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Real Estate > Real Estate vocab (7) > Flashcards

Real Estate vocab (7) Flashcards

(78 cards)

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1
Q

Subordination

A

to become junior to a future lien holder

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2
Q

Subprime

A

risky loans made to borrowers with high debt to income ratios or credit scores below 620

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3
Q

Substitution

A

the idea that consumers will choose the least expensive option when offered similar goods

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4
Q

Superfund Site Assessment

A

the testing of a piece of real estate under CERLA to determine if it is contaminated and how it should be cleaned up

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5
Q

Supply

A

how many there are of something on the market; the more plentiful something is, the less value it has and vice versa

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6
Q

Surety

A

someone who guarantees and becomes legally responsible for another

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7
Q

Surrender

A

cancelation of a lease or other contract prior to expiration

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8
Q

Survey

A

examining an area to construct a map or description of propertyS

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9
Q

Swing loan

A

a type of bridge loan used by borrowers purchasing a new home before selling their existing home

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10
Q

Syndication

A

a corporation formed for the investment in a piece or pieces of real estate

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11
Q

Take over mortgage

A

when a buyer assumes the debt of the seller during a sale

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12
Q

Tax base

A

total taxes collectable by the municipality or town

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13
Q

Tax deduction

A

a business or other expenses deducted from taxable income to lower the amount of taxes owed

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14
Q

Tax rate

A

the municipal property tax rate expressed in mills (dollars per $1,000 of value)

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15
Q

Tax roll

A

the list that shows every property subject to tax in a given town

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16
Q

Tax sale

A

sale of property by public auction to satisfy delinquent taxes

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17
Q

Tax title

A

ownership acquired at a tax sale

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18
Q

Tenancy at sufferance

A

a tenancy arising when a tenant remains in possession after a lease expires, without the owner’s permission

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19
Q

Tenancy at will

A

a tenancy that may be terminated at any time by either the tenant or the landlord

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20
Q

Tenancy by the entirety

A

a type of co-ownership for married couples only

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21
Q

Tenancy in common

A

the default form of co-ownership where owners may have equal or unequal interests

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22
Q

Term

A

length

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23
Q

Testate

A

having a valid will before death

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24
Q

Testator

A

person leaving a will

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25
Time is of essence
punctual performance is required
26
Title
ownership
27
Title defects
clouds on title or other ownership issues
28
Title insurance
insurance against the loss of funds due to unknown title defects
29
Title reference
book and page number stamped on a deed to indicate where recordation may be found at registry of deeds
30
Title search
an examination of public records to determine property ownership history
31
Title theory state
a state where the bank hods legal title to mortgaged property ownership history
32
Topography
the arrangement of natural features in an areaT
33
Torrens system
the US system of land registration
34
Trade fixtures
property that is permanently attached for business purposes, and treated as personalty despite its attachment
35
Transferability
real estate free from clouds on title
36
TRID forms
TILA-RESPA Integrated Disclosures forms which created a more detailed outline of the costs of credit for the consumer
37
Trustee's Deeds
deeds executed by a trustee to convey real estate to anyone besides the trustor
38
Trust fund shortage
when a broker's escrow account has less money in it than what is owed to clients
39
UCC
the Uniform Commercial Code; the laws governing business and financial transaction
40
UFFI
Urea Formaldehyde; insulation material that produces formaldehyde vapor when it breaks down and was banned in 1979
41
Under improvement
not spending enough money improving a property; may lead to a decreasing return
42
Unearned increment
increase in value, not anticipated by owner, due primarily to outside forces rather than personal efforts of owner ex. population growth and inflation
43
Unenforceable
when a contractor or covenant is unable to be carried out due to something being unfair or impossible ex. verbal contracts
44
Uniform Settlement Statement
lists all of the details and costs of the real estate transaction
45
Unilateral contract
one party makes a promise to another without a reciprocal promise
46
Unimproved property
raw land without improvements
47
Unit-in place method
evaluates the value of systems and components in the property; used for both reproduction and replacement costs ex. HAVC, plumbing
48
United States Department of Treasury
established in 1789 to manage government revenue; raises revenue through taxes, borrowing money, and printing money
49
URAR
Uniform Residential Appraisal Report; the most widely used method of communicating a residential appraisal
50
USPAP
the Uniform Standards of Professional Appraisal Practice, a code of conduct for appraisers
51
Usable
square footage withing the four walls of a leased premises
52
USDA
United States Department of Agriculture; USDA Financing offer loans to low and moderate-income Americans in rural areas
53
USDA Multi-Family Housing Program
rental housing loans for very low, low and moderate income
54
Use
under zoning refers to how a property can be used
55
Usury
charging a higher rate of interest than is legally allowed
56
Utilization pooling
property owner doesn't have the right to capture all liquid minerals that exist under their land, but is entitled to a fraction of them
57
VA Financing
Veterans Affairs financing offered to honorably discharged veterans that allows for 100% financing
58
Vacancy Rate
the percentage of empty units in a rental property
59
Valid
legally binding; in terms of a contract it has all of the essentials of a contract
60
Valuable consideration
anything that could be considered valuable when exchanged as something of value between the parties of a contract
61
Value
how much a ready; willing and able buyer will pay for something
62
Value-in-use
the value to a particular user of a property for ex. farm value vs. raw real estate value
63
Variable interest rate
found in an adjustable rate mortgage, this is when the interest rate changes over the lifetime of the loan
64
Variance
special permission from a city to use land in exception to zoning laws
65
Void
invalid, not legally binding
66
Voidable
a contract that is valid, but can be voided by a court
67
Voluntary lien
a lien or financial limitation to realty that a person willingly assumes, such as mortgage
68
W2
employee status according to IRS classifications
69
Warranty deed
a deed where the grantor is liable for claims against title
70
Weighted average
an average where each number does not have an equal impact on the final average; used in appraising
71
Wetlands
areas that are either permanently or seasonably was creating a certain soil and plant life that has adpated to the moisutre `
72
Will
how property of the deceased is transferred
73
Wraparound mortgage
seller financing that wraps around the seller's existing debt, so that the buyer pays not only their mortgage but also the seller's existing mortgage
74
Writ of execution
a legal writing issued to enforce a judgment or court decree
75
Yard
3 feet
75
Zoning
local land controls and regulation enacted for the public good
76
Zoning Board of Appeals (ZBA)
the local authority that approves variances and conditional use permits
76
Zoning enforcement officer
a municipal employee who enforces zoning

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