Term
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Definition
| Complete history of the title of a piece of property. |
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Term
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Definition
| Addition to the land by the action of water |
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Term
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Definition
| When an agent has been appointed rither in writing or orally by the principal. |
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Term
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Definition
| An ARM has payment of principal and interest, but at specified time the interest rate adjust to some readily available market index. |
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Term
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Definition
| A party appointted by the court to handle the property of an indicidua, who dies without will |
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Term
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Definition
When an individual acquires title from the rightful owner
through hostile, actual, continuous occupation of the land for
the statutory period. |
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Term
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Definition
| A relationship in which one party acts for another. |
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Term
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Definition
| The one who acts for the principal. |
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Term
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Definition
| Any change in the ownership of real property is known as… |
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Term
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Definition
| The soil added to the land by the accretion |
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Term
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Definition
| A loan with equal regular payments over the life of the loan. |
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Term
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Definition
| An estimate or opinion of value. |
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Term
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Definition
A right or privilege or improvement that belongs to and passes
with land but is not necessarily a part of the land. |
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Term
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Definition
| Total transfer of rights and liabilities under a contract. |
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Term
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Definition
Water washes away the land from one property and deposits it
on another. |
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Term
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Definition
| One who receives property through a will. |
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Term
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Definition
| Personal property that is inherited. |
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Term
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Definition
| Used for transfer of personal property. |
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Term
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Definition
| A loan which covers two or more pieces of property |
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Term
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Definition
| When one party fails to perform as promised in a contract |
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Term
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Definition
| An addition or an amendment to an existing will |
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Term
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Definition
The government, under its power of eminent domain, takes an
easement. |
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Term
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Definition
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Term
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Definition
A legally enforceable agreement to do or refrain from doing a
particular thing. |
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Term
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Definition
Mathematical formula for calculating the replacement value
of unique, one-of-a-kind properties, where there are no
comparable. |
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Term
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Definition
| Land + Building Replacement Cost - Depreciation. |
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Term
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Definition
| Interest a husband has in the property of his wife. |
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Term
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Definition
An individual who wishes to transfer title to the government
will use this method. |
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Term
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Definition
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Term
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Definition
| Interest a wife has in the property of her husband |
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Term
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Definition
| Care, obedience, accounting, loyalty and disclosure |
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Term
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Definition
Compensation, reimbursement, indemnification and
performance. |
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Term
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Definition
| A right for the benefit of a piece of land |
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Term
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Definition
This belongs to a person or corporation and does not belong to
the land. |
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Term
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Definition
Can be terminated by merger, release, abandonment (end of
need), or death in the case of a personal easement. |
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Term
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Definition
| The right of the government to take private land for public use. |
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Term
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Definition
The unauthorized intrusion of another’s property onto an
adjoining property. |
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Term
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Definition
A claim, lien, charge, or liability attached to and binding real
property. |
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Term
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Definition
If a person dies intestate (without a will) and without heirs, the
government will take title to his real property under the right of
escheat. |
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Term
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Definition
Either the landlord or tenant may agree to terminate the lease
“at will”. |
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Term
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Definition
| Any lease with a specific starting and ending date. |
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Term
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Definition
Freehold Estates, Leasehold Estates, Statutory Estates,
Equitable Estate. |
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Term
Fee Simple Absolute
OR Fee Simple |
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Definition
The type of ownership in which a person has the most rights in
his/her property. |
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Term
| FHA (Fed. Housing Admin.) |
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Definition
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Term
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Definition
| The relationship between the principal and agent. |
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Term
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Definition
A piece of personal property that has become attached to the
land in such a way as to become real property is called… |
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Term
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Definition
| A will prepared by an attorney. |
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Term
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Definition
Exists when an agent is authorized to carry out the affairs of a
business for his employer, sometimes within a certain area. |
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Term
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Definition
| A lien against all the property of a debtor |
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Term
Government Survey System or
Rectangular Survey System |
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Definition
A description of property using base lines and meridians,
ranges, townships, and sections. |
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Term
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Definition
| One in which the landlord pays all the expenses of the property. |
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Term
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Definition
Any property, whether real or personal, which is capable of
being inherited. |
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Term
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Definition
| ...no longer has any right to remain on the property |
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Term
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Definition
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Term
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Definition
Prevent forced sale of the home by creditors, and provide a
surviving spouse with shelter. |
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Term
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Definition
| Buildings, landscaping, fences, patios, decks, roads, curbs, etc. |
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Term
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Definition
| Converting an income stream into an indication of value. |
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Term
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Definition
| An individual who dies without a will is said to have died… |
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Term
