File Complaint with HOA - Best course of action when someone violates restrictive covenants, Injuction - Lawsuit that stops a party from doing something (such as painting the house in a wrong color), Fee common to townhouses and condos - Private special assessment when the HOA does not have sufficient funds, Red Flag - A situation where a broker learns something and should encourage additional investigation (such as a zoning issue based on the client's proposed use), Specific Lien - A lien against one property rather than against all property (mortgage, tax lien, mechanics lien, etc), General Lien - A lien against all assets of an individual including a home, bank accounts, investments, etc. Common for judgments, personal property taxes, federal income tax liens, etc., , Government Rectangular Survey System - Principal meridians, baselines, and tiers, Metes and Bounds Property Description - Point of beginning, monument, direction, and distance, Subdivision Ordinance - Law that requires approval before a new subdivision may be built, with or without an HOA, Road Maintenance Agreement - A written agreement that establishes the responsibility for maintaining private roads, Eminent Domain - The right of the government to take real estate for public use by paying just compensation, Condemnation - The legal action used by a government to take property for public use, Laches - When an HOA loses the right to enforce CC&Rs if they fail to enforce for the prescribed period, Variance - Waiver for a rule, such as a setback, that is not a change in use, Mechanics Lien - A lien that may jump back to the first day labor or material is provided when a contractor takes the required steps, Public Special Assessments - Roads, sidewalks, street lights, city water/sewer services, Private Special Assessments - Roof, siding, amenities , Appurtenant Easement - Easement created between adjoining properties with a dominant and servient estate, License - Typically granted for hunting or fishing. Not an encumbrance as it can be revoked. , Adverse Possession - Taking the property of another after a prescribed time which is longer without the color of title ,

Unit 2 Part 2

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