definitions lead to the term Flashcards
(500 cards)
1
Q
An abbreviated history of a property, including information on any transfers,
grants, wills, conveyances, liens, and encumbrances
A
abstract of title
2
Q
a clause in a security instrument which makes the entire loan amount due
immediately upon default
A
acceleration clause
3
Q
is the right to all that one’s own property produces, including that which is added, either naturally or by human action, to the property already owned.
A
accession
4
Q
The process that results in the gradual increase in land area through deposits
of soil by natural forces
A
accretion
5
Q
a measurement of land equal to 43,560 square feet
A
acre
6
Q
the legal process by which someone is expelled from a property and
prevented from re-entry
A
actual eviction
7
Q
When an individual actually knows of a fact
A
actual notice
8
Q
A tax calculated according to the assessed value of a piece of real estate
A
ad valorem taxes
9
Q
A mortgage with an interest rate that can be adjusted based on fluctuations in
the cost of money
A
Adjustable rate mortgage (ARM)
10
Q
Involuntary transfer of title from an owner who does not use or inspect their
land for a number of years to another person who has some claim to the land and takes possession
A
adverse possession
11
Q
a mutual binding understanding between two parties that authorizes another
party to act on their behalf
A
agency agreement
12
Q
an individual with authority to act on behalf of another; a state license is
required to operate as an agent in real estate
A
agent
13
Q
the right to use the airspace above the surface of land
A
air rights
14
Q
The area above ground that is owned along with a property. Could include space above a piece of land, or the space owned inside a condominium unit.
A
air space
15
Q
The transfer of ownership (title) to real property. Alienation may be voluntary
or involuntary.
A
alienation
16
Q
a federal civil rights law passed in 1990 which prohibits discrimination against
and create standards for people with disabilities
A
Americans with Disabilities Act
17
Q
The process of paying off a debt/mortgage in regular installments based on a
fixed payment schedule
A
amortization
18
Q
how much the borrower will pay in interest over the course of a year
A
Annual percentage rate (APR)
19
Q
Laws designed at preventing unfair or anti-competitive practices such as price
fixing, collusion, monopolies, etc.
A
antitrust laws
20
Q
an estimation of property’s value as of a specific date, performed by a
certified appraiser
A
appraised value
21
Q
The increase in value of a property
A
appreciation
22
Q
Rights that run with real property ownership; most often transferred with the
property, but possible to sell separately
A
appurtenances
23
Q
A payment that occurs at the end of a period to compensate for charges
accrued during that time.
A
arrears
24
Q
a naturally occurring mineral fiber that is commonly used in insulation but if
airborne or inhaled, can cause severe respiratory health issues
A
asbestos
25
The combining of multiple contiguous pieces of real property into a single
tract of land, often resulting in an increase in value
assemblage
26
The value placed on a property by a governmental unit for use in calculating
property taxes
assessed value
27
the determination of the value of a property for tax purposes
assessment
28
item of value
asset
29
The transference of rights and obligations in a contract from one party to
another
assignment
30
an individual who meets the licensure requirements to be a real estate broker
but provides real estate brokerage services as an independent contractor to a real estate broker
associate broker
31
the sudden loss of land by flood or when a stream or river changes course.
avulsion
32
A payment at the end of a loan period which includes the total outstanding
balance of the loan.
balloon payment
33
a deed without any covenants or warranties against encumbrances that only
implies the grantor has possession of the property and holds the right to convey title
bargain and sale deed
34
an imaginary line of latitude used in the rectangular survey system of land
description to identify townships in relation to proximity to a principal meridian
base line
35
permanent markers of known location and elevation above sea level as
established by a government survey team (such as the USGS)
benchmark
36
The recipient of advantage or gain from an act or instrument such as a trust,
will, or insurance policy
beneficiary
37
a contract wherein both parties are obligated to perform in an exchange of
promises
bilateral contract
38
A preliminary agreement for the sale of a property secured by a valuable
deposit from the potential buyer, which binds the seller to a good faith agreement to sell the subject property, provided that a sale contract meeting the conditions determined is executed within the prescribed period; also known as a *letter of intent (LOI)*
binder
39
a loan for which more than one collateral property acts as security
blanket mortgage
40
a system of legal land description that identifies a piece of platted property by
referring to the section, lot, and block numbers in a subdivision; a.k.a. the recorded plat method
block and lot system
41
```
the illegal act of causing owners to sell their homes by creating fear that
members of a protected class are moving into the area
```
blockbusting
42
any office that is geographically separate from the main or home office
branch office
43
short-term loan used to transition from one loan to another; can connect
borrower from construction loan to eventual mortgage loan (or current home to their new home)
bridge loan
44
A person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration
broker
45
real property, the expansion, redevelopment, or reuse of which may be
complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant
brownfield
46
a set of regulations pertaining to building design, materials, safety, sanitation,
and structure
building code
47
Ownership of land with all of the legal rights of possession, control, quiet
enjoyment, exclusion, transfer, and encumber
bundle of rights
48
the paying of money upfront to reduce a loan's interest rate and monthly
payments
buydown
49
Any market that is experiencing an excess of sellers or supply, creating more
favorable conditions for buyers.
buyer's market
50
an expense paid in order to improve a property
capital expenditure
51
any upgrade or improvement to a property that falls outside the scope of normal repair and maintenance, usually with the intention of increasing value
capital improvement
52
a rate of return that calculates the percentage of expected annual income
earned over a property's value; the present value for expected future income earned
capitalization rate
53
an odorless, colorless gas that occurs as a by-product due to incomplete combustion when burning such fuels as wood, oil, and natural gas
carbon monoxide
54
a portion of funds allocated to pay for variable expenses
cash reserve
55
the Comprehensive Environmental Response, Compensation, and Liability
Act, aka the Superfund
CERCLA
56
A document prepared by a title attorney detailing the chain of title and
offering an opinion on the marketability of the seller's title
certificate of title
57
a chemical compound formerly used in pesticides that is dangerous to
human health
chlordane
58
chemical compounds containing chlorine, fluorine, and carbon atoms that were once used in refrigerator coolant, air conditioners, and dehumidifiers
chloroflourocarbons (CFCs)
59
a federal law that prohibits discrimination in housing based on race
Civil Rights Act of 1866
60
Any claim to or encumbrance on the title to a property which affects transferability
cloud
61
legal document from a local authority that authorizes a building to be
occupied; issued after the building has passed all required inspections
certificate of occupancy (CO)
62
Property liened by a lender in order to assure payment of the loan and
protect the lender's investment
collateral
63
an unlawful agreement between competitors to monopolize a market,
disadvantage other competitors, or otherwise undertake activities in violation of fair trade laws
collusion
64
a title transfer that is defective in a way that is unknown to the new owner
color of title
65
the regulatory body responsible for regulating the brokerage industry and
licensing real estate practitioners; formally known as the Georgia Real Estate
Commission (GREC)
commission
66
Portions of a shared ownership property not controlled by any one owner or tenant. Examples include parking lots, lobbies, fitness centers, elevators, etc.
