test 1 2
Terms
undefined, object
copy deck
- general lien
- lien against all of the person's property
- deed
- document that conveys title to real property from a grantor to a grantee
- servient estate
- the estate giving the easement
- adverse possession
- a means of obtaining title from another by open, hostile, and continuous use for 10 years
- special assessments
- a charge against a property for a specific improvement such as a street or sewer; usually assessed on a front-foot basis
- executor
- a person appointed by a will to administer the estate of the deceased
- freehold
- ownership of real property
- alienation
- a transfer of real property
- special agent
- an agency in which the agent is authorized to perform only designated acts (specific agency)
- condemnation
- the legal action to take property for public use by eminent domain
- square feet in an acre
- 43560
- advisory board
- 9 members, 6 years, appointed by governor
- community property
- prperty acquired during marriage that is considered equally owned by both spouses. Arizona is a community property state
- mechanic's lien
- lien for labor and or material for an improvement
- ad valorem
- a tax according to value
- life estate
- an estate in property for the life of a person that may not be inherited
- constructive eviction
- tenants remedy if landlord des not maintain property in a habitable condition
- waste
- destruction or damage to a property usually by tenant
- actual eviction
- act of legally evicting a tenant
- law of agency
- governs the responsibilities of principals and agents
- economic rent
- the rental value of a property in the marketplace
- fixture
- former item of personal property that has become so connected to the realty that is has become part of the real property
- dedication
- the gift of real property to a governmental unit
- leasehold
- a lease estate in realty
- chattel
- item of personal property
- temporary broker
- person designated to replace broker due to death or imcompetence
- commingling
- act of mixing personal funds and a principals funds; considered grounds for disciplinary action
- homestead
- a homeowner's protection of up to $100,000 of equity from general creditors
- dual agency
- an agency created when an agent acts for the buyer as well as the seller in a transaction
- specific lien
- a lien against a prticular property only, as opposed to a general lien which applies to all property of the debtor
- easement by prescription
- gained by use for 10 years
- real property
- land and the improvements
- designated broker
- licensed broker who has the direct responsibility for the real estate activities of the firm
- prior appropriation
- a theory used in some western states that the first user of water has priority rights over later users of water from the same source
- contract rent
- rent paid under a lease agreement; the actual rent called for they the contract
- police power
- the power of the state to adopt and enforce laws to promote order, safety, health, morals and general welfare. Examples include zoning, health code and building code enforcment
- escheat
- the reversion of property to the state when a person dies intestate and without known heirs
- periodic estate
- a commonly used rental form, known in the vernacular as a "month to month" tenancy. It's cancellation required notification by either the landlord or tenant
- conversion
- the broker spending trust money
- riparian rights
- rights of a landowner bordering a non-navigable waterway/own land under the water to the center of the waterway
- ASSIGNMENT OF RENTS CLAUSE
- A MORTGAGE CLAUSE THAT ALLOWS THE MORTGAGEE TO COLLECT RENTS DURING THE FORECLOSURE PERIOD
- personal property
- property that is not classified as real property
- eminent domain
- the government right to take private property(title or easement) for public use
- general agent
- an agent having all necessary authority to conduct a business or trade
- AMA
-
DESIGNATED AREAS WHERE WATER SUPPLY IS LIMITED- MUST HAVE ASSURED WATER SUPPLY FOR SUBDIVISION APPROVAL
- fee simple
- the highest ownership possible; has no time limit and can be transferred or inherited
- APPURTENANT
- ATTACHED TO THE LAND
- landlord tenant act
- statutes for the protection of the residential landlord and tenant. To simplify the rights and obligations of landlords and tenants
- bill of sale
- a written agreement transferring title to personal property
- intestate
- dying without a will. Property passes according to state statute as to intestate succession to the heirs
- emblements
- marketable annual crops; considered to be personal property
- metes and bounds
- legal description describing the parcel by its shape and boundaries
- dominant estate
- parcel that benefits from an easement
- non-conforming use
- use existing prior to zoning that does not conform with the zoning
- easement in gross
- given to a person or business
- fractional sections
- corrections have been made for the curvature of the earth. Sections 1,2,3,4,5,6,7,18,19,30,31
- encroachment
- physical intrusion of an improvement on another person's land
- non-disturbance clause
- a mortgage condition by which the mortgage company agrees not to terminate the lease in the event of mortgage forclosure
- employing broker
- entity
- trust account
- maintained by broker for earnest money
- encumbrance
- a claim against title or limitaion on use
- fee simple determinable
- a grant that automatically ends should a property no longer be used for a designated purpose
- estate at sufferance
- when a tenant stays in possession after the expiration of a lease, without the consent of the landlord, the tenant is called a holdover tenant. No notice of termination is required of the landlord
- set back
- building line distance from the lot line
- estate for years estate
- a lease for a definite period of time. It has a beginning and ending date
- sub-agent
- a person whose agency status was conferred by an agency not the principal
- estate at will
- a leasehold estate for an undetermined time period; may be terminated at any time by the lessor or lessee
- recovery fund
- a fund maintained by the real estate commissioner to repay persons who suffer losses because of wrongful acts of licensees.
- license
- right or privilege to use another's land- it can be revoked
- principal
- one who engages an egent to act on his or her behalf
- satute of frauds
- legislation requiring that certain contracts, including those dealing with real estate be in writing
- trade fixture
- personal property installed by a tenant to carry on a trade or business; remains personal property and can be removed by the tenant any time prior to the lease expiration
- water table
- depth from surface to usable water
- variance
- exception to zoning