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Real Estate > A - D > Flashcards

A - D Flashcards

1
Q

abandonment

A

The surrender of a right/claim/interest in real property.

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2
Q

abstract of title

A

History of a title and the current status of a title based on a title examination

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3
Q

abutting land

A

Parcels of land next to each other that share a common border

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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.

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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.

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6
Q

accessory apartment

A

in use but not publicly rented i.e. In-law apartment in a residential home

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7
Q

accretion

A

The gradual building up of land in a watercourse over time by deposits of silt, sand, and gravel

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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

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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.

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10
Q

acquisition

A

the act of aquiring a property

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11
Q

acquisition cost

A

The basis used by the FHA to calculate the loan amount

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12
Q

act of waste

A

Abuse or misuse of property by a life tenant

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13
Q

action of quiet title

A

a lawsuit to clear a title to real property

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14
Q

active income

A

Salaries or income from a business in which the taxpayer actively participates

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15
Q

ad valorem

A

According to value: in NY, real prop. tax is based on the fair market value of real prop.

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16
Q

adjustable rate mortgage (ARM)

A

A mortgage in which the interest rate changes according to changes in a predetermined index

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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

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18
Q

adjusted sales price

A

the amount realized - fix-up expenses

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19
Q

administrative law judge

A

A judge who hears complaints and makes decisions regarding statutory violations of law

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20
Q

administrator’s deed

A

a deed executed by an administrator to convey title to estate property

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21
Q

adverse prossesion

A

Squatter’s Rights; a form of involuntary alienation of title

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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

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23
Q

affirmative easement

A

a right of use in the servient land by the dominant order

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24
Q

agency

A

the fiduciary relationship between a principal and an agent

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25
Q

alienation

A

Transfer of title to real property

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26
Q

alienation clause

A

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.

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27
Q

alluvion

A

Increased soil/gravel/sand on a stream bank resulting from water.

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28
Q

alteration agreement

A

the co-op gives permission to a shareholder before making any changes or improvements to the unit the shareholder occupies

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29
Q

amortization

A

applying periodic payments towards the interest, then toward the principal to eventually pay off a debt

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30
Q

amortization schedule

A

designation of periodic payments of principal and interest over a specific term to satisfy a mortgage loan

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31
Q

amortized mortgage

A

a mortgage in which uniform installment payments include payment of both principal interest

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32
Q

amprage

A

the amount of current/electricity flowing through a wire

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33
Q

anchor tenant

A

a large department store that serves as a draw for a mall

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34
Q

anticipation

A

The principle that property value is based on expectations or hopes of the future benefits of ownership

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35
Q

antitrust violations

A

Any business activity where there is a monopoly/contract/conspiracy/a combination that negatively impacts an individual/company’s ability to do business

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36
Q

apportionment

A

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

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37
Q

appraisal report

A

Documentation containing an estimate of property value and the date on which the estimate is based

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38
Q

appraiser

A

a person who estimates the value of real prop.

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39
Q

approved assessing unit

A

a gov. taxing authority that has completed a property reevaluation and has been certified by the NYSORPS

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40
Q

appurtenanced

A

all rights/privileges that result from ownership of a specific property and move with the title

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41
Q

Architectural Review Board

A

Oversees and upholds the quality and beauty of the enviornment

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42
Q

area variance

A

permission to use land in a manner that is not normally allowed by the dimensional or physical requirements of a zoning ordinance

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43
Q

arrears

A

delinquency in meeting an obligation; refers to payment made at the end of a period.