common elements
67
the side of law which arises from judgements and decisions made in courts
rather than explicit legislation
common law
68
individual who provides administrative and operational services to a
community association in exchange for consideration; requires specific licensure
community association manager
69
a system of property co-ownership, most commonly applied to married
couples, which describes what is joint property and what is individual property
community property
70
any property which has sold and is similar enough in features, location, and
proximity in time to inform the value of a subject property
comparable
71
A report that compares the prices of recently sold or listed homes
("comparables") in order to estimate the market value of a similar property
(the "subject property") located in the same area
comparative market analysis
72
Property where each owner has a separate interest in their own unit and
undivided interest in the common areas
condominium
73
Something of value exchanged by the parties as evidence of agreement to
the terms of a contract
consideration
74
a temporary mortgage used to finance a construction project
construction mortgage
75
the termination of a lease in circumstances in which the landlord defaults and acts, or fails to act, in such a way that the premises become unusable
constructive eviction
76
When a property's ownership is recorded publicly, so everyone can know the
contents of recorded documents
constructive notice
77
A provision within a contract that makes performance conditional upon the
occurrence of a stated event
contingency
78
a legally enforceable and binding agreement between parties wherein a
promise to do or not do something is given in exchange for valuable consideration
contract
79
a sales contract in which the buyer pays the seller for the property in multiple
installments for a predetermined length of time, and the seller holds the title until the property has been fully paid for; also known as an *installment sales contract* or *land contract*
contract for deed
80
improvement to the property; not necessarily the same as the cost of the
contribution
81
is a life estate in which the measuring life is that of the life tenant; it is an estate created by a deed that lasts for the duration of the tenant's life
conventional life estate
82
Any loan that is neither insured by the government nor guaranteed by the
government
conventional loan
83
Changing real property to personal property, and vice versa; also the illegal
conversion
84
An agency arrangement in which two brokerages collaborate to achieve a
real estate transaction for a specific piece of property.
cooperating brokerage
85
the repair or restoration of equipment after it has broken
corrective maintenance
86
Method of estimating the value of a property by determining how much it
would cost to replace the building or other improvements, minus the cost of depreciation, plus the value of the land itself
cost approach
87
A contract proposal submitted in response to a previous offer, modifying the terms of the original offer; considered a rejection of the original offer
counteroffer
88
a protection in which the grantor states they hold the title conveyed in the
deed, a.k.a. covenant of seizin
covenant of seisin
89
Private restrictions similar to deed restrictions that dictate what homeowner
may do with their property
covenants, conditions, and
| restrictions (CCRs)
90
contains information regarding an individual's credit history (loan payments, etc.) as well as the present credit status of all open credit accounts
credit report
91
sum of money that is received
credits
92
The right of a spouse to inherit property held in their spouse's name after that spouse dies; dower is the word used for women, curtesy for men.
curtesy/dower
93
an individual with whom a license holder has no agency relationship nor
fiduciary duties but to whom fairness and honesty are still required
customer
94
a designated base reference point to elevation used by surveyors to
determine the elevations of land or property in an area
datum
95
sum of money that is owed
debits
96
current debt obligations
debt service
97
used to evaluate income-producing properties; is calculated by dividing the
net operating income (cash flow after all expenses and debts are paid) by total debt service (current debt obligations)
debt service coverage ratio
98
used to measure a borrower's creditworthiness; calculated by dividing all debt
(monthly payment + other debt) by monthly income
debt-to-income ratio
99
an alternative to foreclosure in which the defaulting borrower voluntarily
transfers the property title to the lender and the borrower cancels the foreclosure
deed in lieu of foreclosure
100
a deed used to convey ownership interest to the trustee under a land trust
deed in trust
101
a provision in a deed that restricts the land use of a property
deed restriction
102
a clause in a security document that indicates that the loan has been satisfied
and that either the title will be conveyed to the borrower or the lien on the borrower's title will be removed
defeasance
103
a measure of the general desire for an asset or commodity at a given time
demand
104
the measure of the proportion of a given area used for residential purposes
density
105
a department in the federal government which is in charge of enforcing
federal fair housing laws
```
Department of Housing and
Urban Development (HUD)
```
106
A reduction in value for any reason
depreciation
107
a set of laws that sets out the process of passing an estate to heirs when the
owner dies intestate
laws of descent and distribution
108
an agency arrangement wherein both parties to the transaction are
represented by their own agent, but both agents are employed by the same brokerage; by necessity each client enjoys an agency relationship exclusively with the named agent within the brokerage
designated agency
109
the transfer of real or personal property through a will
devise
110
a physical or mental impairment that substantially limits one or more major
life activities, the record of such impairment, or being regarded as having such an impairment
disability or handicap
111
a loan fee used to decrease a loan's interest rate
discount point
112
the unjust or prejudicial treatment of different categories of people, especially
on the grounds of race, color, sex, national origin, religion, disability, or other classifications
discrimination
113
the process of money flowing out of banks
disintermediation
114
a legal principle used to bar dated claims; used in conjunction with an
doctrine of laches
115
doctrine granting a state the power to control and regulate all water
resources within its borders
doctrine of prior appropriation
116
A law passed in response to the subprime mortgage crisis that created the
Consumer Finance Protection Bureau.
Dodd-Frank Act
117
An agency relationship wherein both the buyer and the seller are represented
by the same broker in an in-house real estate transaction; requires written consent from both parties
dual agency
118
a legal term used to describe the reasonable steps a person must take in
order to satisfy a legal requirement
due dilligence
119
a clause in the mortgage contract that triggers the right of the lender to
demand payment in full of the loan upon the sale or conveyance of the property
due on sale/alienation clause
120
Funds paid to confirm or commit to a contract
earnest money
121
for a specific, limited purpose.
easement
122
Easement in which private property is taken for public use via eminent
domain; declaration that a structure must be closed or demolished because it is unfit for occupants
easement by condemnation
123
An easement that applies to the person or entity, not the specific land
easement in gross
124
The Equal Credit Opportunity Act, a fair lending law that aims to bar
discriminatory lending practices.
