A - D Flashcards
(146 cards)
1
Q
abandonment
A
The surrender of a right/claim/interest in real property.
2
Q
abstract of title
A
History of a title and the current status of a title based on a title examination
3
Q
abutting land
A
Parcels of land next to each other that share a common border
4
Q
acceleration clause
A
Permits the lender to declare the entire principal balance of the debt immediately due and payable if the borrower is in default.
5
Q
accession
A
Prop. owner’s rights to all that the land produces/ to all that is added to the land, either intentionally or by mistake.
6
Q
accessory apartment
A
in use but not publicly rented i.e. In-law apartment in a residential home
7
Q
accretion
A
The gradual building up of land in a watercourse over time by deposits of silt, sand, and gravel
8
Q
accrued expenses
A
Expenses that seller owes on the day of closing but for which the buyer will take responsibility i.e. Property Tax
9
Q
acknowledgement
A
A formal statement made before an authorized official by a person who executed a deed/contract/document that it was free act.
10
Q
acquisition
A
the act of aquiring a property
11
Q
acquisition cost
A
The basis used by the FHA to calculate the loan amount
12
Q
act of waste
A
Abuse or misuse of property by a life tenant
13
Q
action of quiet title
A
a lawsuit to clear a title to real property
14
Q
active income
A
Salaries or income from a business in which the taxpayer actively participates
15
Q
ad valorem
A
According to value: in NY, real prop. tax is based on the fair market value of real prop.
16
Q
adjustable rate mortgage (ARM)
A
A mortgage in which the interest rate changes according to changes in a predetermined index
17
Q
adjusted basis
A
value of prop. use to determined the amount of gain/loss realized by an owner upon sale of the property; (acquisition cost + capital improvements) - depreciation
18
Q
adjusted sales price
A
the amount realized - fix-up expenses
19
Q
administrative law judge
A
A judge who hears complaints and makes decisions regarding statutory violations of law
20
Q
administrator’s deed
A
a deed executed by an administrator to convey title to estate property
21
Q
adverse prossesion
A
Squatter’s Rights; a form of involuntary alienation of title
22
Q
affirmative action
A
a policy expressed in some form of legislative act with respect to the handling of certain public/private acts or conduct
23
Q
affirmative easement
A
a right of use in the servient land by the dominant order
24
Q
agency
A
the fiduciary relationship between a principal and an agent
25
alienation
Transfer of title to real property
26
alienation clause
Due-on-sale clause; Clause allowing to declare the entire principle balance of the debt immediately due and payable if the borrower sells the property during the mortgage term.
27
alluvion
Increased soil/gravel/sand on a stream bank resulting from water.
28
alteration agreement
the co-op gives permission to a shareholder before making any changes or improvements to the unit the shareholder occupies
29
amortization
applying periodic payments towards the interest, then toward the principal to eventually pay off a debt
30
amortization schedule
designation of periodic payments of principal and interest over a specific term to satisfy a mortgage loan
31
amortized mortgage
a mortgage in which uniform installment payments include payment of both principal interest
32
amprage
the amount of current/electricity flowing through a wire
33
anchor tenant
a large department store that serves as a draw for a mall
34
anticipation
The principle that property value is based on expectations or hopes of the future benefits of ownership
35
antitrust violations
Any business activity where there is a monopoly/contract/conspiracy/a combination that negatively impacts an individual/company's ability to do business
36
apportionment
a. ) division of property and school tax monies so that all districts in the different municipalities pay their fair share of the tax levy
b. ) the division of expenses between buyer and seller
37
appraisal report
Documentation containing an estimate of property value and the date on which the estimate is based
38
appraiser
a person who estimates the value of real prop.
39
approved assessing unit
a gov. taxing authority that has completed a property reevaluation and has been certified by the NYSORPS
40
appurtenanced
all rights/privileges that result from ownership of a specific property and move with the title
41
Architectural Review Board
Oversees and upholds the quality and beauty of the enviornment
42
area variance
permission to use land in a manner that is not normally allowed by the dimensional or physical requirements of a zoning ordinance
43
arrears
delinquency in meeting an obligation; refers to payment made at the end of a period.
