Pre Exam Study - likely on test Flashcards by Alicia Garrett

Any estate for a definite period of time, such as a lease.

Title
Estate for Years
Foreclosure

Estate for Years

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Loss of desirability and useful life of a property through economic forces, such as zoning changes, traffic pattern changes, etc., rather than deterioration.

Bundle of Rights
Regulation Z
Economic Obsolescence

Economic Obsolescence

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One who owns property alone.

Blockbusting
Tenant in Severalty
Deed

Tenant in Severalty

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(1) Actual notice - Express or implied knowledge of a fact. (2) Constructive notice - A fact, imputed to a person by law, which should have been discovered because of the person’s actual notice of circumstances and the inquiry that a prudent person would have been expected to make. (3) Legal Notice - Information required to be given by law.

Build to Suit
Priority of Lien
Notice

Notice

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Any division of real property between co-owners, resulting in individual ownership and interests.

Duress
Bundle of Rights
Partition

Partition

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An estate of property held by one person alone. Sole ownership.

Valuation
Severalty
Police Power

Severalty

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A conveying written instrument used to pass title to property upon sale from one person (grantor) to another person (grantee). To be valid, a deed must be properly executed and delivered.

Mortgage
Deed
Balloon Payment

Deed

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A deed operating as a release, intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title by the grantor.

Quitclaim Deed
Estate for Life
Grantor

Quitclaim Deed

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One who comes into possession lawfully, but who holds over after termination of his interest.

Planned Development
Tenant at Sufferance
Duress

Tenant at Sufferance

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The intentional and successful employment of any cunning, deception, collusion used to circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property and to legal injury. Actual fraud is a deliberate misrepresentation or representation made in reckless disregard of its truth or its falsity, the suppression of truth, a promise made with out the intention to perform it or any other act intended to deceive.

Deferred Maintenance
Contract for Deed
Fraud

Fraud

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Having force or binding force, legally sufficient, and authorized by law.

Tenancy by the Entirety
Valid
Mortgage

Valid

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Clause in a mortgage or deed of trust giving the mortgagee or trustee the power to sell the property in the event of default.

Power of Sale
Satisfaction
Option

Power of Sale

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An outlining on a map of certain high risk areas for real estate loan purposes, meaning that lenders will not extend credit in those areas. Illegal in most states.

Estate from Period to Period
Redlining
Trade Fixtures

Redlining

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The process by which real or personal property of a party to a lawsuit is seized and retained in the custody of the court for the purpose of acquiring jurisdiction over the property, to compel an appearance before the court, or to furnish security for a debt or costs arising out of the litigation.

Purchase Money Mortgage or Trust Deed
Attachment
Life Estate

Attachment

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An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month, or year. Also called a periodic tenancy.

Estate from Period to Period
Statutory Lien
Basis

Estate from Period to Period

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An installment contract for the sale of real estate where the seller has legal title until paid in full. The buyer only has equitable title during the contract term. Also known as a land sale contract or installment sale contract.

Contract for Deed
Goodwill
Exclusive Right to Sell

Contract for Deed

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An estate of inheritance in real property.

Condition
Redlining
Fee

Fee

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Marketable real or personal property which a borrower pledges as security for a loan. In mortgage transactions, specific land is the collateral to secure the performance of a principal agreement (the promissory note).

Market Data Approach
Balloon Note
Collateral

Collateral

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Similar properties used as comparisons to determine the value of a specific property. Also known as comparable sales.

Comparables
Planned Development
Novation

Comparables

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The right of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owner’s land provide such use does not injure other riparian owners.

Easement
Land Sales Contract
Riparian Rights

Riparian Rights

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Used to determine a cap rate using a weighted average of select rates.

Assigns, Assignees
Band of Investment
Agency

Band of Investment

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A method of acquiring title by possession under certain conditions. Generally, possession must be open, continuous, and hostile. Exact time of possession and specific requirements vary from state to state.

Assumption
Adverse Possession
Power of Sale

Adverse Possession

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A reversion of property to the state in the absence of an individual owner, usually when a property owner dies without a will.

Gross Rent Multiplier
Escheat
Bill of Sale

Escheat

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A mortgage or trust deed given from buyer to seller to secure all or a portion of the purchase price.

