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MA real estate salesperson exam > psi vocab > Flashcards

psi vocab Flashcards

(84 cards)

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1
Q

license

A

revokable permission to use another’s land

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2
Q

trade fixtures

A

a commercial tenants removable fixtures

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3
Q

tenancy in common

A

no right of survivorship where the heirs inherit the deceased person’s percentage of ownership

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4
Q

novation

A

new contractual substitution of obligations from one party to another

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5
Q

lis pendens

A

Latin for litigation pending

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6
Q

joint tenancy

A

ownership with the right of survivorship

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7
Q

appurtenace

A

anything that attaches to and runs with the land

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8
Q

valuable consideration

A

money or commodity used in a contract

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9
Q

prescriptive easement

A

an easement created by open, notorious, hostile, and continuous usage

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10
Q

servient tenement

A

easement is placed on this tenement

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11
Q

escheat

A

no heirs, therefore the government becomes owner of the real property

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12
Q

township

A

36 sections with each section having 360 acres

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13
Q

dominant tenement

A

tenement easement user

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14
Q

remainderman

A

the person to whom a life estate goes upon the death of the life tenant

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15
Q

specific lean

A

a special assessment

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16
Q

meridians

A

parallel vertical lines (N&S) six miles apart used in a government survey legal description

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17
Q

judgements

A

general liens

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18
Q

specific liens

A

mortgage liens, real estate taxes, and mechanics liens

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19
Q

easement by necessity

A

is acquired when property is land locked

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20
Q

mechanics lien

A

a specific lien and an encumbrance

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21
Q

tenants in common

A

shares can be unequal

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22
Q

metes and bounds

A

an acceptable method of legal description. A land description that begins at a specific point and proceeds around the boundaries of a parcel by reference to linear measurements and directions

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23
Q

government survey system

A

base lines run east and west

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24
Q

principal meridians

A

run north and south

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25
a township contains how many sections
36
26
tenancy at will
a type of lease
27
a square mile is how many acres
640 one acre =43,560 square ft
28
defeasible fee estate
can be terminated upon violation of condition in deed
29
non-conforming use
a property not conforming with present zoning
30
condemnation
method by which government takes and pays for private property
31
variance
permission obtained from appropriate local government source to build or use in EXCEPTION to the zoning laws
32
friable
name for disintegrating asbestos
33
CERCLA
the Superfund
34
substitution
the principal of value that underlies all 3 approaches to value, which appraisers use to determine maximum value by comparing equal desirable substitutes
35
scarcity
essential to creating value
36
capitalization
the process when net income is divided by an investors desired % of return
37
amenities
value is enhanced by a homes proximity to beautiful views, water etc
38
CMA
reporting tool to help real estate professionals determine a price range for a property
39
progression
phenomenon that happens when buying the least expensive home in the most expensive neighborhood
40
arms length or most
sales not influenced by unusual circumstances used to determine the market value of the property
41
contribution
principle used to determine if improvements add or subtract from the value of the property
42
GRM
sold price divided by monthly rentsΩ
43
mortgagor
borrower
44
mortgagee
lender
45
term or straight loan
allows for payment of interest only with a lump-sum balloon payment of principal at a stop date
46
usury
charging a rate of interest in excess of the maximum rate allowed by law
47
trigger terms relate to
truth in lending
48
va loan
is not insured
49
amortized
fixed P&I payment where the principal increases with each payment
50
FHA
government insured loan
51
primary mortgage market
market in which loans are originated by lenders
52
equity
value of owners interest in their property
53
usury
charging interest on a loan that is above the maximum rate allowed by law
54
hypothecation
pledging something as collateral without giving up possession of it
55
GNMA
purchases government insured and guaranteed loans on the secondary market
56
regulation Z
regulation that requires disclosure for the cost of credit
57
underwater mortgage
negative equity mortgage
58
secondary mortgage market
market in which loans are bought and sold after having been originated
59
nonconforming loan
jumbo loan
60
discount point
computed as a percent of the loan
61
VA
government guaranteed loan
62
tenancy at will & estate for years
types of leases
63
severalty
the ownership of real property by 1 person only! also called sole ownership
64
CMA
competitive market analysis
65
substitution
the value of a property tends to be set by the cost of purchasing equally desirable and similar property
66
GRM
gross rent multiplier
67
reconciliation
weighing all 3 appraisal approaches to determine an indicated value
68
FHA
federal housing administration & government insured loan
69
FHA
federal housing administration &government insured loan
70
purchase agreement
prior to acceptance, are considered offers
71
legal title
received at delivery of deed
72
unilateral contract
one party makes commitments without receiving any promise of performance from another. An option is one type
73
unilateral contract
one party makes commitments without receiving any promise of performance from another
74
specific performance
a court order requiring a promise made to be carried out
75
executory contract
something remains to be done by one of the parties
76
earnest money
if specified in the contract, this can be used as liquidated damages
77
consideration
a legal requirement to create a valid contract that can be good and signed by an offeror or valuable
78
RESPA
Real Estate Settlement Procedures Act requiring disclosure of closing costs in sale of 1-4 family residences
79
EHO
Equal Housing Opportunity
80
Package mortgage
includes personal and real property
81
reserve requirements for banks are controlled by
FED
82
executory contract
a contract yet to be performed
83
riparian rights
streams
84
littoral rights
ocean, lake, river

MA real estate salesperson exam (7 decks)

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