Real Estate Law

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Author:
msshantiray
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133660
Filename:
Real Estate Law
Updated:
2012-02-07 23:06:47
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Real Estate Law
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Exam 1 Chapter 1-6
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  1. Remainderman
    A third party beneficiary who owns real property at the conclusion of a lesser estate in land
  2. Community Property
    Each spouse has a 50% undivided interest in all of the marital property acquired by a husband or wife, individually or jointly, during the course of the marriage
  3. Fee Simple Condition Precedent
    Also known as "fee simple determinable," a conditional estate in land that requires performance or the presence of a condition before the estate may vest
  4. O.C.G.A.
    The Official Code of Georgia Annotated, which houses the body of statutory law enacted by the Georgia Legislature
  5. Purchase and Sale
    The transfer of property ownership in exchange for consideration
  6. Tenancy at Will
    A type of tenancy that arises if the lessor and lessee do not execute a written lease and can be terminated by either party at any time upon statutorily prescribed notice
  7. Government-Owned Property
    A term used to describe any unimproved or improved land that is owned by the government
  8. Industrial Property
    A term used to describe land upon which factories and other businesses in which goods are manufactured have been erected
  9. Unity of Interest
    An equal percentage interest held by concurrent owners of real property; required to create a joint tenancy
  10. Non-Freehold Estate
    An estate in land in which the term of ownership is limited by a fixed period of time
  11. Ownership
    Encompasses the right to possess and use property to the exclusion of others and the ability to dispose of the property
  12. Title
    Ownership; the means whereby a person's right to property is established
  13. Chattels
    Another term for personal property
  14. Unity of Possession
    An undivided interest in the whole of the real property; required for cotenants and joint tenants
  15. Residential Property
    A term used to describe land upon which houses, apartments, condominiums and other types of dwellings have been erected
  16. Fee Simple Condition Precedent
    Also known as "fee simple determinable," a conditional estate in land that requires performance or the presence of a condition before the estate may vest
  17. Severalty
    Real property that is titled in one owner in an estate in severalty
  18. Fee Simple Condition Subsequent
    A conditional estate in land that can cause the forfeiture of a vested estate due to a change in circumstances
  19. Heirs
    The legal relatives of a decedent who dies intestate
  20. Riparian Rights
    The right of real property owners to use adjacent waterways in a lawful, reasonable manner that does not disrupt its natural flow
  21. Joint Tenants with the Right of Survivorship
    A form of concurrent ownership in which each joint tenant holds an equal, undivided interest in the real property, and when a joint tenant dies, his interest will automatically pass to the remaining joint owner(s)
  22. Color of Title
    Some fact which, although on its face appears to establish one's ownership, is in some way defective and fails to actually establish ownership of the real property
  23. Tenants in Common
    Two or more owners holding separate title to an undivided interest in the property with each being entitled to full ownership and possession of the entire parcel
  24. Eminent Domain
    The constitutional authority of federal, state and local governments to take private property for public use
  25. Unity of Time
    When two or more concurrent owners take ownership of the property at the same time; required to create a joint tenancy
  26. Personal Property
    Also referred to as "chattels," consists of movable items, such as furniture, vehicles, office equipment, clothing and money
  27. Conditional Estate
    An estate in land that confers fee simple ownership of real property that is subject to a specified or implied condition
  28. Estate for Years
    An estate in land that affords the same rights and responsibilities as those of a fee simple estate, but for a fixed period of time
  29. Concurrent Ownership
    Two or more people or entities owning the same piece of real property
  30. Marital Property
    A form of concurrent ownership that is similar to community property, with the exception that the division of the spousal assets is not necessarily a 50-50 split
  31. Foreclosure
    The legal means of requiring that real property pledged as collateral for a defaulted loan be sold and the sale proceeds be used to repay the debt
  32. Undivided Interest
    Each owner has the right to possess and use the entire property, rather than a specific part of the property, at all times
  33. Unimproved Land
    Real property that has not been developed, such as vacant lots, woodlands and property that is primarily used for agricultural use
  34. Devisees
    Persons designed in a decedent's last will and testament to receive property
  35. Adverse Possession (7 continuous years)
    A method of acquiring ownership of real property by possession and use of another's property without the owner's permission for a period of time specified by statute. Also known as "squatters' rights."
