REAL ESTATE CHAPTER 9 TERMS

  1. Abstract of title
    a summary gibing details of the title deeds and documents that prove and owner's right to dispose of land, together with any encumbrances that relate to the property.
  2. Acknowledgment
    -a type of authentication often performed by a notary public.
  3. Actual notice
    having physical possesion.
  4. Adverse possession
    is a legal principle under which an owner may lose title to another person who has taken control of the property.  The person who claims ownership must enter into open, adverse, hostile, and exclusive possession of the property for a period of 7 continuous years.
  5. Alienation
    is the capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another.
  6. Assignment
    • - Latin cession is a term used with similar meanings in the law of contracts and in the law of real estate.
    • -is encompasses the transfer of rights held by one party-the assignor- to another party-the assignee.
  7. Chain of title
    • -is the sequence of historical transfers of title to a property.
    • -it runs from the present owner back to the original owner of the property.
  8. Condemnation
    • -occurs when a local, state, or federal government seizes private property and compensates the owner.
    • -the power of the government to do this is called imminent domain, which essentially means the government takes private property for public use.
  9. Construction lien
    • -sections 713.001-713.37
    • -those who work on your property or provide materials and services and are not paid in full have a right to enforce their claim for payment against your property.
  10. Constructive notice
    also called legal notice, is achieved by recording documents in the public records. Recording a document has the same legal effect as showing it to the entire world.
  11. Deed
    there are three general types of ___ in florida:  the statutory warranty ___; the special warranty ___, and the quit claim ___.
  12. Deed restriction
    • -restricts the use of the land or the look of the neighborhood.
    • -HOA
  13. Easement
    is a right to enter or use someone else's property.
  14. Eminent domain
    -government acquires your land
  15. Encroachment
    • -an intrusion on a person's territory, rights, etc.
    • -when another person puts up a structure that intrudes on your land.
  16. Escheat
    is property that reverts to a government entity in the absence of legal claimants or heirs and includes abandoned and unclaimed property.
  17. General warranty deed
    is a deed that transfers property from one person to another.
  18. Grantee
    the person buying the property
  19. Granting clause
    The portion of an instrument of conveyance, such as a deed, containing the words that transfer a present interest from the grantor to the grantee.
  20. Grantor
    the person selling or transferring the property.
  21. Gross lease
    A ___ ___is a type of commercial lease where the landlord pays for the building's property taxes, insurance and maintenance.
  22. Habendum clause
    A ___ ___ is a clause in a deed or lease that defines the type of interest and rights to be enjoyed by the grantee or lessee. In a deed, a ___ ___ usually begins with the words "to have and to hold".
  23. Intestate
    not having made a will before one dies
  24. Lien
    a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
  25. Net lease
    A provision that requires the tenant to pay a portion or all of the taxes, fees and maintenance costs for the property in addition to rent. ___ ___ requirements are most commonly used with commercial real estate.
  26. Percentage lease
    A ___ ___ typically requires a tenant to pay "Base Rent" and then on top of that amount, the tenant also pays a percentage based on monthly sales volumes.
  27. Police power
    In United States constitutional law, ___ ___ is the capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants.
  28. Quiet enjoyment
    A Covenant that promises that the grantee or tenant of an estate in real property will be able to possess the premises in peace, without disturbance by hostile claimants. ___ ___ is a right to the undisturbed use and enjoyment of real property by a tenant or landowner.
  29. Quitclaim deed
    A ___ ___ is a legal instrument which is used to transfer interest in real property. The entity transferring its interest is called the grantor, and when the ___ ___ is properly completed and executed, it transfers any interest the grantor has in the property to a recipient, called the grantee.
  30. Sublease
    a lease by a tenant or lessee of part or all of leased premises to another person but with the original tenant retaining some right or interest under the original lease.
  31. Testate
    having made a valid will before one dies.
  32. Title
    a formal document, such as a deed, that serves as evidence of ownership.
  33. Variable lease
    Allows for increases in the rental charges during the lease period.
  34. Warrant of seisin
    A covenant of seisin or good right to convey." Covenant of Right to Convey: Covenants that represent the seller's promise that he has valid title of the property being conveyed and has not contracted to sell it to another.
  35. Warranty forever
    The grantor promises to compensate the grantee for the loss sustained if the title fails at any time in the future. These covenants in a general warranty deed are not limited to matters that occurred during the time the grantor owned the property: they extend back to its origins. The grantor defends the title even against himself/herself and all those who previously held title.
  36. Warrant
    A ___ is a derivative that confers the right, but not the obligation, to buy or sell a security – normally an equity – at a certain price before expiration.
  37. Promise
    1.  I ___ to tell you the truth about your property. 

    2. I ___ to disclose all my relationships in the transaction. 

    3. I ___ not to put my commission ahead of what’s best for you.

    4. I ___ to respect your confidences. 

    5. I ___ to show you all the available properties in your price range. 

    6. I ___ to give you good advice. 

    7. I ___ not to push you into a bidding war. 

    8. I ___ that you will understand what you’re signing. 

    9. I ___ to tell you the truth about myself. I’ll provide you with information about my background, my training, and my experience as a Realtor.

    10. I ___ to follow through and follow up.
  38. Covenant
    a promise in a written contract or a deed of real property. ... ___ which run with the land, such as permanent easement of access or restrictions on use, are binding on future title holders of the property.
  39. Premises Clause
    contains the official grant of lease and the description of the extent of the grant. Additionally, the clause also usually contains a disclaimer of warranty (in the form of possession as acceptance of premises in "as-is" condition) and the details of grant of use of any common areas. The clauses may also contain additional terms specific to the premises being leased, such as parking.
  40. Premises Section
Author
mccullochhelen
ID
332043
Card Set
REAL ESTATE CHAPTER 9 TERMS
Description
CHAPTER 9 TERMINOLOGY
Updated