Business Law

  1. The acquisition of title to real property by occupying it openly, without the consent of the owner, for a period of time specified by a state statute. The occupation must be actual, open, notorious, exclusive, and in opposition to all others, including the owner.
    adverse possession
  2. The final step in the sale of real estatealso called settlement or ___ escrow. The escrow agent coordinates the _____with the recording of deeds, the obtaining of title insurance, and other concurrent ____ activities. A number of costs must be paid, in cash, at the time of ____, and they can range from several hundred to several thousand dollars, depending on the amount of the mortgage loan and other conditions of the sale.
  3. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage. This form of joint ownership occurs in only a minority of states and Puerto Rico.
    community property
  4. Joint Ownership
    Concurrent Ownership
  5. The process of taking private property for public use through the government's power of eminent domain.
  6. A form of eviction that occurs when a landlord fails to perform adequately any of the undertakings (such as providing heat in the winter) required by the lease, thereby making the tenant's further use and enjoyment of the property exceedingly difficult or impossible.
    constructive eviction
  7. The transfer of a title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.
  8. A document by which title to property (usually real property) is passed.
  9. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
  10. The power of a government to take land for public use from private citizens for just compensation
    Eminent Domain
  11. An account that is generally held in the name of the depositor and escrow agent, the funds in the account are paid to a third person only on fulfullment of the escrow condition.
    Escrow Account
  12. A landlord's act of depriving a tentant of possession of the leased premises.
  13. An ownership interest in land in which the owner has the greatest possible aggregation of rights, privileges, and power. Ownership in ___ is limited absolutely to a person and his or her heirs.
    fee simple absolute
  14. A type of tenancy under which property is leased for a specified period of time, such as a month, a year, or a period of years; also called a tenancy for years.
    Fixed-Term Tenancy
  15. A deed that simply recites words of consideration and conveyance. Under statute, a ___ may impliedly warrant that at least the grantor has not conveyed the property's title to someone else.
    Grant Deed
  16. An implied promise by a landlord that rented residential premises are fit for human habitationthat is, in a condition that is safe and suitable for people to live in.
    Implied Warranty of Habitability
  17. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants.
    joint tenancy
  18. In real property law, a contract by which the owner of real property (the landlord, or lessor) grants to a person (the tenant, or lessee) an exclusive right to use and possess the property, usually for a specified period of time, in return for rent or some other form of payment.
  19. An estate in realty held by a tenant under a lease. In every ___, the tenant has a qualified right to possess and/or use the land.
    leasehold estate
  20. A person who acquires the right to the possession and use of another's property in exchange for rental payments.
  21. A person who sells the right to the possession and use of property to another in exchange for rental payments
  22. A revocable right or privilege of a person to come on another person's land.
  23. An interest in land that exists only for the duration of the life of some person, usually the holder of the estate.
    life estate
  24. Title to real estate that is reasonably free from encumbrances, defects in the chain of title, and other events that affect title, such as adverse possession.
    marketable title
  25. A system of measuring boundary lines by the distance between two points, often using physical features of the local geography.
    metes and bounds
  26. Interests in real property owned by others including easements, profits, and licenses.
    nonpossessory interest
  27. A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year.
    periodic tenancy
  28. In real property law, the right to enter onto and remove things from the property of another (for example, the right to enter onto a person's land and remove sand and gravel therefrom).
  29. A deed intended to pass any title, interest, or claim that the grantor may have in the property but not warranting that such title is valid. A ___ offers the least amount of protection against defects in the title.
    quitclaim deed
  30. Statutes that allow deeds, mortgages, and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
    recording statute
  31. A private restriction on the use of land that is binding on the party that purchases the property originally as well as on subsequent purchasers. If its benefit or obligation passes with the land's ownership, it is said to run with the land.
    restrictive covenant
  32. The deed given to the purchaser of property at a sheriff's sale as part of the foreclosure process against the owner of the property.
    sheriff's deed
  33. A deed in which the grantor only covenants to warrant and defend the title against claims and demands of the grantor and all persons claiming by, through, and under the grantor.
    special warranty deed
  34. A lease executed by the lessee of real estate to a third person, conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
  35. The taking of private property by the government for public use. Under the Fifth Amendment to the Constitution, the government may not take private property for public use without just compensation.
  36. A type of tenancy under which one who, after rightfully being in possession of leased premises, continues (wrongfully) to occupy the property after the lease has been terminated. The tenant has no rights to possess the property and occupies it only because the person entitled to evict the tenant has not done so.
    tenancy at sufferance
  37. A type of tenancy under which either party can terminate the tenancy without notice; usually arises when a tenant who has been under a tenancy for years retains possession, with the landlord's consent, after the tenancy for years has terminated.
    tenancy at will
  38. The joint ownership of property by a husband and wife. Neither party can transfer his or her interest in the property without the consent of the other.
    tenancy by the entirety
  39. Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.
    tenancy in common
  40. Insurance commonly purchased by a purchaser of real property to protect against loss in the event that the title to the property is not free from liens or superior ownership claims
    title insurance
  41. A systematic examination of the record for transactions of ownership, interests, or rights in a specific parcel of real property.
    title search
  42. A deed in which the grantor guarantees to the grantee that the grantor has title to the property conveyed in the deed, that there are no encumbrances on the property other than what the grantor has represented, and that the grantee will enjoy quiet possession of the property; a deed that provides the greatest amount of protection for the grantee.
    warranty deed
  43. The abuse or destructive use of real property by one who is in rightful possession of the property but who does not have title to it. ___ does not include ordinary depreciation due to age and normal use.
Card Set
Business Law
Real Property and Landlord-Tentant Relationship