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Real Estate > Real Estate vocab (3) > Flashcards

Real Estate vocab (3) Flashcards

(100 cards)

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1
Q

Demand

A

number of people willing and able to buy a property

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2
Q

Demand loan

A

a loan where the lender can demand repayment of the loan at any time

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3
Q

Demise

A

to lease

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4
Q

Density

A

number of dwellings and commercial units per acre

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5
Q

DEP

A

Department of Environmental Protection

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6
Q

Depreciation

A

book deprecation or cost recovery; decrease in value for various reasons

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7
Q

Depreciation recapture tax

A

tax of 25% applied to any depreciated value that is made back at the sale

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8
Q

Designated agent

A

when a broker or their subagent chooses another agent to represent a buyer or a seller

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9
Q

Designated REALTOR

A

owner of a brokerage who participates in the National Association of REALTORs

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10
Q

Destruction

A

when a property is destroyed

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11
Q

Devise

A

to transfer real property by will

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12
Q

Devisees

A

heirs receiving real property

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13
Q

Devisor

A

person leaving real property

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14
Q

Direct reduction mortgage

A

also known as a fully amortized loan; amortized debt repaid by installment payments

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15
Q

Discount rate

A

the rate that The Federal Reserve Boards loans to banks

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16
Q

Disintermediation

A

outflow of funds from one investment instrument, such as thrift institutions to another, such as U.S. Treasury Instruments, in order to gain a higher yield

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17
Q

Doctrine of capture

A

the owner of land has the right to capture any liquid minerals, such as gas or oil under their land

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18
Q

Doctrine of estoppel

A

states that once you cause someone to act in a certain way based on information given, you can’t go back on your word

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19
Q

Doctrine of laches

A

the idea that you lose your rights if you fall to assert them withing a reasonable timeframe, and can also be used to render a contract unenforceable

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20
Q

Doctrine of prior appropriation

A

right to river where the ownership in based on whoever used the first water

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21
Q

Domicile

A

the place where someone has permanent residence, no matter where they are currently living

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22
Q

Dominant tenement

A

the property owner with the right in an easement appurtenant

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23
Q

Dower’s rights

A

when a surviving spouse is granted a life estate for real property not willed to them