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Definition
| Gives one possession and use of a property without ownership. |
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Term
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Definition
| A claim against property to secure payment for a debt. |
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Term
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Definition
| Ownership for the duration of someone’s life. |
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Term
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Definition
| The percent of market value that a lender is willing to lend. |
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Term
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Definition
A description of property by lot and block numbers that refer to
a recorded map or plat. |
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Term
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Definition
Based on the comparison of the subject property to similar
properties in the area. |
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Term
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Definition
As the price a willing buyer will pay and a willing seller will sell
for, if neither is under undue pressure. |
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Term
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Definition
A description using terminal points and angles to describe a
piece of property. |
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Term
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Definition
| An instrument that pledges real property as security for debt. |
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Term
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Definition
Originate loans, lend money, sell loans and continue to service
loans they have sold. |
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Term
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Definition
| Specialists in bringing together borrowers and lenders. |
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Term
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Definition
The court requires the easement or states it is necessary for the
benefit of the owner. |
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Term
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Definition
The tenant pays rent plus a portion of the expenses of the
property, such as taxes, maintenance, or utilities |
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Term
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Definition
| Actual evidence of the debt and the personal promise to repay. |
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Term
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Definition
| An oral or deathbed will. |
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Term
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Definition
An agent acts as if he has the right to represent a principal, even
if he does not. |
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Term
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Definition
| A loan that includes both real and personal property as security. |
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Term
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Definition
Title can be conveyed from the state to an individual by the use
of… |
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Term
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Definition
The tenant’s rent is based in whole or in part on the receipts of
his business. |
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Term
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Definition
| A lease that automatically renews itself for like periods. |
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Term
| Personal Property or Chattel |
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Definition
| Things of a temporary, or movable nature. |
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Term
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Definition
The right of the government to regulate and control the way
you use your land. |
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Term
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Definition
Continuous use of the land over a period of time establishes the
right to use the land. |
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Term
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Definition
| Where individuals go to borrow money. |
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Term
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Definition
| ne who empowers another to act for him. |
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Term
| The Principle of Conformity |
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Definition
ximum value is achieved when there is homogeneity or
similarity in an area. |
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Term
The Principle of Highest and
Best Use |
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Definition
The use of a property that gives the greatest return in money or
amenities. |
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Term
The Principle of Increasing and
Decreasing Returns |
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Definition
Continue to invest in improvements as long as for each dollar
spent, value increases a dollar or more. |
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Term
| The Principle of Regression |
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Definition
The presence of lower priced properties in the area will cause a
decline in the value of the subject property. |
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Term
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Definition
| Deed with no guarantees, warranties, or covenants |
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Term
Requirements of a Valid
Contract |
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Definition
Competent parties, mutual agreement, consideration, legal
objective and in writing, where required by law. |
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Term
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Definition
Prohibits kickbacks or fees for services not performed during
the closing. |
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Term
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Definition
Rights to use water from a river or a stream on or next to your
property |
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Term
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Definition
| Where lenders go to borrow money. |
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Term
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Definition
| One square mile or 640 acres. |
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Term
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Definition
Ownership by one person or one legal entity is called an estate
in... |
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Term
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Definition
The location of the property or land from an economic, not a
geographic, viewpoint |
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Term
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Definition
An agent has a limited authority to act for his principal in a
particular situation. |
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Term
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Definition
| A lien that attaches to one or more specific or listed properties. |
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Term
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Definition
Requires the transfer of ownership of real property to be
accomplished in writing and signed in order to be enforceable in
a court of law. |
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Term
| Suit for specific performance |
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Definition
| The injured party sues the defaulting party. |
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Term
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Definition
| The government retains the right to tax your land. |
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Term
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Definition
Created when a lease expires and the tenant remains on the
premises. |
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Term
|
Definition
An individual who dies leaving a valid will is said to have
died… |
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Term
|
Definition
Means that all agreements in the contract must be performed or
carried out exactly on time. |
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Term
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Definition
| The evidence an individual has of his right to possess land. |
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Term
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Definition
| Real property is inherited without a will. |
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Term
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Definition
| A statement of the condition of title at a moment of time. |
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Term
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Definition
A policy of insurance that protects the insured against the loss
resulting from defects of title to a specifically described parcel of
real property |
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Term
|
Definition
Items necessary for an individual to carry out his trade or
profession. |
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Term
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Definition
| One that will not hold up in a court of law. |
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Term
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Definition
Exists when a principal has granted an agent unlimited
authority to act for him. |
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Term
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Definition
Loan guaranteed by the Veteran’s Administration.
Valid contract |
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Term
|
Definition
| One that meets all the requirements of the law. |
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Term
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Definition
| One that has no effect on the parties signing it. |
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Term
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Definition
| One that can be canceled or voided by one of the parties. |
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Term
|
Definition
A written expression of the desire of a person as to the
disposition of that person’s property after death.” |
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