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68 Cards in this Set
- Front
- Back
Real Property |
Land and anything permanently attached to it. |
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Fixture |
Personal property changed to real property by permanently attaching it to the real estate. |
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Personal Property |
Movable items not attached to real estate. |
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Trade Fixture |
Personal property used in a business or trade that is attached to real estate. |
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Contiguous |
Touching at any point. |
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Abutting |
Butting against each other. |
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Government Check |
In a 24-mile-square parcel, there are 16 townships. |
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Plat Map |
A map that only shows lot locations and size. |
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Encumbrance |
Any claim attached to real property that may lessen its value or impair its use. |
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Lien |
A claim against one property owner as security for debt. |
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Mechanic's Lien |
Lien placed on your property for the labor and/or materials rendered in the improvement of a property. |
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Easement Appurtenant |
Easement that is attached to the land and passes with the land. |
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Dominant Estate/Tenement |
The estate that benefits from the easement. |
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Servient Estate/Tenement |
The estate that is the giver of the easement. |
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Party Wall |
A common wall between properties. |
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License |
Not an interest in land, but merely permission to use the land of another for some limited purpose. |
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Encroachment |
An unauthorized intrusion of real property, reducing its value. |
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Egress |
The ability to exit a property. |
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Ingress |
The ability to enter a property. |
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Judgment Lien |
Lien created when a court-ordered lien is placed against a property and filed with the courts when a homeowner fails to pay a debt. |
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Property Characteristics |
-Describe the nature of the land -Characteristics influence use (physical and economic) |
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Mineral Rights |
Rights to everything above and below the land and its profits (usually conveyed w/ real property). |
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Air Rights |
Rights to airspace above property owned (i.e. a roof-top lease) -May be transferred by easement -Air is not real property -Airspace is real property when described in 3D. |
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Horizontal Regimes |
In condos, it refers to airspace as horizontal planes being the floor and ceiling. |
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Types of Property |
-Real -Personal |
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Test of a Fixture |
Based on: -Removal -Intention -Method of adaptation and attachment -Mutual agreement *Transfer of real property is done by deed *Transfer of personal property is done by Bill of Sale |
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Personal Property |
-Chattel: Item of personal property -Trade Fixtures: Must be removed before lease expiration, otherwise landlord owns them -Transfer through Bill of Sale |
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Legal Land Description |
Describes a piece of real property; used for conveyance documents accepted by state courts. -Required to legally convey any interest or estate in real property -A deed must clearly ID the land being conveyed -It also ensures identity of the property in the future |
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Acre |
43,560 Sq. Ft. |
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Mile |
5,280 Ft. |
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Principal Meridians |
North to South Line |
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Range Lines |
Run North to South, parallel to Principal Meridian - 6 miles apart |
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Base Line |
West to East Lines |
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Township Lines |
Run East to West, Parallel to Base Line |
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Legal Description Methods |
-Government Rectangular Survey -Metes and Bounds -Lot, Block, and Tract |
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Government Rectangular Survey |
Uses Principal Meridians and Base Lines to describe land perimeters. -Used mainly West of Mississippi -Not all states have this legal description -35 Principal Meridians and 32 Base Lines across country |
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Layout of Range/Township Lines |
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Metes and Bounds |
Description begins at a certain, well-defined point and then follows the exterior boundaries by directions and distances. -Starts at Point of Beginning (POB) -Uses points and angles -Surveyor must be given directionals and distances -Must return to POB |
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Lot, Block, and Tract |
-Utilizes a plat map -Most commonly used w/ subdivisions -The sub-divider is required to file a map or plat of a tract w/ the county clerk in the county where the property is located -Describes even the smallest parcel of land |
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Township |
6 X 6 miles, 36 square miles |
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Section |
