Real Estate Principles

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Author:
toya
ID:
96092
Filename:
Real Estate Principles
Updated:
2011-08-03 19:35:51
Tags:
encumbrances
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Description:
Chapter 3: Encumbrances
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  1. Abstract of Judgement
    A condensation or summary of the essential provisions of a court judgment
  2. Attachment
    Seizure of property by court order, usually done to have it available in event a judgment is obtained in a pending suit.
  3. Blanket Encumbrance
    A lien, usually a trust deed in California, covering more than one property of the borrower.
  4. Conditions
    A qualification of an estate granted which can be imposed only in conveyances. They are classified as conditions precedent and conditions subsequent.
  5. Covenant
    Agreements written into deeds and other instruments promising performance or nonperformance of certain acts or stipulating certain uses or nonuses of the property.
  6. Declaration of Abandonment
    A statement declaring the intent to give up a homestead, usually to declare a homestead on a new residence.
  7. Declaration of Homestead
    A formal statement that protects the head of the household from losing the property to the claims of creditors, usually up to a set maximum amount.
  8. Defendant
    A person against whom a civil or criminal action is taken.
  9. Dominant Tenement
    Estate benefited by an easement right of use.
  10. Easement
    Created by grant or agreement for a specific purpose, an easement is the right, privilege or interest which one party has in land of another. Example: right of way
  11. Easement Appurtenant
    An easement for the benefit of the owner of an adjacent parcel of land.
  12. Easement in Gross
    Easement personal to the easement holder where there is no dominant tenement (such as the right of a utility company to run power lines across a property).
  13. Encroachment
    The building of a structure or construction of any improvements, partly or wholly on the property of another. A form of trespass.
  14. Encumbrance
    Anything which affects or limits the fee simple title to property, such as mortgages, easements or restrictions of any kind. Liens are special encumbrances which make the property security for the payment of a debt or obligation, such as mortgages and taxes.
  15. General Lien
    A lien on all the property of a debtor.
  16. Homestead
    A home upon which the owner or owners have recorded a Declaration of Homestead. As provided by Statues in some states, it protects home against judgments up to specified amounts
  17. Lien
    A form of encumbrance which usually makes property security for the payment of a debt or discharge of an obligation. Example: judgements, taxes, mortgages, deeds of trust, etc.
  18. Lis Pendens
    Suit pending, usually recorded so as to give constructive notice of pending litigation
  19. Mechanic's Lien
    A lien created by statue which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real estate
  20. Mortgage
    An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; procedure for foreclosure in event of default is established by statute.
  21. Notice of Non-Responsibility
    A notice provided by law designed to relieve a property owner from responsibility for the cost of work done on the property or materials furnished therefor; when contracted by a tenant or vendee on a land contract notice must be verified, recorded and posted.
  22. Plaintiff
    In court action, the one who sues; the complainant.
  23. Preliminary Notice
    A notice that informs or warns owners, lenders and general contractors that subcontractors have been hired, or materials have been supplied to a particular job site.
  24. Restrictions
    A limitation on the use of real property. These limitations fall into two general classifications: public and private. Zoning ordinances are public, while a clause in the deed requiring the roof to be made of Spanish red title would be a private limitation.
  25. Satisfaction
    Discharge of mortgage or trust deed lien from the records upon payment of the evidenced debt.
  26. Servient Tenement
    The property that is burdened by an easement. It must "serve" the dominant tenement.
  27. Sheriff's Sale
    A court ordered sale of real or personal property by the sheriff pursuant to the execution of a judgment.
  28. Specific Lien
    Liens which attach to only a certain specific parcel of land or piece of property.
  29. Trust Deed
    A legal document by which a borrower pledges certain real property as collarteral for the repayment of a loan. In addition to the buyer and seller, there is a third party to the transaction known as a trustee.
  30. Writ of Execution
    A writ to carry out a court order, usually arising from a judgement.
  31. When a project of improvement on real property has been completed and the owner has not filed a "notice of completion," how many days do claimants have to file mechanic's liens?
    90 Days
  32. Difference between property taxes & special assessments is?
    Special assessments are levied for the cost of specific local improvements, while property tax revenue goes into the general fund.
  33. A court order restricting a party from doing an act such as violating private deed restrictions is called?
    Injunction
  34. What terminates an easement?
    The owner of the dominant tenement records a quitclaim deed.
  35. If a condominium owner breaches a "condition" in the CC&Rs this would be?
    More stringent than breaching a covenant
  36. Which of the following would have the least impact on property taxes?
    A recorded homestead

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