Term
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Definition
| right of a second part secondarily liable to stand in place of the creditor after making payment to the creditor and to enforce the creidtor's right against the party primarily liable in order to pbtain indemnity rom such primary party. |
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Term
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Definition
| provision that after the lapse of a specified time the insurer cannot disputer the policy on the ground of misrepresentation or fraud of the insured or similar wrongful conduct. |
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Term
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Definition
| relationship between a person identified as a principal and another b virtue of which the latter may make contracts with third persons on behalf of the principal. |
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Term
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Definition
| person or firm who employs an agent; person who, with respect to surety, is primiarily liable to the third person or creditor. |
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Term
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Definition
| an agent is distinguished from an ordinary employee who is not ired to represent the employer in making contracts with third party persons. |
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Term
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Definition
| contractor who undertakes to perform a specified task according to the terms of a contract but over whom the other contracting party has no cotrol except as provided for by the contract. |
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Term
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Definition
| agent authorized to transact a specific transaction o to do a specific act. |
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Term
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Definition
| agent authorized by the principal to transact all affiars in connection withparticular type of business or trade or to transact all business at a certain place |
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Term
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Definition
| agent authorized by the principal to do all acts that can be lawfully delegated to a representative. |
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Term
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Definition
| permanent right that one has in the land of another, as the right to cross another's land o an easment of way. |
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Term
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Definition
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Term
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Definition
| lan that is benefited by easement |
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Term
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Definition
| land that is subject to an easement |
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Term
| Three Ways to Create and Easement |
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Definition
1. Easement of Implication
2. Way of Necessity
3. Prescription |
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Term
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Definition
| easement not specifically created by deed that ariss from the circumstances of the parties and the land location and access |
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Term
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Definition
| grantee's right to use land retained by the rantor for going to ad from the conveyed land |
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Term
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Definition
| acquisition of a right touse thland of another, an easement, by making hosile, visible, and notorious us of the land, continuing for the period specifed by law. |
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Term
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Definition
| right to take a part of the soil or produce of another's land, such as timber or wter. |
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Term
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Definition
| person privilege to do some act or series of acts upon the land of another, as the placing of a sign there on, not amounting to an easement or a right of possession. |
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Term
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Definition
| claim or right, against property, existing by virtue of the entry of a judgment against its owner or by the entry of a judgement and a levy there under on the property, or because of the relationship of the claimant to the particular property, such as an unpaid seller. |
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Term
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Definition
| personal property that has become so attached to or adapted to real estate that it has lost its character as personal property and is part of the real estate. |
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Term
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Definition
1. Annexation
2. Adaption
3. Intent |
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Term
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Definition
| personal property that is so attached t the realty that it canno be moved unless destroyed |
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Term
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Definition
| personal property that is adapted to the use for the building may constitute a fixture |
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Term
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Definition
| considered when property was affixed, in absence courts resort to the nature of the property |
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Term
| Six Things to Real Property |
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Definition
1. Land
2. Easements
3. Profits
4. Licenses
5. Liens
6. Fixtures |
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Term
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Definition
| interest ofa tenant in rented land |
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Term
| What are two freehold estates? |
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Definition
| Fee simple state &Life Estate |
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Term
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Definition
| highest level of land ownership; full interest of unlimited duration |
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Term
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Definition
| An estate for the duration of a life |
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Term
| Two Types of Future Interests |
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Definition
-Remainder Interest
-Possibility Reverter |
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Term
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Definition
| land interest thta follows a life estate |
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Term
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Definition
| grantor gets land back if grantee violates a certain condition prohibited |
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Term
Common Law Rule
(Three Types of catergories of Person(s) on one's land) |
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Definition
-Trespassers
-Licensees
-Invitees |
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Term
Attractive Nuisance Doctrine
What is it?
And what does it fall under from the Common Law Rule? |
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Definition
-a rule imposing liability on a landowner for injuries sustained any small children playing on the land when the landowner permits a condition to exist or maintains equipment that would attract small children who don't realize the danger.
