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Exam #1 pt 4
4
11
Real Estate & Planning
Undergraduate 3
01/25/2010

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
mortgagee
Definition
the lender in a mortgage loan transaction
Term
mortgagor
Definition
the borrower in a mortgage loan transaction
Term
servient estate
Definition
the property burdened the existence of an easement appurtenant or easement in gross.
Term
dominant estate
Definition
the property benefited by the existance of an easement appurtenant.
Term
judgment lien
Definition
a lien placed on propery to settle a dugment from a lawsuit.
Term
adverse possession
Definition
the aquisition of property as a result of "actual and exclusive, open and notorious, hostile and continious"possession under a claim of right for a statutory period of time.
Term
license
Definition
a revocable personal privilege to use land for a particular purpose.
Term
ad valorem tax
Definition
a tax levied as a percentage of the value of the taxed item.
Term
inverse condemnation
Definition
a lawsuit initiated by a property owner to force the government to purchase a law property whose value has been diminished by a governmental action
Term
police power
Definition
the governments power to regulate the way private property is used to protect the health, saftey, morals, and general welfare of the public.
Term
zoning
Definition
the process of dividing a communitys land into districts in which only certain ises pf the land are allowed.
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