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Real Estate > Real Estate vocab (4) > Flashcards

Real Estate vocab (4) Flashcards

(100 cards)

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1
Q

General warranty deed

A

grantor accepts all liability for any claims made against title for all past, present, and future owners of the property

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2
Q

GI Bill

A

what initiated the creation of VA financing in 1994

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3
Q

Good consideration

A

anything of a generous, affectionate, or moral nature

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4
Q

Government limitations

A

also known as public limitations; local, state and federal government can restrict what property owners can do with their property

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5
Q

Government National Mortgage Assoc. (GNMA)

A

commonly known as “Ginnie Mae”; a government backed secondary mortgage market buyer that focusses on FHA affordable and low-income housing loans

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6
Q

Government rectangular survey

A

also known as public land survey system or rectangular survey system; not used by 13 colonies

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7
Q

Graduated lease

A

a lease whose rent increases on an agreed upon schedule

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8
Q

Graduated loan

A

lower payments are made early in the loan, resulting in negative amortization

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9
Q

Graduated payment mortgage (GPM)

A

payments on the loan are lower in the beginning of the loan term and gradually increase; for buyers with predictably rising incomes, such as lawyers or doctors

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10
Q

Granting title

A

transferring ownership

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11
Q

Grantee

A

the person receiving title to real estate

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12
Q

Grantor

A

the person giving title to real estate

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13
Q

Greenfields

A

uncontaminated lands

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14
Q

Gross lease

A

a lease where the landlord receives rent and pays for any common area expenses, like insurance or taxes

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15
Q

Gross living area (GLA)

A

all finished, heated and above grade parts of a property, as measured from the outside of the building

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16
Q

Gross rent multiplier (GRM)

A

how many months of gross rent is takes for a property to pay for itself; help investors decide if a property is a good value

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17
Q

Ground lease

A

a lease where tenant rents the land and build improvements on the land

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18
Q

Growing equity mortgage (GEM)

A

extra payments on a loan are made to the principal; allows homeowners to pay off their debt faster and save on interest over the life of the loan

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19
Q

Habendum clause

A

the “to have and to hold” clause in deed which defines or limits the estate being granted

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20
Q

Height

A

under zoning laws there are restrictions with regards to how high property can be built

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21
Q

HELOC

A

Home Equity Line of Credit; borrower is given a line of credit against the equity in their home