Riparian Rights
Contract
Purchase Money Mortgage or Trust Deed

Purchase Money Mortgage or Trust Deed

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A general term which encompasses any method of financing property going beyond traditional real estate lending. Creative Financing Basis Fiduciary

Creative Financing

A short term warranty deed which warrants by inference that the seller is the undisputed owner, has the right to convey the property, and will defend the title if necessary. It protects the purchaser in that the conveyor covenants to defend all claims against the property. If conveyor fails to do so, the new owner can defend said claims and sue the former owner. Fraud Statutory Warranty Deed Grantee

Statutory Warranty Deed

A time period during which a mortgage, deed of trust, or contract can be redeemed. Usually set by statute, and after judicial foreclosure. Free and Clear Undivided Interest Redemption Period

Redemption Period

An estate in real property for the life of a living person. The estate then reverts back to the grantor or to a third party. Estate for Life Free and Clear Dedication

Estate for Life

Land and anything permanently affixed to the land such as buildings, fences, trees, and those things attached to the buildings, such as heating and plumbing fixtures, light fixtures, or other such items. Real Estate Reversion Fiduciary Duty

Real Estate

A partial interest by two or more people in the same property, regardless of the equality of the interests. Attest Fraud Undivided Interest

Undivided Interest

An estate or interest in real property which is held for the duration of the life of some certain person. It may be limited to the life of the person holding it or by the life of some other person. Life Estate Lien Theory Domicile

Life Estate

Appraising the value of property by comparing the price of similar properties (comparables) recently sold. This is the most widely used of the three methods of appraisal for residential property. Market Data Approach Severalty Mortgagor

Market Data Approach

Personal property. Also goods or every species of property movable or immovable which are not real property. Sublease Purchase Agreement Chattel

Chattel

Land that borders a lake or ocean. Prescriptive Easement Principal Of Substitution Littoral

Littoral

Laws requiring certain types of contracts to be in writing. All contracts for the sale of real property must be in writing, and leases for more than one year must be in writing. 1. Distress Sale 2. Statute of Frauds 3. Dedication

Statute of Frauds

Having force or binding force, legally sufficient, and authorized by law. Mortgagee Valid Proration

Valid

The practice on the part of unscrupulous speculators or real estate agents of inducing panic selling of homes at prices below market value, especially by exploiting the prejudices of property owners in neighborhoods in which the racial make-up is changing or appears to be on the verge of changing. This practice is prohibited by fair housing laws. Blockbusting ALTA Title Policy Appurtenance

Blockbusting

The filing of documents affecting real property as a matter of public record, giving constructive notice to future purchasers, creditors, or other interested parties. Mortgagee Recording Real Estate

Recording

The process of canceling a defeasible title to land, such as created by a mortgage foreclosure or tax sale. Testate Redemption Habendum Clause

Redemption

The determination of present value of income property by taking the annual net income and dividing by a rate of return percentage which is commonly acceptable to buyers of similar properties (i.e. $10,000 / 11% = $90,909). Conveyance Capitalization Trustor

Capitalization

Similar to a mortgage. A security instrument whereby real property is given as security for a debt. See Trust Deed. Void Market Data Approach Deed of Trust

Deed of Trust

A legal theory under which a person is barred from asserting or denying a fact because of the person's previous acts or words. Duress Township Estoppel

Estoppel

One who transfers property or property rights. One who gives a deed. Eminent Domain Grantor Domicile

Grantor

A legal document pledging collateral for a loan that has first priority over all other claims against the property except taxes and bonded indebtedness. The trust deed that is superior to all others, usually determined by the order in which it was recorded. Tenant in Severalty Equity First Trust Deed

First Trust Deed

Everything capable of being owned and acquired lawfully. The rights of ownership. The right to use, possess, enjoy and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights. Power of Attorney Property Mortgage

Property

The trade or exchange of one real property for another without the need to pay income taxes on the gain at the time of the trade. The tax on the gain is postponed under the rules of IRS Code Section 1031. Also known as a 1031 Exchange. Deed Blockbusting Tax Free Exchange

Tax Free Exchange

The rights in real property to the reasonable use of the air space above the surface of the land. Air Rights Collateral Null and Void

Air Rights

One who holds title to real property under the terms of a deed of trust. Trustee Property Void

Trustee

This is the amount of money that would be paid for a property offered on the open market for a reasonable period of time with both buyer and seller knowing all the uses to which the property could be put and with neither party being under pressure to sell or buy. Fair Market Value Subagent Attest

Fair Market Value

A lien which is senior or superior to all others. Prior Lien Base and Meridian Assignor

Prior Lien

Affirms that the maximum value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property, assuming no costly delay is encountered in make the substitution. Lien Theory Principal Of Substitution Free and Clear

Principal Of Substitution

Any estate for a definite time period (a lease). 1. Statute of Frauds 2. Lien Theory 3. Tenancy for Years

Tenancy for Years

An acre (43,560 square feet), as distinguished from a net (usable) acre. Fee Simple Estate Testate Gross Acre

Gross Acre

A form of ownership by husband and wife whereby each owns the entire property. In the event of the death of one, the survivor owns the property without probate. Ownership Tenancy by the Entirety Dual Agency

Tenancy by the Entirety

Generally, construction onto the property of another, as of a wall, fence, building, etc. Encroachment Base and Meridian Market Value