ECOA
125
the length of time for which an improvement on property is expected to
remain functional and useful
economic life
126
the total annual income that a property produces; does not account for any
expenses
effective gross income (EGI)
127
a statutory right in some states which allows the surviving spouse to claim an
interest in a decedent's real and personal property regardless of the provisions established by a will
elective share
128
an invisible field of energy produced by electricity
electromagnetic field (EMF)
129
plants or crops intended for harvest and treated as personal property
emblements
130
the power of government to seize private property for public use;
government must pay property owner just compensation for exercising power
eminent domain
131
Physical property that crosses the boundary into a neighboring landowner's
property
encroachment
132
Non-possessory interest in a property that burdens the title
encumbrance
133
possessing the essential elements necessary to be legally binding and
obligate performance; used to describe the compelling nature of a valid contract
enforceability
134
a report prepared for a real estate holding that identifies potential or existing
environmental contamination liabilities
environmental assessment
135
the agency charged with enforcing federal environmental protection laws
and taking other actions to protect the environment
Environmental Protection
| Agency (EPA)
136
a theoretical market condition in which levels of supply and demand are
balanced
equilibrium
137
A lessee's right to possess a property without interference from lessor,
previous owner, or anyone else about the claim to the title
equity
138
the gradual loss of land over time
erosion
139
a clause in a lease allowing payments to increase in relation to a specified
factor or index
escalation clause
140
without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs
escheat
141
A process in which funds and/or financial documents are held by a
disinterested third party on behalf of the other two parties in the real estate transaction until specific conditions are satisfied
escrow
142
a possessory interest in real property
estate
143
A lease with a specific starting and ending date, also called a tenancy for
years
estate for years
144
the legal principle that prevents an individual from asserting something
contrary to that which was implied by previous words or deeds by that individual
estoppel
145
standards of conduct agreed upon and recognized by a particular group or
culture
ethics
146
forced removal of a tenant due to a default under the terms of the lease
eviction
147
constructive or actual notice of real property ownership
evidence of title
148
a right included in the bundle of legal rights to real property which empowers
the owner to allow or deny others' use of the property
exclusion
149
an agreement in which the seller has an exclusive relationship with a broker
but retains the right to sell the property to named prospects
exclusive agency listing
150
an agreement in which the seller guarantees the named broker receives a
commission if the property is sold, regardless of who brings the buyer
exclusive right to sell agreement
151
A contract that has not yet been fully performed (both sides have not yet
completed their obligations)
executory contract
152
Loss of property value caused by negative forces outside the property which
are beyond the control of the owner
external obsolescence
153
a federal law that prohibits discrimination in housing based upon race, color,
religion, or national origin and was amended to include sex, disability, and familial status
Fair Housing Act of 1968
154
```
under the Fair Housing Act, a protected class composed of families who have
children under 18, pregnant women, and people in the process of obtaining legal custody of a child
```
familial status
155
Independent agency that provides deposit insurance to depositors in U.S.
banks
Federal Deposit Insurance
| Corporation (FDIC)
156
A government-sponsored enterprise created in 1970 to further support the secondary mortgage market, and specifically, to support smaller thrift banks
Federal Home Loan Mortgage
| Corporation (Freddie Mac)
157
A government-sponsored enterprise created to act as a secondary mortgage market facility that could purchase, hold, and sell FHA-insured loans
Federal National Mortgage
| Association (Fannie Mae)
158
an estate without restrictions that is freely given to heirs
fee simple absolute
159
a defeasible fee estate that comes with specific requirements (or conditions)
fee simple condition subsequent
160
a property interest characterized by perpetual ownership on the condition that the property is used for a certain purpose or under specific conditions. Ownership reverts back to the original owner if these stipulations are violated.
fee simple defeasible
161
a type of fee simple defeasible estate which causes the title to automatically
revert to the original owner if the deed requirements regarding property use are violated
fee simple determinable
162
Maximum ownership of real property; also called a fee or a fee simple absolute and is of indefinite duration, freely transferable, and freely inheritable
fee simple estate
163
The Federal Housing Administration; government agency charged with
insuring mortgages
FHA
164
a credit scoring system created by the Fair Isaac Corporation
FICO score
165
an individual upon whom is placed the highest levels of trust and confidence
when acting on behalf of another
fiduciary
166
the full sum of obligations owed to the client in an agency relationship that
ensure that the agent always acts in the best interest of the client
fiduciary duties
167
the critical point at which agency disclosure is required by a license holder;
generally occurs at the first face-to-face meeting with the customer and prior to the sharing of any confidential information or initiation of any action in
regards to a specific property
first substantive contact
168
refers to the fact that real estate exists in a fixed location and cannot be
moved; describes this truth about land from an economic viewpoint
fixity
169
an object that was once personal property but *is now firmly attached to the
land* in such a way that it is considered to be real property
fixture
170
wrongful or criminal deception intended to result in financial or personal gain
fraud
171
a form of ownership with an indeterminate length
freehold estate
172
the owner of a freehold estate
freehold tenant
173
the trademarked name of a harmful chlorofluorocarbon found in older air
conditioning units
freon
174
style or has been replaced by a more appealing or effective version
functional obsolescence
175
an agent who is authorized to manage all of a principal's affairs within certain
specified areas; enjoys broader authority than that of a special agent but less than that of a universal agent
general agency
176
A lien for which the real estate AND personal property may be sold to satisfy
the debt
general lien
177
a business entity in which all co-owners actively share power, responsibilities,
and profit
general partnership
178
the act of documenting any transfer or claim of interest in the title to real
property in public records per state law, a.k.a. full covenant and warranty deed
general warranty deed, a.k.a. full covenant and warranty deed
179
a government-owned entity that supports the secondary mortgage market by
guaranteeing mortgage-backed securities (MBS) insured by the U.S. government
Government National Mortgage
| Association (Ginnie Mae)
180
a lease in which the rental rate increases over time in specific increments
graduated lease
181
a fixed-rate mortgage that has a lower initial interest rate in its first years, but
includes gradual increases each year
graduated-payment mortgage
182
The person who receives a conveyance of real property in a transaction
grantee
183
The person who conveys real property in a real estate transaction