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22
Q

Hereditaments

A

all inheritable property

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23
Q

Highest and best use

A

the use of a property that produces the most new income

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24
Q

Holographic

A

handwritten wills

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25
Holdover tenant
a tenant that has retained possession of a property past their lease expiration without permission
26
HUD
the Department of Housing and Urban Development
27
Hypothecate
pledging something as security for a debt without giving up possession and use
28
Implicit authority
authority that exists but is not explicitly granted
29
implied easement
when the seller of property implies an easement through the sale, but failed to create a legal easement
30
Impounds
reserves held by a lender in escrow on behalf of the borrower for payments to a third party
31
Inactive licensees
licensed real estate professionals who are no longer actively practicing real estate, typically for a year or longer
32
Income Apprach
also known as Investment Value; how appraisers determine value for investment property or property that produces income
33
Increasing/decreasing returns
money spent improving a property may or may not add value
34
Incurable depreciation
loss in property value that can't be fixed, such as high foreclosure rates in an area
35
Independent contractor agreement
a legally binding document that outlines the terms of the work, payment, and deadlines
36
Index lease
a lease whose rent is tied to a particular index, generally the consumer price index
37
Influences on property value
social trends, economic, government and legal, environmental and physical
38
Infrastructure
the public facilities and utilities in an area
39
Ingress
entering or an entrance
40
Injunction
an order of court to restrain one or more parties to a suit from doing an inequitable or unjust act in regard to the rights of some other party to the suit
41
Installment sales contract
also know as a contract for deed, land contract, or conditional sales contract; essentially a rent to own contracts
42
Instrument
a formal written document
43
Insurable title
ownership with some known defects that a title insurance company agrees to cover
44
Insurable value
value of a property for an insurance company
45
Intention
one of the tests to determine if something is real or personal property; the intent of the person who installed the property
46
Interbank lending
short term loans between banks
47
Interim financing
a bridge loan or other short term loan made before long term financing
48
Intermediary theory state
borrower, lender, and trustee hold legal title of a property that is financed, when the borrower defaults the lender can request the trustee to sell the property without judicial proceedings
49
Intestate
no will or defective will left by the deceased
50
Inverse condemnation
if the government action in taking neighboring land leads to a decrease in property value, the property owner can claim compensation
51
Investment value
value of a property for investors
52
Involuntary lien
lien that is places on a property by a third party, such as a mechanic's lien
53
Ironclad Merger Clause
also known as integration clause, entire agreement clause; states that any other agreements outside of the written contract will not have any force or effect and that there isn't a prior agreement in place
54
Irrevocable
cannot be taken back
55
Joint tenancy
ownership by two or more persons with right of survivorship
56
Judicial lien
a lien put in place by a court
57
Judgement
the final decision of a court
58
Junior mortgage
any mortgage subordinate to the first mortgage
59
Laches
unreasonable delay in asserting one's rights causing the loss of such rights
60
Land and surface rights
rights associated with the land and often extend to approximately 30ft, below the earth's surface
61
Lease
also known as tenancy for years, estate for years; contract between lessor and lessee for exclusive possession of realty for specified period under specific terms after which property reverts to lessor
62
Leaseback
purchasing a property and then leasing it back to the seller
63
Leasehold
the interest held by the lessee
64
LEED Certification
Leadership in Energy and Environmental Design; system of ratings for design, construction, operations and maintenance of green buildings, homes and neighborhoods; encourages environmentally conscious building in exchange for permitting and financial incentives
65
Legal description
method describing property so that is can be found by a surveyor; property's address, land description and title reference
66
Legal instrument
legal document
67
Legal life estate
life estate created by law ex. include homestead and dower's right
68
Legal title
legal ownership
69
Legatees
heirs receiving personal property
70
Lessee
tenant
71
Lessor
landlord
72
Leverage
the use of borrowed money to purchase something
73
License
personal, revocable, non-assignable permission to enter someone else's property, such as with a ticket to an event
74
Lien
a debt; claim against property for payment of some debt
75
Lienholder
person or legal entity that has a lien against property
76
Lien theory state
borrower holds legal title of a property that is financed
77
Life estate
ownership held for the term of someone's life; non-inheritable
78
Life estate in remainder
a life estate where, when the grantee dies, title will pass to a third party or remainderman
79
Life estate in reversion
a life estate where, when the grantee dies, title will revert back to the grantor
80
Life tenant
also known as the grantee in a life estate; person who receives property from grantor of a life estate
81
Liquidated damages
pre-agree upon amount of money to be paid in the event of a breach of contract
82
Liquidation value
also foreclosure value of a property
83
Liquidity
a person's cash position
84
Lis pendens
notice filed a registry of deeds warning all persons that title to certain property is in litigation
85
Listing agreement
also known as broker employment contract; used to hire a broker and their subagents to sell a property, indicated commissions to be paid, authority given, and deadline for sale
86
Litigation
court proceedings in lawsuit
87
Littoral
shoreline of large body of water
88
LLC
a limited liability company
89
Loan flipping
when lenders encourage frequent refinancing in order to generate fees ex. predatory lending
90
Loan modification
when a lender avoids the foreclosure process by agreeing to a change in the loan terms if a borrower can't afford their payments
91
Lot and block survey method
a type of land survey method that involves dividing land of a subdivision by streets into blocks and then subdividing those blocks into lots, then each individual lot is described using metes and bounds
92
Lot line
line marking the end of one lot and the beginning of another
93
Lot size
size of a plot of land
94
LTV
Loan to Value Ratio
95
Mandatory agency disclosure
must be presented upon first personal meeting with a prospective buyer or seller; disclose the relationship of the agent with the client
96
Market price
actual amount paid for real estate
97
Market value
also known as fair market value; the theoretical price for which real estate can be sold for if there is a willing and able seller, a willing and able buyer, no time pressure, and an arm's length transaction
98
Marketable title
also known as good and clear title; title free from clouds that a buyer and lender would accept
99
Master deed
document that creates a condominium and defines individual units and common areas
100
Material defect
something that would objectively impact a buyer's or seller's decision; also called material fact

Real Estate (8 decks)

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