Vocab A-D

Question 1

a condensed summary of all recorded documents affecting the property’s title, showing recorded conveyances, transfers, encumbrances etc. Used as evidence of title

Answer 1

Abstract

Question 2

the method of depreciation, for income tax purposes, which increases the write off at a rate higher than the straight line method was used

Answer 2

accelerated depreciation

Question 3

the clause in a note mortgage or deed of trust which requires immediate payment of the entire debt if certain conditions are violated (default and alienation of title most common)

Answer 3

Acceleration clause

Question 4

the voluntary consent with a complete and unconditional agreement by the offeree to be bound by the terms of the contract

Answer 4

Acceptance

Question 5

gradual build up of additional land by the forces of nature

Answer 5

accretion

Question 6

something that has accumulated over a period of time (interest.. expenses etc)

Answer 6

Accrued

Question 7

any loss of utility of title

Answer 7

accrued depreciation

Question 8

the act by which a party signing a document goes before authorized official (notary)

Answer 8

Acknowledgement

Question 9

the total amount of money or other valuable consideration given to obtain an interest in the property

Answer 9

acquisition cost

Question 10

43560 square feet

Answer 10

Acre

Question 11

actual expulsion of the tenant out of all or some part of the leased premises. the physical ousting.

Answer 11

actual eviction

Question 12

knowledge that one has gained based on what he has seen, read, or heard

Answer 12

Actual notice

Question 13

in appraising, the value of comparable property after adjusting for differences between it and the subject property

Answer 13

Adjusted market price

Question 14

the person appointed by the probate court to settle the estate of a person who died intestate. (Personal Representative)

Answer 14

Administrator

Question 15

based on or according to value

Latin

Answer 15

Ad Valorem

Question 16

A method of acquiring title to real property that is owned by someone else by holding open, continuous, hostile, and notorious possession for a statutory period of time

Answer 16

Adverse Possession

Question 17

A statement or declaration reduced to writing, signed and sworn to before a notary public or other authorized official

Answer 17

Affidavit

Question 18

A detailed plan used to overcome the causes and effects of discrimination.

Answer 18

Affirmative action program

Question 19

the relationship between principal and agent, formed by a contract in which the principal employs the agent to act in his behalf in dealing with 3rd parties

Answer 19

Agency

Question 20

the person authorized to represent someone

Answer 20

agent

Question 21

a designated cube of air such as a condominium unit on the second floor

Answer 21

air lot

Question 22

the right of the real property owner to use, control, and occupy the space above the physical surface of his or her land

Answer 22

air rights

Question 23

the transferring of the title to property from one person to another. Either involuntary or voluntary.

Answer 23

alienation

Question 24

a clause in a mortgage, note, or deed of trust that requires full payment of the debt in the event title is transferred without the approval of the creditor

Answer 24

Alienation clause

Question 25

the free ownership system in which the ownership of the land is held by individual owners. Used in the US. Opposite of feudal system where the land is owned by the “king.”

Answer 25

Allodial system

Question 26

the satisfaction one receives through using the rights in realty; the enjoyment gained from home ownership, not money or income, but pleasure, such as a beautiful view or enjoyment from a swimming pool

Answer 26

Amenities

Question 27

the process of paying off a debt by regular installments

Answer 27

Amortization

Question 28

a loan in which regular payments are made from each payment the amount of interest due is subtracted and the balance of the payment applies to the principal. Final payment leaves a zero balance.

Answer 28

Amortized loan

Question 29

a desirable tenant, such as a large department store.

Answer 29

anchor tenant

Question 30

once a year

Answer 30

annual

Question 31

the total cost of credit expressed as a percentage

Answer 31

Annual percentage rate (APR)

Question 32

to render ineffective

Answer 32

annul

Question 33

changes in value because of a future benefit or detriment that will affect the property

Answer 33

Principal of anticipation

Question 34

a formal opinion or estimate of value by one who is qualified to evaluate factors of value (professional)

Answer 34

Appraisal

Question 35

the worth of a property as determined by an appraiser

Answer 35

appraised value

Question 36

an individual who gives his or her professional opinion as to the value of the property

Answer 36

appraiser

Question 37

an increase in property value

Answer 37

appreciation

Question 38

the percentage figure used to compute the increases in the value of real property

Answer 38

appreciation rate

Question 39

anything such as a physical item that passes with the title to the land (buildings, fences, fixtures, easements, mineral rights)