Encroachment

A comparison of similar properties to a subject property for the purpose of evaluating market value and proper pricing. Assignor Comparative Analysis Statute of Limitations

Comparative Analysis

One who assigns or transfers property. Prior Lien Assignor Mortgagee

Assignor

The giving of land by its owner to a public use and the acceptance for such use by authorized officials on behalf of the public. Dedication Lien Contract

Dedication

The granting of an easement by a court, based on the presumption that a written easement was given, although none existed, after a period of open and continuous use of land. Prescriptive Easement Restriction Estate from Period to Period

Prescriptive Easement

Gains realized from the sale of capital assets, and generally the difference between cost and selling price minus deductible expenses. Used mainly for income tax purposes. Statute of Limitations Capital Gains Band of Investment

Capital Gains

A governmental right to acquire property for public use by condemnation, and the payment of just compensation. Capital Gains Eminent Domain Null and Void

Eminent Domain

To have no force or effect. That which is unenforceable. Trust Deed Void Eminent Domain

Void

An agency of the federal government that insures private mortgage loans for financing of new and existing homes and home repairs. Bill of Sale Littoral Federal Housing Administration (FHA)

Federal Housing Administration (FHA)

(1) The person who gives authority to an agent or attorney. (2) Debt amount, less the interest. Principal Quiet Title Ad Valorem

Principal

A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United State Department of Housing and Urban Development (HUD). Option Condemnation Real Estate Settlement Procedures Act (RESPA)

Real Estate Settlement Procedures Act (RESPA)

An appraisal method to determine the value of rental property by use of the estimated net income over the life of the structure. The calculation of value is a three step process, 1) determine net annual income, 2) set an appropriate capitalization rate or "present worth" factor, and 3) capitalize the income dividing the net income by the capitalization rate. Income (Capitalization) Approach Condition Lis Pendes

Income (Capitalization) Approach

The building of a structure to meet the specifications of a purchaser. Involuntary Lien Prescriptive Easement Build to Suit

Build to Suit

The required computation of financial adjustment between buyer and seller as of the day of closing. The final statement in most real estate transactions is known as the Closing Disclosure (CD). Lien Closing Statement Open Listing

Closing Statement

An estate which takes effect after the termination of the prior estate, such as a life estate. A future possessory interest in real property. Encumbrance Remainder Severalty

Remainder

An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor) in favor of a lender (beneficiary) and reconveyed upon full payment. Market Data Approach Market Value Trust Deed

Trust Deed

Discharge of an obligation by payment of the amount due, as on a mortgage or trust deed, or payment of a debt awarded, such as satisfaction of a judgment. Valuation Satisfaction Lease

Satisfaction

Ownership by one who does not have legal title, such as a vendee under a land sales contract. Exclusive Right to Sell Ad Valorem Equitable Ownership

Equitable Ownership

A legal theory under which a person is barred from asserting or denying a fact because of the person's previous acts or words. Estoppel Estate of Inheritance Subrogation

Subrogation

The interest or nature of the interest which one has in property. Subrogation Government Patent Estate

Estate

Land that borders a lake or ocean. Littoral Exclusive Right to Sell Note

Littoral

A subdivision consisting of separately owned parcels of land together with memebership in an association which owns common area. Sometimes the owners of separate interests also have an undivided interest in the common area. Planned Development Caveat Emptor Estate for Life

Planned Development

The right to future possession or enjoyment by a person or the person's heirs, creating the preceding estate. Chain of Title Reversion Chattel

Reversion

To affirm to be true or genuine. An official act establishing authenticity. Redemption Period Personal Property Attest

Attest

A person upon whom the powers of an agent have been conferred by an agent as authorized by the agent's principal. Subagent Federal Housing Administration (FHA) Condemnation

Subagent

Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust. Agent Assumption Attest

Assumption

An undivided ownership in real estate by two or more persons. The interests need not be equal, and upon death of a co-tenant, the interest passes to the deceased co-tenant's heirs. Tenant at Will Federal Housing Administration (FHA) Tenancy in Common

Tenancy in Common

One who acts for and with authority from another called the principal. Base and Meridian Trade Fixtures Agent

Agent

Personal property which is attached to real property and is legally treated as real property while it is so attached. Fixtures Option Subagent

Fixtures

An estate of inheritance in real property. Fee Rescission Statutory Lien

Fee

Laws requiring certain types of contracts to be in writing. All contracts for the sale of real property must be in writing, and leases for more than one year must be in writing. Basis Purchase Agreement Statute of Frauds

Statute of Frauds

The clause in a deed which defines the extent of the estate of the grantee. It is often referred to as the "to have and to hold" clause. Habendum Clause Band of Investment Exclusive Right to Sell

