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Real estate > Real Estate vocab list 2 > Flashcards

Real Estate vocab list 2 Flashcards

1
Q

Collusion

A

A secret agreement between two or more people for an illegal purpose against another.

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2
Q

Color of Title

A

Title that appears to be valid but due to a hidden fact is actually void.

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3
Q

Commercial Banks

A

Institutions primarily involved in short term oans and demand deposits.

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4
Q

Commingling

A

The mixing of trust funds with the Broker’s personal funds.

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5
Q

Commission

A

The fees paid a Broker resulting from a transaction.

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6
Q

Common Area Maintenance

A

Fees charged to tenants for the upkeep of the common grounds.

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7
Q

Common Law

A

A system of law that is based on custom and usage as opposed to statutes.

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8
Q

Community Facility District

A

A method of financing infrastructure and improvements in a development. Bonds will be sold and repaid through increased property taxes.

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9
Q

Community Property

A

Property acquired by the efforts of a husband and wife during their marriage, belonging to them equally.

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10
Q

Compaction

A

To compress additional soil to those uneven areas of a lot.

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11
Q

Comparable

A

An appraisal method that compares similar properties to establish market value.

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12
Q

Compensatory Damages

A

Damages recovered in payments for actual losses.

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13
Q

Competent Party

A

An individual who is legally capable of entering into a binding agreement.

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14
Q

Compound Interest

A

Interest paid on interest.

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15
Q

Concentric Theory

A

Theory of land use developing around a central business district.

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16
Q

Concurrent Tenancy

A

Two or more parties own undivided interest in the same property.

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17
Q

Condemnation Suit

A

The legal process of taking private property for public use.

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18
Q

Condominium

A

Individual ownership of realty limited to cubage, plus an undivided interest in the common ground.

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19
Q

Conformity

A

A principle which states that value in a given area can best be obtained when all structures are in some way uniform.

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20
Q

Consideration

A

That which is given in exchange for the transfer of property or service. One of the legal requirements for validity of a contract, deed, lease, or option. Example: The purchase price would be the consideration for the property.

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21
Q

Construction Loan

A

A short term loan based on draws during the construction process.

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22
Q

Constructive Eviction

A

When the inaction of the Lessor makes the use of the property unsuitable, the Lessee moves out. The tenant moves out through no fault of his own.

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23
Q

Constructive Notice

A

A tem used when a document is recorded or printed in a public document.

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24
Q

Consumer Financial Protection Bureau

A

A regulatory agency charged with overseeing financial services offered to consumers.

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25
Q

Contingency

A

Future conditions that must be met for a contract to be binding.

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26
Q

Contingent Remainder

A

A life estate that passes to the life tenants’ heirs, pending the death of the person on whom the estate is based.

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27
Q

Contour Map

A

A map showing the physical features of land using lines to indicate elevations.

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28
Q

Contract

A

An agreement based on a promise “consideration” to do or refrain from doing something.

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29
Q

Contract for Deed

A

A real estate transaction where the seller retains legal title to the property until final payment is made.

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30
Q

Contract of Adhesion

A

Terms of a contract are set by one party. The other party is instructed to “take it or leave it”

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31
Q

Contract Rate

A

The rate of interest stated in the contract.

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32
Q

Contract Rent

A

Rental amount due as specified in the lease.

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33
Q

Contract Requirements

A

Every valid and enforceable real estate contract must have the following requirements. Competent parties, in writing, legal description, mutual assent, legal consideration, legal purpose, signatures, and communication.

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34
Q

Contribution

A

Any improvement to property is only worth its market value, the cost of the improvement.

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35
Q

Conventional Life Estate

A

A life estate created for the life of some stated natural person.

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36
Q

Conventional Loan

A

Real estate loans that are not insured by any governmental agency.

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37
Q

Conversion

A

In real estate law, the unlawful use and misappropriation of another’s personal property.

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38
Q

Conveyance

A

Transfer of title to real property. Such transfer is usually evidenced by a deed.

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39
Q

Cooperating Broker

A

A broker who works with and through the listing Broker.

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40
Q

Cooperative

A

Ownership of stock in a corporation which gives the holder the right occupy a certain unit-a long term proprietary lease.

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41
Q

Corporate Resolution

A

The written authorization of the Board of Directors for the corporation to act in a certain manner.

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42
Q

Corporation

A

A legal person created by law which is owned by stockholders who act as one.

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43
Q

Corporeal

A

Real property such as land and fixtures.

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44
Q

Correction Deed

A

A deed that corrects an error on a previously recorded Deed.

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45
Q

Correctional Lines

A

In the Government Rectangular Survey System, the lines that compensate for the curvature of the earth.

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46
Q

Correlation

A

The final step in an appraisal that weighs (usually by percentage) the comparables used to arrive at a final estimate of value. Also called Reconciliation.

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47
Q

Cost Approach

A

An appraisal process that estimates the value of property by using replacement or reproduction costs minus depreciation plus the value of the land.

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48
Q

Counteroffer

A

A new offer made in response to an original offer.

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49
Q

Covenant

A

A promise made between two or more parties, usually pertaining to contracts and deeds.

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50
Q

Covenant Against Encumbrances

A

The Grantor promises that he has revealed all the items that burdens the property.

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51
Q

Covenant Not to Compete

A

The seller of a business agrees not to open a like business for a specific period of time.

