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Utah Real Estate > Vocabulary > Flashcards

Flashcards in Vocabulary Deck (21)
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1

Abrogation

To nullify or replace

2

As Valorem Tax

A tax levied according to the value of the tax

3

What are the conditions of adverse possession?

The process whereby a non-owner can gain ownership of property by occupying it in:
-Hostile
-Continuous
-Open
-Notorious possession
-In Utah
-Paying the property taxes for the statutory period of time (7 years in Utah)

4

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.

5

Anticipation

The appraisal principle that weighs the value of the future benefits a product or property will bring.

6

Bundle of rights

All the interests that can be legally held in real property. Separated into:
Possession
Use and Control
Quiet Enjoyment
Disposition

7

Caveat Emptor

The philosophy that says "Let the buyer beware"

8

Chattel

Synonym for personal property

9

Condemnation act

Process by which government exercises the power to transfer ownership of property from private to public use

*See eminent domain

10

Conformity

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.

11

Dedication

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).

12

Encroachment

The unauthorized intrusion of a building, tree, or other improvement onto a neighbor's property

13

Escheat

This occurs when someone dies without a will, having no heirs

14

Habendum clause

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.

15

Hypothecation

Using property as collateral or security for a debt without giving up possession of the property.

16

Indemnification

Reimbursement of loss

17

Life estate pur autre vie

A life estate based on the life of a person other than the holder of the life estate.

18

Lis pendens

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.

19

Merger

The joining of two contiguous properties so as to extinguish a lesser right.
I.e. Terminate and easement on landlocked property.

20

Severalty

A form of ownership wherein an individual owns the property in sole ownership.

21

Situs

Personal preference for one location over another which affects the value of the property.