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Compass > 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

Absorption Field

A

A system of narrow trenches through which the discharge from a septic tank infiltrates into the surrounding soil.

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3
Q

Abstract of Title

A

A history of a title and the current status of a title based on a title examination. Abuttingland Parcels of land next to each other that share a common border.

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4
Q

Acceleration clause

A

A provision in a mortgage or deed of trust that permits the lender to declare the entire Acceleration clauseprincipal balance of the debt immediately due and payable if the borrower is in default

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5
Q

Acceptance

A

Voluntary expression by the person receiving the oer to be bound by the exact terms oft he offer; must be unequivocal and unconditional.

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6
Q

Acceptance

A

The right to go onto and leave a property

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7
Q

Accession

A

For example, an in-law apartment in a residential home.

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8
Q

Accessory apartment

A

For example, an in-law apartment in a residential home.

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9
Q

Accord and satisfaction

A

A new agreement by contracting parties that is satisfied by full performance, thereby terminating the prior contract as well

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10
Q

Accretion

A

The gradual building up of land in a water course over time by deposits of silt, sand, andgravel.

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11
Q

Accrued expenses

A

Expenses seller owes on the day of closing but for which the buyer will take responsibility(such as property taxes)

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12
Q

Acknowledgment

A

A formal statement before an authorized official (e.g., notary public) by a person who executed a deed, contract, or other document, that it was a free act.

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13
Q

Acquisition

A

The act of acquiring a property

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14
Q

Acquisition cost

A

The basis used by the FHA to calculate the loan amount.

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15
Q

Acre

A

Land area containing 43,560 square feet

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16
Q

Act of waste

A

A violation of the right of estovers

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17
Q

Action to quiet title

A

A lawsuit to clear a title to real property.

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18
Q

Actual age

A

Chronological age

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19
Q

Actual eviction

A

The removal of a tenant by the landlord because the tenant breached a condition of a lease or other rental contract.

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20
Q

Actual notice

A

The knowledge a person has of a fact.

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21
Q

Adjoining lands

A

Lands sharing a common boundary line

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22
Q

Adjustable rate mortgage (ARM)

A

One in which the interest rate changes according to changes in a predetermined index.

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23
Q

Adjusted sales price

A

The amount realized minus x up expenses.

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24
Q

Administrative law judge (AlJ)

A

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

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25
Q

Administrator

A

A man appointed by a court to administer the estate of a person who has died intestate.

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26
Q

Administrator’s deed

A

One executed by an administrator to convey title to estate property.

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27
Q

Administratrix

A

A woman appointed by a court to administer the estate of a person who has died intestate.

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28
Q

Ad valorem

A

Latin meaning “according to value”; real property is taxed on an ad valorem basis.

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29
Q

Adverse possession

A

Latin meaning “according to value”; real property is taxed on an ad valorem basis A method of acquiring title to real property by conforming to statutory requirement; a form of involuntary alienation of title.

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30
Q

Affirmative action

A

Policy expressed in some form of legislative act with respect to the handling of certain public or private acts or conduct

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31
Q

Armative easement

A

A legal requirement that a servient owner permit a right of use in the servient land by the dominant owner

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32
Q

Agency

A

The fiduciary relationship between a principal and an agent.

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33
Q

Agency disclosure form

A

See disclosure regarding agency relationships form

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34
Q

Agent

A

A person authorized to act on behalf of another person.

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35
Q

Agreement

A

A contract requiring mutual assent between two or more parties.

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36
Q

Agricultural districts

A

Created and protected by New York statute; these areas are used for animal grazing and crop production.

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37
Q

Air rights

A

Right above the surface of land

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38
Q

Alienage

A

The citizenship or immigration status of any person who is not a citizen or national of the U.S.

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39
Q

Alienation

A

Transfer of title to real property.

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40
Q

Alienation clause

A

A statement in a mortgage or deed of trust entitling 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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41
Q

Allodial system

A

The type of land ownership existing in the United States whereby individuals may hold title to real property absolutely.

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42
Q

Alluvion

A

Increased soil, gravel, or sand on a stream bank resulting from ow or current of the water.

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43
Q

Americans with Disabilities Act

A

A federal law protecting the rights of individuals with physical or mental impairments.

