real estate unit 3 legal aspects Flashcards


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1

A. abstract of judgment

One-page, recordable document that contains information about a court
judgment

2

B. appurtenant easement

Easement that “runs with the land”

3

C. CC&Rs

Rules and regulations established for a parcel of land and accepted by the
owner when the property is purchased or transferred

4

D. condition

Limitation imposed by a grantor in a deed that can cause the ownership
of the property to revert to the grantor who imposes the condition if the
condition is not satisfied

5

E. covenant

Promise that a certain act will, or will not, be performed

6

F. Declaration of Homestead

Recorded notice to protect the equity in a home from forced sale by
unsecured creditors

7

G. dominant tenement

Land benefiting from an easement

8

H. easement

Interest for use owned by one person in the land of another person

9

I. easement in gross

Easement that is a personal right of one person to use land owned by
another

10

J. encumbrance

Interest in real property that is held by someone who is not the owner

11

K. estate

The quantity, quality, degree, and nature of a person’s interest in real
property that may become possessory

12

L. fee simple absolute

Freehold estate that includes all rights to sell, exclude others, finance, and
do any other thing with real property allowed by law

13

M. fee simple determinable

Freehold estate with present possessory interest in a grantee with a
reversionary interest in the grantor

14

N. financial encumbrances

Encumbrance that affects title to property

15

O. freehold estate

Estate with indefinite duration or that is measured by the length of
someone’s life

16

P. future interest

Interest that cannot be exercised today, but which might be exercised in
the future

17

Q. homestead property

Home, occupied by a family, exempt from the claims of unsecured
creditors

18

R. interest

Various rights, privileges, powers, and immunities with respect to real
property

19

S. judgment creditor

Party to a lawsuit who obtains a money judgment against the other party

20

T. license

Permissive use of land that is freely revocable by the grantor

21

U. life estate

Freehold interest that allows the owner to live on a parcel until death, but
that cannot be bequeathed via a will

22

V. non-financial encumbrance

Encumbrance that affects the physical use or condition of the property

23

W. nonfreehold estate

Estate with a fixed or determinable duration

24

X. periodic tenancy

Leasehold interest for an indefinite period of time

25

Y. possessory interest

Present right to physically occupy land and to exclude others from that
same land

26

Z. present interest

Interest in land that can be exercised by the owner today

27

AA. profit-à-prendre

Right to enter another’s land to remove soil, substances of the soil, or
other resource

28

BB. servient tenement

Land burdened by an easement

29

CC. tenancy for years

Leasehold interest with a fixed term and definite end date

30

DD. writ of execution

Document directing the sheriff to commence a lien-sale of a parcel of real
property