Flashcards in Vocabulary Deck (21)
To nullify or replace
As Valorem Tax
A tax levied according to the value of the tax
What are the conditions of adverse possession?
The process whereby a non-owner can gain ownership of property by occupying it in:
-Paying the property taxes for the statutory period of time (7 years in Utah)
Alienation, Due on sale, or assumption clause
A clause which allows the the lender to call the loan due and payable immediately if the property is sold or the loan is assumed.
The appraisal principle that weighs the value of the future benefits a product or property will bring.
Bundle of rights
All the interests that can be legally held in real property. Separated into:
Use and Control
The philosophy that says "Let the buyer beware"
Synonym for personal property
Process by which government exercises the power to transfer ownership of property from private to public use
*See eminent domain
An appraisal principle which states that because all homes in a particular area are harmonious in design and value, their value is sustained and tends to increase over time.
A private individual's gift of property for public use. May be voluntary (giving land for a public park) or statutory (subdividir giving land for roads).
The unauthorized intrusion of a building, tree, or other improvement onto a neighbor's property
This occurs when someone dies without a will, having no heirs
Known as the "to have and to hold clause" and sometimes the "subject to" clause. It defines and limits the estate which the grantee will receive when the property is transferred.
Using property as collateral or security for a debt without giving up possession of the property.
Reimbursement of loss
Life estate pur autre vie
A life estate based on the life of a person other than the holder of the life estate.
Latin for "suit pending"
It gives constructive notice that an action affecting a particular parcel of property has been filled in court. The property can be sold, leased, or otherwise disposed of, but all transactions are subject to the outcome of the court decision.
The joining of two contiguous properties so as to extinguish a lesser right.
I.e. Terminate and easement on landlocked property.
A form of ownership wherein an individual owns the property in sole ownership.