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44
Q

Amortization

A

Applying periodic payments rst to ward the interest and then toward the principal to eventually pay off a debt

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45
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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46
Q

Amortized mortgage

A

One in which uniform installment payments include payment of both principal and interest.

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47
Q

Amperage

A

The amount of current or electricity owing through the wire

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48
Q

Annexation

A

Addition of an area into a city.

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49
Q

Annual percentage rate (APR)

A

The actual effective rate of interest charged on a loan expressed on a yearly basis; not the same as simple interest rate.

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50
Q

Anticipation

A

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

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51
Q

Antitrust violations

A

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

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52
Q

Apartment information vendor

A

A licensed individual who is paid to provide information concerning the location and availability of residential real property

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53
Q

Apartment sharing agent

A

A licensed individual who is paid to arrange and coordinate meetings between current owners of real property who wish to share their housing with others.

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54
Q

Apportionment

A

The division of expenses between buyer and seller.

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55
Q

Appraisal

A

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

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56
Q

Appraisal report

A

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

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57
Q

Appraiser

A

One who estimates the value of real property.

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58
Q

Appreciation

A

An increase in property value.

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59
Q

Appurtenances

A

All rights or privileges that result from ownership of a specific property and move with the title.

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60
Q

Arrears

A

Delinquency in meeting an obligation; or, paid at the end of a period (e.g., at the end of the month) for the previous period. Payments in arrears include interest for using the money during the previous period.

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61
Q

Article 9-A

A

A section of the New York Real Property Law addressing the purchase or lease of vacant subdivided lands sold through an installment contract within or without New York.

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62
Q

Article 12-A

A

The section of the New York Real Property Law pertaining to real estate salespersons and brokers

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63
Q

Article 78 proceeding

A

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

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64
Q

Asbestos

A

A brous mineral found in many building materials and when improperly disturbed cancause serious lung illnesses.

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65
Q

“as is”

A

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

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66
Q

Assessed value

A

The dollar amount of worth to which a local tax rate is applied to calculate the amount of real property tax

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67
Q

Assessment

A

A levy against property

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68
Q

Assessor

A

An official of local government who has the responsibility for establishing the value of property for tax purposes.

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69
Q

Assignee

A

One to whom contractual rights are transferred.

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70
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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71
Q

Assignor

A

The person transferring contractual rights to another.

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72
Q

Associate real estate broker

A

A licensed real estate broker who chooses to work under the name and supervision of another licensed broker

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73
Q

Assumable mortgage

A

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

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74
Q

Attorney-in-fact

A

A person appointed to perform legal acts for another under a power of attorney.

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75
Q

Auction

A

A form of property sale in which people bid against one another.

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76
Q

Availability

A

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

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77
Q

Avulsion

A

Sudden loss or gain of land as a result of water or shift in a bed of a river that has been used as a boundary.

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78
Q

Balloon framing

A

Method of construction that uses a single system of wall studs that run from the foundation through the rst and second oors to the ceiling support.

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79
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, it requires a nal payment called a balloon payment, larger than the uniform payments.

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80
Q

Bargain and sale deed

A

A form of deed with or without covenants of title.

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81
Q

Base rent

A

The fixed or minimum rent portion in a percentage lease.

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82
Q

Bearing walls

A

Walls that support the ceiling and/or roof.

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83
Q

Beneficial title

A

Equitable title to real property retained by a mortgagor or trustor conveying legal title to secure a mortgage debt.

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84
Q

Beneficiary

A

(a) Recipient of a gift of personal property by will. (b) Lender in a deed of trust.

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85
Q

Bequest

A

A gift of personal property by will.

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86
Q

Bilateral contract

A

An agreement based on mutual promises that provide the consideration.

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87
Q

Bill of sale

A

An instrument transferring ownership of personal property.

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88
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.

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89
Q

Blanket mortgage

A

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

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90
Q

Blockbusting

A

For profit, to induce or attempt to induce any person to sell or rent any dwelling by 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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91
Q

Blueprint

A

A building plan that is a detailed architectural rendering of the structure.

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92
Q

Board of directors

A

Governing and decision-making board of a cooperative.

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93
Q

Bona fide

A

In good faith.