44
Article 9-A
Section NYRPLaw addressing the purchase or lease of vacant subdivided lands sold through an installment contract within/without New York
45
Article 12-A
NYRPLaw pertaining to real estate salespersons and brokers
46
Article 78 proceeding
An appeal brought forth because of a ruling by a government agency
47
"as is"
Words in a contract of sale indicating that a prop. is sold without warranty as to condition
48
asbestos
a fibrous material found in many building materials that when improperly disturbed, can cause serious lung diseases
49
assignee
a person to whom contractual rights are transferred
50
assignment
transfer of legal rights and obligations by one party to another
51
assignment of lease
transfer by a lessee of the entire remaining term of a lease without any reversion of interest to the lessee
52
assignor
The person transferring contractual rights to another
53
assumable mortgage
a mortgage that does not contain an alienation clause and can be transferred from one party to another
54
attorney-in-fact
power of attorney; a person appointed to perform legal acts for another person
55
availability
an economic characteristic of land denoting that land is a commodity with a fixed supply base.
56
avulsion
sudden loss/gain of land as a result of water/shift in a riverbed that has been used as a boundary
57
balloon framing
Method of construction, single system of wall studs that run from foundation to the cieling
58
balloon mortgage
A mortgage in which the scheduled payment will not amortize the loan over the mortgage term; therefore, for the debt to be fully satisfied, a final payment called a balloon payment, larger than the uniform payments is required.
59
bargain and sale deed
deed with or without covenants of title
60
bearing walls
Walls that support ceiling and/or roof
61
bequest
a gift of personal property by will
62
bilateral contract
an agreement based on mutual promises that provide the consideration
63
bill of sale
a document transferring ownership of personal property
64
binder
a written document for the purchase and sale of real property that does not generally contain all of the essential elements of a valid contract
65
blanket mortgage
a mortgage in which two or more parcels of real prop. are pledged to secure payment of the note
66
blind ad
an ad for real property placed by a real estate broker that does not indicate that the advertiser is a broker and does not include the name of the broker and telephone number
67
blockbusting
to induce any person to sell/rent any dwelling by representation regarding the entry or prospective entry into the neighborhood of a person(s) of a particular race,religion,sex, or national origin.
68
blueprint
a building plan that is a detailed architectural rendering of structure
69
board of assessment review
an appointed body consisting of 3-5 members that hear and decide on grievances from taxpayers
70
board of directors
the governing and decision making board of a cooperative
71
board package
documents of a proposed purchaser reviewed by a cooperative board
72
bona fide
in good faith
73
boot
Cash received in a tax deferred exchange
74
bridge loan
a loan for a short duration of time
75
building code
public controls regulating construction
76
building envelope
Materials of a building that enclose the interior
77
building permit
permission from the appropriate local government authority to construct or renovate any type of property
78
building specifications
written narratives that explain the building plan
79
bundle of rights
the rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property
80
buydown
a borrower's voluntary paying of discount points to reduce the mortgage interest rate at the time the loan is made
81
capital improvement
an item that adds value to a property, adapts the property to new uses, or prolongs the life of the property. Maintenance is not a capital improvement
82
caveat emptor
Buyer Beware; does not apply in fiduciary relationship
83
cease and desist list
a list of homeowners compiled by the DOS in a cease and desist zone who do not want to be solicited by real estate agents
84
cease and desist zone
a designation given by the DOS to a certain geographic area that has been subjected to intense and repeated solicited by real estate agents
85
certificate of title opinion
a report based on a title examination setting forth the examiner's opinion of the quality of a title to real prop.
86
cession deed
a deed used to relinquish real property to a municipality for a road or something in like nature.
87
chattel
personal prop.
88
CFCs (chlorofluorocarbons)
Synthetic chemical substances that were used in hundreds of applications including refrigerators and air conditioners
89
Civil Rights Act (CRA) 1866
a federal law that prohibited ALL discrimination on the basis of race.
90
CRA 1964
A law that prohibited discrimination in any housing program receiving fed. money
91
CRA 1968
related to the Fair Housing Act of 1988
92
cloud on a title
a claim against a title to real property
93
cluster zoning
A form of zoning providing for several different types of land use within a zoned area
94
co-insurance clause
A requirement of hazard insurance policies that property be insured for a certain percentage of the value to obtain the full amount of loss
95
collateral
Prop. pledge as security for payment of a debt
96
color of title
The deceptive appearance of claim to a title
97
commissioner's deed
A form of judicial deed executed by a commissioner
98
common law dedication
an act by an owner allowing the public to use the property
99
community-based planning
a form of land use control originating in the grassroots of a community
100
community planning
a master plan for the orderly growth of a city of country to result in the greatest social and economic benefits to the people.
