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Real Estate 2021 > Vocabulary A > Flashcards

Vocabulary A Flashcards

1
Q

Acceleration clause

A

A clause that may appear in a mortgage, Deed of trust, which states that if the owner violates the covenants of the mortgage or DOT, the entire loan will become due and payable upon demand

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2
Q

Acceptance

A

See offers

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3
Q

Accreation

A

The process by which the force of water on land causes land to gradually accumulate over timing

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4
Q

Actual notice

A

See notice

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5
Q

AD VALOREM PROCESS

A

process by which many states and local governments access real estate for operating revenue “ad valorem” is Latin for “According to value”

Note: the taxes are based of the uniqueness assessed value of the subject property

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6
Q

Adjustable - Rate Mortgage

RAM

A

Mortgage where Interest rates floats up and down according to a specified index. The interest is “adjusted” to certain time intervals (such as six months or one year), usually having a “Cap Rate” or maximum rate of change per adjustment intervals.

Note: terms such as “one year ARM” generally identifies the adjustment intervals (interest rate adjusted after one year)

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7
Q

AGENCY

A

The relationship between TWO OR MORE PERSONS where person one (principal) provides person two(agent) with authority to work on person one’s (principal’s) behalf and in a manner to promote person one’s best interest (fiduciary duties)

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8
Q

Agency, creation of ESTOPPEL

A

Agency relationship may also be established by an estoppel. Estoppel prevents (stops) a person from asserting that there was no agency relationship.

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9
Q

Agency, creation by EXPRESS AGREEMENT

A

Agreement stated orally or in a written agreement by the parties.

Note: though oral, it’s preferred that both parties agree in writing

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10
Q

Agency, creation by IMPLIES AGREEMENT (ostensible)

A

Agency relationship may be created by action or statements that are short of an express agreement

Note: a court will rule that an agency agreement exists, even without a formal written agreement

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11
Q

Agency, creation by RATIFICATION

A

A principal may create an agency relationship where an agent performs for the principal without the principal consents, but the principal subsequently approves or ratifies the agents conduct

Note: to ratify means to approve, sanction and validate

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12
Q

Agency, DISCLOSURE

A

All states require that brokers and salespersons disclose who they are representing to a potential buyer and seller.

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13
Q

Agency parties

A

Parties to an agency relationship include the principal and the agent. A principal (client) is the person who hires the agent to act on his behalf in a legal transaction.

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14
Q

Agency, Scope of authority

A

Clients may authorize agency to act broadly or in a limited capacity.

Note: The range of authority is defined by the parties that my include 4 types of agents:

Special agents, general agents, universal agents and sub agents

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15
Q

Agency, termination

A

Because agency representation is persona service, it may be terminated at any time by either parties.

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16
Q

AGENT

A

One in authority to act on behalf of, and to obligate, another.

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17
Q

Agreement of Deed

A

Written, bilateral, executors and assignable contracts to transfer property that binds the parties to perform as agreed

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18
Q

Air rights

A

he bundle of legal ownership rights as applied to airspace above a parcel of land. May be sold or leased, but are not unlimited.

FAA ( federal aviation admin) controls flight path of AC over land

19
Q

Alienation

A

The transfer of property from one person to another. May be voluntary or involuntary.

Voluntary: gift, dedication or public grant

Involuntary: eminent domain or foreclosure

20
Q

Alienation clause

A

Clause( also called a due-on-sale clause) that may appear in a mortgage or Deed of trust, which provides that upon transfer of ownership, tittle on interest of property by the borrower (collectively known as alienation), the Lender may demand the balance of the debt.

21
Q

AMERICANS WITH DISABILITIES ACT (ADA)

A

Federal law regulates, amongst other things, access to public buildings and work places for persons with disabilities

22
Q

Amortization

A

Degree to which Mortgage payments are required in equal amounts. Payments may be fully amortized, or partially amortized

23
Q

Annual percentage rates (APR)

A

The cost of credit expressed as a yearly percentage rate.

Note: the APR of a mortgage includes interest rates, points, mortgage broker fees, and certain other credit exchanges

24
Q

Anticipation

A

Economic provincials influencing value, which states that a person will buy based on the expectation or anticipation of a future benefit.

25
Q

Antitrust

A

State and federal laws designs to protect consumers by preserving and maintaining competition among businesses

26
Q

Antitrust, BOYCOTTS

A

Antitrust violation where two or more companies conspire to exclude a competitor from the marketplace. A boycott is a conspiracy, which has the effect of reducing competition.

27
Q

Antitrust, price discrimination

A

Act of charging different amounts to different buyers for identical goods or service. This may violate antitrust, fair housing and credit laws

28
Q

Antitrust, price fixing

A

Firms collusively establish uniform prices for products or services, regardless of which company or person actually provides the product or service.

29
Q

Antitrust, tying agreement

A

Violation where a firm or a firm offers one type of service to a client, but with a requirement that the client contract for a different service at the same time

30
Q

Appraisal

A

Formalized procedure that involves collecting and analyzing facts necessary to estimate the value of a real property.

Note: six steps appraisers estimate property value:

Define the problem, gather dater and inspect the property, identify the highest and best use, estimate value, reconciliation and appraisal report

31
Q

Appraisal, licensing and appraisal

A

States (not the feds) issue issue appraiser licenses. However, “licensed” appraisers may also be “certified” if the state follows minimum federal standards established by financial institutions reform recovery and enforcement act or 1989 (FIRREA)

32
Q

Appraisal, transaction requiring formal appraisal

A

Govt loan program under HUD and the VA often require that an appraisal be performed by a licensed/ certified appraiser.

33
Q

Appraised value

A

Estimate (prediction) of market value made by an appraiser

34
Q

Appraiser

A

One who estimates the value of a property through a formal appraisal. They may be both licensed or certified.

35
Q

Appreciation

A

Increase in the worth or value of a property

36
Q

Appurtenant rights

A

Intangible rights to use the land of another based in part on how one parcel of land is situated on anther. It granted one land owner the rights to use the property of an adjoining land owner for a specific purpose

37
Q

Area

A

The measure of a bounded region, as in the square footage of a carpet required for a square room

38
Q

Area preference (situs)

A

“LOCATION, LOCATION, LOCATION”

Economic term referring to persons preference for one location over another

39
Q

Assemblage

A

Economic characteristic that describes how combining two or more contiguous parcels of a real estate into a single Parcel under the same ownership can increase the economic value.

Note: Area preference (situs) is identified as the most important economic characteristic of land

40
Q

Assessed value

A

Value assigned to a property by a local government as a basis of determining property taxes

Formula =assessed value multiplied by the Tax Rate

41
Q

Assignment

A

The transfer of a contract right, tittle or interest of one person (“assignor”) to another (“assignee”)

42
Q

Assumption

A

The act of transferring a loan form one borrower to another.

43
Q

Attachment Liens

A

Judicial action causing a defendants real and personal property to be seized and held as collateral pending a lawsuit.

Note: if a part of the debt remains unpaid, the lender may seek to attach the remaining balance of the debtors property

Real Estate 2021 (18 decks)

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