grantor
184
Lease in which the tenant will be responsible for the payment of a fixed
monthly charge, while the landlord is responsible for paying all operating expenses, a.k.a. full service lease
gross lease
185
the ratio of the price of investment property to its annual rental income
before considering expenses like taxes and insurance, etc
gross rent multiplier
186
Also known as a land lease, it is the lease of bare, undeveloped land
ground lease
187
water held underground in the soil or in pores and crevices in rock
groundwater
188
an agreement between two or more competitors to not do business with
another competitor for the purpose of inducing the other competitor to change its business practices or fail altogether; considered an antitrust violation
group boycott
189
a clause within a deed that clarifies the type and extent of interest conveyed
by the granting clause
habendum clause
190
the use of a property which is legal, physically possible, financially viable, and
produces the greatest yield
highest and best use
191
a handwritten will created solely by the testator and not witnessed
holographic will
192
collateral; the funds can be used for any purpose
home equity loan
193
laws which protect a homeowner from loss of their principal residence from
the claims of most creditors and require both spouses to execute any instruments of conveyance
homestead laws
194
the pledging of an asset as collateral to secure a loan without delivery of title,
possession, or other ownership rights
hypothecation
195
the relative difficulty of converting an asset to cash without loss of value
illiquidity
196
agency that is created by the actions, conduct, and words of either or both
parties without ever being expressly requested
implied agency
197
a contract created by the actions of the parties rather than by express
agreement
implied contract
198
any non-natural structure built on or affixed to land
improvement
199
method of estimating the value of a property by applying a rate of return to
the net income it produces
income capitalization approach
200
one who contracts to do work according to their own methods, and is
responsible to their employer only as to the results of that work
independent contractor
201
the principle that a client or customer must understand and agree to certain
actions or agency relationships prior to implementation
informed consent
202
additional money paid to a lender for the use of their money
interest
203
the facilitation by a third party of a financial transaction between two parties
intermediation
204
the name for conditions in which the owner of a property dies without having
left a valid will
intestate
205
the purchase of an asset with the intention of profiting from it in the future
investment
206
by operation of law
involuntary alienation
207
Co-ownership in which the parties have an equal and undivided interest in the property; includes the right of survivorship rather than inheritance
joint tenancy
208
A business arrangement that a partnership uses when joining forces for a
single business objective achieved through one or a series of related projects;
this arrangement will not be of an ongoing nature
joint venture
209
A lien that has another (senior) lien superceding it in priority; also called an
inferior lien
junior lien
210
the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity
land
211
a piece of land which is is not accessible by any public means
landlocked
212
Regulations that specify how the owners of individual parcels of real estate in
a given area may use property
land-use control
213
any structural defects that cannot be detected by ordinary inspection
latent defect
214
the body of laws affecting agency that have come about as result of custom
and/or case law, as opposed to statutory law introduced at the state or federal level
law of agency
215
a naturally occurring mineral that has been used in the manufacturing of
paint and water pipes and is toxic to humans
lead
216
A contract in which one party conveys property to another for a specific predetermined period of time, generally in return for periodic payment
lease
217
An interest in the occupation of a property, established through a lease, a.k.a.
Non-freehold or less-than-freehold
leasehold estate
218
A description of a property that is distinct and precise enough to distinguish it
from all other properties
legal description
219
any life estate created by a function of law as opposed to the actions or
desires of a property owner
legal life estate
220
complete legal ownership of real property and the bundle of rights associated
legal title
221
The party to whom the lease is granted, also known as the tenant
lessee
222
The party granting the lease, also known as the landlord
lessor
223
the use of a financial instrument or borrowed money to increase a return on
investment
leverage
224
the state of being responsible for something
liability
225
the claim made by a creditor against real or personal property pledged by a
debtor as collateral
lien
226
the order in which liens against a property will be settled
lien priority
227
states that employ security instruments allowing the borrower to retain title
while the lender places a lien on the property to secure the loan
lien theory state
228
a type of estate limited to a the duration of a measuring life
life estate
229
(See special agency)
limited agency
230
a business entity composed of both general and limited partners. the general partners manage the business and limited partners are passive investors.
limited partnership
231
assets that can be quickly converted to cash without losing their value
liquid assets
232
damages established by the contract to be paid as compensation in the event
of default
liquidated damages
233
A document recording at the courthouse giving notice that a lawsuit is
pending on a particular piece of property
lis pendens
234
Rights that govern lakefront or oceanfront property and usually allow the
property owner to use the water bordering their property
littoral rights
235
a trust established by a living trustor in order to convey legal title of property
to a trustee for the benefit of a named beneficiary
living trust
236
a lender's approval of a specific loan for a specific property; occurs upon
completion of final loan approval step
loan commitment
237
combines and replaces the Good Faith Estimate and the initial Truth-in-
Lending (TIL) statement; highlights the most important elements of the transaction
loan estimate
238
A mortgage fraud scheme that involves an inflated appraisal and a straw
buyer.
loan flipping
239
the process through which a buyer obtains a mortgage loan from a lender
loan origination
240
The amount of money being loaned compared to the value of the property
loan-to-value ratio
241
a written contract between a property owner and a property manager to
establish all duties of the property manager, including operation and leasing activities
management agreement
242
a plan that a property manager creates for managing the property that
includes an analysis of the market along with the financial standing, operating budget, and other important factors of the property
management proposal
243
refers to whether a person is married, single, divorced, or widowed
marital status
244
a theoretical construct that isolates the selling and purchasing of any one
particular commodity from the economy as a whole
market
245
A violation of antitrust laws in which competitors agree to divide markets
amongst themselves
market allocation
246
The price for which a property will theoretically sell under typical conditions
market value
247
a title that is free from significant encumbrances or defects that might
otherwise prevent a purchaser from enjoying or eventually selling the property
marketable title
248
A plan created to secure the other party needed to carry out a real estate
transaction that includes sales and advertising.