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24
Q

DTI

A

Debt to income Ratio

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25
Dual agent
a broker or subagent who works for both the buyer and the seller in the same transaction, must be disclosed and both parties must consent to it in writing per licensing law
26
Due on sale clause
also known as alienation or assumption clause; permits lender to accelerate maturity date of the loan in the event of a title transfer
27
Duplex
a home designated for two families
28
Duress
unlawfully forcing someone to do something against his or her will
29
Earnest money
deposit given with offer to purchase
30
Easement
a right which one person has in lands of another
31
Easement appurtenant
involve two adjoining lots of land where one owner has the right of way across another
32
Easement in gross
a personal right to use another's lande
33
Economic life
period of time in which property may be profitably used
34
Economic obsolescence
a loss in value due to economic factors ex. loss of public transportation, high foreclosure rates, etc
35
Egress
an exit
36
Ejectment
legal action to regain possession of realty with damages payable for its unlawful retention
37
Elements of value
D.U.S.T; Demand, Utility, Supply, and TransferabilityE
38
Emblements
crops, such as wheat or corn, that require annua or semi-annual planting and harvesting; considered personal property
39
Eminent domain
rights of government to take private property against owner's wishes for public use with fair compensation
40
Employing broker
a broker who hires real estate agents to work under their license/brokerage
41
Encapsulation
when a hazardous material is covered and sealed off
42
Encroachment
physical trespass of a property on that of another, such as an improperly placed fence
43
Encumbrance
anything that burdens (limits) the free title to property, such as a lien, easement or restriction of any kind
44
Entry-only listing
also known as flat fee listing
45
Environmental impact statement
required to determine if there are any environmental impacts that a development might have on an area under the National Environmental Policy Act and how a developer might handle those issues
46
Economic Life
the useful lifetime of a property
47
EPA
Environmental Protection Agency
48
Equitable division state
martial property is distributed equitably in a divorce
49
Equity
the difference between the property value and any mortgage debt
50
Equity participation
a loan where the lender takes an equity position in the property in addition to receiving interest
51
Equitable title
a future right to obtain legal title
52
Erosion
the process by which the surface of the earth is worn away by the action of water, wind, etc.
53
Escheat
power of government to take property left without a will or heirs
54
Escrow account
also known as a trust account; special bank accounts to hold client money; broker holding money is called the escrow agent
55
Estate tax lien
type of federal tax lien used to secure an estate's tax payments
56
Et al
and the others
57
Et con
and husband
58
Et ux
and wife
59
Eviction
court action revoking someone's right to possess a property
60
Exclusive agency
seller or buyer hires one broker who earns a commission and can co-broke with other brokers, however, if a seller finds their own buyer, then no commission is paid
61
Exclusive right to sell
listing agreement where seller hires one broker who earns a commission and can co-broke with others broker
62
Executor/trix
person named in will to execute or probate the will
63
Express Authority
explicitly granted authority to do something
64
External obsolescence
loss in value due to outside forces, such as neighborhood deterioration
65
Facilitator
also known as a non-agent or contract brokers; a licensed agent that helps buyer and seller reach an agreement, but does not represent either party
66
Factory built home
homes manufactured in pieces in a factory and later assembled on land
67
Farm Service Agency
USDA agency that provides loans to new farmers or ranchers that wouldn't normally qualify for financing
68
Federal Funds Rate
rate for interbank lending
69
Federal Home Loan Mortgage Corp. (FHLMC)
commonly known as "Freddie Mac," it is a secondary mortgage market buyer that buys conventional mortgages from lenders to keep market fluid
70
Federal Housing Administration (FHA)
part of the U.S. Department of Housing and Urban Development (HUD), it insures mortgage loans originated by qualified and approved lenders
71
Federal income tax lien
when the Internal Revenue Service places a lien on your real and personal property to claim debt owed to them
72
Federal national Mortgage Association (FNMA)
commonly known as "Fannie Mae," it is a secondary mortgage market buyer that forces on FHA/VA loans
73
Federal open Market Committee
buying and selling of US debt to and from member banks of the Federal Reserve Board
74
Federal Reserve Board
"The Fed"; U.S. central bank known as the "bank's bank" ; establishes and regulates monetary policy
75
Fee simple determinable
fee simple feasible estate where when a limitation is violated, title is automatically lost
76
Fee simple defeasible
a grant of title dependent on a specific condition named in the deed
77
Fee simple subject to a condition subsequent
fee simple defeasible estate where when a limitation is violated, the grantor who wrote the limitation can request forfeiture if title via court action
78
Fee simple subject to an executory limitation
a fee simple defeasible estate where when a limitation is violated, the property transfers to third party named by the grantor
79
FICO score
credit history based on an average of the three major credit bureau rating; used to determine your financial risk to lenders during the pre-approval process
80
Fiduciary
a relationship of trust
81
Financing
receiving or providing money for the purchase of real estate
82
Finder's fee
fee to broker for arranging loan for client
83
Fixed rate
an interest rate that is locked and remains the same over the life of the loan
84
Fixture
something that was personal property, but is now real property because it is permanently attached to the land
85
Flocked ceilings
asl known as "popcorn ceilings"; ceilings with texture that were often created with asbestos based products, if applied before 1986o
86
Foot
12 inches
87
Forcible entry
legal action to recover possession of premises unlawfully held
88
Foreclosure
legal remedy whereby collateral is sold to pay debt because note terms, such as non-payment, were not met
89
Forfeiture
loss of money or anything of value dur to failure to perform according to term of contract
90
Forfeiture of title
loss of title; can be voluntary or involuntary
91
Four Stage Life Cycle
properties will go through 4 stages; growth, stability, decline and revitalization
92
Fraud
Intentional deception resulting in a loss of money
93
Freehold
an ownership interest in realty
94
Friable
crumbling or flaking; when friable, asbestos is in its most dangerous state because particles can disperse into the air
95
Front foot
number of feet of frontage on street side
96
Fully amortized loans
also known as direct reduction loans; loans are completely paid off when last payment is made
97
Functional obsolescence
loss in value due to out-of-date
98
Furlong
660 feet
99
General liability insurance
insurance coverage for personal or property damage that can occur at the brokerage or on showings
100
General lien
a lien on any and all property or assets of debtor such as; judgment, decedent's death, inheritance taxes, state tax liens, IRS liens

Real Estate (8 decks)

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