Habendum Clause

(1) In contract law, a future and uncertain event which must happen to create an obligation or which extinguishes an existent obligation. (2) In conveyances of real property, conditions in which the conveyance may cause an interest to be vested or defeated. Real Estate Settlement Procedures Act (RESPA) Band of Investment Condition

Condition

Imaginary lines used by surveyors to find and describe the location of private or public lands. In government surveys, a base line runs due east and west, meridians run due north and south, and are used to establish township boundaries. Trust Deed Base and Meridian Tenancy for Years

Base and Meridian

An estate of inheritance in real property. Fee Quiet Enjoyment Voluntary Lien

Fee

To repossess or a court action to repossess. Replevin Exclusive Right to Sell Planned Development

Replevin

The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. A point is equal to one percent of the loan amount. Estate Fee Simple Estate Discount Points

Discount Points

An estate under which the owner is entitled to unrestricted powers to dispose of the property, and can be left by will or inherited. The greatest interest one can have in real property. Assumption Tenant in Severalty Fee Simple Estate

Fee Simple Estate

A lien placed against real property by the voluntary act of the owner. Most commonly, a mortgage or deed of trust. Voluntary Lien Prescription Unearned Increment

Voluntary Lien

The representation by an agent of opposing principals (buyer and seller) at the same time. This practice is legal only if properly disclosed. Dual Agency Power of Attorney Estoppel

Dual Agency

Property acquired by husband and/or wife during a marriage when not acquired as the separate property of either spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property. Washington and California are examples of community property states. Community Property Subordinate Bundle of Rights

Community Property

A second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee. Wrap-Around Mortgage Restriction Contract

Wrap-Around Mortgage

The borrower under a deed of trust. One who deeds his property to a trustee as security for the repayment of a loan. Gross Rent Multiplier Trustor Priority of Lien

Trustor

A court action brought to establish title. To remove a cloud on the title. Power of Sale Quiet Title Lis Pendes

Quiet Title

The interest or nature of the interest which one has in property. Undivided Interest Free and Clear Estate

Estate

An undivided ownership interest by partners of a partnership. Right of survivorship applies. Tenancy in Partnership Trustor Exclusive Right to Sell

Tenancy in Partnership

A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes referred to as the principal's attorney-in-fact. Power of Attorney Land Sales Contract Property

Power of Attorney

A lease, usually on a retail business property, using a percentage of the gross or net sales to determine the rent. There is usually a minimum base rental, in the event of poor sales. Agent Percentage Lease Contribution, Principle of

Percentage Lease

A listing contract whereby the owner promises to pay a commission to the broker if property is sold during a stated period, regardless of whether or not the broker is the cause of sale. Base and Meridian Exclusive Right to Sell Trustee's Deed

Exclusive Right to Sell

Clause in a mortgage or deed of trust giving the mortgagee or trustee the power to sell the property in the event of default. Partition Power of Sale Statutory Warranty Deed

Power of Sale

A method of obtaining an approximate value of income property by using gross yearly rents. The "multiplier" amount is calculated by dividing sale price of an investment property by annual rents relating to property. Tenancy by the Entirety Gross Rent Multiplier Restriction

Gross Rent Multiplier

The chronological order of conveying of a parcel of land, starting from original owner. Planned Development Chain of Title Chattel

Chain of Title

A mortgage having priority over all other voluntary liens against certain property. The mortgage that is superior to all others, usually determined by the order in which it was recorded. Right of Survivorship First Mortgage Principal Of Substitution

First Mortgage

A person's legal residence. Escheat Deed Domicile

Domicile

Unlawful constrain exercised upon a person whereby he or she is forced to do some act against his or her will. Personal Property Duress Adverse Possession

Duress

The right to future possession or enjoyment by a person or the person's heirs, creating the preceding estate. Reversion Conventional Loan Recording

Reversion

Market value of real property, less the amount of existing loan balances. Alienation Exclusive Agency Listing Equity

Equity

An estate held under a lease for the term of the lease. This is a personal property right. First Mortgage Equity Leasehold Estate

Leasehold Estate

An undivided interest in property, taken by two or more joint tenants. The interests must be equal, occurring under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased. Agency Joint Tenancy Condition

Joint Tenancy

An estate which vests in one other than a grantor, after the termination of an intermediate estate. Estate in Remainder Hypothecate Contribution, Principle of

Estate in Remainder

The party who borrows money and gives a mortgage. Caveat Emptor Dual Agency Mortgagor

Mortgagor

Title VIII of the Civil Rights Act, which forbids discrimination in the sale or rental of residential property because of race, color, sex, religion, or national origin. Fair Housing Law Escheat Grant Deed

Fair Housing Law

The duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the principal by the slightest misrepresentation, concealment, duress or pressure. The common law fiduciary duties are loyalty, accounting, disclosure, care and confidentiality. ALTA Title Policy Fiduciary Duty Partition

Fiduciary Duty

A written document in which a borrower promises to pay money according to the terms contained in the document. The document includes the parties 'Maker' and 'Payee'. Lis Pendes Promissory Note Agency

Promissory Note

An estate which may descend to heirs. Riparian Rights Market Value Estate of Inheritance

Estate of Inheritance

The cancellation of a contract and restoration of the parties to the same position they held before the contract was entered into.