marketing plan
249
a deed used to convey land to a condominium developer
master deed
250
a written document created by the local planning board to guide the future
growth and development of a community
master plan
251
a fact that, if known, could cause someone to take a different course of action or make a different decision regarding the property to be purchased
material fact
252
A type of involuntary, specific lien that a mechanic or materialman can
impose upon a property if the property owner fails to pay for materials or work done on the property
mechanic's lien
253
an imaginary line of longitude used to identify a certain area of the earth's
surface along a north-south direction
meridian
254
A land survey process in which a licensed land surveyor starts at a readily
identifiable point of beginning and defines the boundaries of a property in terms of distances and compass directions, finally returning to the point of beginning
metes and bounds
255
an action performed for another according to established procedures or guidelines and without the need for discretion or individual judgment
ministerial acts
256
A statement, written or spoken, that is false or misleading; can be actionable
if also found to be fraudulent
misrepresentation
257
a type of fungus found in damp building materials that can release toxins into
the environment
mold
258
a fixed landmark, whether natural or human-made, used as a reference point
in a metes and bounds legal description
monument
259
A legal agreement between a creditor and borrower in which the creditor
lends money with interest to the borrower for the purchase of property with the condition that the creditor takes ownership of the title if the borrower defaults in repayment of the loan
mortgage
260
a borrower-paid insurance required for FHA loans, in order to insure lender in
case of borrower default/foreclosure
mortgage insurance premium
| MIP
261
The lender of the funds in a loan
mortgagee
262
The borrower of the funds in a loan
mortgagor
263
A database in which local member brokers share listings so that fellow
member brokers can procure buyers for those properties and establish compensation for properties sold jointly
multiple listing service
264
agreement by all parties to either create, amend, or terminate a contract
mutual consent
265
When a borrower's payment is not large enough to cover the interest due on
a loan, the unpaid interest is added to the principal balance
negative amortization
266
a note that is transferable and assignable
negotiable instrument
267
A lease in which the tenant pays a base rent rate plus all or part of the
operating expenses
net lease
268
an agreement in which the seller names an amount they will accept for a
property and if the sales price exceeds that amount, the broker receives the excess as commission; illegal
net listing
269
a property's annual income that remains after paying its operating expenses
net operating income (NOI)
270
any property use with is inconsistent with the land use controls for that area,
regardless of legality
non-conforming use
271
closing costs that are not split between the parties
non-prorated expense
272
the duty of a real estate owner to make their claim or interest on a subject
property publicly accessible
notice of title
273
lacking legal or binding force; invalid
null and void
274
a will created verbally by a party directly before their death, a.k.a. oral will
nuncupative will
275
a property's loss of value due to economic or functional factors
obsolescence
276
a proposition made by an offeror to an offeree to agree to the terms of a
binding contract; becomes a contract upon acceptance
offer
277
the mutual understanding and agreement of the parties of a contract to that
contract's terms; process that changes an offer into a contract when the offeree communicates acceptance to the offeror
offer and acceptance
278
a nonexclusive listing agreement that gives multiple brokers (and owners
themselves) the right to sell the property
open listing
279
a budget created by using anticipated revenues and expenses for a property
over a period of one year
operating budget
280
an occasional or continuous expense required for the operation of an
income-producing property
operating expense
281
gives one party the right to perform a non-obligatory action within a time
period (ex: terminating a contract or the right of first refusal)
option
282
fees pay for the cost of issuing the loan
origination points
283
a line of latitude
parallel
284
an orally created contract or the oral modification of a written contract;
enforceability depends on circumstances surrounding creation
parol contract
285
legal action brought with the purpose of terminating the ownership interest
of a co-owner to real property
partition suit
286
A wall shared by two separate
| properties; the owners on each side share the right of use, often as an easement
party wall
287
any structural defects that are easily discoverable upon inspection
patent defect
288
acts that are considered inherently illegal
per se violations
289
```
Type of (usually commercial) lease in which the tenant pays a base rent
amount and a percentage of their business profits to the landlord
```
percentage lease
290
the fulfillment of an obligation, duty, or contract
performance
291
a leasehold estate which automatically renews until canceled by either party, a.k.a. estate from period-to-period, periodic tenancy, estate from year to year
periodic estate
292
laws that govern the use and ownership of underground water
perolating water rights
293
Any unattached, movable asset on the property not considered real estate
(land plus improvements); also known as personal property or personalty
personal property (a.k.a. chattel)
294
the loss of value caused by physical wear and tear over time
physical deterioration
295
a subdivision that includes residential dwellings along with nonresidential real
estate, departing from normal zoning and subdivision regulations; recreational facilities may be co-owned by PUD lot owners as tenants in common
planned unit development (PUD)
296
a map indicating the locations and dimensions of lots in a lot and block
system
plat
297
An increase in overall value resulting from the successful assemblage of
multiple plots
plottage
298
Insurance that protects the lender if a borrower defaults on a conventional loan; usually required when the borrower has less than 20% equity
pmi/private mortgage insurance
299
the starting point for a metes and bounds legal description
point of beginning (POB)
300
the government right to regulate and restrict land use in order to protect the public; right includes the power to enforce zoning and building codes
police power
301
a group of human-made organic chemicals made of carbon, hydrogen, and chlorine atoms that were used in hundreds of industrial and commercial applications prior to 1979 and can cause a variety of adverse health effects
polychlorinated biphenyls (PCBs)
302
the total rental income a property would receive if the property was 100%
leased
potential gross income (PGI)
303
a legal instrument used to confer the right of one individual to act on behalf
of another
power of attorney
304
Imposing unfair and abusive loan terms on borrowers.