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44
Q

Article 9-A

A

Section NYRPLaw addressing the purchase or lease of vacant subdivided lands sold through an installment contract within/without New York

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45
Q

Article 12-A

A

NYRPLaw pertaining to real estate salespersons and brokers

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46
Q

Article 78 proceeding

A

An appeal brought forth because of a ruling by a government agency

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47
Q

“as is”

A

Words in a contract of sale indicating that a prop. is sold without warranty as to condition

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48
Q

asbestos

A

a fibrous material found in many building materials that when improperly disturbed, can cause serious lung diseases

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49
Q

assignee

A

a person to whom contractual rights are transferred

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50
Q

assignment

A

transfer of legal rights and obligations by one party to another

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51
Q

assignment of lease

A

transfer by a lessee of the entire remaining term of a lease without any reversion of interest to the lessee

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52
Q

assignor

A

The person transferring contractual rights to another

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53
Q

assumable mortgage

A

a mortgage that does not contain an alienation clause and can be transferred from one party to another

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54
Q

attorney-in-fact

A

power of attorney; a person appointed to perform legal acts for another person

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55
Q

availability

A

an economic characteristic of land denoting that land is a commodity with a fixed supply base.

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56
Q

avulsion

A

sudden loss/gain of land as a result of water/shift in a riverbed that has been used as a boundary

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57
Q

balloon framing

A

Method of construction, single system of wall studs that run from foundation to the cieling

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58
Q

balloon mortgage

A

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.

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59
Q

bargain and sale deed

A

deed with or without covenants of title

60
Q

bearing walls

A

Walls that support ceiling and/or roof

61
Q

bequest

A

a gift of personal property by will

62
Q

bilateral contract

A

an agreement based on mutual promises that provide the consideration

63
Q

bill of sale

A

a document transferring ownership of personal property

64
Q

binder

A

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
Q

blanket mortgage

A

a mortgage in which two or more parcels of real prop. are pledged to secure payment of the note

66
Q

blind ad

A

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
Q

blockbusting

A

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
Q

blueprint

A

a building plan that is a detailed architectural rendering of structure

69
Q

board of assessment review

A

an appointed body consisting of 3-5 members that hear and decide on grievances from taxpayers

70
Q

board of directors

A

the governing and decision making board of a cooperative

71
Q

board package

A

documents of a proposed purchaser reviewed by a cooperative board

72
Q

bona fide

A

in good faith

73
Q

boot

A

Cash received in a tax deferred exchange

74
Q

bridge loan

A

a loan for a short duration of time

75
Q

building code

A

public controls regulating construction

76
Q

building envelope

A

Materials of a building that enclose the interior

77
Q

building permit

A

permission from the appropriate local government authority to construct or renovate any type of property

78
Q

building specifications

A

written narratives that explain the building plan

79
Q

bundle of rights

A

the rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property

80
Q

buydown

A

a borrower’s voluntary paying of discount points to reduce the mortgage interest rate at the time the loan is made

81
Q

capital improvement

A

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
Q

caveat emptor

A

Buyer Beware; does not apply in fiduciary relationship

83
Q

cease and desist list

A

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
Q

cease and desist zone

A

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
Q

certificate of title opinion

A

a report based on a title examination setting forth the examiner’s opinion of the quality of a title to real prop.

86
Q

cession deed

A

a deed used to relinquish real property to a municipality for a road or something in like nature.

87
Q

chattel

A

personal prop.

88
Q

CFCs (chlorofluorocarbons)

A

Synthetic chemical substances that were used in hundreds of applications including refrigerators and air conditioners

89
Q

Civil Rights Act (CRA) 1866

A

a federal law that prohibited ALL discrimination on the basis of race.

90
Q

CRA 1964

A

A law that prohibited discrimination in any housing program receiving fed. money

91
Q

CRA 1968

A

related to the Fair Housing Act of 1988

92
Q

cloud on a title

A

a claim against a title to real property

93
Q

cluster zoning

A

A form of zoning providing for several different types of land use within a zoned area

94
Q

co-insurance clause

A

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
Q

collateral

A

Prop. pledge as security for payment of a debt

96
Q

color of title

A

The deceptive appearance of claim to a title

97
Q

commissioner’s deed

A

A form of judicial deed executed by a commissioner

98
Q

common law dedication

A

an act by an owner allowing the public to use the property

99
Q

community-based planning

A

a form of land use control originating in the grassroots of a community

100
Q

community planning

A

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
Q

compensatory damages

A

the amount of money actually lost that will be awarded by a court in case of a breached contract

102
Q

condemnation

A

Exercise of the power of eminent domain; taking private prop. for public use

103
Q

condemnation value

A

The market value of a condemned prop.