Rescission

An acronym for the Federal Housing Administration. Escrow Capitalization Rate F.H.A.

F.H.A.

One to whom property or property rights is given, generally the buyer. Grantee Reversion Remainder

Grantee

A note calling for periodic payments which are insufficient to fully amortize the loan, so that a principal sum (known as a balloon) is due at maturity. Balloon Note Eminent Domain Open Listing

Balloon Note

(American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard policy to include unrecorded mechanic's liens, unrecorded physical easements, facts a physical survey would show, water and mineral rights, and rights of parties in possession such as tenants and buyers under unrecorded instrument Principal Of Substitution ALTA Title Policy Bundle of Rights

ALTA Title Policy

A deed by a trustee under a deed of trust, pursuant to foreclosure. Trustee Trustee's Deed Fixtures

Trustee's Deed

A method of taxation using the value of the real estate to determine the amount of the tax. Ad Valorem Equitable Ownership Special Warranty Deed

Ad Valorem

An agreement by which the owner of real property gives the right of possession to another for a specified period of time and for consideration (rent). Equity Separate Property Lease

Lease

The means of acquiring incorporeal interests in land, usually an easement, by notorious, open, and long or continued use. Contract Prescription Grantee

Prescription

Offer to perform Tender Government Patent Basis

Tender

The means of acquiring incorporeal interests in land, usually an easement, by notorious, open, and long or continued use. Redemption Period Prescription Tenancy by the Entirety

Prescription

A person's legal residence. Tenancy in Partnership Bundle of Rights Domicile

Domicile

A limited warranty deed using the word "grant" like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor. The most common deed form used in California. Not used in Oregon. Depreciation Attest Grant Deed

Grant Deed

Deed of title transferred by the Government to a grantee. Discount Points Reconveyance Deed Government Patent

Government Patent

A neutral third party which receives all funds and instruments necessary to a sale, and which processes them according to instructions. Novation Principal Escrow

Escrow

An instrument releasing property from a lien of a mortgage, judgment, etc. When a deed of trust is used, the instrument is called a reconveyance. Release Tenant for Life Collateral

Release

Property

Unlike property used to equalize equities in an exchange that will trigger tax on the amount of the boot. Grant Deed Boot Band of Investment

Boot

A unilateral agreement containing an express and absolute promise of the signer to pay a named person a definite sum of money at a specified date. Usually provides for interest and is secured by a mortgage or deed of trust. Township Note Fiduciary Duty

Note

An instrument by which one transfers personal property. Joint Tenancy Bill of Sale Priority of Lien

Bill of Sale

An intangible but saleable asset of a business derived from the expectation of continued public patronage. Goodwill Market Price Prior Lien

Goodwill

A form of ownership by husband and wife whereby each owns the entire property. In the event of the death of one, the survivor owns the property without probate. Estate for Life Statutory Warranty Deed Tenancy by the Entirety

Tenancy by the Entirety

(1) The lender on the security of a note and deed of trust. (2) One entitled to the benefit of a trust. (3) One who receives profit from an estate, the title of which is vested in the trustee. Beneficiary Right of Survivorship Severalty

Beneficiary

An agreement between a buyer and seller or real property that sets forth price and terms of sale. Adverse Possession Joint Tenancy Purchase Agreement

Purchase Agreement

The process of canceling a defeasible title to land, such as created by a mortgage foreclosure or tax sale. 1. Emblements 2. Estoppel 3. Redemption

Redemption

Substitution of a new contract, debt, or obligation for an existing one made between the same or different parties. Attachment Closing Statement Novation

Novation

Having written a last will and testament. Testate Rescission Closing Statement

Testate

An agreement to do or not to do a certain thing. It must have four essential elements - parities capable of contracting, consent of the parties, a lawful object or purpose, and consideration. A contract for sale of real property must also be in writing and signed by the party or parties to be charged with performance. Replevin Contract Assignor

Contract

Ownership by one who does not have legal title, such as a vendee under a land sales contract. Subrogation Estoppel Equitable Ownership

Equitable Ownership

The right of the survivor of a deceased person to the property of the deceased. Estate Right of Survivorship Trust Deed

Right of Survivorship

A legal theory under which a person is barred from asserting or denying a fact because of the person's previous acts or words. Estoppel ALTA Title Policy Redemption

Estoppel

A deed in which he grantor warrants or guarantees the title only against defects arising during grantor's ownership of the property and not against defects existing before the time of grantor's ownership. Band of Investment Regulation Z Special Warranty Deed

