Shared Flashcard Set

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Real Estate 413
Chapter 3
7
Business
Undergraduate 4
02/22/2010

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Cards

Term
CC&R's
Definition
Covenants, conditions, and restrictions.  Private encumbrances that limit the way a property owner can use a property.
Term
Lien
Definition
Claim on a property as either security for a debt or fulfillment of some monetary charge or obligation.
Term
Specific Lien (Also name the two types)
Definition

Lien is specific to the property and placed to secure debt associated with the property.

 

Two types are mortgage liens and machanic's lien.

Term
General Lien (Name 2 examples)
Definition
Examples are tax lien or judgment lien placed on all property that might belong to an individual, including any real estate.
Term
Easement (Name 2 types)
Definition

Right given to one party by a landowner to use the land in a specified manner.

 

Two types are Easement Appurtenant (which creates a dominant estate and an servient estate - Both estates can be simultaneously dominant and servient like in the example of sharing the driveway) and Easement in gross (utilities).

Term
Express Grant or Express Reservation (Easements)
Definition
Remember the front and back (landlocked) lots.  The owner owns all and then sells the back portion.  He does express grant to offer passage to new back owner.  If he sells the front, he does express reservation to reserve the right to use the easement to access his land in back. 
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