Answer 39

Appurtenance

Question 40

the science and art of structural design

Answer 40

architecture

Question 41

a transaction between two parties that have equal bargaining positions (no special relationship)

Answer 41

Arm’s length transaction

Question 42

the value placed on a property for the purpose of taxation. Usually a certain percentage of the market value

Answer 42

Assessed value

Question 43

1. the act of evaluating a property for the purpose of levying a tax.
2. a special levy to pay for such items as sidewalks…
3. the allocation of proportionate individual shares of a common expense (dividing up maintenance for a condo etc)

Answer 43

Assessment

Question 44

a public official who evaluates property for the purpose of taxation

Answer 44

Assessor

Question 45

one to whom a transfer of interest is made

Answer 45

assignee

Question 46

the transfer by a party of all of his or her rights and interests in something to another (usually ownership of personal property)

Answer 46

Assignment

Question 47

the transfer of the lessee’s interest in a lease to another person

Answer 47

assignment of lease

Question 48

the transfer of a mortgage from one to another

Answer 48

assignment of mortgage

Question 49

one who transfers an interest in property to another person

Answer 49

assignor

Question 50

a broker who works in conjunction with one or more other brokers or within a corporation

Answer 50

associate broker

Question 51

a name chosen under which to conduct business (or DBA)

Answer 51

Assumed name

Question 52

the process of acquiring title to property which is the security of an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage

Answer 52

Assumption of mortgage

Question 53

a qualified licensed legal agent

Answer 53

attorney-at-law

Question 54

a person who has been given the authority to act for another person. Power of attorney

Answer 54

Attorney-in-fact

Question 55

a statement issued by an attorney after he has examined the abstract or other documents giving his opinion of the marketability of the title

Answer 55

attorney’s opinion of title

Question 56

the sudden removal of land from one property to that of another owner. usually the result of a sudden or violent act of nature

Answer 56

avulsion

Question 57

occurs when one person, the bailor, gives the possession and control of personal property, but not ownership, to another person, called a bailee

Answer 57

Bailment

Question 58

A loan in which one or more payment is larger than the regular payment

Answer 58

balloon loan

Question 59

a payment in a balloon loan that is larger than the regular payments

Answer 59

balloon payment

Question 60

1 a commercial establishment whose main purposes are to a. hold money in safekeeping b. loan money c. exchange money ….

2 ground bordering a watercourse

Answer 60

bank

Question 61

a deed that contains no covenants but does imply that the grantor owns the property being conveyed

Answer 61

bargain and sale deed

Question 62

imaginary lines, running east and west in the government survey method of property description and running perpendicular to meridian lines

Answer 62

Base lines

Question 63

the minimum rent charged in a percentage lease

Answer 63

base rent

Question 64

permanent markers that show the elevation, at that point, placed by a surveyor

Answer 64

bench marks

Question 65

1. a person who is designated to receive the proceeds from a will, insurance policy, trust etc.
2. the lender under a deed of trust

Answer 65

Beneficiary

Question 66

to leave personal property in a will or to give as a gift

Answer 66

bequeath

Question 67

occurring twice a year

Answer 67

biannual

Question 68

occurring once every 2 years

Answer 68

biennial

Question 69

a contract which results when a promise is exchanged for another party’s promise

Answer 69

bilateral contract

Question 70

a document used to transfer ownership of personal property

Answer 70

bill of sale

Question 71

1. an agreement made preliminary to the actual contract to sell property, used as a temporary arrangement.
2. an insurance ______ given immediate insurance coverage until a regular policy can be issued

Answer 71

binder

Question 72

a mortgage which is secured by two or more properties

Answer 72

blanket mortgage

Question 73

an advertisement, placed by a licensee that does not include the license status or the correct name in which the broker is licensed. Illegal in michigan

Answer 73

blind ad

Question 74

the illegal practice of inducing a change in the neighborhood and or/ exploitation of the situation for profit by urging residents to sell their homes quickly at deflated prices.

