The Real Estate License Professor

A compulsory charge on property or individuals the payment of which supports a government.

The tax value of property to the taxpayer. It is a figure used to compute capital gains and losses.

Deed issued to the purchaser at a tax sale.

Sale of property after a period of nonpayment of taxes.

A leasehold estate. (For specific types of leases see Estates.)

Co-ownership of property by two or more persons who hold undivided interest without right of survivorship; interests need not be equal.

One who leases real property from the owner.

All rights in real property that pass with a conveyance of it.

The Subdivision Map Act requires subdividers initially to submit a tentative map of their tract to the local planning commission for study. The approval or disapproval of the planning commission is noted on the map. Thereafter the planning commission requests a final map of the tract embodying any changes.

The manner in which land is held.

A shield usually of noncorrodible metal placed on top of the foundation wall or around pipes to prevent passage of termites.

Ant-like insects which feed on wood and are highly destructive to wooden structures.

The written declaration of one's last will.

A gift passing by will.

Describes a person who dies leaving a will.

A person who makes a will. Technically a testator is a male and a testatrix is a female although in common use testator refers to anyone who makes a will.

A notice terminating a periodic tenancy without cause by ending a tenancy thirty days from date of service.

A notice giving a tenant three days in which to cure a default or quit the premises. It is the first step in an unlawful detainer action as the means of terminating a lease for cause. When rent is delinquent it is sometimes called a notice to quit or pay rent.

A strip of wood or metal beveled on each edge and used above the finished floor under outside doors.

These words when placed in an agreement make it necessary that all time limitations and requirements be strictly observed.

Indicates fee" position or lawful ownership and right to property. "Bundle of Rights" possessed by the owner. Combination of elements constituting proof of ownership."

Insurance to protect a real property owner or lender up a specified amount against certain types of loss e.g. defective or unmarketable title.

Nature of the surface of the land. Topography may be level rolling or mountainous.

(1) A wrongful act. (2) A wrong or injury. (3) Violation of a legal right. A civil wrong not arising from a breach of contract. Most torts lie in negligence although they could also be intentional torts (such as assault and battery trespass) or strict liability torts.

A person who commits a tort.

Conduct which amounts to a tort.

A territorial subdivision that is six miles long and six miles wide and that contains 36 sections each one mile square.

Articles of personal property that are annexed to real property but that are necessary to the carrying on of a trade and are removable by the owner. Fixtures installed to further one's trade business or profession. They are an exception to the general rule that fixtures are part of a building. Such fixtures installed by a tenant may be removed before the expiration of the tenancy.

Method of guaranteeing an owner a minimum amount of cash on the sale of his or her present property to permit him or her to purchase another. If the property is not sold within a specified time at the listed price the broker agrees to arrange financing to purchase the property at an agreed-upon discount.

Conveyance; passage of title.

The person to whom a transfer is made.

The person who makes a transfer.

Horizontal boards of a stairway.

An invasion of an owner's rights in his or her property. (1) Unauthorized entry onto another's land. (2) Invasion of another's rights or property.

One who trespasses. The importance of this classification of individuals on property is created by the methods for removal and the liability of the property owner if the trespasser is injured on his property.

The finish materials in a building such as moldings applied around openings (window trim door trim) or at the floor and ceiling (baseboard cornice picture molding).

A right of property real or personal held by one party called the trustee for the benefit of another party called the beneficiary. Arrangement whereby one person holds property for the benefit of another under fiduciary (special confidential) relationship.

Deed given by a borrower to a trustee to be held pending fulfillment of an obligation which is usually repayment of a loan to a beneficiary. A deed of trust.

One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust.

The deed issued by the beneficiary after the foreclosure and sale under a deed of trust.

The private sale of property held by a trustee under a deed of trust as part of the foreclosure proceedings.

One who borrows money from trust deed lender then deeds the real property securing the loan to a trustee to be held as security until trustor has performed the obligation to the lender under the terms of the deed of trust.

A complex set of federal statutes designed to provide a borrower with a means of discovering and comparing the true costs of credit. Under Regulation Z of the act certain borrowers of property have three days after accepting a loan to rescind without cost or liability.