Special Warranty Deed

In appraising, a valuation principle stating that the market value is affected by the intersection of supply and demand forces in the market as of the appraisal date. Subagent Principal Of Supply And Demand Estate in Remainder

Principal Of Supply And Demand

Evidence one has of right to land possession. The rights of ownership often referred to as the "bundle of rights". Gross Rent Multiplier Title Life Estate

Title

Any estate for a definite time period (a lease). Hypothecate Depreciation Tenancy for Years

Tenancy for Years

Offer to perform Note Tender Satisfaction

Tender

To make subject to or junior or inferior to. Depreciation Subordinate Ad Valorem

Subordinate

All rights and interests of ownership in real property considered together, but separable. Equitable Ownership Tenant at Will Bundle of Rights

Bundle of Rights

The use of land which will bring the greatest economic return over a given time. Condition Equity Highest and Best Use

Highest and Best Use

A listing under which the broker's commission is protected against a sale by other agents but not by a sale by the principal. Contribution, Principle of Cotenancy Exclusive Agency Listing

Exclusive Agency Listing

A partial interest by two or more people in the same property, regardless of the equality of the interests. Undivided Interest Agency Involuntary Lien

Undivided Interest

The right to future possession or enjoyment by a person or the person's heirs, creating the preceding estate. Assigns, Assignees Freehold Estate Reversion

Reversion

The instrument by which real estate is hypothecated as security for the repayment of a loan. Wrap-Around Mortgage Mortgage Planned Development

Mortgage

Attachment

A right created by grant, reservation, agreement, prescription, or necessary implication, which one has in the land of another. Easement Subrogation Trust Account

Easement

Personal property. Also goods or every species of property movable or immovable which are not real property. Chattel Basis Escheat

Chattel

The percentage used to determine the value of income property through capitalization. The selected capitalization rate is the yield rate that is necessary to attract the money of the average investor to a particular kind of investment. The yield rate is used in the process of determining value based upon net income. Capitalization Rate Fee Riparian Rights

Capitalization Rate

The rights of one or more persons to possess and use property to the exclusion of all others. A collection of rights to use and enjoy a property. Redlining Ownership Rescission

Ownership

A summary comprehensive appraisal report of all factual materials, techniques and appraisal methods used by the appraiser in setting forth his or her value conclusions. Government Patent Appurtenance Narrative Appraisal

Narrative Appraisal

Deed given at sheriff's sale in foreclosure of mortgage. The giving of said deed begins a statutory redemption period. Also given at a court ordered sale pursuant to the execution of a judgment. Sheriff's Deed Power of Sale Levy

Sheriff's Deed

Statutory Warranty Deed

An involuntary lien, created by law rather than by contract, including tax liens, judgment liens, mechanic's liens, etc. Fiduciary Release Statutory Lien

Statutory Lien

The dividing of property tax, insurance, rental income, and other items between buyer and seller proportionately to time of use, closing date, or other agreed upon time. Fee Simple Estate Proration Ad Valorem

Proration

An encumbrance against property for money, either voluntary or involuntary. Affects title. Lien Escrow Closing Statement

Lien

A court action brought to establish title. To remove a cloud on the title. Quiet Title Exclusive Agency Listing Riparian Rights

Quiet Title

An appraisal term wherein a component part of a property is valued in proportion to its contribution to the value of the whole. Holds that maximum values are achieved when the improvements on a site produce the highest (net) return, commensurate with the investment. Contribution, Principle of Fiduciary Duty Habendum Clause

Contribution, Principle of

Any part of real property which passes upon the transfer, either attached or not, such as a barn or an easement. Trustor Condemnation Appurtenance

Appurtenance

To buy back, repurchase or recover. Redeem Principal Involuntary Lien

Redeem

The order in which liens are given legal precedence or preference. Statute of Limitations Priority of Lien Build to Suit

Priority of Lien

The taking of private property for public use without the consent of the owner, but only upon payment of just compensation. Condemnation Right of Survivorship Rescission

condemnation

Ownership interest in a particular parcel of land by more than one person, i.e., tenancy in common or joint tenancy. Cotenancy Grantor Estate

Cotenancy

A written authorization to a real estate broker by a property owner, stating that a commission will be paid to the broker upon presentation of an offer which meets a specified price and terms. However, the broker has no exclusive right to sell, and must bring in his offer before any other offer is accepted. Open Listing Lis Pendes Closing Statement

Open Listing

A theory followed in several states that assumes a mortgage has only a lien on the mortgaged property, and the mortgagor has legal title. Mortgagor Agency Lien Theory

Lien Theory

A right given for a consideration to purchase or lease a property upon specified terms within a specified time without obligation to the party who receives the right to exercise the right. 1. functional Obsolesce 2. Option 3. Note

