Q - T

Question 1

qualified fee simple

Answer 1

a defeasible fee (title), recognizable by the words as long as

Question 2

quiet title action

Answer 2

a lawsuit to remove a cloud on a title

Question 3

quitclaim deed

Answer 3

a deed of release that contains no warranty of title; used to remove a cloud on a title

Question 4

radon

Answer 4

gas that can kill you; most found in soil.

Question 5

rate lock

Answer 5

A purchaser obtains a promise from a lender for a specific interest rate available for a specific time

Question 6

rate of return

Answer 6

percentage of income that the investor gets back on an investment

Question 7

ratification

Answer 7

affirming an implied agency by approving a broker’s action

Question 8

Real Estate Settlement Procedures Act (RESPA)

Answer 8

federal law regulating activities of lending institutions in making mortgage loans for housing

Question 9

real property tax lean

Answer 9

taxes levied against real property by the local government that have priority over all other liens

Question 10

reality of consent

Answer 10

mutual agreement between the parties to contract; meeting of the minds; to exist and be free of duress,fraud,undue influence, and misrepresentation.

Question 11

realized gain

Answer 11

actual profit resulting from a sale

Question 12

realty

Answer 12

Land and everything permanently attached to land

Question 13

recognized gain

Answer 13

the amount of profit taxable

Question 14

reconciliation

Answer 14

a) the process of checking accounting of the settlement statement
b) the adjustment process in appraising, in which comparables are adjusted to the subject property.

Question 15

recordation

Answer 15

written registration of an owner’s title in public records to protect against subsequent claimants

Question 16

redlining

Answer 16

the refusal of lending institutions to make loans for the purchase, construction, or repair of a dwelling because the area in which the dwelling

Question 17

referee’s deed

Answer 17

Used to convey real property when court-appointed individual acts as directed by the court in a bankruptcy

Question 18

reference to a plat

Answer 18

A description on a deed that may refer to a plat map and lot number as part of a recorded subdivision

Question 19

Regulation Z

Answer 19

Requirements issued by the Federal Reserve Board in implementing the Truth-in-Lending Law, which is part of the Federal Consumer Credit Protection

Question 20

release clause

Answer 20

A provision in a mortgage to release certain properties from the mortgage lien when the principle is reduced by a specific amount

Question 21

remainder interest

Answer 21

future interest in a life estate

Question 22

remise

Answer 22

to release or give up

Question 23

repossession

Answer 23

regaining possession of property as a result of another person’s breach of contract

Question 24

rescission

Answer 24

Cancellation of a contract when another party is in default

Question 25

restrictive covenant

Answer 25

a restriction placed on a private owner's use of land by a nongovernmental entity of individual.

Question 26

reversion

Answer 26

return of title to the holder of a future interest, such as the grantor in a life estate not in remainder

Question 27

reversionary interest

Answer 27

a provision stating the owner's interest - that possession of property will go back to the owner at the end of the lease

Question 28

right of assignment

Answer 28

allows a lender to sell a mortgage at any time and obtain the money invested rather than wait for completion of the loan term

Question 29

right of survivorship

Answer 29

the right of an owner to receive the title to a co-owner's share upon death of the co-owner, as in the case of joint tenancy and tenancy by entirety

Question 30

riparian rights

Answer 30

the rights of an owner of property adjoining a watercourse such as a river, including access to and use of water.

Question 31

running with the land

Answer 31

Rights moving from grantor to grantee along with a title

Question 32

sales comparison approach

Answer 32

an appraisal approach for estimating the value of single-family dwellings and vacant land; it compares the subjects property with other similar properties that have sold recently

Question 33

scarcity

Answer 33

a) an economic characteristic of real property | b) In appraisal, supply of property in relation to effective demand

Question 34

second mortgage market

Answer 34

the market in which lenders sell mortgages

Question 35

seepage pit

Answer 35

a covered pit through which discharge from the septic tank infiltrates into the surrounding soil

Question 36

seisin (seizin)

Answer 36

possession of a freehold estate in land

Question 37

self-dealing

Answer 37

illegal activity that can occur when a broker has an undisclosed interest in a property

Question 38

service drop

Answer 38

Aboveground electrical cables that come from the nearest pole connecting to the service entrance conductors of a house

Question 39

service lateral

Answer 39

Underground electrical wiring connecting to a house

Question 40

setback

Answer 40

the distance from a front of interior property line to the point where a structure can be located

Question 41

severalty

Answer 41

ownership by only one person

Question 42

share loan

Answer 42

a type of loan where stock is the collateral; it is used for Co-op purchases

Question 43

Sherman Antitrust Act

Answer 43

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

Question 44

sick building syndrom

Answer 44

a chemical illness that may be caused by the air quality in a building

Question 45

situs

Answer 45

location of land

Question 46

slab-on-grade construction

Answer 46

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

Question 47

sole plate

Answer 47

A horizontal baseplate that serves as the foundation for a wall system

Question 48

special agent

Answer 48

an agent with limited authority to act on behalf of the principle, such as created by a listing

Question 49

special assessment

Answer 49

a levy by a local gov. against real property for part of the cost of making an improvement to the property, i.e. paving streets, installing waterlines, putting in sidewalks etc.

Question 50

special purpose real estate

Answer 50

a category of real property created as a result of combining the land and its improvements for a single highest and best use