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94
Q

Book value

A

Dollar worth as it appears on the owner’s books, usually for tax purposes; also known as historic value.

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95
Q

Breach of contract

A

Failure, without legal excuse, to perform any promise that forms the whole or part of a contract.

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96
Q

Bridge loan

A

A loan for a short duration of time.

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97
Q

Brokerage

A

The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate

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98
Q

Broker’s agent

A

One who is hired through a broker to work for the principal

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99
Q

BTU

A

Abbreviation for British thermal unit. The amount of heat required to raise the temperature of one pound of water by one degree Fahrenheit.

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100
Q

Building codes

A

Public controls regulating construction.

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101
Q

Building envelope

A

The materials of a building that enclose the interior.

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102
Q

Building permit

A

Permission from the appropriate local government authority to construct or renovate anytype of property

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103
Q

Building specifications

A

Written narratives that explain the building plan.

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104
Q

Bundle of rights

A

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

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105
Q

Buydown

A

The voluntary paying of discount points by a borrower to reduce mortgage interest rate at the time the loan is made.

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106
Q

Buyer agent

A

A real estate agent who works in the best interests of a buyer.

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107
Q

Buyer brokerage

A

An agency relationship between a buyer and a broker.

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108
Q

Capital gain

A

The profit realized from the sale of a real estate investment.

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109
Q

Capital improvement

A

An item that adds value to the property, adapts the property to new uses, or prolongs the life of property. Maintenance is not a capital improvement.

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110
Q

Capitalization rate

A

The percentage of the investment will receive back each year from the net income m the property.

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111
Q

Cash Flow

A

Income produced by an investment property after deducting operating expenses and debt service

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112
Q

Caveat

A

A warning or caution that may be addended to a contract of sale such as a disclosure that a property lies in an Agricultural District

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113
Q

Caveat emptor

A

Latin, meaning let the buyer beware. This theory no longer applies to real estate transactions in New York.

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114
Q

Cease and desist list

A

A list of homeowners com piled by DOS in a cease and desist zone who do not wish to be solicited by real estate agents.

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115
Q

Cease and desist zone

A

A designation given by DOS to a certain geographic area that has been subject to intense and repeated solicitation by real estate agents. See cease and desist list.

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116
Q

Census tract

A

Small geographical areas established through cooperation between the local community and the Bureau of Census.

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117
Q

Certificate of occupancy

A

A document issued by a local government agency, after a satisfactory inspection of a structure, authorizing that the structure can be occupied.

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118
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 property.

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119
Q

Cession deed

A

A deed used to relinquish real property to a municipality for a road or something of that nature.

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120
Q

Chain

A

In land measurement, a distance of 66 feet.

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121
Q

Chain of title

A

Successive conveyances of title to a specific parcel of land.

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122
Q

Change

A

The principle stating that change is continually affecting land use and therefore continually altering value

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123
Q

Chattel

A

Personal property.

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124
Q

Chlordane

A

Chemical insecticide and termiticide that was banned in the early 1980s.

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125
Q

Chlorouorocarbons (CFCs)

A

Man made chemical substances that were used in hundreds of applications including refrigerators and air conditioners.

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126
Q

Chronological age

A

Actual age of an item.

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127
Q

Circuit breaker

A

Devices that switch o the electrical power for a given circuit if the current is above thecapacity of the system.

128
Q

Civil action

A

A lawsuit between private parties.

129
Q

Civil Rights Act of 1866

A

A federal law that prohibits all discrimination on the basis of race.

130
Q

Civil Rights Act of 1964

A

Law that prohibited discrimination in any housing program receiving federal money.

131
Q

Civil Rights Act of 1968

A

See Fair Housing Act of 1988.

132
Q

Clayton Antitrust Act

A

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

133
Q

Client

A

The principal of the agent.

134
Q

Closed mortgage

A

One that imposes a prepayment penalty.

135
Q

Closing costs

A

Expenses incurred in the purchase and sale of real property paid at the time of settlement or closing

136
Q

Closing statement

A

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

137
Q

Cloud on a title

A

A claim against a title to real property.

138
Q

Cluster zoning

A

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

139
Q

Coastal Zone Management Program

A

A program coordinated by DOS to preserve and protect New York’s coastline.

