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Flashcards in RE - Set 06 Deck (25)
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1

SETTLEMENT STATEMENT

A complete breakdown of all cash received, all charges and credits made, and all costs involved in the transaction.

2

RED FLAG

Something that would warn a reasonably observant person of a potential problem, thus requiring further investigation.

3

EXTENDED POLICY

An extended title insurance policy.

4

ABSTRACTOR

A person who searches out anything affecting the title to real property and summarizes the information in the findings.

5

TITLE PLANT

The storage facility of a title company which holds and stores the complete title records of properties in its area.

6

TITLE INSURANCE

An insurance policy that protects the insured against loss or damage due to defects in the property's title.

7

VENDEE

The buyer under a contract of sale (land contract)

8

ALL INCLUSIVE TRUST DEED (AITD)

A purchase money deed of trust subordinate to, but still including, the original loan.

9

WRAP-AROUND LOAN

A method of financing in which a new loan is placed in a secondary position; the new loan includes both the unpaid principal balance of the first loan and whatever sums are loaned by the lender; sometimes called an all-inclusive trust deed (AITD)

10

ROLLOVER MORTGAGE

A loan that allows the rewriting of a new loan at the termination of the prior loan.

11

ASSESSED VALUE

Value placed on property by a public tax assessor as a basis for taxation.

12

CONDEMNATION

A common name for eminent domain, or the right of the government to take private property from an owner for public use, paying fair market value.

13

LAND PROJECTS

Subdivisions located in sparsely populated areas of California, and made up of 50 parcels more.

14

EMINENT DOMAIN

The right of the government to take private property from the owner for public use, and paying the market value.

15

EFFECTIVE GROSS INCOME

The anticipated income resulting from estimated potential gross income from a rental property less an allowance for vacancy and bad debts.

16

ECONOMIC AGE

Age of a building determined by its condition and usefulness.

17

EFFECTIVE DEMAND

The desire coupled with purchasing power.

18

APPRECIATION

An increase in value.

19

ACCRUED

Accumulated over a period of time.

20

FRONT FOOTAGE

The width of a property along the street.

21

FARM

A specific geographical location in which an agent walks every month in order to obtain listings.

22

INDIRECT COSTS

Development costs not related to the land or structure, such as legal and architectural fees, financing, and insurance costs during construction.

23

CURB APPEAL

The impression gained, whether good or bad, of a property when it is first seen, usually from the street while driving by.

24

TRADE ASSOCIATION

A voluntary, nonprofit organization of independent and competing business units engaged in the same industry or trade, and formed to aid in the industry problems, promote its progress, and enhance its service.

25

EARNEST MONEY

Down payment made by a purchaser of real estate as evidence of good faith; or a deposit or partial payment.