Option

One who holds possession by permission of the owner or landlord, but without agreement for a fixed term of possession. Tenant at Will Recording Economic Obsolescence

Tenant at Will

Transfer of title to land. Includes most instruments by which an interest in real estate is created, mortgaged, or assigned. Tenancy by the Entirety Conveyance Sheriff's Deed

Conveyance

An account used by brokers, escrow agents, or anyone holding money in trust for another. Trust Account Proration Base and Meridian

Trust Account

Those to whom property or interests therein shall have been transferred. Assigns, Assignees Purchase Agreement Prescription

Assigns, Assignees

A lease under which the lessor is the lessee of a prior lease of the same property. Sublease Gross Rent Multiplier First Mortgage

Sublease

A claim, lien, charge, or liability attached to and binding real property. Build to Suit Capitalization Rate Encumbrance

Encumbrance

The transfer or transferring of property and possession of land, or other things from one person to another. Null and Void Alienation Principal

Alienation

A use or uses prohibited to the owner of land as set forth by former orders in a deed or by a recorded declaration of restrictions by a developer of a subdivision. Levy Redemption Restriction

Restriction

To mortgage or pledge without delivery of the security to the lender. Hypothecate Prescription Balloon Note

Hypothecate

A Cost basis is the dollar amount assigned to property at the time of acquisition under provisions of the Internal Revenue Code for the purpose of determining gain, loss and depreciation in calculating the income tax to be paid upon the sale or exchange of property. An Adjust basis is the cost basis after the application of certain additions for improvements, etc., and deductions for depreciation, etc. Basis Ownership Real Estate

Basis

The need for replacement because a structure or equipment has become inefficient because of improvements since discovered or invented. Chain of Title Estate for Life Functional Obsolescence

Functional Obsolescence

Replacing one person with another in regard to a legal right or obligation. Statute of Limitations Subrogation Balloon Note

Subrogation

All rights and interests of ownership in real property considered together, but separable. Assignment Bundle of Rights Purchase Money Mortgage or Trust Deed

Bundle of Rights

Repairs necessary to put a property in good condition. Trade Fixtures Lien Theory Deferred Maintenance

Deferred Maintenance

Loss of desirability and useful life of a property through economic forces, such as zoning changes, traffic pattern changes, etc., rather than deterioration. Priority of Lien Tenant at Will Economic Obsolescence

Economic Obsolescence

A lump sum payment, usually at the end of the term of a note with terms insufficient to fully amortize the loan, or due prior to the end of the amortization period. Creative Financing Balloon Payment Valid

Balloon Payment

To repossess or a court action to repossess. Estoppel Right of Survivorship Replevin

replevin

The profitable life of an improvement, which is generally shorter than the physical life. Economic Life Ad Valorem Contract for Deed

Economic Life

An estate of interminable duration, e.g., fee simple or life estate. Note Freehold Estate Exclusive Right to Sell

Freehold Estate

A mortgage or deed of trust not obtained under a government program, i.e., which is not FHA insured or VA guaranteed. This is a type of loan customarily made by a bank or savings and loan association. Conventional Loan Quiet Enjoyment Principal Of Supply And Demand

Conventional Loan

One acting in a relationship of trust and confidence. In real estate practice as between a principal (seller or buyer) and a broker. The fiduciary owes the duties of loyalty, accounting, disclosure, care and confidentiality. These duties cannot be breached. Fiduciary Easement Condominium

Fiduciary

A reversion of property to the state in the absence of an individual owner, usually when a property owner dies without a will. Escheat Prescriptive Easement Tender

Escheat

Deed of title transferred by the Government to a grantee. Subagent Government Patent Fraud

Government Patent

One who comes into possession lawfully, but who holds over after termination of his interest. Income (Capitalization) Approach Ownership Tenant at Sufferance

Tenant at Sufferance

The transfer or transferring of property and possession of land, or other things from one person to another. Alienation Purchase Agreement Voluntary Lien

Alienation

A territorial division of land established by federal survey; six miles square containing 36 one-square-mile sections. Valid Township Grant Deed

Township

A procedure in or out of court to extinguish all rights, title, and interest of the owners of property in order to sell the property to satisfy a lien against it. Foreclosure Tenancy for Years Market Data Approach

Foreclosure

A regulation issued under the Truth-In-Lending Law, which requires that a credit purchaser be advised in writing of all costs connected with the credit portion of the purchase. Regulation Z Reversion Grant Deed

Regulation Z

Growing crops, which are considered personal property. Emblements Grant Deed Grantee

Emblements

Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk, absent misrepresentation. Caveat Emptor Right of Survivorship Federal Housing Administration (FHA)

Caveat Emptor

An estate in real property for the life of a living person. The estate then reverts back to the grantor or on to a third party. Mortgagee Subordinate Tenant for Life