140
Q

Code of Ethics

A

A standard of conduct required by license laws and by the National Association of REALTORS®.

141
Q

Codicil

A

A supplement or an appendix to a will either adding or changing a bequest.

142
Q

Coinsurance clause

A

A requirement of hazard insurance policies that property be insured for a certain percent of value to obtain the full amount of loss

143
Q

Collateral

A

Property pledged as security for payment of a debt.

144
Q

Color of title

A

The deceptive appearance of claim to a title.

145
Q

Commercial property

A

Property producing rental income or used in business.

146
Q

Commercial zones

A

Uses that allow retail stores, restaurants, hotels, and service businesses.

147
Q

Commingling

A

Mixing money or property of others with personal or business funds or other property.

148
Q

Commission

A

A fee paid for the performance of services, such as a broker commission.

149
Q

Commissioner’s deed

A

A form of judicial deed executed by a commissioner.

150
Q

Commitment

A

A promise, such as that by a lending institution to make a certain mortgage loan.

151
Q

Common areas

A

Property to which co-owners hold title as a result of ownership of a condominium unit.

152
Q

Common elements

A

See common areas.

153
Q

Common law

A

Law by judicial precedent or tradition as contrasted with a written statute.

154
Q

Common law dedication

A

An act by an owner allowing the public use of the property.

155
Q

Community-based planning

A

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

156
Q

Community planning

A

A master plan for the orderly growth of a city or county to result in the greatest social and economic benefits to the people.

157
Q

Community property

A

A form of co-ownership limited to husband and wife; does not exist in New York.

158
Q

Comparative market analysis

A

An analysis’ of the competition in the marketplace that a property will face upon sale attempts.

159
Q

Compensatory damages

A

The amount of money actually lost, which will be awarded by a court in case of a breached contract.

160
Q

Competent parties

A

Persons and organizations legally qualified to manage their own affairs, including entering into contracts.

161
Q

Competition

A

The principle stating that when the net prot a property generates is excessive, very strong competition will result.

162
Q

Complete performance

A

Execution of a contract by virtue of all parties having fully performed all terms.

163
Q

Condemnation

A

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

164
Q

Condemnation value

A

Market value of condemned property.

165
Q

Condition

A

Any fact or event which, if it occurs or fails to occur, automatically creates or extinguishes a legal obligation.

166
Q

Condominium

A

A form of ownership of real property, recognized in all states, consisting of individual ownership of some aspects and co-ownership in other aspects of the property.

167
Q

Condominium declaration

A

The document that, when recorded, creates a condominium; also called a master deed.

168
Q

Conforming loans

A

Those processed on uniform loan forms and according to FNMA/FHLMC guidelines.

169
Q

Conformity

A

Homogeneous uses of land within a given area, which results in maximizing land value.

170
Q

Consent decree

A

A compromise in civil lawsuits where the accused party agrees to stop the alleged illegal activity without admitting guilt or wrongdoing (called nolo contendere in criminal cases).

171
Q

Consideration

A

Anything of value, as recognized by law, offered as an inducement to contract.

172
Q

Construction loan

A

A short-term loan, secured by a mortgage, to obtain funds to construct an improvement on land.

173
Q

Construction mortgage

A

A temporary mortgage used to borrow money to construct an improvement on land.

174
Q

Constructive eviction

A

Results from some action or inaction by the landlord that renders the premises unsuitable for the use agreed to in a lease or other rental contract.

175
Q

Constructive notice

A

One in which all affected parties are bound by the knowledge of a fact even though they have not been actually notified of such fact

176
Q

Consumer price index (CPI)

A

An index of the change in prices of various commodities and services, providing a measure of the rate of inflation

177
Q

Contingency

A

A condition in a contract relieving a party of liability if a specified event occurs or fails to occur.

178
Q

Contract

A

An agreement between competent parties upon legal consideration to do, or abstain from doing, some legal act.

179
Q

Contract buyer’s policy

A

Title insurance that protects contract buyer against defects in contract seller’s title.

180
Q

Contract for deed

A

A contract of sale and a financing instrument wherein the seller agrees to convey title when the buyer completes the purchase price installment payments; also called installment land contract and installment plan.

181
Q

Contract rent

A

The amount of rent agreed to in a lease.

