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Real Estate Practice Test > Glossary > Flashcards

Glossary Flashcards

1
Q

Abandonment

A

The surrender or release of a right, claim or 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

Acceleration clause

A

A provision in a mortgage or deed of trust that 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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4
Q

Accretion

A

The gradual building up of land in a water course overtime by deposits of silt sand and gravel.

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5
Q

Acre

A

A land area containing 43,560 ft.²

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6
Q

Administrator

A

A man appointed by a court to administer the estate of a person who has died in Intestate

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7
Q

Adverse possession

A

A method of acquiring title to real property by conforming to statutory requirement; A form of involuntary alienation of title.

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8
Q

Agency

A

The fiduciary relationship between a principal and an agent.

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9
Q

Alienation clause

A

A statement and a mortgage or deed of trust and titling the lender to declare the entire principal balance of the debt immediately due and payable if the borrower sells the property during the mortgage term. Also known as due on sale clause.

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10
Q

Amortization

A

Applying periodic payments first toward the interest and then toward the principal to eventually pay off a debt.

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11
Q

Appraisal

A

An estimate of value of particular property, at a particular time for a specified purpose.

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12
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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13
Q

Balloon mortgage

A

One in which the scheduled payment will not amortize The loan over the mortgage term; therefore, to fully satisfy the debt fully, it requires a final payment called a balloon payment, larger than the uniform payments.

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14
Q

Bargain and sale deed

A

A form of deed with or without covenants of title.

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15
Q

Beneficiary

A

(A) recipient of a gift or personal property by Will. (B) lender in a deed of trust.

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16
Q

Bequest

A

A gift of personal property by will.

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17
Q

Blanket mortgage

A

One in which two or more parcels of real property are pledged to secure payment of The note.

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18
Q

Blockbusting

A

For profit, to induce or attack to induce any person to sell or rent any dwelling to representations regarding the entry or prospective entry into the neighborhood of a person or persons of a particular race, color, religion, sex, or national origin.

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19
Q

Chattel

A

Personal property.

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20
Q

Closing statement

A

An accounting of the funds received and dispersed in a real estate transaction.

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21
Q

Code of ethics

A

A standard of conduct required by license laws and by the national Association of realtors.

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22
Q

Codicil

A

A supplement or an appendix to a Will either adding or changing a request.

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23
Q

Counter offer

A

A new offer made by an offerer Rejecting an offer.

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24
Q

Covenant

A

A promise in writing.

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25
Q

Depreciation

A

(A) loss and value from any calls. (B) deductible allowance from net income of property when arriving at taxable income.

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26
Q

Disclosure statement

A

An accounting of all financial aspects of a mortgage loan required of lenders to borrowers in residential mortgage loans by regulation Z of the federal reserve board.

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27
Q

Dual agent

A

A broker/sales person who attempt to represent both buyer and seller in the same transaction.

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28
Q

Earnest money deposit

A

A deposit a buyer makes at the time of submitting an offer to demonstrate the true intent to purchase; also called binder, good faith deposit, escrow deposit.

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29
Q

Easement

A

A nonpossessory right of use in the land of another.

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30
Q

Easement appurtenant

A

A rite of use in the adjoining land of another that moves with the title to the property benefiting from the easement.

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31
Q

Easement by condemnation

A

Created by the exercise of the governments right of eminent domain.

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32
Q

Easement by necessity

A

Exists when a landowner has no access to roads and is landlocked.

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33
Q

Easement by prescription

A

Obtained by the use of the land of another for the legally prescribed length of time.

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34
Q

Economic obsolescence

A

Loss in value caused by things such as changes and surrounding land use patterns and failure to adhere to the principle of highest and best use.

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35
Q

Egress

A

The right to leave a parcel of land entered (ingress) by law.

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36
Q

Eminent domain

A

The power of government to take private property for public use.

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37
Q

Erosion

A

The wearing away of land by water, wind, or other processes of nature.

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38
Q

Escheat

A

The power of government to take title to property left by a person who has died without leaving a valid bill (intestate) or qualified heirs.

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39
Q

Escrow

A

The deposit the funds are documents with a Neutral third-party, who was instructed to carry out the provisions of an agreement.

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40
Q

Escrow account

A

(A) an account maintained by a real estate broker and an insured bank for the deposit of Other people’s money; also called trust account. (B) and account may by the borrower with a lender and certain mortgage loans to accumulate the funds to pay an annual insurance premium, a Real property tax, or a homeowners association assessment.

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41
Q

Estate at sufferance

A

Continuing to occupy property after a lawful authorization has expired; a form of leasehold estate.

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42
Q

Estate at will

A

A leasehold estate that may be terminated at the desire of either party.

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43
Q

Estoppel

A

Preventing a person from making a statement contrary to a previous statement.

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44
Q

Exclusive agency listing

A

A listing given to one broker only (exclusive), who is entitled to the commission of the broker or any agent of the listing broker affects of sale, but imposes no commission obligation on the owner who sells the property to a person who is not interested in the property by a fruit of the listing broker or an agent of the listing broker.