Tenant for Life

To have no force or effect. That which is unenforceable. Void Tenancy in Partnership Assignor

Void

Real property against which there are no liens, especially voluntary liens. Valuation Distress Sale Free and Clear

Free and Clear

A seizure of property by judicial process Power of Attorney Levy Real Estate Settlement Procedures Act (RESPA)

Levy

A right, either permanent or temporary, created and retained by a grantor of property. Tender Market Data Approach Reservation

Reservation

A structure of two or more units, the interior space of which are individually owned, with the balance of the property (both land and building) owned in common by the owners of each unit. ALTA Title Policy Basis Condominium

Condominium

The primary deed form used in Oregon to convey fee title to real property. Tenancy for Years Warranty Deed Statutory Lien

Warranty Deed

The price paid for a property regardless of pressures, motives, or intelligence. Attachment Domicile Market Price

Market Price

A sale of property when the seller is under extreme pressure to sell, and which generally results in the property selling for less than market value. Distress Sale Right of Survivorship Federal Housing Administration (FHA)

Distress Sale

Any relationship in which one party (Agent) acts for or represents another (Principal), under the authority of the latter. Tax Free Exchange Note Agency

Agency

Time periods to enforce a claim by court action. After the statutorily defined time period for the type in action has expired, the court will not hear the claim. Contract for Deed Joint Tenancy Statute of Limitations

Statute of Limitations

Articles of personal property annexed by a business tenant to real property which are necessary to the carrying on of a trade or business and are removable by the tenant. Trustee's Deed Trade Fixtures Chattel

Trade Fixtures

Transfer of title to land. Includes most instruments by which an interest in real estate is created, mortgaged, or assigned. Contract for Deed Reconveyance Deed Conveyance

Conveyance

Property owned by a married person in his or her own right outside of the community interest including property acquired by the spouse (1) before marriage, (2) by gift or inheritance (3) from rents and profits on separate property, and (4) with the proceeds from other separate property. Separate Property Remainder Estate for Years

Separate Property

A legal notice recorded to show pending litigation related to real property, and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation. Lis Pendes Assignment Encroachment

Lis Pendes

Any property that is not real property. Statutory Lien Personal Property Balloon Payment

Personal Property

An installment contract for the sale of land. The seller (vendor) has legal title until paid in full. The buyer (vendee) has equitable title during the contract term. Agent Land Sales Contract Income (Capitalization) Approach

Land Sales Contract

The estimating of value. An appraisal. Valuation Build to Suit Economic Obsolescence

Valuation

The party lending money and receiving a mortgage. First Mortgage Statute of Frauds Mortgagee

Mortgagee

A transfer to another of any property, real or personal, or of any rights or estates in said property. Income (Capitalization) Approach Assignment Valid

Assignment

The means of acquiring incorporeal interests in land, usually an easement, by notorious, open, and long or continued use. Land Sales Contract ALTA Title Policy Prescription

Prescription

A planning and zoning term sometimes used to describe a planned development; land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning requirements. Fraud Planned Unit Development (PUD) Attest

Planned Unit Development (PUD)

The right of the State to enact laws and enforce them for the order, safety, health, morals, and general welfare of the public. Comparative Analysis Police Power Purchase Money Mortgage or Trust Deed

Police Power

An increase in value of real estate due to no effort on the part of the owner which is most often due to the increase in a population in an area. Littoral Band of Investment Unearned Increment

Unearned Increment

Loss of value of property brought about by age, physical deterioration or functional or economic obsolescence. The term is also used in accounting to identify the amount of the decrease in value of an asset that is allowed in computing the value of the property for tax purposes. Depreciation Conveyance Assigns, Assignees

Depreciation

Right of an owner or tenant to the use of the property without interference of possession. Quiet Enjoyment ALTA Title Policy Principal Of Substitution

Quiet Enjoyment

Of no legal effect of validity. Null and Void Community Property Conveyance

Null and Void

Having force or binding force, legally sufficient, and authorized by law. Title Involuntary Lien Valid

Valid

Contribution, Principle of

An interest in land where there is no definite termination date but the rental period is fixed at a certain sum per week, month, or year. Also called a periodic tenancy. Levy Estate from Period to Period Tenant in Severalty

Estate from Period to Period

A lien, such as a tax lien or judgment lien, which attaches to property without the consent of the owner (rather than a mortgage lien, to which the owner agrees). Assignor Involuntary Lien Remainder

Involuntary Lien

An instrument used to transfer title from a trustee to the equitable owner of real estate when title is held as secured collateral. Reconveyance Deed Encroachment Fee

Reconveyance Deed

The highest price a willing buyer would pay and a willing seller would accept, both being fully informed, and the property exposed for a reasonable period of time. Attest Market Value Estoppel

Market Value

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