182
Q

Conventional life estate

A

One created by intentional act of the parties.

183
Q

Conventional mortgage loan

A

One in which the federal government does not insure or guarantee payment to the lender.

184
Q

Conversion

A

Change in a form of ownership, such as changing rental apartments to condominium ownership.

185
Q

Convey

A

To pass to another (as in title).

186
Q

Conveyance

A

Transfer of title to real property.

187
Q

Cooling-off period

A

A three-day right of rescission for certain loan transactions.

188
Q

Cooperating broker or agent

A

One who participates in the sale of a property.

189
Q

Cooperative

A

A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.

190
Q

Co-ownership

A

Title to real property held by two or more persons at the same time; also called concurrent ownership

191
Q

Corporation

A

A form of organization existing as an entity.

192
Q

Corporation franchise tax

A

A tax calculated on the net prot of the corporation.

193
Q

Cost

A

The total dollar expenditure for labor, materials, and other items related to construction.

194
Q

Cost approach

A

Appraisal method for estimating the value of properties that have few, if any, comparables and are not income-producing.

195
Q

Counteroffer

A

A new oer made by an offer or rejecting an offer.

196
Q

Covenant

A

A promise in writing.

197
Q

Covenant against encumbrances

A

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

198
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.

199
Q

Covenant of quiet enjoyment

A

A promise in a deed (or lease) that the grantee (or lessee) will not be disturbed in the use of the property because of a defect in the grantor’s (or lessor’s) title

200
Q

Covenant of right to convey

A

A promise in a deed that the grantor has the legal capacity to convey the title.

201
Q

Covenant of seisin

A

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

202
Q

Covenant of warranty

A

A promise in a deed that the grantor will guarantee and defend the title against lawful claimants.

203
Q

Credit

A

In a closing statement, money to be received or credit given for money or an obligation given

204
Q

Creditor

A

One to whom a debt is owed.

205
Q

Cubic-foot method

A

A means of estimating reproduction or replacement cost, using the volume of the structure.

206
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

207
Q

Courtesy

A

A husband’s interest in the real property of his wife.

208
Q

Customer

A

The party the agent brings to the principal as seller or buyer of the property.

209
Q

Damages

A

The amount of financial loss incurred as a result of another’s action.

210
Q

Debit

A

In a closing statement, an expense or money received against a credit.

211
Q

Debt service

A

Principal and interest payments on a debt.

212
Q

Decedent

A

A dead person.

213
Q

Declaration

A

Master deed containing legal description of the condominium facility, a plat of the property,plans and specifications for the building and units, a description of the common areas, andthe degree of ownership in the common areas available to each owner.

214
Q

Declaration of restrictions

A

The instrument used to record restrictive covenants on the public record.

215
Q

Decree

A

A court order.

216
Q

Dedication

A

An appropriation of land or an easement therein by the owner to the public.

217
Q

Dedication by deed

A

The deeding of a parcel of land to a municipality.

218
Q

Deductible expenses

A

Costs of operating property held for use in busi11ess or as an investment. These expenses are subtracted from gross income to arrive at net income.Costs of operating property held for use in busi11ess or as an investment. These expenses are subtracted from gross income to arrive at net income.

219
Q

Deed

A

A written instrument transferring an interest in real property when delivered to the grantee. A written instrument transferring an interest in real property when delivered to the grantee.

220
Q

Deed in lieu of foreclosure

A

Conveyance of title to the mortgagee by a mortgagor in default to avoid a record of foreclosure. Also called friendly foreclosure

221
Q

Deed restriction

A

Limitation on land use appearing in deeds.

222
Q

Default

A

Failure to perform an obligation.

223
Q

Defeasance clause

A

A statement in a mortgage or deed of trust giving the borrower the right to redeem the title and have the mortgage lien released at any time prior to default by paying the debt in full.

224
Q

Defeasible

A

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

225
Q

Defeasible fee

A

A title subject to being lost if certain conditions occur.

226
Q

Deficiency judgment

A

A court judgment obtained by a mortgagee for the amount of money a foreclosure saleproceeds were decient in fully satisfying the mortgage debt.

227
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.

228
Q

Demise

A

To convey an estate for years; synonymous with lease or let.

229
Q

Demography

A

The study of the social and economic statistics of a community.

