Prop Vocab Flashcards.txt

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Prop Vocab Flashcards.txt
2011-05-26 22:00:22
Prop vocab

Property vocab for MBE
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  1. Actual Notice
    Direct knowledge of a fact, such as that a property to be acquired is encumbered, or information sufficient to make a prudent person inquire as to such fact (e.g. utility wires running across the property would probably serve as actual or inquiry notice that the property is encumbered by an easement in the utility).
  2. Adverse Possession
    Way to acquire complete title to land as against all others, including the record owner, through Exclusive, Notorious and Open, Hostile and Uninterrupted use of the property for the statutory period. Compare with prescription.
  3. Appurtenant Easement
    Right of one owner of land (the dominant estate) to make usre of the land of another (the servient estate) that attaches or "appertains" to the dominant estate and passes with the title to the dominant estate. Compare with easement in gross.
  4. Assignment
    Transfer of the lessee's entire interest in the lease, making the assignee primarily liable to the landlord for the rent, and the original tenant only secondarily liable. Compare with sublease.
  5. Bona Fide Purchaser
    One who pays valuable consideration for an interest in property, has no notice of other encumbrances on the interest and acts in good faith.
  6. Chain of Title
    The successive conveyances of a certain property, consisting of all documents affecting title, the existence of which is readily available to a bona fide purchaser.
  7. Class Gift
    A gift to a group of persons, uncertain in number at the time of the gift, to be ascertained at a future time, who are all to take in equal or other definite proportions, the share of each being dependent for its amount on the ultimate number of members of the class.
  8. Common Development Scheme
    Plan for subdividing land which intends that all parcels be subject to a restriction, which may be evidenced by a recorded plan, a general pattern of restrictions, or oral representations to early buyers. The finding of a common scheme in a residential development allows you to imply equitable servitudes restricting all parcels sold after the scheme arose.
  9. Condemnation
    Taking of private property for public use, such as building a highway, which raises a duty of just compensation under the due process clause of the constitution. The power to condemn property is known as eminent domain.
  10. Condition Precedent
    An act or even that must exist or occur before an interest in property that is subject to it can become vested.
  11. Condition Subsequent
    An act or event that will extinguish a particular interest in land. An estate subject to a condition subsequent is an interest in property which may last forever, except upon the happening or non-happening of a specified event, at which point it will become subject to termination (e.g. a conveyance "to B, so long as he remains a vegetarian," which gives B an estate subject to a condition subsequent). Compare with determinable estate.
  12. Constructive Eviction
    Circumstances controlled by landlord that compel the tenant to leave the premises though he is not asked to do so by the landlord (for example, failure to maintain the premises in a condition fit for occupancy).
  13. Constructive Notice
    Awareness of a fact that pis presumed by law to have been acquired, namely the presumed knowledge of all instruments wihtin a purchaser's chain of title. Compare actual notice.
  14. Contingent Remainder
    A remainder created in favor of an ascertained person, but subject to a condition precedent in favor of an unborn person, or in favor of an existing, but unascertained, person. Compare with vested.
  15. Covenant of Habitability
    A promise by a landlord that at the inception of the lease, there are no latent defects in facilities vital to the use of the premises for residential purposes and that these facilities will remain in usable condition during the duration of the lease.
  16. Covenant of Title
    Guarantee given by a grantor to promise that title is of a particular quality.
  17. Covenant Running With the Land at Law (a.k.a. Real Covenant)
    Written promise, usually found in a deed, to do something on land (like cut the lawn) or not do something on land (like park an RV). For the burden to run to successive estates, the following requirements must be satisfied: intent, notice, horizontal and vertical privity, and it must touch and concern the land. For the benefit to run, the intent, vertical privity, and touch and concern prongs must be met. The remedy available is money damages only. Compare with equitable servitude.
  18. Dedication
    Conveyance of land by a private owner in the nature of a gift or grant and an acceptance of that land by or on behalf of the public. Streets in a development are usually acquired by the town through a dedication to the public of the properly comprising the streets.
