Shared Flashcard Set

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Exam #1 pt 3
3
14
Real Estate & Planning
Undergraduate 3
01/25/2010

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Community property
Definition
theory under which all property aquired during a marrige is considered to be equally owned by the husband and wife, regardless of the financial contribution of each spouse actually made to the properys acquisition.
Term
Condiminium
Definition
a form of joint ownership whereby the property owners own their individual units seperately but share ownership of common areas; a building owned in this manner.
Term
cooperative
Definition
a form of joint ownership whereby the property owners own shares of stock in a corporation that owns the property and are entitled to cccupy space within the building.
Term
meets and bounds description
Definition
a legal method for descibing the exact boundaries of a property; metes refers to the distances and bounds refers to the directions of the propertys boundaries.
Term
rectangular survey system
Definition
a grid based system used to legally describe the location of a property.
Term
township
Definition
a 36 square mile area formed by township and range lines in the rectangular survey system.
Term
easement
Definition
a right given to another party by a land owner to use a property in a specified manner
Term
encroachment
Definition
an unauthorized invasion or intrusion of a fixture building or another improvement onto another persons property
Term
eminent domain
Definition
the governments power to take private property for public use upon payment of just compensation.
Term
emcumbrance
Definition
restriction or limitaion on owership rights
Term
lien
Definition
a claim on a property as security for a debt or fulfillment of some monetary change or obligation
Term
mechanics lean
Definition
a claim on a property held by a supplier of materials or labor for nonpayment of a debt.
Term
general lien
Definition
a security interest on all property owned by an individual
Term
specific lien
Definition
a security interest that relates only to a specific parcel of real estate.
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