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Real Estate Promissor

Everything you need to pass the real estate promissor exam.

Terms

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Rezoning
A change in zoning
Attachment
Lein placed on the property of a debtor before a judgment has been rendered
Accretion
The gradual buildup of land by action of water
Townships
6 miles square and 36 square miles, these are formed when meridian and baselines cross
Restrictive Covenants
Also known as CC&R's or deed restrictions, these are private, voluntary agreements governing land use
Zoning Varience
A permanent exception to zoning
Tiers
Horizontal rows of townships are also known as....
Chattels real
Real estate interests less than fee ownership, such as tenant leasehold interests and mortgages, are known by....
Trade Fixtures
Fixtures installed by a tenant for the purpose of conducting a business or trade is personal property known as....
Joint Tenancy
Defined as undivided ownership by two or more people with the right of survivorship.
Mechanics Lein
A specific, involuntary statutor lien used to secure payment for labor, services, or materials used in construction, repair, or improvement of real property
Topigrahical Lines
These Lines indicate the contour of the land
Cumulative Zoning
Zoning that allows less restrictive use, such as appt. zoning that allows single family dwellings
Agreement, Intent, Attatchment, Adaptability
At least one of the following four tests must be met to determine that an item is a fixture
Noncumulative Zoning
Zoning that allows only the stated use
Zoning
Public restriction that is enforceable under the police power of the state to preserve the health, safety, morals, and public welfare
Erosion
The gradual loss of land by action of water or wind
Metes and Bounds
also called mesurements and directions, this is the oldest method of describing real property
Annexation
Personal property becoming real property by becoming attached to real property is the process known as....
Baselines
Lines going east and west in the government survey system
Littoral Rights
A landowner's right to reasonable use of water from a lake, an ocean, or a pond bordering the property (nonflowing water)
Laches
An unreasonable delay in bringing action that works to the detriment of another party
Exclusionary Zoning
Zoning that specifically prohibits a use such as adult bookstores
5,280 feet
One Mile = (measurement)
Chattels
Any property that is not real property, also known as personal property
Riparian Rights
Rights that ensure a landowner receives reasonalbe use of water flowing through, adjacent to, or under his or her property
Fee Simple on Condition Subsequent
An estate which conveys title, provided a specific condition is met
Incentive Zoning
Zoning that provides an incentive for a developer to include a particular feature
Fee Simple Estate
The highest ownership possible in real property
Conservation Zoning
Open zoning that excludes development to keep an area in natural or agricultural state
Voluntary Lein
Liens intentionally placed or allowed to be placed against a property, such as a mortgage lein
Estate
The degree or nature of the ownership interest a person has in real property
43,560 square feet
One Acre = (measurement)
ad valorem taxes
taxes assed according to a property's value
Conditional Use Permit
Special permission for a use otherwise not allowed under a zoning restriction
Legal Nonconforming Use
A legal use that was in existence prior to current zoning that prohibits the use is alllowed to continue what is know as a grandfather clause, but it may not be expanded
Tenancy in Common
Undivided interest by two or more parties without the right to survivorship is known as:
Downzoning
Zoning to a lesser, more restrictive use
Reliction
Land that forms after water recedes
Severance
The act of removing something from the land
Judgement
A final order by a court that the defendant must pay the plaintiff an amount of money
Involuntary Lein
Leins by action of law, such as judgement or tax leins
Tenancy in Severalty
This is sole ownership by one individual or entity
Specific Lein
Leins applying to one specific property
6 square miles
One Township = (measurement)
Encroachment
Tresspass by placing improvements, such as a fence, on or over anothers land
Meridians
Lines going north and south in the government survey system
Time, Title, Interest, and Possession
For unities must occur for a joint tenancy to exist: (name them)
640 acres
One Section = (measurement)
Lein
A monetary claim against property
Spot Zoning
Zoning of a parcel that is inconsistant with surrounding use
Lis Pendens
A recorded notice of a pending lawsuit concerning an interest in real property
Emblements
Ex. Cutltivated crops that a tenant can enter the property after expiration of a lease is known as....
Appurtenance
The rights, benefits, and improvements that go with the land
General Lein
Leins applying to all the property of a debtor
Cluster Zoning
Zoning that allows grouping of residences but alleviates density with green or open areas
Aesthetic Zoning
Zoning as to architectural style so structures fit in with the neighborhood
Bundle of Rights
The beneficial rights to use, exclude others, lease, encumber, transfer, or inherit
Ranges
Vertical rows of townships are also known as.....
Bulk Zoning
Zoning for density using setbacks, height restriction, parking requirements, etc.
Life Estate
An estate that customarily holds the estate only for a persons lifetime
Inclusionary Zoning
Zoning that requires that something be included in a development, such as a percentage of homes for low income families
Benchmarks
These markers indicate the elevation above sea level
Avulsion
The sudden tearing away of land by action of water, such as a change in a rivers course
Upzoning
Rezoning to a less restrictive use such as single family to multi-family

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