  19. Defeasable
    An estate that can be either partially or fully defeated (lost) at some future time.
  20. Delivery
    A legally recognized handing over of one's possessory rights to another.
  21. Determinable Estate
    An interest in property which may last forever, except upon the happening or non-happening of a specified event, at which point it will automatically terminate, (e.g. a conveyance "To B so long as the property is used for church purposes and if it is not, then to A," which gives B a determinable estate). Compare with condition subsequent.
  22. Dominant Estate
    An estate whose owners are entitled to the beneficial use of another's property (the servient estate), most commonly by way of an easement.
  23. Easement
    A nonpossessory right, created by an express or implied agreement, of one owner of land to make lawful and beneficial use of the land of another. An easement is a property right.
  24. Easement In Gross
    A personal privilege to make use of another's land. Compare with appurtenant easement.
  25. Easement by Necessity
    Easement created by the operation of law without a writing, in which the dominant and servient estates must have been held in common ownership at the time the easement was allegedly created, and in which the easement is strictly necessary for the use of the land-that is, the land would be practically incapable of use without the easement.
  26. Easement by Implication
    Easement created by the operation of law without a writing, where the dominant and servient estates must have been held in common ownership at the time the easement was allegedly created, the servient estate was used in an apparent and continuous way such that a quasi easement could be said to exist, and the continued use of the quasi easement must be reasonably necessary to the enjoyment of the dominant estate.
  27. Eminent Domain
    The power to take private property for public use by the state, municipalities, and private persons or corporations authorized to exercise functions of public character.
  28. Equitable Conversion
    Doctrine providing that a purchaser who has a valid and binding agreement to convey (and thus can compel a conveyance of the land in an action for specific performance) be treated as the equitable owner of the property, despite the fact that the purchase price has not been paid. As a result, if the property is destroyed before the price is paid and legal title transferred, the purchaser bears the liability.
  29. Equitable Servitude
    A covenant that, regardless of whether it runs with the land at law, equity will enforce against the assignees of the burdened land who have notice of the covenant. The usual remedy, though, is an injunction, not damages.
  30. Executory Interest
    A future interest in land held by a third party which follows a qualified fee or any interest held by the grantor. Compare with shifting and springing interests.
  31. Fee Simple Absolute
    The most complete property interest known to property law; an estate of infinite duration which can be freely devised or transferred.
  32. Fixture
    An item of personal property which becomes part of the real estate because it becomes affixed or attached to the real estate.
  33. Foreclosure
    When a mortgagor defaults on the underlying debt, the process that extinguishes the mortgagor's right to the property, allowing the creditor to sell the property to satisfy the debt.
  34. Heir-At-Law
    Person who inherits the property of a deceased person under the laws of intestacy. If a valid will devises property to seomeone else, the heirs-at-law will not get it.
  35. Inter Vivos
    During life. Used to characterize a transfer of property that is not made in a will.
  36. Intestate
    The state of having died without leaving a will, resulting in the distribution of property according to the laws of intestacy.
  37. Inverse Condemnation
    A government taking of property without the formality of a condemnation proceeding via zoning regulation which is not aimed at protecting the public health and makes a piece of property practically useless or worthless. In such a case, the owner must be compensated for the property interest taken.
  38. Joint Tenancy
    A single estate in property owned by two or more persons whom each have an equal right in the use and enjoyment of the property and including survivorship rights. Creation of a joint tenancy requires the presence of the four unities of title, time, interest, and possession.
  39. License
    A right given by the owner of land that permits a person to go onto and use the owner's land. It is revocable at will and is not considered to be a property interest.
  40. Lien Theory
    The rule that prevails in a jurisdiction in which title to the mortgaged property remains with the mortgagor (i.e. the homeowner) pending payment of the note, and the mortgagee (i.e. the bank) holds only a lien on the property. Compare with title theory.
  41. Life Estate
    An interest in property, the duration of which is measured by the lifetime of a person. The measuring life is the grantee's life unless another life is specified.