predatory lending
305
periodic, routine inspections to catch minor issues before they worsen and to
keep equipment and property in good working order
preventative maintenance
306
Any effort made by competitors to jointly establish a fixed rate, price, or
commission; considered an antitrust violation
price fixing
307
the manner in which a price is determined by a buyer and seller (a quantification of value) with respect to the forces of supply and demand
price mechanism
308
the client of a broker in an agency relationship; the parties to a contract in a
real estate transaction (as opposed to license holders, lenders, escrow agents, etc.); also, the amount borrowed in a loan from which interest is accrued
principal
309
a meridian used in reference to a baseline to identify ranges, tiers, and
townships in the rectangular survey method of land description
principal meridian
310
a process by which courts determine and grant the appropriate ownership
interest of an estate to creditors, taxing entities, and heirs of an owner who dies intestate
probate
311
a negotiable financial instrument that is evidence of a debt and a promise to
pay that debt; often referred to as "the note"
promissory note
312
any item which may be owned, including the rights associated with
ownership
property
313
the vocation of renting or leasing someone else's real property on their
behalf in exchange for compensation and in accordance with a property management employee contract
property management
314
a report that informs the property owner(s) of their property's expenses,
income, and disbursements; prepared by the property manager
property management report
315
someone who is hired by a property owner to market, maintain, and oversee the day-to-day operation of a property (usually a rental property)
property manager
316
Long-term and exclusive lease given to resident and stock owner of a
cooperative
proprietary lease
317
The act of dividing or allocating expenses between buyers and sellers based
on the actual period of usage of the item or service
proration
318
a limited time frame after an agency agreement ends where an agent can be
owed compensation *if* certain situations occur
protection period
319
a life estate characterized by ownership lasting only for the duration of a
designated party's lifetime
pur autre vie
320
or all of the purchase price
purchase-money mortgage
321
a person who acquires or attempts to acquire an interest in land
purchaser
322
A lessee's right to possess a property without interference from lessor,
previous owner, or anyone else about the claim to the title
quiet enjoyment
323
a lawsuit brought with the purpose of removing any outstanding ownership
claim, title defect, or encumbrance on a property
quiet title suit
324
a type of deed that conveys any interest, title, or right to a parcel of land the
grantor has at the time the deed is executed
quitclaim deed
325
an odorless, radioactive gas produced by the decay of other radioactive materials in rocks under the surface of the earth; can cause lung cancer
radon
326
the area of land between two consecutive range lines
range
327
an unauthorized action taken on behalf of a principal which is accepted and
legitimized after the fact by the principal
ratification
328
land plus all improvement made by man or nature
real estate
329
An individual who is trained and licensed to perform appraisals, which
estimate the value of real property
real estate appraiser
330
A trust that invests in, owns, or acquires real property and is owned by
real estate investment trust (REIT)
331
bank-owned property that has been through the foreclosure process
real estate owned (REO) property
332
Land from the surface to the center of earth and upward into space,
including everything attached by man or nature as well as the bundle of legal rights of ownership
real property
333
the act of documenting any transfer or claim of interest in the title to real
property in public records per state law
recording
334
a system of legal land description that uses the global lines of longitude and latitude to create a surveyed grid of meridians, base lines, townships, and ranges to describe a piece of land; a.k.a. the government survey system
rectangular survey system
335
the illegal act of a lender refusing to issue mortgages in a specific area
redlining
336
The process of obtaining a new mortgage in an effort to reduce monthly
payments, lower interest rates, take cash out of a home for large purchases, or change mortgage companies
refinancing
337
The part of the Truth in Lending Act (TILA) that seeks to protect consumers
by requiring proper disclosures and fair lending practices
Regulation Z
338
a gradual increase in land area when water gradually withdraws
reliction
339
the interest in an estate that will pass to another party (other than the grantor)
at the death of the person upon whom the life estate is base
remainder interest
340
The actual cost of replacement without regard to depreciation of the
property
replacement cost
341
an amount of money allocated from a property's income to cover future
repair and maintenance costs, also called a replacement reserve
reserve allowance
342
The Real Estate Settlement Procedures Act, passed to eliminate kickbacks in
lending and disclose the costs of closing a loan.
RESPA
343
a financial arrangement where a homeowner pledges equity to a lender in
exchange for periodic payments of the pledged equity; essentially selling off equity in their home in exchange for monthly payments
reverse mortgage
344
the interest in an estate wherein, upon the death of the life estate owner, full ownership reverts back to the original fee simple owner (grantor)
reversionary interest
345
The termination of an agreement by the person who granted it, such as
when as when a principal terminates an agency relationship or withdraws an offer
revocation
346
an ongoing line of credit, as with a credit card, where the amount of debt
can fluctuate as the borrower uses it to manage cash flow issues
revolving debt
347
The statutory principle of survivorship tenancy that provides that when one co-owner dies, their ownership interest reverts to the surviving co-owners
right of survivorship
348
Rights that govern the use of flowing water, such as rivers and streams that
pass through or border a property
riparian rights
349
monitoring, assessing, and attending to the needs of a facilities most
necessary features
routine maintenance
350
states that a landowner who drills a well for gas or oil on their land is entitled
to all that well produces, even if the gas or oil migrates from beneath a neighbor's property.
rule of capture (a.k.a. law of capture)
351
Property appraisal method that estimates value by comparing the subject property to the sales prices of similar properties in the same market area
sales comparison approach
352
a contract used in the sale of real property that outlines the responsibilities of the parties and terms of the sale; also knows as a purchase agreement, purchase contract, or purchase and sale agreement.
sales contract
353
a real estate license holder who is associated with a licensed broker for the
salesperson
354
the Superfund Amendments and Reauthorization Act
SARA
355
the economic characteristic that informs the economic principle of supply
and demand
scarcity
356
one of 36 equal square miles in a township
section
357
the collateral for a loan
security
358
A loan provided by the seller to the purchaser of the property
seller financing
359
```
a market condition in which the number of properties for sale does not meet
the demand (number of people looking to buy)
```
seller's market
360
A lien that comes first on the priority of liens, often a tax lien; also called a
superior lien
senior lien
361
Describes the parcel of land that must allow an adjacent owner to cross; an
easement appurtenant exists at the expense of this party
servient tenement
362
Undivided ownership of an estate, with an interest that is exclusive from other owners; often referred to as ownership in severalty or tenancy in severalty
severalty
363
the act of converting real property into personal property
severance
364
a landmark law passed in 1890 that prohibits the formation of trusts, or
monopolies, in the marketplace; this law governs business by regulating anti- competitive conduct to **promote fair competition on behalf of American consumers
Sherman Antitrust Act
365
An agency arrangement in which one agent represents one party in a real
estate transaction; the party may be either a seller or a buyer.