Answer 74

blockbusting

Question 75

genuine and in good faith

Answer 75

bona fide

Question 76

a purchaser who, in good faith and for valuable consideration, acquires property without any actual or constructive notice of any prior rights or claims of 3rd party persons against the title

Answer 76

Bona Fide purchaser

Question 77

a person who receives money or something of value with the expressed or implied intention of repayment

Answer 77

borrower

Question 78

an additional office for conducting business. In MI they must have a license

Answer 78

Branch Office

Question 79

failure to perform as required by a contract without a legal excuse

Answer 79

Breach of contract

Question 80

a living or legal person licensed to act as an agent to negotiate for the sale, lease, exchange, or financing of a property for a fee

Answer 80

broker

Question 81

the business of buying, selling, or managing property for others

Answer 81

brokerage

Question 82

a mortgage loan that includes in each periodic payment a proportional amount for taxes, insurance, or other costs. Referred to as PITI (principal, interest, taxes, and insurance)

Answer 82

Budget Mortgage

Question 83

the codes or restrictions established by a government body, such as a city, county, or state for regulating the construction of buildings and specifying minimum construction standards.

Answer 83

Building codes

Question 84

an agreement entered into by a contractor and an owner for the construction of a building

Answer 84

building contract

Question 85

the authorized individual who reviews the various stages of building construction to verify conformance with the requirements of building codes

Answer 85

building inspector

Question 86

a written authorization from the local government allowing the construction or remodeling of improvements within its jurisdiction

Answer 86

building permit

Question 87

a sale of a business in which a major part of the inventory or supplies are included in the sale

Answer 87

bulk transfer

Question 88

describes the legal rights and interests included in the ownership of real estate

Answer 88

bundle of rights

Question 89

a business or going concern which is for sale

Answer 89

business opportunities

Question 90

an economic situation in which there are more sellers in the market than there are buyers

Answer 90

buyer’s market

Question 91

1. the money and assets that a person has or uses.

2. the net worth of a business enterprise

Answer 91

Capital

Question 92

profit from the sale of a capital asset other than from the usual course of business

Answer 92

Capital gain

Question 93

improvements that will extend the useful life of the property and/or increase its value

Answer 93

capital improvements

Question 94

the mathematical process of using the net income to indicate the value of a property by using a reasonable rate of return

Answer 94

capitalization

Question 95

a percentage that reflects an acceptable return on the original investment ….

Answer 95

Capitalization rate

Question 96

the net income from an investment after deducting all expenses, except income taxes, from the gross income

Answer 96

Cash flow

Question 97

a latin phrase meaning “let the buyer beware”

Answer 97

caveat emptor

Question 98

a certificate issued by a governmental body that states a structure meets local zoning and building codes (AKA certificate of occupancy)

Answer 98

Certificate of compliance

Question 99

a certificate to a veteran who has been determined to qualify for a VA loan

Answer 99

Certificate of eligibility

Question 100

a written payoff balance that states the total balance that is owed (AKA estoppel certificate)

Answer 100

Certificate of no defense

Question 101

an appraisal commitment from the VA used to set the value of property …

Answer 101

Certificate of reasonable value (CRV)

Question 102

given in some states by a sheriff at a foreclosure sale …

Answer 102

Certificate of sale

Question 103

a certificate issued by a title examiner giving his opinion as to the marketability of the title of a certain parcel of real estate. Doesn’t have guarantees or protection against hidden defects .

Answer 103

Certificate of title

Question 104

a fee to have the records checked to show if the taxes have been paid. required in michigan

Answer 104

certification of taxes

Question 105

a check guaranteed to be good by the bank

Answer 105

Certified check

Question 106

a linear land measurement which equals 66 feet. Divided into 100 links of 7.92 inches each

Answer 106

Chain

Question 107

the consecutive conveyances or other forms of alienation affecting a particular parcel of land that connects the present owner to the original source of the title

Answer 107

chain of title

Question 108

movable personal property. also called Personalty

Answer 108

Chattel

Question 109

a mortgage in which personal property is used as collateral

Answer 109

Chattell mortgage

Question 110

any lawsuit between private parties

Answer 110

civil action

Question 111

a person who employs an agent to act for him in exchange for a fee or commission

Answer 111

client

Question 112

a mortgage that cannot be paid until maturity

Answer 112

closed mortgage

Question 113

the settlement sheet which lists the credits and deeds of the buyer and seller. in MI must be signed by the broker

Answer 113

closing statement

Question 114

an outstanding claim or condition which may impair or injure the title to the property

Answer 114

Cloud

Question 115

a written addition or amendment made subsequent to an existing will

Answer 115

codicil

Question 116

an indication of good title but due to certain conditions or defects is, in fact, not good title

Answer 116

color of title

Question 117

federal or state chartered lending institution…

Answer 117

Commercial bank

Question 118

the mixing of personal funds with your client’s money

Answer 118

commingling

Question 119

1. the broker’s fee for his services

2. a group of people formed to a specific function

Answer 119

Commission

Question 120

the parts of land or improvements in a condo, co-op, or planned unit development (PUD) that are shared