230
Q

Denisty

A

Number of persons or structures per acre.

231
Q

Depreciation

A

(a) Loss in value from any cause. (b) Deductible allowance from net income of property when arriving at taxable income.

232
Q

Descent

A

The distribution of property to legally qualified heirs of one who has died intestate.

233
Q

Description by reference

A

A valid legal description that may be found on a deed that references a plat of subdivision or other legal document.

234
Q

Devise

A

A gift of real property by will.

235
Q

Devisee

A

The recipient of a gift of real property by will.

236
Q

Direct cost

A

The cost of labor and materials.

237
Q

Real Property Law

A

This document must be presented by a licensee and signed by all parties at the first substantive meeting with prospective purchasers or sellers.

238
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.

239
Q

Discount points

A

A percentage of the loan amount the lender requires for making a mortgage loan.discriminatory advertising

240
Q

Disintermediation

A

The loss of funds available to lending institutions for making mortgage loans, caused by depositors’ withdrawal of funds for making investments that provide greater yields.

241
Q

Distribution box

A

A part of a septic system that distributes the ow from the septic tank evenly to the absorption eld or seepage pits.

242
Q

Distribution panel

A

The location of circuit breakers or fuses.

243
Q

Doctrine !aches

A

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

244
Q

Dominant tenement

A

Land beneting from an measurement appurtenant.

245
Q

Dower

A

A wife’s interest in her husband’s real property, dual agent A broker/salesperson who attempts to represent both buyer and seller in the same transaction.

246
Q

Due diligence

A

Investigation and review of a property to determine any legal liability.

247
Q

Due-on-sale clause

A

See alienation clause.

248
Q

Duress

A

The inability of a party to exercise free will because of fear of another party.

249
Q

Duty of disclosure

A

A responsibility for revealing all information that affects the agency agreement.

250
Q

Earnest money deposit

A

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

251
Q

Easement

A

A nonpossessory right of use in the land of another.

252
Q

Easement appurtenant

A

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

253
Q

Easement by condemnation

A

Created by the exercise of the government’s right of eminent domain.

254
Q

Easement by grant

A

Created by the express written agreement of the landowners, usually in a deed.

255
Q

Easement by implication

A

Arising by implication from the conduct of the parties.

256
Q

Easement by necessity

A

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

257
Q

Easement by prescription

A

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

258
Q

Easement for light and air

A

A type of negative easement restraining a property owner from developing his or her property so as to block the view of another.

259
Q

Easement in gross

A

A right of use in the land of another without the requirement that the holder of the rightown adjoining land.

260
Q

Eave

A

The lowest part of the roof that projects beyond the walls of the structure.

261
Q

Economic depreciation

A

Physical deterioration of property caused by normal use, damage caused by natural and other hazards, and failure to adequately maintain property.

262
Q

Economic life

A

The period of time during which a property is nancially benecial to the owner.

263
Q

Economic obsolescence

A

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

264
Q

Effective interest rate

A

Actual rate of interest being paid.

265
Q

Egress

A

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

266
Q

Electromagnetic field (EMF)

A

Created when electricity ows through a wire.

267
Q

Emergency Tenant Protection Act

A

A law in effect in New York City and other municipalities which, in most cases, entitlestenants to a one- or two-year lease renewal.

268
Q

Eminent domain

A

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

269
Q

Enabling acts

A

Laws passed by state legislatures authorizing cities and counties to regulate land use within their jurisdictions.

270
Q

Encroachment

A

Trespass on the land of another as a result of intrusion by some structure or other object.

271
Q

Encumbrance

A

A claim, lien, charge, or liability attached to and binding upon real property.

272
Q

Enforceable

A

A contract in which the parties may be required legally to perform.

273
Q

Environmental impact statement (EIS)

A

A requirement of the National Environmental Policy Act and the State Environmental QualityReview Act prior to initiating or changing a land use that may have an adverse effect on the environment.

274
Q

Environmental Protection Agency (EPA)

A

A federal agency that oversees land use.

275
Q

Environmental Policy Act

A

A federal law that requires ling an environmental impact statement with the EPA prior to changing or initiating a land use or development.

276
Q

Equal Credit Opportunity Act (ECOA)

A

A federal law prohibiting discrimination in consumer loans.