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45
Q

Exclusive right to rent

A

This contract is between an owner or a lessor and a broker/agent in the rental of residential property.

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46
Q

Executor

A

A male appointed in a will to see that the terms of the will are carried out.

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47
Q

Executrix

A

A female appointed in a will to see that the terms of the will are carried out.

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48
Q

Fair housing act of 1968

A

A federal provision on discrimination in the sale, rental, or financing of housing on the basis of race, color, religion, sex, or national origin.

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49
Q

Fair market value

A

A price for property agreed-upon between buyer and seller any competitive market with neither party being under undue pressure.

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50
Q

Feesimple absolute

A

An inheritable estate in land providing the greatest interest of any form of title.

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51
Q

Feesimple on condition

A

A defeassable fee (title), recognizable by words “but if.”

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52
Q

Fiduciary

A

A person, such as an agent, placed in a position of trust in relation to the person for who’s benefit the relationship is created; essentially the same as a trustee.

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53
Q

Floating slab

A

A type of foundation constructed By the pouring the footing first and then pouring the slab.

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54
Q

Footing

A

The concrete base below the frost line that supports the foundation of a structure.

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55
Q

Foreclosure

A

The legal procedure of enforcing payment of a debt secured by a mortgage or any other lien.

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56
Q

Functional obsolescence

A

Loss and value resulting from things such as faulty design, inadequacies, over Adequacy, and equipment being out of date.

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57
Q

Good faith estimate

A

Lenders estimate of borrowers settlement cost, required by RESPA to be furnished to borrower at time of loan application.

58
Q

Grantee

A

One who receives title to real property by deed.

59
Q

Grantor

A

One who conveys title to real property by deed.

60
Q

Indemnification

A

Reimbursement or compensation pay to someone for a loss already suffered.

61
Q

Interest

A

(A) payment for the use of someone else’s money. (B) and ownership or right.

62
Q

Intestate

A

The condition of death without leaving a valid will.

63
Q

Irrevocable

A

That which cannot be changed or canceled.

64
Q

Joint tenancy

A

A form of co-ownership that includes the Right of survivorship.

65
Q

Joint venture

A

Participation by two or more parties in a single undertaking.

66
Q

Land contract

A

See contract for deed.

67
Q

Lessee

A

A tenant under a lease.

68
Q

Lessor

A

A landlord under a lease.

69
Q

Life estate

A

A freehold estate created for the duration of the life or lives of certain name persons; a non-inheritable estate.

70
Q

Life estate in remainder

A

A form of life estate in which certain persons, called remaindermen, are designated to receive the title upon termination of the life Tenancy

71
Q

Life estate in reversion

A

A form of life estate that goes back to the creator of the estate in fee simple upon termination.

72
Q

Marketable title

A

One that is free from reasonable doubt and that a court would require a purchaser to accept.

73
Q

Mechanics lien

A

A statutory lean available to person supply labor (mechanics) or material (material man) to the construction of an improvement on land if they are not paid.

74
Q

Metes and bounds

A

Hey system of land description by distances and directions.

75
Q

Mortgage

A

A written instrument used to place a title to real property to secure payment of a promissory note.

76
Q

Mortgagee

A

The lender in a mortgage loan, who receives a mortgage from the borrower (mortgagor).

77
Q

Net lease

A

One in which the lessee pays a fixed amount of rent plus the cost of operation of the property.

78
Q

Net listing

A

Not a type of listing but a method of establishing the listing broker commission as all money above a specified net amount to the seller; illegal in New York.

79
Q

Nonconforming use

A

Utilization of land that does not conform to the use permit it by zoning ordinance for the area; maybe lawful or unlawful.

80
Q

Notice of Lis pendens

A

A statement on the public record warning all persons that a title to real property is the subject of a lawsuit in any lien resulting from the suit will attach to the title held by the purchaser from the defendant.

81
Q

Null and void

A

Invalid; without legal force or effect.

82
Q

Obligee

A

One to whom an obligation is owed.

83
Q

Obligor

A

One who owes an obligation to another.

84
Q

Obsolescence

A

Loss and property value caused by economic or functional errors.

85
Q

Offer

A

A promise me to another conditional upon acceptance by promise or an act made in return.

86
Q

Offeree

A

Once you’re home and offer is made.

87
Q

Offeror

A

One making an offer.

88
Q

Open listing

A

A listing give it to one or more brokers where in the broker procuring a sale is entitled to the commission by imposes no commission obligation and the owner in the event the owners of the property to someone who was not interested in the property by one of the listing brokers.

89
Q

Open mortgage

A

One that does not impose a pre-payment penalty.

90
Q

Ownership in severalty

A

Title II real property how old in the name of one person only.

91
Q

Percolation

A

The movement of water through soil.

92
Q

Percolation test

A

A test of soil to determine if it is sufficiently porous for installation of a septic tank.

93
Q

Personal property

A

I’ll property that is not land and is not permanently attached to land everything that is movable; Chattel.

94
Q

Plat

A

A property map, recorded on the public record in plat books.