104
Q

condition

A

any fact or event that when it occurs or does not occur, automatically creates or extinguishes a legal obligation

105
Q

Condominium declaration

A

the document that when recorded, creates a condominium; AKA master deed

106
Q

conforming loans

A

Those loans processed on uniform loans forms accorfing to FNMA/FHLMC guidelines

107
Q

conformity

A

Homogeneous uses of land within a given area that results in maximizing land value

108
Q

Conservation

A

Advisory Council that advises the municipality in the development, management, and protection of its natural resources

109
Q

consideration

A

anything of value, as recognized by law, that is offered as an inducement to contract.

110
Q

constructive eviction

A

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
Q

constructive notice

A

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
Q

contingencey

A

a condition in a contract relieving a party of liability when a specified even occurs or fails to occur

113
Q

contract for deed

A

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
Q

conversion

A

a change in a form of ownership, such as a changing in rental apartments to condo ownership

115
Q

convey

A

to pass to another (as in title)

116
Q

conveyance

A

transfer of title to real property

117
Q

cooling-off period

A

a 3 day right of rescission for a certain loan transaction

118
Q

cost approach

A

an appraisal method for estimating the value of properties that have few comparables and are not income producing

119
Q

covenant

A

a promise in writing

120
Q

covenant against encumbrances

A

a promise in a deed that the title causes no encumbrances except those set forth in the deed

121
Q

covenant for further assurances

A

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
Q

covenant of seisin

A

a promise in a deed ensuring the grantee that the grantor has the title being conveyed

123
Q

covenants, conditions, and restrictions (CCRs)

A

In a condominium, the document that sets forth all of the rights, duties, and obligations of the unit owners

124
Q

cumulative-use zoning

A

a type of zoning permitting a higher-priority use even though it is different from the type of use designated for the area

125
Q

decalration of restriction

A

The document used to record restrictive covenants on the public record

126
Q

dedication

A

an appropriation of land or and easement therein given by the owner to the public

127
Q

dedication by deed

A

The deeding of a parcel of land to a municipality

128
Q

deed

A

a written document transferring an interest in real property when delivered to the grantee

129
Q

deed in lieu of foreclouser

A

Conveyance of title to the mortgage by a mortgagor in default to avoid a record of foreclosure. AKA a friendly foreclosure.

130
Q

deed restriction

A

limtaition on land use appearing in deeds

131
Q

defeasance clause

A

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
Q

defeasable

A

Subject to being defeated in by the occurrence of a certain event.

133
Q

defeasible fee

A

A title subject to being lost if certain conditions occur

134
Q

deficiency judgement

A

Court judgement obtained by a mortgagee for the amount of money the foreclosure sale proceeds were deficient in fully satisfying the mortgage debt

135
Q

delivery and acceptance

A

The transfer of a title by deed requiring the grantor to deliver and the grantee to accept a given deed

136
Q

demise

A

to convey an estate for years; synonymous with lease and let

137
Q

density

A

Number of person/structures per acre

138
Q

description by monument

A

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
Q

description by reference

A

a valid legal description that maybe found on a deed that references a subdivision plat or another legal document

140
Q

devise

A

a gift of real property by will

141
Q

devisee

A

the recipient of a gift of real property by will

142
Q

distribution box

A

a part of a septic system that evenly distributes the flow from the septic tank to the absorption field of seepage pit

143
Q

doctrine of laches

A

Loss of legal rights because of failure to assert them on a timely basis

144
Q

dominant tenement

A

Land benefiting from an easement appurtenant

145
Q

dual agent

A

a broker or salesperson who attempts to represent both buyer and seller in the same transaction

146
Q

due diligance

A

investigation and review of a property to determine any legal liability

Real Estate (6 decks)

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