Vocabulary B

Question 1

Bare tittle

Answer 1

Title interest held by a trustee pursuant to a Deed of trust. It’s called BARE TITTLE because it doesn’t include the right to possess and use, but only the rights necessary to carry out the terms of the trust.

Question 2

Bargain and sale Deed

Answer 2

Deed which contains no explicit promises by the grantor about the status of the tittle to be conveyed. It merely implies the grantor has interest to transfer

Question 3

Base lines

Answer 3

Series of imaginary lines that run east to west, established by the govt under the govt ur eyes method of property description

Question 4

Beneficiary

Answer 4

A party to a deed or trust

Question 5

Bilateral contacts

Answer 5

Contract where both parties make a promise to perform.

Note: promise to sell and promise to pay

Question 6

Blanket mortgage

Answer 6

Loan where borrower pledges more than one parcel of real estate as security (collateral) for the debt

Question 7

Blockbusting

Answer 7

Illegal under the FHA of introducing the sale of a property or properties by overtly creating the impression that a neighborhood is about to undergo an undesirable change.

Question 8

Breach of contract

Answer 8

Party fails to perform as agreed in a contract or without any legal excuse,

Question 9

Buffer zoning

Answer 9

Land use zones that separate two otherwise incompatible land uses. Buffers can consist of any intermediate use, such as park situated between a commercial and residential zone

Question 10

Building codes

Answer 10

Usually designed to establish minimum standards of construction in areas such as plumbing, electrical wiring, load limits, and building materials. Basically, it’s for protection of public health and safety

Question 11

Bulk zoning

Answer 11

Method used to control building density by imposing restrictions on setback lines, build height and percentage of open ares.

Question 12

BUNDLE OF RIGHTS

Answer 12

They are principle intangible rights to land ownership:

6 total:

Right to POSSESS property, right to CONTROL property within legal limits, right to ENJOY property and use it legally, right to EXCLUDE others from property, right to ENCUMBER property and right to DISPOSE property by sale or will

Question 13

Business reputation

Answer 13

The value of a business name and public reputation, which is an intangible property right.

Question 14

Buydown

Answer 14

The lender is “prepaid” a portion of the interest rate in order to reduce the buyers monthly payment during the initial year of the loan

Question 15

Buyer-broker agreement

Answer 15

Agency relationship between a broker and a buyer, often including a salesperson that works under the broker as a subagent.

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Question 16

Buyer-Broker Agreement, Exclusive agencies

Answer 16

They usually appear in two types:

Exclusive Agency Buyer Agency and The Exclusive Buyer Agency.

Question 17

Buyer-broker agreement, Open Buyer Agreement

Answer 17

A relationship between a prospective buyer and a real estate brocket which, like an open listing agency, permits any number of agents to be compensated depending upon who brings suitable property to the buyers attention

Question 18

Cancellation agreements

Answer 18

Rescission

Question 19

Capacity

Answer 19

A persons legal and mental ability to contract. Incompetency.