95
Q

Post and beam framing

A

A type of construction in which the framing members are much larger than ordinary stars in larger post can replace several feet apart instead of 16 inch or 24 inch on center.

96
Q

Prime rate

A

The interest rate of lender charges to the most credit worthy customers.

97
Q

Principal

A

(A) and the law of agency, one who appoints an agent to represent her. (B) amount of money on which interest is paid or received.

98
Q

Probate

A

The procedure for proving a will.

99
Q

Procuring cause

A

The basis for a direct action that results in successfully completing an objective.

100
Q

Proration

A

Division of certain settlement cost between buyer and seller.

101
Q

Quit claim

A

ID to relinquish or release a claim to real property

102
Q

Quitclaim deed

A

A deed of release that contains no warranty of title semicolon used to remove a cloud on a title.

103
Q

Real estate sales person

A

A person performing any of the acts included in the definition of a real estate broker but while associated with and supervised by a broker.

104
Q

Reciprocity

A

Mutual agreement by certain states to extend licensing privileges to licensees in each state.

105
Q

Reconciliation

A

(A) the process of checking accounting of the settlement statement. (B) the adjustment process in appraising, we’re by comparables are adjusted to the subject property.

106
Q

Red lining

A

The refusal of lending institutions to make loans for the purchase, construction, or repair of a dwelling because the area in which the dwelling is located is integrated or populated by culturally diverse people.

107
Q

Regulation Z

A

Requirements issued by the federal reserve board and implementing the truth in lending law, which is a part of the federal consumer credit protection act.

108
Q

Right of first refusal

A

A statement in a lease or condominium articles of association that provides for a lessee or in association to have the first opportunity to purchase the property before it has offered to anyone else.

109
Q

Right of survivorship

A

The right of an owner to receive the title to a co-ownowners share upon death of the co-owner, as in the case of joint Tenancy or joint tenancy by the entirety

110
Q

Right of way

A

An easement allowing someone to use the land or another.

111
Q

Sales contract

A

An agreement between buyer and seller on the price and other terms and conditions of the sale of property.

112
Q

Satisfaction of mortgage

A

Legal instrument signifying a mortgage has been paid in full.

113
Q

Security deposit

A

A sum of money that the landlord requires of the tenant prior to the lease, to be refunded at the end of the lease based upon the condition of the premises.

114
Q

Sherman antitrust act

A

Federal legislation including imposition of civil and punitive damages for antitrust activities.

115
Q

Sick building syndrome

A

A chemical illness that may be caused by the air quality inside a commercial building.

116
Q

Sill plate

A

The first wooden member of a structure used as the nailing surface for the floor system.

117
Q

 Slab on grade construction

A

A type of concrete flooring that is part of the foundation and his poured on a prepared and graded surface.

118
Q

Sole proprietorship

A

A business owned by one individual.

119
Q

Specific performance

A

A quart instruction requiring a defaulting party to a contract to buy and sell real property to Specifically perform her obligations under the contract.

120
Q

Statue of limitations

A

Law establishing the time period Within which certain lawsuits may be brought.

121
Q

Steering

A

The practice of directing prospective purchasers toward or away from certain neighborhoods to avoid altering the racial/ethnic make up of these areas.

122
Q

Tenancy by the entirety

A

A form of coownership limited to a husband and wife, with the right of survivorship

123
Q

Tenancy in common

A

A form of coownership that does not include the right of survivorship

124
Q

Time is of the essence

A

A phrase indicating that closing must take place on or before the exact date stipulated in the contract

125
Q

Title

A

Evidence of the right to possess property

126
Q

Trade fixtures

A

Items that are installed by a commercial tenant and I removable upon termination of the tenancy

127
Q

Triple net lease

A

One in which the lessee Pays all the expenses associated with the property in addition to the rent

128
Q

Trust

A

A legal relationship under which title to property is transferred to a person known as trustee.

129
Q

Underwriting

A

The actor reviewing loan documentation and evaluating borrowers ability and willingness to repay the loan and sufficiency of collateral value of the property.

130
Q

Unenforceable contract

A

One that appears to meet the requirements for validity but would not be enforceable in court.

131
Q

Usury

A

Charging a rate of interest higher than the rate allowed by law.

132
Q

Vendee

A

Buyer

133
Q

Vendor

A

Seller

134
Q

Vendors affidavit

A

Document signed under oath by vendor stating that vendor has not encumbered title to real estate without full disclosure to vendee.

135
Q

Vicarious liability

A

A persons being responsible for the actions of another.

136
Q

Void contract

A

An agreement that has no legal force or affect.

137
Q

Voidable Contract

A

An agreement that may be avoided by the parties without legal consequences.

138
Q

Zoning

A

A public law regulating land use.

139
Q

Zoning board of appeals

A

A local appointed board that has the power to review administrative rulings made by the planning board or other legislative body.

140
Q

Zoning map

A

A map that divides the community into various designated districts.

141
Q

Zoning ordinance

A

A statement setting forth the type of use permitted under each zoning classification and specific requirements for compliance.

Real Estate Practice Test (3 decks)

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