real estate unit 7 legal aspect Flashcards


Set Details Share
created 1 year ago by yesi11
1 view
show moreless
Page to share:
Embed this setcancel
COPY
code changes based on your size selection
Size:
X
Show:

1

C. alienation

Voluntarily or involuntarily transferring or conveying property to another

2

G. deed

Written instrument used to immediately transfer title to real property
from one person to another

3

O. granting clause

Words of purchase, such as grants, conveys, transfers, or sells

4

AA. quitclaim deed

Deed with no warranties

5

N. gift deed

Deed whose consideration is love and affection

6

S. involuntary alienation

Transfer of property against the wishes of the owner

7

M. foreclosure

Legal procedure lenders use to terminate the trustor’s or mortgagor’s
rights in real property to satisfy their liens

8

DD. trustee’s sale

Foreclosure method taking approximately four months

9

U. judicial foreclosure

Procedure lender uses to sell a mortgaged property with the involvement
of a court

10

H. deficiency judgment

Personal judgment against a borrower for the balance of a debt owed
when the security for the loan is insufficient to pay the debt

11

V. partition action

Court proceeding to settle a dispute between co-owners by dividing their
interests in real property

12

Z. quiet title action

Court proceeding to establish an individual’s right to ownership of real
property against one or more adverse claimants

13

CC. tax sale

Forced sale of real property by the county to satisfy delinquent taxes

14

K. execution sale

Forced sale of property to satisfy a money judgment

15

I. eminent domain

Power of the government to take private property for public use

16

J. escheat

Property reverts to the state because the deceased owner left no will and
has no legal heirs

17

P. holographic will

Will entirely in the handwriting of the testator

18

E. codicil

Later testamentary instrument that supplements validity or disposition of
an earlier will

19

Y. probate

Legal process to prove that a will is valid

20

L. executor

Person named in a will to administer it

21

BB. settlor

Person who sets up a trust on behalf of a beneficiary

22

Q. inter vivos

Trust in which the settlor is still alive when the trust is established

23

R. intestate

Term describing a person who dies without leaving a valid will

24

T. issue

Descendants of the testator

25

W. per stirpes

Method of dividing property among the descendants of someone who has
died intestate

26

B. adverse possession

Obtaining title by occupying land for a statutory time period without the
permission of the owner

27

A. accretion

Gradual enlargement of land through the accumulation of sediment

28

D. avulsion

Sudden, perceptible loss of land

29

F. constructive notice

Notice given by recording a document

30

X. priority

Order in which deeds are recorded