-Trespassers |
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Term
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Definition
| Someone on another's premises with the permission of the occupier whose duty is to warn the licensee of nonobvious dangers |
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Term
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Definition
| Person who enters another's land by invitation |
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Term
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Definition
| an instrument by which the grantor (owner of land) conveys or transfers the title to a grantee |
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Term
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Definition
| owner who transfers or conveys the interest in land to a new owner |
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Term
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Definition
| New owner of a land conveyance |
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Term
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Definition
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Term
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Definition
| deed by which the grantor purports to give up only whatever right or title the grantor may have in the property without specifying or warranting transfer of any particular interest |
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Term
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Definition
| deed by which the speific estate or interests to the grantee and makes one or more of the covenants of title |
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Term
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Definition
| unqualified assent to the act or proposal of another |
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Term
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Definition
| public official in charge of deeds |
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Term
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Definition
| statute under which the first party to record the deeds holds the title |
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Term
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Definition
| statute under which the last good faith or bona fide purchaser holds the title |
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Term
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Definition
| statute under which the first bona fide purchaser to record teh deed holds the title |
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Term
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Definition
| history of all the transfers of a title to a given piece of land, briefly stating tthe parties to and the effect of all deeds, wills, and judicial proceedings relating to the land |
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Term
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Definition
| implied warranty that the title to the goods is good and transfer is proper |
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Term
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Definition
| grantor's covenants of a deed that guarantee such matters as the right to make conveyance, to ownership of the property, to freedom of the property, to freedom of the property from encumbrances, or that the grantee will not be disturbed in the quiet enjoyment of the land |
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Term
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Definition
| guarantee that the grantor of an interest in land owns the estate conveyed to a new owner |
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Term
| Covenant of a right to convey |
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Definition
| guarantee that the grantor of an interest in land, if not the owner, has the right or authority to make the conveyance to a new owner. |
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Term
| Covenant against the encumbrances |
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Definition
| guarantee that conveyed land is not subject to any right or interest of a third person |
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Term
| Covenant of Quiet Enjoyment |
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Definition
| covenant by the grantor of an interest in land that grantee's possession of the land shall not be disturbed |
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Term
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Definition
| any covenant that does not provide the complete protection of a full covenant |
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Term
| Covenant of further assurances |
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Definition
| promise that the grantor of an interest in land will execute any additional documents required to perfect the title of the grantee |
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Term
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Definition
| concept that certain covenants in a deed to land are deemed to run or pass with the land so, is bound by or entitled to the benefit of the covenants |
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Term
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Definition
| power of government and certain kinds of corporations to take property against the objection of the owner, provided the taking is for a public purpose and just compensation is made for it |
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Term
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Definition
| hostile possession of real estate |
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Term
| 5 Things for Adverse Possession |
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Definition
1. Actual
2. Visible & Notorious
3. Exclusive
4. Hostile
5. Continous for a required period of time |
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Term
What does ARM stand for?
And what is it? |
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Definition
-Adjustable Rate Mortgage
-mortgage with variable financing charges over the life of the loan |
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Term
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Definition
| mortgage in which the owners get their equity out of their home over a period of time and return the house to the lender upon their deaths |
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Term
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Definition
| procedure for enforcing a mortgage resulting in the public sale of the mortgaged property and less commonly, in merely barring the right of the mortgagor to redeem the property from the mortgage |
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Term
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Definition
| the relationship in which one person is in lawful possession of real property owned by another |
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Term
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Definition
| tenancy for a fixed period of time, even though less than a year |
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Term
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Definition
| tenancy that continues indefinitely for a specified rental period until terminated |
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Term
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Definition
| transfer by the tenant of the tenant's entire interest in the premises to a third person |
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Term
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Definition
is a transfer to a third person
(Is usually not liable to the original lessor for rent unless that liability has been expressly assumed or is imposed by statute |
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