  36. Tenancy by the Entirety
    A form of joint tenancy with the additional requirement that the owners are a legally married couple
  37. Separate Property
    Property that is not part of the marital assets or community property because it was acquired by a spouse prior to marriage or acquired during marriage bygift, inheritance or devise
  38. Fee Simple
    Also referred to as fee simple absolute, this estate in land is the highest and best form of property ownership because its transferability and potential duration are not limited during the property owner's life or death (highest and best form of real estate ownership)
  39. Life Estate
    An estate in land that affords the same benefits and obligations as those of a fee simple estate, but for a limited period of time
  40. Fixed-Term Tenancy
    The most common type of residential leasehold estate that exists when a lessor and lessee specify the expiration date of the lease agreement, upon which the leasehold estate automatically terminates
  41. Fixture
    Personal property that has been converted to real property by virtue of its attachment to real property (ex. stove)
  42. Per Autre Vie
    "For the life of another;" describes a life estate that is measured in duration by the life of a person other than the life tenant
  43. Decedent
    A person who is no longer alive
  44. Leasehold Estate
    An exclusive, albeit temporary, right to occupy and use real property, rather than a right of property ownership
  45. Lessor
    Synonymous with "landlord"
  46. Partition
    A court-ordered physical division of concurrently-owned property
  47. Commercial Property
    A term used to describe land upon which shopping centers, stand-alone retail establishments and other buildings in which the sale of goods is transacted have been erected
  48. Usufruct
    The possessory interest held by a tenant in a leasehold estate
  49. Gift
    The transfer of property without consideration
  50. Real Estate
    A term that is used interchangeably with "real property"
  51. Periodic Tenancy
    Exists when a lessor-lessee relationship is defined by a certain time period and is renewed each time a rent payment is made, such as in a month-to-month periodic tenancy
  52. Lessee
    Synonymous with "tenant"
  53. Quiet Title Action
    An action that may be brought in superior court to determine who holds title to a disputed piece of property
  54. Improved Land
    Real property upon which structures have been erected
  55. Freehold Estate
    An estate in land in which there is no set date that will cause the estate to terminate
  56. Unity of Title
    When two or more concurrent owners take ownership of the property within the same instrument; required to create a joint tenancy
  57. Real Property
    Also referred to as "real estate," and encompasses land and buildings erected on the land, all things permanently attached to land or to the buildings thereon, and any interest existing in, issuing out of, or dependent upon land or the buildings thereon
  58. Bundle of Rights
    A party's collection of rights with regard to a parcel of real property
  59. Estate in Land
    Quantifies the degree, nature and extent of the ownership interest that a party has in real or personal property
  60. Tenancy at Sufferance
    A lessee fails to vacate leased premises upon the expiration of a fixed term tenancy or upon expiration of proper notice in a periodic tenancy or tenancy at will
  61. Escheat
    The process of property passing to the state if a property owner dies intestate with no legal heirs, or if property is otherwise deemed by the government to be abandoned
  62. Appurtenant Easement
    An easement that benefits a specific parcel of real property
  63. Run with the Land
    Third party interests that attach to real property and are not extinguished by changes in ownership of the property
  64. Servient Tenement
    The property that is burdened by an easement; the property on which an easement is located
  65. Fieri Facias
    "FiFa" for short, a lien recorded in the real estate records against real property of a debtor to satisfy a money judgment against the debtor
  66. Zoning Regulations
    The division of land within a municipality into districts that are classified for different uses
  67. Subdivision Plat
    An aerial drawing of a neighborhood (subdivision) which indicates lots, roads, common areas, building setbacks, limits on the size of structures that may be built and utility easements at the time of development
  68. Dominant Tenement
    The property that benefits from an appurtenant easement
  69. UCC Lien
    A lien against the personal property of a debtor accomplished through the filing of UCC Financing Statements
  70. Encumbrance
    An interest in real property held by someone other than the owner of the property that runs with the land
  71. License
    Permission or authority given to a third party licensee by the owner of land (the "licensor") to do a particular act or series of acts on the licensor's property
  72. Ad Valorem Taxes
    Latin for "according to value," means the amount of tax levied is calculated based upon the taxing entity's appraised value of the property
  73. Real Property Tax Liens
    Liens levied by a county against delinquent taxpayers' real property
  74. Land Use Regulation
    The body of law created by federal, state and local governments to direct the development and use of real property for the greater good of the public