Answer 120

Common elements

Question 121

an undivided ownership

Answer 121

common interest

Question 122

law resulting from past court decisions or accepted traditions

Answer 122

common law

Question 123

a system of property ownership in which each spouse shares equally the property that has been acquired during their marriage

Answer 123

community property

Question 124

the borrowers in a mortgage transaction where there are two or more borrowers

Answer 124

co-morgagors

Question 125

similar properties that are used to indicate property value during an appraisal

Answer 125

comparables

Question 126

a person who instigates a complaint or legal action

Answer 126

complainant

Question 127

ownership that is shared by two or more persons at the same time (AKA co-tenancy)

Answer 127

concurrent estate

Question 128

the procedure of taking private property for a public use through court procedure (exercising eminent domain)

Answer 128

Condemnation

Question 129

a specific event or requirement which directly affects the instruments or documents involved in a transaction …

Answer 129

condition

Question 130

a commitment by a lender to make a loan but only upon the fulfillment of certain conditions

Answer 130

conditional commitment

Question 131

a contract to sell real estate to another upon completion of certain required acts such as payment of specific sums. title remains vested in the seller until the contract is completely fulfilled.

Answer 131

Conditional sales contract

Question 132

a system of individual fee ownership units in a multi-unit complex, combined with an interest in the common elements

Answer 132

Condominium

Question 133

changing rental units into individually owned units

Answer 133

condominium conversion

Question 134

the document that legally establishes a condominium regime

Answer 134

• condominium declaration
• Enabling declaration
• Master deed

Question 135

a condominium development

Answer 135

condominium regime

Question 136

a person appointed by the court to handle the estate of a person unable to do so

Answer 136

conservator

Question 137

anything of value that is given to induce another to enter into a contract. required to make the contract enforcible.

Answer 137

Consideration

Question 138

a loan to finance the improvement of real estate. Usually “interim” financing.

Answer 138

construction loan

Question 139

any action, or inaction, by the landlord that materially disturbs or impairs a tenant’s rights in leased property so that the tenant is effectively forced to move out

Answer 139

Constructive eviction

Question 140

notice given to the public by recorded documents or by possession of the property

Answer 140

constructive notice

Question 141

a condition placed in a contract which requires a specified event to happen or not happen before it’s binding

Answer 141

contingency

Question 142

an agreement entered into by two or more legally competent parties, for a consideration, to do or to refrain from doing some legal act or acts

Answer 142

contract

Question 143

a contract between the buyer and seller in which the seller retains the title to the property until the buyer has met certain agreed conditions.

Answer 143

contract for deed

Question 144

the person who does construction work….

Answer 144

contractor

Question 145

in appraising, the theory that an improvement is not valued at it’s actual cost to the construct, but rather, at the value it adds to the property’s total value

Answer 145

the principle of contribution

Question 146

estates that are created by the parties to the transaction, as opposed to an estate created by operation of law

Answer 146

Conventional estates

Question 147

a loan that is neither insured nor guaranteed by the government

Answer 147

Conventional loan

Question 148

the act of transferring title or some interest from one person to another

Answer 148

Convey / Conveyance

Question 149

a multi unit complex in which the title is usually held by a corporation or trust for the benefit on the persons living in the units who are the stockholders of the corporation. Each of these “owners” is given a proprietary lease on a unit

Answer 149

Cooperative

Question 150

the legal shield or curtain that protects a corporation where an individual would be liable

Answer 150

Corporate veil

Question 151

a non living entity or organization established by a group of owners. Is treated as a legal person and has rights and liabilities that are distinct from the owners.

Answer 151

Corporation

Question 152

A document that corrects an error in a previous deed

Answer 152

Correction deed

Question 153

the step in which the appraiser weighs the 3 different approaches and correlates these conclusions to arrive at an estimate of value for the property he or she is appraising (aka reconciliation)

Answer 153

Correlation

Question 154

someone who accepts an equal obligation for the performance of a contract, note, or other act by signing the document involved

Answer 154

co-signer

Question 155

that which was given up to obtain something

Answer 155

cost

Question 156

a method of appraising in which the value is found based on determining the cost to replace or reproduce the structure and other improvements, less any depreciation, plus the value of the land

Answer 156

Cost approach

Question 157

used in income tax calculations. the adjusted ___ ______ is the amount paid for the property plus acquisition costs and other expenses…..

