Real Estate

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Author:
Anonymous
ID:
6964
Filename:
Real Estate
Updated:
2010-02-15 10:44:00
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Quiz 2 16 10
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Description:
Chapter 2 & 3 Terms
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  1. community property law
    rule of law in states following the civil law of Spain and France, which provides that real property acquired during marriage is owned equally by the husband and wife
  2. joint tenancy with right of survivorship
    ownership of real property by two or more persons. Joint tenants with the right of survivorship hold equal interest in the real property, and on the death of any owner, the deceased owner's interest in the real property will pass to the surviving owner
  3. limited liability company
    an entity which offers the tax advantages of a partnership and the limited liability of a corporation
  4. limited partnership
    a legal entity made up of two classes of ownership:general partners and limited partners. The general partners have full liability for the debts and obligations of the limited partnership, and the limited partners have liability limited to the extent of their investment in the partnership
  5. prenuptial agreement
    agreement entered into by a married couplethat, among other things, outlines an agreement between the couple regarding the division and ownership of property in the event of separation or divorce
  6. easement
    right granted to a nonowner of real property to use the real property for a specific purpose
  7. legal description
    description of real property by a govt survey, metes and bounds, or lot numbers of a recorded plat, which description is complete enough that a particular parcel of land can be located and identified
  8. survey
    visual presentation of the physical boundaries of real property. The survey is used to describe real property.
  9. title insurance
    contract to indemnify the insured against loss through defects in the title to real property
  10. title insurance commitment
    a commitment or a contract by a title insurance company to issue a title insurance policy

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