  42. Life In Being
    Anyone who has been conceived by the time of the grant, preferably someone named in the grant. Used to determine the time period during which an interest must vest to be valid under the Rule Against Perpetuities.
  43. Marketable Title
    Title that a reasonably well-informed purchaser would, in exercise of ordinary business prudence, be willing to accept. It need not be perfect, but should be free from reasonable doubt, so that it will not expose the party who holds it to litigation.
  44. Mortgage
    A conveyance of the interest in land of a debtor to his or her creditor, intended as a security for the repayment of a loan, usually part or all of the purchase price of the property itself. See lien theory and title theory. The debtor is the mortgagor; the creditor is the mortgagee.
  45. Novation
    The substitution of a party for one of the original parties to a contract, such as a lease, where the original lessee is completely discharged from further liability. (Such a situation rarely exists on the MBE.)
  46. Partition
    A judicial separation of the respective interests in land of joint owners or tenants in common, allowing each to take possession of, enjoy and control his or her separate estate at his or her own pleasure. When partition of the land itself is not feasible, the judge may order a sale of the property and a partition of the proceeds.
  47. Periodic Tenancy
    A tenancy for a particular period of time, with the expectancy that the period will be repeated.
  48. Possibility of Reverter
    The possibility of the return of an estate in land to the grantor, if a specific event sh ould occur or a particular act be performed in the future. Compare with right of entry.
  49. Prescription
    Means of acquiring an easement by the open, continuous, adverse use of the land of another over a statutory period. Requisite elements similar to adverse possession.
  50. Privity (horizontal/vertical)
    A relationship between parties out of which there arises some mutuality of interest. Two types are required for a covenant to run at law. Horizontal privity is the privity that exists between the covenantor and the covenantee. Vertical privity is the privity that exists between the covenantor and his or her successor in interest who acquires the property subject to the covenant.
  51. Profit a Prendre
    Easement right to go on the land of another and right to sever and own something from the land, such as gravel, trees, or water.
  52. Quitclaim Deed
    A deed that conveys only whatever right title or interest the grantor has, without any covenants of title or other representations that the grantor even has any interest whatever in the property for which the deed was given.
  53. Recording
    A means of giving constructive notice of ownership of an interest in land by placing the deed, easement, or evidence of the interest in the public record. Recording of the interest prevents a subsequent purchaser or mortgagee of the land from qualifying as a bona fide purchaser for value without notice, because the instrument recorded would provide at least constructive notice of another's prior ownership or interest in the land. Recording acts are characterized as being of three types: pure race, race-notice, or pure notice.
  54. Remainder
    The part of an estate in property that is left over when the immediately preceding estate (often a life estate or an estate for years) is terminated, IF it is not a reversionary interest in the original grantor or the grantor's heirs.
  55. Rescission
    The cancellation of a contract, such as a contract for the sale of land, usually by mutual consent.
  56. Residuary Clause
    Clause in a will that conveys to the named beneficiary or beneficiaries everything in the testator's estate not devised to a specific person or legatee.
  57. Restraint on Alienation
    A restriction on the ability to convey real property interests. Such restraints are disfavored by the law and may be void.
  58. Restrictive Covenant
    A promise included in an agreement restricting the use of real property or the kind of buildings that may be erected on it. See covenant at law and equitable servitude.
  59. Reversionary Interest
    An interest left over when the immediately preceding estate is terminated, and the interest remains int he grantor (i.e. the person who created the immediately preceding estate in someone else). Includes the right of entry and possibility of reverter.
  60. Right of Entry
    The resumption of possession by the grantor, pursuant to a right reserved when he or she formerly parted with possession,w hich requires the grantor to assert his or her right by judicial process before the preceding estate is terminated. Compare with possibility of reverter.
  61. Right of Lateral Support
    Right of an owner of real property to have his or her land, in its natural condition, supported and held in place from the sides by his or her neighbor's land.