277
Q

Equitable title

A

An interest in real estate such that a court will take notice and protect the owner’s rights.

278
Q

Equity

A

The difference between the value of a property and its liabilities.

279
Q

Equity of redemption

A

The borrower’s right to redeem the title pledged or conveyed in a mortgage or deed of trust after default and prior to a foreclosure sale by paying the debt in full, accrued interest, andlender’s costs.

280
Q

Erosion

A

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

281
Q

Escheat

A

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

282
Q

Escrow

A

The deposit of funds or documents with a neutral third party, who is instructed to carry out the provisions of an agreement.

283
Q

Escrow account

A

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

284
Q

Estate at suerance

A

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

285
Q

Estate at will

A

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

286
Q

Estate for years

A

A leasehold estate of denite duration.

287
Q

Estate in fee

A

An estate in fee simple absolute.

288
Q

Estate in real property

A

An interest sucient to provide the right to use, possession, and control of land; establishes the degree and duration of ownership.

289
Q

Estoppel

A

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

290
Q

Estoppel certificate

A

A document executed by a mortgagor or mortgagee setting forth the principal amount;executing parties are bound by the amount specified

291
Q

Estovers

A

The right of a life tenant or lessee to cut timber on the property for fuel or to use in making repairs. evaluation A study of the usefulness or utility of a property without reference to thespecic estimate of value

292
Q

Eviction

A

A landlord’s action that interferes with the tenant’s use or possession of the property. Eviction may be actual or constructive

293
Q

Exclusive agency listing

A

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

294
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

295
Q

Exclusive right to sell listing

A

A listing given to one broker only, who is entitled to the commission if anyone sells the property during the term of the listing contract.

296
Q

Exclusive use zoning

A

A type of zoning in which only the specified use may be made of property within the zoned district.

297
Q

Executed contract

A

An agreement that has been fully performed.

298
Q

Execution

A

Signing a contract or other legal document. execution of judgment Judicial proceeding in which property of a debtor is seized (attached) and sold to satisfy a judgment lien.

299
Q

Executor

A

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

300
Q

Executory

A

An agreement that has not been fully performed.

301
Q

Executrix

A

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

302
Q

Exercise of option

A

Purchase of optioned property by the optionee.

303
Q

Express agency

A

An agency relationship created by oral or written agreement between principal and agent.

304
Q

Express contract

A

One created verbally or in writing by the parties.

305
Q

Extended coverage

A

An insurance term referring to the extension of a standard re insurance policy to cover damages resulting from wind, rain, and other perils.

306
Q

External obsolescence

A

Changes in surrounding land-use patterns resulting in increased trac, air pollu tion, and other hazards and nuisances.

307
Q

Fair Housing Act of 1968

A

A federal prohibition on discrimination in the sale, rental, or financing of housing on the basis of race, color, religion, gender, or national origin

308
Q

Fair Housing Act of 1988

A

A federal prohibition on discrimination in sale, rental, nancing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status.

309
Q

Fair Housing Amendments Act of 1988

A

A law adding to the Fair Housing Act provisions to prevent discrimination based on mental or physical handicap or familial status.

310
Q

Fair Housing Initiative Program (FHIP)

A

Provides funding for testers. Market value A price for property agreed upon between buyer and seller in a competitive market with neither party being under undue pressure.

311
Q

Fair market value

A

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

312
Q

Familial status

A

Defined under Fair Housing Law as an adult with children under 18, a person who is pregnant, one who has legal custody of a child, or who is in the process of obtaining custody

313
Q

Family

A

A individual, or two or more persons related by blood or marriage or adoption, living together in one dwelling; or a group of up to three people who are not married, or blood relatives or adopted, living together as a single housekeeping unit; or one or more persons living together in a single housekeeping unit as distinguished by a hotel, club, and so on.

314
Q

Fannie Mae

A

The shortened name for the Federal National Mortgage Association (FNMA), a privately owned corporation that purchases FHA, VA, and conventional mortgages.

315
Q

Fascia

A

In house construction, the area of material facing the outer edge of the sot.

316
Q

Federal Housing Administration (FHA)

A

The U.S. agency that insures mortgage loans to protect lending institutions.

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