created by the lienee's or borrower's actions, like taking out a mortgage or home
improvement loan.
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Voluntary Lien
(squatter's rights) occurs when property is acquired from the rightful owner through
the Statute Of Limitations. 10 years in Texas.
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Adverse Possession
,power given to municipality to regulate and control use of property for health, safety
and general welfare of the public
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Police Power
a lease that can be terminated by either party at will without notice.
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Estate at Will
If the holdover tenant pays rent and the landlord accepts that rent, a
_____________ is created
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Holdover Tenancy
Highest priority lien on real property.
Ad Valorem = According to value
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, Property Taxes
When do Heirs receive title?
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At probate + 30 days
ownership for the duration of someone's life. The owner is called the life tenant. The
life tenant has all the rights and duties of an owner, except the right to choose who
will get the property upon his or her death.
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Life Estate
A short sale will result in a _______________ on the credit report of a defaulting borrower,
but it is better than a foreclosure.
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Negative Note
The landlord pays all the expenses of the property. The tenant pays only rent.
, Give this one a try later!
Gross Lease
If a life estate is set up so that at the end of the life estate the property goes back to
the original owner, this is called a
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life estate with reversion
Access
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Grant
Derived from a record map called a plat. Most common description used in
residential listing agreements
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Lot and block
If the life estate is based on the life of someone other than the life tenant, this is
called _______
improvement loan.
Give this one a try later!
Voluntary Lien
(squatter's rights) occurs when property is acquired from the rightful owner through
the Statute Of Limitations. 10 years in Texas.
Give this one a try later!
Adverse Possession
,power given to municipality to regulate and control use of property for health, safety
and general welfare of the public
Give this one a try later!
Police Power
a lease that can be terminated by either party at will without notice.
Give this one a try later!
Estate at Will
If the holdover tenant pays rent and the landlord accepts that rent, a
_____________ is created
Give this one a try later!
Holdover Tenancy
Highest priority lien on real property.
Ad Valorem = According to value
Give this one a try later!
, Property Taxes
When do Heirs receive title?
Give this one a try later!
At probate + 30 days
ownership for the duration of someone's life. The owner is called the life tenant. The
life tenant has all the rights and duties of an owner, except the right to choose who
will get the property upon his or her death.
Give this one a try later!
Life Estate
A short sale will result in a _______________ on the credit report of a defaulting borrower,
but it is better than a foreclosure.
Give this one a try later!
Negative Note
The landlord pays all the expenses of the property. The tenant pays only rent.
, Give this one a try later!
Gross Lease
If a life estate is set up so that at the end of the life estate the property goes back to
the original owner, this is called a
Give this one a try later!
life estate with reversion
Access
Give this one a try later!
Grant
Derived from a record map called a plat. Most common description used in
residential listing agreements
Give this one a try later!
Lot and block
If the life estate is based on the life of someone other than the life tenant, this is
called _______
