I - L

Question 1

in rem

Answer 1

a legal proceeding in which an action is brought directly against the real property and not against an individual and his personal property

Question 2

incentive zoning

Answer 2

Offers incentives to developers and property owners to construct amenities that would provide certain types of uses and enjoyment for the residents of the municipality

Question 3

incorporeal

Answer 3

intangible things such as rights

Question 4

indemnification

Answer 4

Reimbursement or compensation paid to someone for a loss already suffered

Question 5

index lease

Answer 5

a method of determining rent on a long-term leases where the rent is tied to an economic indicator such as an index

Question 6

industrial zones

Answer 6

uses that allow light of heavy manufacturing and ware houses

Question 7

inflation

Answer 7

an increase in money and credit relative to available good that result in higher prices

Question 8

informed consent

Answer 8

agreement by a buyer or seller to a type of agency relationship after considering the various alternatives

Question 9

infrastructure

Answer 9

services and systems that support a community, i.e. hospitals, schools, roadway etc.

Question 10

ingress

Answer 10

the right to enter a parcel of land; usually used as “ingress and egress” (entering and leaving)

Question 11

injunction

Answer 11

a court instruction to discontinue a specified activity

Question 12

installment sale

Answer 12

a transaction in which the seller receives the sale price over a specified period of time

Question 13

instrument

Answer 13

a written legal document such as a contract, note, or mortgage

Question 14

insurable interest

Answer 14

the degree of interest qualifying for insurance

Question 15

insured conventional loan

Answer 15

a loan in which the loan payment is insured by private mortgage insurance to protect the lender.

Question 16

insured value

Answer 16

the cost of replacing a structure completely destroyed by an insured hazard

Question 17

interim financing

Answer 17

a short-term/ temp. loan such as a construction loan

Question 18

Interstate Land Sales Full Disclosure Act

Answer 18

a federal law regulating the sake across state line of subdivided land under certain conditions

Question 19

intestate

Answer 19

the condition of death without the person having left a valid will

Question 20

intestate successsion

Answer 20

distribution of property by descent as provided by statute

Question 21

investment syndicate

Answer 21

a joint venture controlled by 1 -2 persons hoping for return to all investors

Question 22

involuntary alienation

Answer 22

transfer of title to real property as a result of a lien foreclosure sale/ adverse/ possession or the filling of a petition in bankruptcy/ condemnation under power of eminent domain or upon the death of the titleholder, to the state when there are no heirs

Question 23

involuntary lien

Answer 23

an act which a creditor places a claim on a real and/or personal property of another to obtain payment of a debt

Question 24

irrevocable

Answer 24

that which cannot be changed or canceled

Question 25

joint tenancy

Answer 25

form of co-ownership that includes the right of survivorship

Question 26

joint venture

Answer 26

participation by two or more parties in a single undertaking

Question 27

judgement lien

Answer 27

a court decree

Question 28

judicial foreclosure

Answer 28

a court proceeding requiring that property be sold to satisfy

Question 29

kickback

Answer 29

payment by a broker of any part of compensation to a real estate transaction to anyone who is not licensed or who is not exempt from the license law

Question 30

land grant

Answer 30

conveyance of land as a gift for the benefit of the public

Question 31

land patent

Answer 31

a document conveying public land to an individual

Question 32

land trust

Answer 32

a type of trust in which title to land is held by trustee for the benefit of other

Question 33

land use controls

Answer 33

Government restriction on land use i.e. zoning laws and building codes)

Question 34

landlease

Answer 34

a type of lease that allows a lessee the right to use land for any purpose for a specified period of time

Question 35

landlocked

Answer 35

describes property with no access to a public road

Question 36

lawful source of income

Answer 36

a protected class under NY human right law

Question 37

lead agency

Answer 37

the governmental agency that oversees the environmental impact process and makes final decision

Question 38

lease escalation clause

Answer 38

a lease clause that allows a property owner to increase rent at a specified future date

Question 39

leased fee

Answer 39

a lessor's interest in leased property

Question 40

leasehold estate

Answer 40

Nonfreehold estate & reatal Prop, interest; of limited duration, providing the right of possession and control but not title

Question 41

leasehold mortgage

Answer 41

a mortgage in which a leasehold (nonfreehold) estate is pledged to secure payment of the note

Question 42

legacy

Answer 42

a gift of personal property by will

Question 43

legal capacity

Answer 43

the ability to contract

Question 44

letter of intent

Answer 44

an agreement to purchase a condo.

Question 45

levy

Answer 45

imposition of a tax that execute a lien

Question 46

lien

Answer 46

a claim the one person has against the property of the owner who incurred the debt result in a lien; as the sale is ordered by a court or is authorized by state law, and title is conveyed to purchaser by judicial deed

Question 47

life estate

Answer 47

a freehold estate created for the duration of the life/lives of certain named person; a non-inheritable estate

Question 48

life estate in remainder

Answer 48

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

Question 49

life estate in reversion

Answer 49

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

Question 50

life estate pur autre vie

Answer 50

an estate in which the duration is measured by the life of someone other than the life tenant

Question 51

limited partnership

Answer 51

an organization consisting of one or more general partners and several partners with lesser roles

Question 52

liquidated damages

Answer 52

money to be paid and received as a compensation for a breach of contract

Question 53

liquidity

Answer 53

the attribute of an asset's being readily convertible to cash

Question 54

lis pendes

Answer 54

A lawsuit pending

Question 55

litigation

Answer 55

a lawsuit

Question 56

loan-to-value ration

Answer 56

the relationship between the amount of a mortgage loan and the lender's opinion of the value of the property pledge to secure payment of the loan

Question 57

location (situs)

Answer 57

an economic characteristic of land having the greatest effect on value in comparison to any other characteristics