101
compensatory damages
the amount of money actually lost that will be awarded by a court in case of a breached contract
102
condemnation
Exercise of the power of eminent domain; taking private prop. for public use
103
condemnation value
The market value of a condemned prop.
104
condition
any fact or event that when it occurs or does not occur, automatically creates or extinguishes a legal obligation
105
Condominium declaration
the document that when recorded, creates a condominium; AKA master deed
106
conforming loans
Those loans processed on uniform loans forms accorfing to FNMA/FHLMC guidelines
107
conformity
Homogeneous uses of land within a given area that results in maximizing land value
108
Conservation
Advisory Council that advises the municipality in the development, management, and protection of its natural resources
109
consideration
anything of value, as recognized by law, that is offered as an inducement to contract.
110
constructive eviction
results from some action or inaction by the landlord that renders the premises unsuitable for the use agreed to in the use agreed to in the lease of in another rental contract
111
constructive notice
Notice in which all affected parties are bound by the knowledge of a fact even though they have not been actually notified of such fact.
112
contingencey
a condition in a contract relieving a party of liability when a specified even occurs or fails to occur
113
contract for deed
A contract of sale and a financing document in which the seller agrees to convey title when buyer completes the purchase price installment payments; also called installment land contract and installment plan.
114
conversion
a change in a form of ownership, such as a changing in rental apartments to condo ownership
115
convey
to pass to another (as in title)
116
conveyance
transfer of title to real property
117
cooling-off period
a 3 day right of rescission for a certain loan transaction
118
cost approach
an appraisal method for estimating the value of properties that have few comparables and are not income producing
119
covenant
a promise in writing
120
covenant against encumbrances
a promise in a deed that the title causes no encumbrances except those set forth in the deed
121
covenant for further assurances
a promise in a deed that the grantor will execute further assurances that may be reasonable or necessary to perfect the title in the grantee
122
covenant of seisin
a promise in a deed ensuring the grantee that the grantor has the title being conveyed
123
covenants, conditions, and restrictions (CCRs)
In a condominium, the document that sets forth all of the rights, duties, and obligations of the unit owners
124
cumulative-use zoning
a type of zoning permitting a higher-priority use even though it is different from the type of use designated for the area
125
decalration of restriction
The document used to record restrictive covenants on the public record
126
dedication
an appropriation of land or and easement therein given by the owner to the public
127
dedication by deed
The deeding of a parcel of land to a municipality
128
deed
a written document transferring an interest in real property when delivered to the grantee
129
deed in lieu of foreclouser
Conveyance of title to the mortgage by a mortgagor in default to avoid a record of foreclosure. AKA a friendly foreclosure.
130
deed restriction
limtaition on land use appearing in deeds
131
defeasance clause
A statement of trust giving the borrower the right to redeem the title & have the mortgage lien released at anytime prior to default by paying the debt in full
132
defeasable
Subject to being defeated in by the occurrence of a certain event.
133
defeasible fee
A title subject to being lost if certain conditions occur
134
deficiency judgement
Court judgement obtained by a mortgagee for the amount of money the foreclosure sale proceeds were deficient in fully satisfying the mortgage debt
135
delivery and acceptance
The transfer of a title by deed requiring the grantor to deliver and the grantee to accept a given deed
136
demise
to convey an estate for years; synonymous with lease and let
137
density
Number of person/structures per acre
138
description by monument
a legal description sometimes used when describing multiple -acre tract of land; may refer to permanent objects such as a stone wall, large trees or boulder
139
description by reference
a valid legal description that maybe found on a deed that references a subdivision plat or another legal document
140
devise
a gift of real property by will
141
devisee
the recipient of a gift of real property by will
142
distribution box
a part of a septic system that evenly distributes the flow from the septic tank to the absorption field of seepage pit
143
doctrine of laches
Loss of legal rights because of failure to assert them on a timely basis
144
dominant tenement
Land benefiting from an easement appurtenant
145
dual agent
a broker or salesperson who attempts to represent both buyer and seller in the same transaction
146
due diligance
investigation and review of a property to determine any legal liability