Each township is divided into 36 sections: -One square mile, each -Containing 640 acres -Each section can be located by its number, township, and range |
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Correction Lines |
Due to the curvature of the earth, convergence of range lines and human error, it is impossible to keep all sections exactly 1 square mile: -Adjustments every 24 miles N and S of the Baseline and E and W of the Principal Meridian -Correction lines create 11 fractional and 25 standard sections |
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Fractional Sections |
Always on the North and West side of each township (Sections 1,2,3,4,5,6,7,18,19,30,31) |
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Dividing Sections |
Start by using 640 acres in a section, then work backwards -"And" means stop and begin again |
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Types of Property Restrictions |
-Encumbrances -Lien -Easements -Encroachment -CC & Rs |
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Types of Encumbrances |
-Lens or mortgage liens -Easements or encroachments -Leases -Unpaid taxes |
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Clouds |
Any document, claim, unreleased lien or encumbrance that may impair or invalidate the marketability of the title. |
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Order of Liens |
-Specific Lien -General Lien -Voluntary Lien -Involuntary Lien |
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Specific Lien |
A lien or change against a specific parcel of property only (i.e. property tax lien) |
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General Lien |
Charge against all of the debtor's real and personal property (i.e. income taxes, judgement) |
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Voluntary Lien |
Created by the intentional action of property owner (i.e. mortgage lien) |
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Involuntary Lien |
Created by law (i.e. property taxes, assessment taxes) |
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Specifics of a Mechanic's Lien |
-A 20 day preliminary notice is a prerequisite for filing a Mechanic's Lien -Specific, involuntary Lien -Gives security to those who perform labor or furnish material for improvements -A person who furnishes labor or materials to someone other than the owner, cannot file a Mechanic's Lien -Effective date is when work began -Lien must be recorded in order to establish the position of the lien (i.e. time and place) -Contractor must be able to produce proof of a contract (expressed or implied) w/ the owner's authorization |
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Time Frames for Filing a Mechanic's Lien |
General Contractor - 120 days from when job is finished Sub-Contractor - 120 days from completion of the whole job |
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Specifics of a Judgment Lien |
Recordation - in the land records where the debtor owns any real property Enforcement - Creditor must sue the debtor for a money judgment and seek to enforce it against any property the debtor may own -Renewal - Liens can become "dormant" after a specific number of years, but can usually be renewed indefinitely |
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Easements |
Actual interest in land, but not ownership -Statute of Frauds applies (usually in the form of a separate deed or a reservation in a deed) -Easement appurtenant (annexed to ownership) -Has a dominant estate (or tenement) and a servient estate (or tenement) -Party wall easement -License (can be revoked at any time) |
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Tenement |
A piece of land held by an owner |
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Types of Easements |
-Easement by necessity -Easement by prescription -Easement in gross -Personal Easements -Commercial Easements |
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Easement by Necessity |
Created by a court of law in cases where justice and necessity dictate: -Usually a landlocked situation where ingress and/or egress is unavailable by legal description) |
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Easement by Prescription |
Acquire land by adverse possession -A right acquired by an adverse user to use the land of another -Time period of use required to enact - 10 years -User has to have adverse, hostile, open, actual, notorious, and continuous use of land -Tacking on is acceptableq |
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Tacking On |
Continuous use of land through adverse possession with different occupants |
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Easement in Gross |
Limited right of one person to use another's land -Similar to license, except that it is irrevocable for owner's lifetime -It is personal in nature and does not attach to the land |
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Personal Easements |
-Not assignable -i.e. might be that the owner gives a neighbor permission to cross over his land to fish in a lake |
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Commercial Easements |
-Assignable -i.e. a commercial easement in gross, such as the right given to a utility company to install pipelines and power lines, is a more substantial property interest and is assignable |
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Reasons for Termination of Easement |
-When the owner of the dominant estate becomes the owner of the servient estate
-Abandonment of easement -Quitclaim deed -Purpose of easement ceases to exist -Taken by eminent domain or lost by adverse possession -Improper purpose (called overburdening) |
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Overburdening |
Improper or over-extended use of an easement creates an adverse situation for the servient estate, allowing termination of an easement |
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Encroachment |
Physical intrusion on a person's land |
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CC & Rs |
Covenants, Conditions & Restrictions: -Private restrictions on the use of real property -Enforced in court by property owners -i.e. HOAs |