Answer 157

Cost basis

Question 158

A new offer made in reply to a previous offer received. It constitutes a rejection of the original offer.

Answer 158

Counter offer

Question 159

an agreement or promise

Answer 159

Covenant

Question 160

a written promise, guaranteed by a warranty deed, that the grantor warrants that there are no encumbrances other than those stated in the deed.

Answer 160

Covenant against encumbrances

Question 161

A written promise, guaranteed by a limited warranty deed, in which the grantor assures that he has not done, or suffered, anything to encumber the property, other than as stated on the deed, but makes no warranties concerning the title prior to his ownership

Answer 161

Covenant against grantors acts

Question 162

a written promise made by the seller of a business in which he or she agrees not to compete against the purchaser in an agreed area for an agreed length of time.

Answer 162

Covenant not to compete

Question 163

a written promise, guaranteed by a warranty deed, in which a grantor warrants that, if necessary, he will procure any subsequent documents to make the grantee’s title good

Answer 163

Covenant of further assurance

Question 164

a written promise, guaranteed by a warranty deed, in which the grantor warrants that the grantee and the grandee’s heirs and assigns will not be disturbed in their rights to the property

Answer 164

Covenant of quiet enjoyment

Question 165

a written promise, guaranteed by a warranty deed, in which the grantor is warranting that he does, indeed, own the property

Answer 165

Covenant of Seisin

Question 166

a written promise, guaranteed by a warranty deed, in which the grantor assures the grantee that the grantor will bear the expense of defending the grantee’s title to the property if any person asserts a claim on it

Answer 166

Covenant of warranty forever

Question 167

1. the ability of an individual to secure money or obtain goods with the payment due at a later date
2. in a settlement, an amount which is due either the buyer or seller; a rebate. the opposite of a debit or charge

Answer 167

Credit

Question 168

the person who whom a debtor owes a debt or obligation

Answer 168

Creditor

Question 169

a volume measurement. An area which is 1 foot wide, one foot long and one foot tall

Answer 169

cubic foot

Question 170

a volume measurement. an area which is 1 yard wide, one yard long, one yard tall

Answer 170

cubic yard

Question 171

a dead end street with a wide circular area at the end to allow cars to turn around

Answer 171

Cul-de-sac

Question 172

any depreciation in which the cost to repair or replace will sufficiently enhance the property’s value by at least that amount.

Answer 172

Curable depreciation

Question 173

the right or interest that some states give to husbands in their deceased wife’s property

Answer 173

Curtesy

Question 174

the person given responsibility for the care of something that has been entrusted to him or her

Answer 174

custodian

Question 175

usually refers to the prospective buyer, if that buyer is not paying a fee. Not to be confused with client which is the person that pays. (usually the listing seller)

Answer 175

Customer

Question 176

A horizontal plane from which heights and depths are measured

Answer 176

Datum

Question 177

used to identify a trade name or a fictitious business name

Answer 177

DBA (Doing business as)

Question 178

an IRS designation for a person who regularly buys and sells real property

Answer 178

Dealer

Question 179

a type of note or bond given as the security of debt, but unlike a mortgage note, it’s not secured by a specific property

Answer 179

Debenture

Question 180

1. Something that must be repaid or a duty owed such as a loan
2. In real estate, it’s a charge. An item that must be paid. Opposite of a credit

Answer 180

Debit

Question 181

the borrower

Answer 181

Debtor

Question 182

the voluntary transfer by the owner of privately owned property to the public for a public use, such as for streets, schools, parks etc

Answer 182

Dedication

Question 183

a written document that, when properly drawn, conveys title to real property

Answer 183

deed

Question 184

the warranties that the seller makes to protect the buyer

Answer 184

deed covenants

Question 185

a document that conveys legal title to a neutral third party as a security for debt

Answer 185

Deed of trust (or Trust deed)

Question 186

provisions placed in deeds to control the future use of the property and improvements

Answer 186

Deed restrictions

Question 187

the failure to perform a duty or obligation. EX: not making a payment as required

Answer 187

Default

Question 188

a clause in leases, mortgages, or other documents that “defeat” or cancel that agreement upon the happening of a specified condition.

Answer 188

Defeasance clause

Question 189

something that can be voided

Answer 189

defeasible

Question 190

the person being sued by the plaintiff in a lawsuit

Answer 190

Defendant

Question 191

repairs that are needed but have not been done

Answer 191

Deferred maintenance

Question 192

a judgement awarded by a court against a mortgagor or trustor when the security for the debt was insufficient to cover the obligation after it was sold to pay the balance of the loan.

