Flashcards in RE - Set 10 Deck (26)
Landlord; property owner.
LEASEHOLD (OR LEASE)
An agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time.
Consideration paid for the use of a property.
VARIABLE RATE MORTGAGE
A mortgage on which the interest rate varies according to an agreed-upon index, thus resulting in a change in the borrower's monthly payments.
A competent and dis-interested person who is authorized by another person to act in his or her place in legal matters.
The party making an offer.
An agreement which is totally absent of legal effect.
Any type of business for lease or sale.
A manufactured unit constructed on a chassis and wheels; designed for permanent or semi-attachment to land.
Allows a retailer to buy his or her product at wholesale prices without paying sales tax. The retailer must then collect the proper sales tax from the customers and pay it to the State Board of Equalization.
Causing panic selling by telling people that values in the neighborhood will decline because of a specific event, such as the purchase of homes by minorities.
BULK TRANSFER LAW
The law concerning the transfer in bulk (not a sale in the ordinary course of the seller's business).
The difference between the cost to replace the property and the property's current appraised value.
The party to whom a promissory note is made payable; the person holding the note.
The use of borrowed money to purchase property.
Value remaining in a property after payment of all liens; the difference between the amount that is owed and the fair market value.
Something of value given as security for a debt.
EQUITY OF REDEMPTION
The right of the debtor, before a foreclosure sale, to reclaim property that had been given up due to mortgage default; also known as right of redemption.
To give real property as security for a debt without giving up possession.
Failure to pay a debt or honor a contract.
A contract that was valid when made but either cannot be proved or will not be enforced by a court.
Someone who is legally set free from parental control/supervision.