single agency
366
the **economic significance of a property's location
situs
367
ownership of a business by a lone individual
sole proprietorship
368
a form of agency relationship in which agents are limited in scope and are
only authorized to perform acts permitted by their principal
special agency
369
a lien placed against property to collect taxes for a specific improvement
benefiting the property
special assessment lien
370
a variance that allows an out-of-zone use that benefits the community, and is
included as a permitted special use in a zoning ordinance
special use permit
371
a deed that only protects against defects that occurred while the grantor held
title
special warranty deed
372
A lien that applies to a certain property only
specific lien
373
A legal remedy that requires the party in breach of contract to perform in accordance with the terms of the contract (as opposed to paying damages)
specific performance
374
a measurement of land equal to 640 acres
square mile
375
A law which requires certain types of contracts, including those conveying
interest in real property, to be in writing to be enforceable
statute of frauds
376
a legal concept that establishes time limits for bringing certain kinds of legal
actions
statute of limitations
377
the illegal act of guiding prospective home buyers toward or away from certain neighborhoods because of their membership in a protected class
steering
378
property with suppressed market value unrelated to its physical condition or
features; frequently as result of death of an occupant, murder, suicide, or a belief the property is haunted
stigmatized property
379
an accounting method in which depreciation expenses are deducted from a
property's income
straight-line cost recovery
380
An agency agreement in which Broker A (or their agent) is operating as the
subagency
381
this provision in a sales contract refers to the purchase of a property that is
*subject to* the existing mortgage; in such a sale, the title changes hands, so the buyer owns the house legally, but the seller's old mortgage stays in place
subject to
382
another person for a period of the lease term
sublease
383
A contract that gives a mortgage recorded at a later date priority over a
previously recorded mortgage
subordination agreement
384
a mortgage with an interest rate higher than prime mortgages due to the
higher risk associated with a less qualified borrower
subprime loan
385
an economic principle stating that the value of a good or service is affected
by the cost of getting a similar (substitute) item elsewhere
substitution
386
Ownership rights to all that is found beneath the surface of the tract of land
owned, extending downward to the center of the earth
```
subsurface rights (a.k.a. mineral
rights)
```
387
a higher priority lien
superior lien
388
in real estate, the amount of properties that are vacant or are available for
sale or rent
supply
389
the rights to access the surface area of a parcel of real property
surface rights
390
The process and physical product of finding and measuring the boundaries of
a piece of real estate, including the location of improvements, encroachments, and easements
survey
391
A style of investing in which investors combine their capital and employ an
expert to use that capital to obtain, manage, and sell an investment property for profit.
syndication
392
the total taxable assets available in a specific area
tax base
393
a deed used to convey the title to a property sold in a tax foreclosure sale
tax deed
394
an area in which a taxing entity is authorized by the government to levy taxes
tax district
395
the percentage of the value that is taxed
tax rate
396
the forced sale or auction of a property to cover outstanding debts
tax sale
397
the value placed on a property by a governmental unit for use in calculating
property taxes, minus any exemptions
taxable value
398
Co-ownership with individual, undivided interest in the property; includes
rights of inheritance rather than survivorship
tenancy in common
399
the name for conditions in which the owner of a property dies having left a
valid will
testate
400
the party who makes a will, a.k.a. testatrix
testator
401
an individual who, without any bona fide intent to rent or purchase a home,
apartment, or other dwelling, poses as a prospective buyer or renter for the purpose of gathering information, which may indicate whether a housing provider is complying with fair housing laws
tester
402
any person involved in a real estate transaction who is not your client;
includes not only customers (the non-client principal in a transaction) but also all other non-client participants in a transaction such as title officers,
lenders, appraisers, etc.
third party
403
a conditional agreement stipulating that a product or service desired by a
party will be offered only on the condition that the party also agree to purchase a second product or service; considered an antitrust violation
tie-in agreement
404
the area of land between two consecutive baselines
tier
405
a phrase that communicates to parties of a contract that they must perform
their contractual duties by a specific date and time in order to avoid a breach of contract
time is of the essence
406
a form of co-ownership where each owner has use of the property at a
different prescribed period of time, also known as interval ownership
timeshare
407
The actual ownership of a real property that includes the bundle of rights in which a party may own a legal or equitable interest; not an actual document
title
408
a policy that protects homeowners (and likewise, lenders) from certain financial losses due to title issues, such as defects, encumbrances, and liens
title insurance
409
public records that catalogue all real estate information in the county,
including owners' names, liens, easements, encumbrances, etc.
title records
410
states that convey the title to the lender or, more commonly, to a third-party
trustee (operating on behalf of the lender) for the life of the loan
title theory state
411
a recording system used in some states in which the state holds all records of
land and title ownership, evidenced by a certificate of title
torrens system
412
a square area of land with sides of 6 miles each, consisting of 36 square-mile
sections and identified in reference to a meridian and baseline in the rectangular survey system
township
413
a broker who facilitates a transaction absent of any agency relationship with
either party to the contract; has no fiduciary duties for ministerial acts performed; also known as a facilitator
transaction coordinator
414
one-time tax issued by the state that must be paid when a property is
transferred from one owner to another
transfer tax
415
A type of lease requiring the tenant to pay a prorated portion of ALL the
operating expenses for the property.
triple-net lease
416
a legal entity where control of some asset or property is transferred by a
grantor (trustor) to a third party (trustee) to be held for the benefit of another
(beneficiary)
trust
417
tanks located in the ground underneath properties that store chemicals, fuels,
toxic wastes, and other potentially harmful substances
underground storage tanks
| USTs
418
the process of determining the level of risk a lender is willing to take in
extending a loan to a borrower
underwriting
419
a contract wherein one party makes a promise and is obligated to perform if
a second party chooses to accept the offer and perform in exchange for that which was promised
unilateral contract
420
the most broad type of agency; gives agents the power to act AND make
decisions on behalf of the principal in all business matters of concern; often granted via a power of attorney
universal agency
421
a human-made insulation material that becomes dangerous because of the
gases released from the material after it hardens
urea-formaldehyde foam
| insulation (UFFI)
422
illegally lending money at unfair interest rates
usury
423
the measure of the degree to which something performs a desired function;
serves as a component of the thing's value
utility
424
the amount of money that is guaranteed in a VA loan
VA entitlement
425
possessing accuracy and, in context of contractual status, being legally
binding and enforceable
validity
426
the price for which a property will theoretically sell under typical conditions
value
427
an inconsistent, irregular expense; dependent on factors such as the size,
condition, type, and age of the property
variable expense
428
Permission granted by the government so that property may be used in a
manner not allowed by the current zoning
variance
429
lacking legal or binding force; used to describe a contract that is either illegal
or impossible to complete
void
430
A contract lacking legal or binding force; often used with phrase "null and
void"
void contract
431
a contract wherein the wronged party has the option to perform, enforce, or
void the contract
voidable contract
432
the right of a property owner on a waterfront to access and use that water
water rights
433
a written or verbal legal statement by an owner (testator) prescribes the
method of distribution of the owner's estate to heirs
will
434
an arrangement in which the seller of a property extends a mortgage to a
buyer; the seller maintains their original loan and continues to pay it while also receiving mortgage payments from the buyer
wraparound mortgage
435
a written agreement between two parties where one party agrees to provide
a specified service to the other
written brokerage engagement
436
local laws that control how land is used and what structures can be built in a
designated district
zoning ordinance
437
abstract of title
An abbreviated history of a property, including information on any transfers,
grants, wills, conveyances, liens, and encumbrances
438
acceleration clause
a clause in a security instrument which makes the entire loan amount due
immediately upon default
439
accession
is the right to all that one's own property produces, including that which is added, either naturally or by human action, to the property already owned.