Answer 192

Deficiency Judgement

Question 193

The legal act of transferring an item, right, or interest therein from the owner to another. Legally, it does not refer to the physical act of transferring the document but rather the intention of the grantor and the knowledge of this by the person receiving it

Answer 193

Delivery

Question 194

A note or mortgage that can be called in for payment at any time without prior notice

Answer 194

Demand note (or mortgage)

Question 195

1. To lease property; the transfer of an estate or interest in real property primarily by lease
2. to bestow by will

Answer 195

Demise

Question 196

the number of building units/ occupants/ families per unit of land

Answer 196

Density

Question 197

zoning ordinances that restrict the average max number of people/residential units per unit of land

Answer 197

Density zoning

Question 198

a federal department created to solve the complex housing problems of the american city

Answer 198

Department of housing and urban development (HUD)

Question 199

1. the money or other consideration placed in trust as evidence of good faith for the future performance of a real estate transaction
2. money given as a pledge to do something later

Answer 199

Deposit (also called Earnest Money, good faith money, and down payment)

Question 200

a formal testimony, usually in writing, to use as evidence or for preserving testimony in a legal action

Answer 200

deposition

Question 201

a decline in a property’s value due to any cause

Answer 201

depreciation

Question 202

Considered an expense and can be deducted from the taxpayers income. Can occur even when the market value of the property is increasing.

Answer 202

Depreciation (for tax purposes)

Question 203

The annual rate of the decrease in value of property

Answer 203

Depreciation rate

Question 204

The process by which property of a decedent passes to his legal heirs

Answer 204

Descent

Question 205

an estate in which the property will automatically revert to the grantor upon the occurrence of a specified event or condition (aka qualified fee)

Answer 205

Determinable fee

Question 206

1. a person who, for profit, subdivides land into smaller units or home sites
2. one who attempts to put land to its most profitable use by the construction of improvements

Answer 206

Developer

Question 207

A granting of real property through a will

Answer 207

Devise

Question 208

The recipient of real property through a will

Answer 208

Devisee

Question 209

The person who gives real property through a will

Answer 209

Devisor

Question 210

A mortgage that is to be paid by periodic payments of fixed amounts plus interest on the unpaid balance. Although the principal part of the payment remains the same, in each payment the interest portion will decline

Answer 210

Direct reduction mortgage

Question 211

1. money paid out
2. at a real estate settlement, the necessary monies expended by the buyer or seller in order to complete the transaction

Answer 211

disbursement

Question 212

the document that is recorded when a recorded lien has been paid or settled. the document is signed by the lien holder

Answer 212

discharge of lien

Question 213

an unveiling of facts

Answer 213

disclosure

Question 214

1. that which can be taken off of the established amount
2. a sum paid to obtain certain preferred mortgages as the payment of pints to a lending institution for FHA or VA mortgages
3. to sell a note or land contract for less than its face value

Answer 214

Discount

Question 215

a loan that has been discounted

Answer 215

Discount loan

Question 216

a loan fee charged by a lender in order to increase the yield on a lower than market interest loan. Each _______ _______ will cost 1% of the mortgage amount.

Answer 216

Discount Point

Question 217

Legal action to remove an occupant from real property

Answer 217

Dispossess

Question 218

a legal instrument establishing facts or giving instructions (deeds, contracts wills etc)

Answer 218

document

Question 219

the land in an easement appurtenant which benefits and has the use of the easement

Answer 219

Dominant estate

Question 220

The owner of the land in an easement appurtenant who has the use of the easement

Answer 220

Dominant tenant

Question 221

the person receiving a gift

Answer 221

donee

Question 222

the person giving a gift

Answer 222

donor

Question 223

the legal rights that some states give a wife in her husband’s property

Answer 223

Dower

Question 224

The amount of money that a purchaser pays at the settlement while the balance of the purchase price is financed. (usually includes the EMD but the terms are not synonymous)

Answer 224

Down Payment

Question 225

a situation in which an agent is representing both parties, such as both the buyer and seller. Legal in michigan only with prior written consent from both parties

Answer 225

Dual agency

Question 226

A clause used in mortgages that allows the lender to accelerate the balance owed if the borrower sells the property (AKA non-assumption clause or alienation clause)

Answer 226

Due-on-Sale

Question 227

The use of force to make someone enter into a contract

Answer 227

Duress