  62. Right of Subjacent Support
    Right of an owner of real property to have the surface of his or her land s upported by the underlying strata of the earth. Where someone else owns, leases or has an easement in the areas of land below the surface, the right is to support of the land in the condition it was in at the time of the conveyance of the right to subjacent areas.
  63. Rule Against Perpetuities
    The rule that no [contigent] interest is good unless it must vest, if at all, not later than 21 years after some life in being at the creation of the interest. Designed to prevent the remoteness of vesting of estates or interests in property.
  64. Servient Estate
    An estate in land that is subject to use in some way by the owner of another property, the dominant estate.
  65. Shifting Executory Interest
    A non-reversionary future interest following a qualified interest held by another grantee.
  66. Spring Executory Interest
    A non-reversionary future interest following an interest in the grantor.
  67. Statute of Frauds
    Rule of law that requires that any contract affecting an interest in real property be in writing to be enforceable.
  68. Subject to Defeasance
    Able to be revoked or defeated upon the occurrence or non-occurrence of certain conditions.
  69. Sublease
    Agreement whereby a tenant grants an interest in the leased premises to the subtenant, where the interest is less than the tenant's entire interest. The original tenant remains primarily liable for the payment of rent. Compare with assignment.
  70. Subrogation
    One's payment or assumption of an obligation for which another is primarily liable (e.g. the payment of another's mortgage debt, which entitles him or her to the security interest, the mortgage held by the creditor).
  71. Survivorship
    A right whereby a person with an interest in property becomes entitled to the whole property by reason of having survived, or outlived, another person who also had an interest in it.
  72. Tenancy at Sufferance (a.k.a. Holdover Tenancy)
    A tenancy that arises when one first lawfully possesses land under a lease and subsequently "holds over" or continues possession beyond the end of the term of the lease.
  73. Tenancy at Will
    Leased estate that gives the tenant the right to possession of the property for an indefinite period of time, and either party has the right to terminate upon proper notice. A tenant at will cannot assign his or her estate to another.
  74. Tenancy by the Entirety
    Ownership of property by a husband and wife together, which requires the four unities of time, title, interest, and possession, and includes a right of survivorship. Neither party may alienate any part of the property nor sever the tenancy, except through mutual written agreement, divorce, annulment, or death. Compare with joint tenancy and tenancy in common.
  75. Tenancy in Common
    Interest in land held by two or more persons, each having a possessory right to equal use and possession of hte land, even if they have unequal shares in the property. No right of survivorship exists, and each tenant's interest may be partitioned, sold, or encumbered. Compare with joint tenancy and tenancy by the entirety.
  76. Time of the Essence
    Language employed in land sale contracts that require performance (closing/settlement) by the parties on the date specified. Failure to do so is considered a breach. Without such language, the court will allow a reasonable period following the specified date within which to close on the contract.
  77. Title Theory
    The rule that prevails in a jurisdiction in which actual title to the mortgaged premises passes to the mortgagee (the bank) and passes back to the mortgagor (the homeowner) only when full paymenet is made. Compare with lien theory.
  78. Touch and Concern
    A requirement for a real covenant to run with the land. The covenant touches and concerns the land when it enhances the enjoyment of one parcel of land by burdening the enjoyment of another.
  79. Vested
    You got it, or you are sure you're gonna get it. (Even if you don't know exactly what you're going to get, when you're going to get it, or for how long you're going to keep it!)
  80. Warranty Deed
    A deed that purports to convey property free and clear of all encumbrances, except those noted in the instrument, and usually contains covenants or warranties of seisin, quiet enjoyment, right to convey, freedom from encumbrances, future assurances, and defense of title against all claims. Compare with quitclaim deed.
  81. Waste
    Act(s) by one rightfully possessing less than a fee simple in land (e.g. a life tenant) that decreases the value of hte land or the value of a future interest in the land.
  82. Zoning
    State or local law that controls the use of private land for the protection of the health, safety, morals, and welfare of its citizens but requires compensation if it goes so far as to effect a taking of the property.