Real Estate chapter 2

assessment lien
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Terms in this set (52)
assessment lien
lien assessment by local governments to ensure that those who receive the primary benefit of neighborhood improvements will be charged their "fair share"
attach
to place a lien on a property
community development district (CDD) lien
a quasi-government unit with broad powers to finance, create, operate, and maintain infrastructure and related services within a private development or community. The CDD can impose taxes or assessments on the landowners, and can issue municipal, tax-exempt bonds. Its board is elected by the community landowners, and its activities are subject to full public discloser.
community property
the automatic right of husband and wife in property acquired by their spouse during the marriage.
condominium
an ownership form that combines a fee simple estate for ownership of individual units and tenancy in common for ownership of common areas - describes an ownership form not a type of construction.
condominium bylaws
the official rules and regulations that govern condominium ownership
condominium declaration
the master deed creating or establishing the condominium corporation.
cooperative
a form of individual ownership of apartments, the property is owned by a corporate, of which each resident is a shareholder entitled to a proprietary lease for a particular apartment.
declaration of covenants
a document recorded in the public records together with the plat map of a subdivision. It lists the restrictive covenants for the subdivision.
deed restriction
limitations imposed on the use of land and structures by clauses in a deed.
dominant parcela parcel that benefits from a servant parcel in an easement appurtenant.dowera common law provision that grants a wife a one-third life estate in all of the real property of a decedent husband.easementthe right to use land for a specific and limited purpose. the subject, or servant parcel may give use to an adjacent, "dominant" parcel (easement appurtenant), or it may give use to persons or an organization (easement in gross)easement appurtenanta right of use that continues from owner to owner that involves a relationship between two parcels of land: a dominant parcel that benefits from a servant parcel.easement in grossthe right to use land for a specific, limited purpose unrelated to any adjacent parcel.elective shareprovision that gives a surviving spouse a share of most of the wealth of the decedent.estateinterest in real property that include possession.fee simple absolutean estate in land that provides the owner with a complete set of legal rights, limited only by the powers of government.fee simple conditionalownership that is subject to a condition or trigger event.fixturepersonal property that becomes real property by virtue of its permanent attachment to the reality.freeholdestate interests in real estate having unlimited duration; titled interests.general liena security interest or lien that arises out of actions unrelated to ownership of the property.interestrent or a charge paid for the use of money. Interest may also refer to the bundle of rights held by owners of real property.joint tenancya form of co-ownership in which two or more owners hold equal shares and have equal rights of possession. The surviving partners divide the interests of a deceased partner.leaseholdthe interest or rights of a lessee or tenant in a leased property, including the possessory interests that are a temporary conveyance of the rights of exclusion, use, and enjoyment, but not the right of disposition. the tenant receives these rights in exchange for the payment of rent.legal life estatea life estate created by the action of law.licensethe permission to use another's land for a specific and limited purpose.lienan interest in real property that serves as security for a loan obligation. In case of default the holder of the lien is entitled to have the property sold to satisfy the debt.mechanics' lienliens that arise from construction and other improvements to real estate.mineral rightsrights to the subsurface, including rights to oil, gas, coal, and other substances that are mined, and can be separated from land ownership.mortgagea lien on real property as security for a debt. A special contract by which the borrower conveys to the lender a security interest in the mortgaged property.ordinary life estateestate in which the property owner retains all rights of exclusive possession, use, and enjoyment for life while a subsequent owner holds a remainder interest that follows the life estate.periodic tenancyany lease agreement that automatically renews each period until either party gives notice of termination.personal propertyobjects that are moveable and not permanently affixed to the land or structure, including furniture and tenant fixtures that are often purchased in conjunction with real property acquisitions.personal rightspersonal freedoms derived primarily from the Bill of Rights and other amendments and clauses of the U.S. Constitution.property rightsrights in property that include (exclusive) possession, use (enjoyment), and disposition.property tax lienautomatic lien placed by local governments to assure payment of property taxes.real propertyrights associated with ownership of land and all permanent attachments to land.remainder estatethe ownership interest subsequent to a life estate which, upon the death of the life estate owner, becomes a fee simple absolute interest.restrictive covenants (deed restrictions)limitations imposed on the use of land and structures by clauses in a deed.reverteran uncertain interest held by the previous owner (or heirs) associated with a conditional fee.right of survivorshipthe rights of surviving partners in a joint tenancy to divide the interests of a deceased partner.rule of capturethe owner of an oil or gas well could claim all that is pumped from it, regardless of whether the oil or gas migrated from adjacent property.separate propertyin community property states, property that the husband or wife acquired prior to the marriage, or gifts or inheritance received during the marriage.servient parcela parcel that is constrained or diminished by an easement appurtenant.specific lienan interest that derives directly from events related to a property, such as property tax and assessment liens, mortgages, and mechanics' liens.tenancy at sufferancea tenancy that occurs when a tenant that is supposed to vacate does not, but continues to pay rent, and the landlord accepts it.tenancy at willa tenancy granted by landlords to tenants allowing them to remain in possession without written agreement.tenancy by the entiretya form of joint tenancy ownership for husband and wife.tenancy for yearsa leasehold interest for a definite period of time exceeding one year.tenancy in commonthe "normal" form of direct co-ownership, which is as close to the fee simple absolute estate as is possible, subject to the provision that one owner cannot use the property in a manner that infringes on the rights of co-owners.timesharingproperty occupancy arrangement in which multiple individuals have use of property but, unlike traditional forms of co-ownership, the interests are at different time intervals rather than simultaneous. A timesharing arrangement may involve true co-ownership, leasehold interests, or simply permission to occupy.