440
accretion
The process that results in the gradual increase in land area through deposits
of soil by natural forces
441
acre
a measurement of land equal to 43,560 square feet
442
actual eviction
the legal process by which someone is expelled from a property and
prevented from re-entry
443
actual notice
When an individual actually knows of a fact
444
ad valorem taxes
A tax calculated according to the assessed value of a piece of real estate
445
Adjustable rate mortgage (ARM)
A mortgage with an interest rate that can be adjusted based on fluctuations in
the cost of money
446
adverse possession
Involuntary transfer of title from an owner who does not use or inspect their
land for a number of years to another person who has some claim to the land and takes possession
447
agency agreement
a mutual binding understanding between two parties that authorizes another
party to act on their behalf
448
agent
an individual with authority to act on behalf of another; a state license is
required to operate as an agent in real estate
449
air rights
the right to use the airspace above the surface of land
450
air space
The area above ground that is owned along with a property. Could include space above a piece of land, or the space owned inside a condominium unit.
451
alienation
The transfer of ownership (title) to real property. Alienation may be voluntary
or involuntary.
452
Americans with Disabilities Act
a federal civil rights law passed in 1990 which prohibits discrimination against
and create standards for people with disabilities
453
amortization
The process of paying off a debt/mortgage in regular installments based on a
fixed payment schedule
454
Annual percentage rate (APR)
how much the borrower will pay in interest over the course of a year
455
antitrust laws
Laws designed at preventing unfair or anti-competitive practices such as price
fixing, collusion, monopolies, etc.
456
appraised value
an estimation of property's value as of a specific date, performed by a
certified appraiser
457
appreciation
The increase in value of a property
458
appurtenances
Rights that run with real property ownership; most often transferred with the
property, but possible to sell separately
459
arrears
A payment that occurs at the end of a period to compensate for charges
accrued during that time.
460
asbestos
a naturally occurring mineral fiber that is commonly used in insulation but if
airborne or inhaled, can cause severe respiratory health issues
461
assemblage
The combining of multiple contiguous pieces of real property into a single
tract of land, often resulting in an increase in value
462
assessed value
The value placed on a property by a governmental unit for use in calculating
property taxes
463
assessment
the determination of the value of a property for tax purposes
464
asset
item of value
465
assignment
The transference of rights and obligations in a contract from one party to
another
466
associate broker
an individual who meets the licensure requirements to be a real estate broker
but provides real estate brokerage services as an independent contractor to a real estate broker
467
avulsion
the sudden loss of land by flood or when a stream or river changes course.
468
balloon payment
A payment at the end of a loan period which includes the total outstanding
balance of the loan.
469
bargain and sale deed
a deed without any covenants or warranties against encumbrances that only
implies the grantor has possession of the property and holds the right to convey title
470
base line
an imaginary line of latitude used in the rectangular survey system of land
description to identify townships in relation to proximity to a principal meridian
471
benchmark
permanent markers of known location and elevation above sea level as
established by a government survey team (such as the USGS)
472
beneficiary
The recipient of advantage or gain from an act or instrument such as a trust,
will, or insurance policy
473
bilateral contract
a contract wherein both parties are obligated to perform in an exchange of
promises
474
binder
A preliminary agreement for the sale of a property secured by a valuable
deposit from the potential buyer, which binds the seller to a good faith agreement to sell the subject property, provided that a sale contract meeting the conditions determined is executed within the prescribed period; also known as a *letter of intent (LOI)*
475
blanket mortgage
a loan for which more than one collateral property acts as security
476
block and lot system
a system of legal land description that identifies a piece of platted property by
referring to the section, lot, and block numbers in a subdivision; a.k.a. the recorded plat method
477
blockbusting
```
the illegal act of causing owners to sell their homes by creating fear that
members of a protected class are moving into the area
```
478
branch office
any office that is geographically separate from the main or home office
479
bridge loan
short-term loan used to transition from one loan to another; can connect
borrower from construction loan to eventual mortgage loan (or current home to their new home)
480
broker
A person who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration
481
brownfield
real property, the expansion, redevelopment, or reuse of which may be
complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant
482
building code
a set of regulations pertaining to building design, materials, safety, sanitation,
and structure
483
bundle of rights
Ownership of land with all of the legal rights of possession, control, quiet
enjoyment, exclusion, transfer, and encumber
484
buydown
the paying of money upfront to reduce a loan's interest rate and monthly
payments
485
buyer's market
Any market that is experiencing an excess of sellers or supply, creating more
favorable conditions for buyers.
486
capital expenditure
an expense paid in order to improve a property
487
capital improvement
any upgrade or improvement to a property that falls outside the scope of normal repair and maintenance, usually with the intention of increasing value
488
capitalization rate
a rate of return that calculates the percentage of expected annual income
earned over a property's value; the present value for expected future income earned
489
carbon monoxide
an odorless, colorless gas that occurs as a by-product due to incomplete combustion when burning such fuels as wood, oil, and natural gas
490
cash reserve
a portion of funds allocated to pay for variable expenses
491
CERCLA
the Comprehensive Environmental Response, Compensation, and Liability
Act, aka the Superfund
492
certificate of title
A document prepared by a title attorney detailing the chain of title and
offering an opinion on the marketability of the seller's title
493
chlordane
a chemical compound formerly used in pesticides that is dangerous to
human health
494
chloroflourocarbons (CFCs)
chemical compounds containing chlorine, fluorine, and carbon atoms that were once used in refrigerator coolant, air conditioners, and dehumidifiers
495
Civil Rights Act of 1866
a federal law that prohibits discrimination in housing based on race
496
cloud
Any claim to or encumbrance on the title to a property which affects transferability
497
certificate of occupancy (CO)
legal document from a local authority that authorizes a building to be
occupied; issued after the building has passed all required inspections
498
collateral
Property liened by a lender in order to assure payment of the loan and
protect the lender's investment
499
collusion
an unlawful agreement between competitors to monopolize a market,
disadvantage other competitors, or otherwise undertake activities in violation of fair trade laws
500
color of title
a title transfer that is defective in a way that is unknown to the new owner
