flash cards

Chapter 2

Question Answer
Allodial System Under this system an individual who has the means can acquire rights of ownership and our government protects these rights.
Bundle of Rights Possession – includes the right to occupy your property and to have ingress and egress ( a way to get in and a way to get out.)Use and ControlEnjoymentDispositon
Fee Simple Determinable Is subject to a certain limitation based on time. Conditional words like so long as, during or until ate used.
Fee Simple on Condition Subsequent Subject to a condition, but there is no automatic reversion when the condition is no longer met. Contains phrases like? "Provided That" and "on the expressed condition that"
Contingent Remainder An estate is created when the grantor makes the future rights dependent on both the termination of the lesser estate and on the fulfillment of the condition.
Homestead Protection A right that protects a primary residence from a forced sale to satisfy debts and judgments. Some debts such as a mortgage, taxes, alimony, child support, criminal fines and award for fraud, libel and slander would be exempt.
Leasehold Estate Consists of a tenants rights, granted by a lease. In a lease the landlord conveys the exclusive right of pos
Waste Legal duty obligates the tenant to pay the property taxes and mortgage payments and not substantially alter the property from its intended use or allow it to deteriorate in value by failing to make reasonable repairs.
Tenancy at Will Usually a temporary arrangement in which the tenant can occupy the property of an unspecified period of time as long as the landlord gives permission.
Tenancy at Sufferance Arises when a tenant, who is legally renting the property, continues to remain in possession after the term of the lease expires. This tenant is called a holdover tenant.
Police Power The right of local, state or national government to enact and enforce laws that regulate the use of private property in order to provide for the safety, health, morals and general well being of the community.
Inverse Condemnation When enjoyment of a property is impacted. Ie: a railroad is built near your house and every time, it passed your house shakes.
Escheat When you die without a will and the state can take over your property.
Voluntary or Involuntary Depend on whether they are recorded with the owner's consent i.e.: mortgage liens or without is tax lien.
Statutory or Equitable Depending on whether the right exists because of an act of the legislature i.e.; mechanic's lien or whether it arises out of justice and fair play ie; vendee's lien. Statutory = involuntary and equitable is usually voluntary.
Specific Leins Enforceable against only 1 parcel of property, regardless of how many the debtors may own.
Performance Bond Insurance that the job will be completed according to contract
Vender Lein A lein that the buyer files to protect their earnest money deposit.
Attachment Lien Grants the court custody of a specific property to prevent the owner from transferring ownership while a suit for damages is being decided.
General Leins Is one that encumbered all real and personal property owned by a debtor, including properties owned before the lien was recorded or properties acquired after. To be effective the lien must be recorded in all counties where the debtor owns property.
Writ of Execution Authorizes the sheriff to seize and sell enough property to pay the debt and costs of the sale.
Easement in Gross Involves only 1 Tract of Land, the servient estate. It benefits a person rather than a tract of land. I.e.: a lake
Personal Easement In Gross Irrevocable during the lifetime of the person to whom the easement was granted.
Commercial Easement In Gross Such as a utility Easement, railroad, rights-of-way and rights to erect billboard, are more valuable interests and are freely transferable and inheritable.
Prescription An easement by prescription is acquired through continuous use of another person's property for a period not time prescribed by state law.
Restrictive Covenants Court actions are required to enforce restrictive covenants. An injunction can stop a convent.
Alienation Chain of title that establishes proof of ownership
Involuntary Alienation A transfer of title without the owner's consent.
Title Chain of title establishes ownership, not the deed.
Color of Title Anything in writing that suggests some plausible appearance of ownership no matter how imperfect the instrument.
Quiet title Once a claimant has meet all of the requirements for adverse possession a quiet title action is filed in the court to acquire legal title. Upon establishing the claim, a judgment awarding title to the claimant will be issued and recorded.

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