The consumer and the law(chapter 50)

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tmoy4565
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The consumer and the law(chapter 50)
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2015-02-16 00:19:20
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consumer law chapter 50
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the consumer and the law chapter 50
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  1. adverse possession
    The acquisition of title to real property by occupying it openly, without the consent of the owner, for a period of time specified by a state statute. The occupation must be actual, open, notorious, exclusive, and in opposition to all others, including the owner.
  2. closing
    The final step in the sale of real estate--also called settlement or closing escrow.
  3. Commercial use
    Use of land for business activities only; sometimes called business use.
  4. Community property
    A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage. 
  5. Concurrent ownership
    Joint ownership
  6. Constructive eviction
    A form of eviction that occurs when a landlord fails to perform adequately any of the undertakings (such as providing heat in the winter) required by the lease, thereby making the tenant's further use and enjoyment of the property exceedingly difficult or impossible).
  7. Conveyance
    The transfer of title to land from one person to another by deed;a document (such as a deed) by which an interest in land is transferred from one person to another.
  8. Deed
    A document by which title to property (usually real property) is passed.
  9. Easement
    A nonpossessory right to use another's property in a manner established by either express or implied agreement.
  10. Eminent domain
    The power of government to take land for public use from private citizens for just compensation.
  11. Escrow account
    An account that is generally held in the name of the depositor and escrow agent; the funds in the account are paid to a third person only on fulfillment of the escrow condition
  12. Eviction
    A landlord's act of depriving a tenant of possession of the leased premises.
  13. Fee simple absolute
    An ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, and power. Ownership in fee simple absolute is limited absolutely to a person and his or her heirs.
  14. Fixed-term tenancy
    A type of tenancy under which property is leased for a specified period of time, such as a month, a year, or a period of years; also called a tenancy for years.
  15. Grant deed
    A deed that simply recites words of consideration and conveyance. Under statute, a grant deed may impliedly warrant that at least the grantor has not conveyed the property's title to someone else.
  16. Implied warranty of habitability
    An implied promise by a landlord that rented residential premises are fit for human habitation--that is, in a condition that is safe and suitable for people to live in.
  17. Industrial use
    Land use for light or heavy manufacturing, shipping or heavy transportation.
  18. Inverse condemnation
    The taking of private property by the government without payment of just compensation as required by the U.S. constitution. The owner must sue the government to recover just compensation.
  19. Joint tenancy
    The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants.
  20. lease
    In real property law, a contract by which the owner of real property(the landlord, or lesser) an exclusive right to use and possess the property, usually for a specified period of time, in return for rent or some other form of payment.
  21. leasehold estate
    An estate in realty held by a tenant under a lease. In every leasehold estate, the tenant has a qualified right to possess and/or use the land.
  22. license
    A revocable right or privilege of a person to come on another person's land.
  23. life estate
    An interest in land that exists only for the duration of the life of some person, usually the holder of the estate.
  24. Marketable title
    Title to real estate that is reasonably free from encumbrances, defects in the chain of title and other matters that affect title, such as adverse possession.
  25. Metes and bounds
    A system of measuring boundary lines by the distance between two points, often using physical features using the local geography.
  26. Nonpossessory interests
    Interests in land that do not include any rights to possess the property.(ex easements, profits and licenses) 
  27. Periodic tenancy
    A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month or year to year.
  28. Profit
    In real property law, the right to enter onto and remove things from the property of another.
  29. Quitclaim deed
    A deed intended to pass any title, interest, or claim that the grantor may have in the property but not warranting that such title is valid.. A quitclaim deed offers the least amount of protection against defects in title.
  30. Recording statute
    Statutes that allow deeds, mortgages, and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
  31. Residential use
    Use of land for construction of buildings for human habitation only.
  32. Restrictive covenant
    A private restriction on the use of land that is binding on the party that purchases the property originally as well as on subsequent purchasers. If its benefit or obligation passes with the land's ownership, it is said to, "run with the land."
  33. Sheriff's deed
    The deed given to the purchaser of property at a sheriff's sale as part of the foreclosure process against the owner of the property.
  34. special-use permit
    A permit that allows for specific exemption to zoning regulations for a particular piece of land in a location that has a particular zoning characteristic. Local zoning authorities grant special use permits.
  35. special warranty deed
    A special deed in which the grantor only covenants to warrant and defend the title against claims and demands of the grantor and all persons claiming by, through, and under the grantor.
  36. sublease
    A lease executed by the lessee of real estate to a third person, conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
  37. taking
    The taking of private property by the government for public use. Under the 5th amendment to the constitution, the government may not take private property for public use without "just compensation"
  38. tenancy at sufferance
    A type of tenancy under which one who, after rightfully being in possession of the leased premises, continues (wrongfully) to occupy the property after the lease has been terminated.The tenant has no rights to possess the property and occupies it only because the person entitled to evict the tenant has done so.
  39. tenancy at will
    A type of tenancy under which either party can terminate the tenancy without notice; usually arises when a tenant who has been under a tenancy for years retains possession, with the landlord's consent, after the tenancy for years has terminated.
  40. tenancy by the entirety
    The joint ownership of property by a husband and wife. Neither party can transfer his or her interest in the property without the consent of the other.
  41. tenancy in common
    Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.
  42. title insurance
    Insurance commonly purchased by a purchaser of real property to protect against loss in the event that the title to the property is not free from liens or superior ownership claims.
  43. variance
    A form of a relief from zoning and other laws that is granted to a property owner; used to make up for any deficiency in real property so that it could prevent the property from complying with zoning regulations.
  44. warranty deed
    A deed in which the grantor guarantees to the grantee that the grantor has title to the property conveyed in the deed, that there are no encumbrances on the property other than what the grantor has represented, and that the grantee will enjoy quiet possession of the property; a deed that provides the greatest amount of protection for the grantee.
  45. waste
    The abuse or destructive use of real property by one who is in rightful possession of the property but who does not have title to it. (waste does not include ordinary depreciation due to agenda normal use)
  46. zoning laws
    The rules and regulations that collectively manage the development and use of land.

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