  75. Condominium
    A building or complex in which units of property are owned by individuals and the exterior of the buildings are jointly owned and maintained by all residents of the complex
  76. Prescriptive Easement
    An easement created in favor of a party that has used certain land in a constant and interrupted manner for a long period of time
  77. Mechanics' Lien
    Short for mechanics' and materialmen's liens, which are created when a person files a lien in the county's public records to recover for unpaid work performed to improve real property or for unpaid materials that were furnished to do the work
  78. EPA
    Environmental Protection Agency
  79. Restrictive Covenants
    Privately agreed upon limitations on the use and appearance of real property within a subdivision
  80. Special Assessment
    A tax on particular parcels of land directly benefitted by specific public improvements to cover the government's cost of constructing or maintaining these public improvements
  81. CERCLA
    The Comprehensive Environmental Response, Compensation, and Liability Act
  82. Lien
    A claim on real property providing security for the payment of a debt or other obligation
  83. Condominium Declaration
    Contains a set of covenants, conditions and restrictions, known as "CC&Rs," to control the development, appearance and maintenance of a condominium complex
  84. Lease
    A written or implied contract that conveys a possessory interest in real or personal property
  85. Special Exception
    Granted when it is determined that a particular use of the property outside of its zoning classification would not be detrimental to the surrounding land
  86. Easement in Gross
    An easement that benefits a specific third party
  87. Reciprocal Easement
    An easement that creates a benefit and a burden on each of the adjoining land parcels
  88. Building Code
    Law created by municipalities and states to regulate virtually every aspect of the construction and renovation of most structures
  89. Income Tax Lien
    Lien assessed against all real property of a debtor who has failed to pay state or federal income taxes, including unpaid estate or gift taxes
  90. Zoning Variance
    May be obtained by a property owner when it can be shown that applicable zoning regulations interfere with the reasonable development of a parcel of real property
  91. Pre-Existing Use
    A use of real property that existed prior to, and does not conform to, a change in zoning classification
  92. Grandfathered
    Real property that is governed under a previous zoning classification or other regulation due to a use of the property that pre-dates the zoning classification
  93. Implied Easement
    An easement created by law when an owner of real property divests himself of a portion of his real property and the divested portion is land-locked as a result of the split
  94. Certificate of Occupancy
    Issued by a building inspector if all inspections are passed, permitting the structure to be legally occupied
  95. Easement
    A right in real property that may be exercised by a party on, over or through real property owned by another party for a specific use
  96. Cooperative Association
    Also known as a "co-op," a multi-unit building is owned by a non-profit corporation in which individual unit owners of the building have purchased shares of stock in the corporation
  97. Abandonment
    A party's non-use of an easement coupled with the intent to never use it again
  98. Earnest Money
    A deposit of funds made by a buyer, usually to a third party holder, to signify the buyer's serious intent to purchase real property; earnest money can be applied toward the purchase price at closing or forfeited by a buyer if the buyer breaches the contract
  99. Statute of Frauds
    A law that requires certain types of contracts, such as contracts for the purchase and sale of real estate, to be in writing in order to be valid
  100. Time is of the Essence
    A contract clause that makes all of the dates in a contract firm
  101. Rescission and Restitution
    A legal remedy in which the court acts as though a contract had never been entered and places the injured party in the same position he was in prior to the transaction
  102. Consideration
    Something of legal value that is exchanged by parties to a contract. Some examples of consideration are money, goods, services, and promises to do or to refrain from doing something
  103. Option Contract
    A contract between a seller and another party, referred to as the option holder, that provides that the option holder will have the right, but not the obligation, to purchase a parcel of property at any time within a specified time period for an agreed-upon price
  104. Execute
    To sign a document
  105. Default
    Non-compliance with the terms of a contract; also used to describe a contract that has been breached
  106. Money Damages
    A legal remedy which is also referred to as compensatory damages, in which the injured party is placed in the same monetary position he would have been in if the contract would have been honored by the breaching party
  107. Signature Blocks
    The area of a document where the parties sign
  108. Boilerplate
    Standard language contained in contracts that does not vary significantly among transactions
  109. Offer
