy - ANSWER-from period to period, month to month, week to week
Estate at will - ANSWER-ends at any time
Estate at Sufferance - ANSWER-Tenant remains on the property, without the landlord's permission, after the lease has expired
Percentage Lease - ANSWER-percentage of gross receipts
Net Lease - ANSWER-taxes, insurance, maintenance, ex. triple net lease
gross lease - ANSWER-set fee
Sandwich Lease - ANSWER-Primary party is lessee and a lessor
Sublease - ANSWER-The transfer of part of the term of a lease, but not the remainder of it, to someone else.
Tenant Improvement Allowance - ANSWER-agreement of landlord to compensate for all or part of construction of commercial space
Abandonment - ANSWER-release of responsibility/ ownership
assignment - ANSWER-giving responsibility/ ownership
surrender - ANSWER-release of responsibilty/ ownership
Constructive Eviction - ANSWER-Landlord either does something or fails to do something that he has a legal duty to provide.
Estoppel Statement - ANSWER-A "signed statement by a party certifying for another's benefit that certain facts are correct, it defines each party's responsibilities
deeds - ANSWER-Evidence of transfer
Quitclaim Deed - ANSWER-immediate transfer of ownership
Warranty Deed - ANSWER-The grantor guarantees that the title is good, free, and clear of all liens and encumbrances
Special Warranty Deed - ANSWER-guarantees clear title for the duration of previous owner
General Warranty Deed - ANSWER-guarantees clear title for the life of the property
title - ANSWER-ownership
legal title - ANSWER-right to sell
Equitable Title - ANSWER-right to gain equity
Chain of Title - ANSWER-History of ownership which shows conveyances and encumbrances
Abstract of Title - ANSWER-Summary of title
Cloud on Title - ANSWER-Defect on title ex. single women married
Alienation of Title - ANSWER-a change in ownership of any kind
Severalty - ANSWER-sole ownership
Concurrent Estates - ANSWER-two or more people owning property at the same time
Joint Tenancy - ANSWER-unity of time, title, interest and possession, (TTIP)
Tenancy in Common - ANSWER-form of co-ownership in which the shares may be unequal and there is no right of survivorship
encumbrance - ANSWER-anything that limits the property
Easment - ANSWER-right to cross another persons land
Dominant Tenement - ANSWER-property with the right of crossing
Servient Tenement - ANSWER-the property that is being crossed
Easment by Prescription - ANSWER-implied easement granted after the dominant estate has used the property
Appurtenant Easement - ANSWER-easement that transfer with the transfer of title
Easement in Gross - ANSWER-No dominant tenement
Government Powers (PETE) - ANSWER-Police Power, Eminent Domain, Taxation, Escheat
police power - ANSWER-regulations implemented for public health, and general welfare
R3 - ANSWER-multi family residential
Variance - ANSWER-granted exception to rule
Down Zoning - ANSWER-Commercial to residential
Nonconforming use - ANSWER-use that was allowed under prior zoning regulations
granfather clause - ANSWER-old rule that continues to apply
Escheat - ANSWER-goes to the state when somebody dies without will or without heirs
Intestate - ANSWER-no will
Testate - ANSWER-has will
Holographic Will - ANSWER-handwritten will
Probate - ANSWER-process of allocating assets of deceased
boot - ANSWER-cash or other property added to and exchange to make value equal
ad valorem - ANSWER-according to value
eminent domain - ANSWER-Power of a government to take private property for public use.
condemnation - ANSWER-process of paying when property taken by eminent domain
Inverse Condemnation - ANSWER-Suing the government for just compensation when property is taken
encroachment - ANSWER-property crossing another property line
Liens - ANSWER-Money owed
General liens - ANSWER-Lien against all personal property
specific liens - ANSWER-A lien affecting or attaching only to a certain, specific parcel of land or piece of property.
Voluntary Lien - ANSWER-A lien placed on property with the knowledge and consent of the property owner.
Mechanic's Lien - ANSWER-A statutory lien on the real property of another, created to ensure payment for work performed and materials furnished in the repair or improvement of real property, such as a building.
Judgment Lien - ANSWER-a court-ordered lien placed against property when the homeowner fails to pay a debt.
Lis Pendis - ANSWER-law suit pending
injunctions - ANSWER-court order to stop
Constructive Notice - ANSWER-a person should have known, as a reasonable person would have
acknowledgement - ANSWER-authentic legal instruments legal validity
a credit - ANSWER-money received
short rate - ANSWER-Penalty for not fulfilling contract
Impounds - ANSWER-method of collecting debt that take priority over loan
RESPA - ANSWER-Real Estate Settlement Procedures Act - disclosure of settlement costs and eliminate abusive practices
TILA - ANSWER-Truth in Lending Act - provide disclosure of lending fees and practices
Fair housing act - ANSWER-1968, prevents discrimination
Sherman Anti-Trust - ANSWER-Promotes free market competition
Americans with Disabilities Act - ANSWER-All public property must be accessible to everyone
material fact - ANSWER-something a reasonable Pearson would recognize
Steering - ANSWER-Discriminatory acts against buyers.
Blockbusting - ANSWER-Inducing panic selling based on prejudice
Redling - ANSWER-choosing who to loan money to based upon race
Conversion - ANSWER-using clients money
Puffing - ANSWER-Exaggerating
caveat emptor - ANSWER-buyer beware
Contract Essentials - ANSWER-Competent parties
Mutual agreement
Lawful objective
Consideration
Void Contract - ANSWER-Lacks one of the 4 essential elements
Voidable Contract - ANSWER-Option to rescind
Bilateral Contract - ANSWER-two promises
Unilateral Contract - ANSWER-one promise
Executed Contract - ANSWER-all terms of contract have been fulfilled
executory contract - ANSWER-a contract yet ti be completed
Statute of Frauds - ANSWER-requires certain contracts to be in writing
statute if limitations - ANSWER-what the necessary time duration are
Novation - ANSWER-a new contract
codicil - ANSWER-an amendment to a will
agency - ANSWER-ACOLD, accountability, confidentiality, obedience, loyalty, disclosure
Fiduciary - ANSWER-loyalty
Actual Authority - ANSWER-power conferred upon the agent by actual consent manifested by the principal to the agent
dual agent - ANSWER-Represents both the buyer and seller
Universal Agent - ANSWER-Broad authority to act on behalf of principle for unlimited amount of time [Show Less]