    A proposed contractual arrangement made by a party, called the "offeror," indicating his willingness to be legally bound by the specific terms and conditions of the proposed arrangement
  110. Risk of Loss
    A term used to describe the party who is responsible for maintaining insurance on real property to cover losses if the property is substantially damaged or destroyed prior to closing
  111. Breach
    Non-compliance with the terms of a contract
  112. Special Stipulations
    An area of a contract where the parties can include provisions that are specific to their transaction that have not been otherwise addressed in the contract
  113. Purchase and Sale Agreement
    A written agreement that sets forth the terms and conditions upon which property ownership will be transferred and governs the rights and obligations between the parties from the time the contract is entered into through the closing
  114. Meeting of the Minds
    In contracts law, indicates that the parties to a contract agree to the essential terms of the contract
  115. Contract
    A legally binding agreement
  116. Merger
    A legal doctrine providing that any unfulfilled contract terms expire when the closing of the subject property occurs and legal ownership is transferred from seller to buyer, except for any provisions that specifically state that they will survive the closing
  117. Contingencies
    Conditions to a party's obligation to complete a transaction
  118. Power of Attorney
    A written document that appoints a third party to take legal action on behalf of another, it may be limited or general in scope and duration
  119. Covenants
    Legally binding promises or assurances
  120. Specific Performance
    A court-ordered mandate that a party perform a specified act
  121. Notice Provision
    A contract clause that specifies the acceptable means by which each party can provide notice to the other party of matters relating to the contract
  122. Defined Terms
    Shortening terms that are frequently used in a contract and defining these terms the first time each term is used
  123. Liquidated Damages
    A contract clause in which the parties agree that, in the event of a breach, a predetermined sum of money will be paid by the breaching party to the non-breaching party, and the non-breaching party will not be entitled to pursue any additional remedies
  124. Parol Evidence Rule
    Also known as the "four corners" rule, an evidentiary rule in which a court will not consider any evidence of verbal or prior agreements that constitute additional or contradictory terms of a disputed contract
  125. Lease-Purchase
    An agreement in which a property owner agrees to lease real property to a tenant for a specified period of time at a specified lease rate, and the tenant agrees to purchase the property for a specified purchase price at the end of the term of the lease
  126. Acceptance
    Occurs when the offeree notifies the offeror that the offeree agrees to the terms and conditions of a proposed transaction
  127. Waste
    is an improper use of land (such as the making of an unauthorized change or repair) by an individual in rightful possession of the land (such as a life estate owner).
  128. Voluntary waste
    is committed by using the land in a way that results in an unreasonable reduction of the value that will be passed to those estates that follow the life estate (ex – strip mining). Voluntary, or affirmative waste, is the result of an overt and willful acts of destruction.
  129. Permissive waste
    • is committee by permitting the land to fall into disrepair which results in the land’s diminished value. Permissive waste may
    • be committed by action or inaction (such as failure to maintain the property).
  130. Ameliorative waste
    results when improvements are made to the land which destroy the original condition of the land but which increases its value (ex – tearing down a structure to build a new one that is worth more than the old one). These improvements, while increasing the value of property, are done without permission.
  131. What is personal property (chattels)
    moveable items such as furniture, vehicles, office equipment, clothing, money.
  132. What types of concurrent property ownership are recognized in Georgia?
    tenants in common & joint tenants w/right of survivorship
  133. What is a Purchase and Sale Agreement?
    a contract between a buyer/seller containing the terms and conditions upon which the property will be transferred, governs rights and obligations between both parties and covers the time the contract is signed through the closing date.
  134. Consideration
    • each party must exchange something of value.
    • Examples= money, goods, services, and promises to do or to refrain from doing
    • something.
  135. Lawful Purpose
    The contract must not involve an unlawful purpose.
  136. Legal Capacity
    • Minors-(voidable contracts)
    • Mentally incompetent persons (void contracts)
  137. Legal Authority
    • The four major areas in which the issue of legal authority may arise are discussed below.
    • -Business entities
    • -Executors of estates
    • -Trustees
    • -Powers of attorney (limit the scope of the poa to that transactions and for a specific period of time)
  138. Components of PSA
    Name of the parties, legal description of the property, purchase price, distribution of closing costs, and earnest money

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