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52
Q

Covenant of Quiet Enjoyment

A

A promise that the Grantee has the highest claim to ownership.

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53
Q

Covenant of Seizin

A

The Grantor promises that he has possession of the property and has the right to convey it.

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54
Q

Covenants in a Deed

A

Promises in a deed made by the grantor for the protection of the grantee, usually found in Bargain and Sale and Warranty Deeds.

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55
Q

Curtesy

A

A husband’s right or interest in his wife’s property upon her death.

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56
Q

Customer

A

Usually referred to as the Buyer or Prospect.

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57
Q

Debt Relief

A

Forgiveness of an obligation, usually results in a taxable event.

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58
Q

Debt Service

A

The payments made to satisfy a mortgage loan, including principal and interest.

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59
Q

Decedent

A

Party who died.

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60
Q

Dedication

A

The voluntary transferring of private property for public usage.

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61
Q

Deed

A

The legal written document used to transfer ownership of real property.

62
Q

Deed in Lieu of Foreclosure

A

An out of court settlement whereby a Lender accepts the Deed from the Borrower-friendly foreclosure.

63
Q

Deed of Reconveyance

A

An instrument issued by the trustee when the debt secured by a Deed of Trust is paid in full.

64
Q

Deed of Trust

A

Security for a debt using a neutral third party (Trustee) who holds legal title.

65
Q

Deed Restrictions

A

Limits placed on public record by the Grantor that affect property usage by future owners.

66
Q

Default

A

Failure to comply with a contractual agreement.

67
Q

Defeasance Clause

A

Clause stating that when a condition is met, the Lender’s claim has been nullified and requiring the lender to issue a satisfaction piece.

68
Q

Defeasible Fee

A

A fee simple state subject to certain limitations imposed by the Grantor.

69
Q

Deferred Maintenance

A

Loss of value due to lack of maintenance.

70
Q

Deficiency Judgment

A

The legal right of Lender through court action to collect from a borrower the remaining debt still owed after a foreclosure.

71
Q

Delivery of Deed

A

The final transferring of a Deed from Grantor to Grantee. A prerequisite for valid conveyance.

72
Q

Demise

A

The conveying of interest in property by means of a lease. A giving up of some interest but not all the rights of ownership.

73
Q

Depreciation (Appraisal)

A

The loss of value due to an and all causes Functional, economic, physical social obsolescence.

74
Q

Depreciation (Curable)

A

A defect in real property that is economically feasible to correct.

75
Q

Depreciation (Incurable)

A

A defect in real property that would not be economically feasible to correct.

76
Q

Depreciation (tax)

A

For income tax purpose, a deduction taken for an investment.

77
Q

Descent

A

Distribution of property to heirs when one dies intestate.

78
Q

Designated Broker

A

The broker who is responsible for day to day operation of the business.

79
Q

Devise

A

The conveyance of real property through a will.

80
Q

Devisee

A

The one who receives real property through a Will.

81
Q

Devisor

A

The person who transfers real property through a Will.

82
Q

Direct Endorsement Lenders

A

HUD approved lenders that approve FHA loans by themselves.

83
Q

Directional Growth

A

The direction in which a residential community appears to be developing.

84
Q

Disclaimer Deed

A

A document signed by a party to disavow any interest in a particular property.

85
Q

Discount Points

A

A loan charge in addition to interest that increases the Lender’s yield.

86
Q

Discrimination

A

Failure to give equal treatment-this concept is usually referring to a protected class of people.

87
Q

Distraint Clause

A

Landlord’s right to seize a Lessee’s personal property for past due rent. (Commercial property only.) Unlawful in residential rental properties.

88
Q

Docketed Judgment

A

A recorded judgement.

89
Q

Doctrine of Relation Back

A

Document stating that the death of the Grantor does not terminate a valid escrow.

90
Q

Dodd-Frank act

A

A federal law that places regulations on financial institutions.

91
Q

Dollar Rate

A

Tax rate charged per $100 of assessed value.

92
Q

Dominant Estate

A

The parcel of land that benefits from the easement against the servient estate.

93
Q

Dower

A

A wife’s right in her husband’s property upon his death.

94
Q

Down Zoning

A

A change from a higher to a lower zoning classification, such as commercial to residential.

95
Q

Draws

A

Monies released under the terms of an open-ended loan.

96
Q

Dual Agency

A

A transaction that involves two principals. When a broker represents both buyer and seller.

97
Q

Due Diligence

A

The use of good faith and a degree of care required to perform one’s obligations.

98
Q

Due on Sale Clause

A

The lender’s right to call the entire loan balance due upon resale of property.

99
Q

Duress

A

The use of force in obtaining an agreement.

100
Q

Earnest Money

A

Advance money given by a Buyer to show good faith in a purchase agreement.

101
Q

Easement

A

The right one has to use the land of another for a specific purpose.

102
Q

Easement Appurtenant

A

An easement that is attached to and transfers with the title to real property.

103
Q

Easement by Necessity

A

An easement created by law, usually to have ingress and egress to land-locked property.

104
Q

Easement by Prescription

A

The legal process of acquiring an easement due to adverse use that is open, constant and notorious for a period of time.

105
Q

Easement in Gross

A

A personal right given to an individual or business to use the land of another. This privilege is irrevocable.

106
Q

Eaves

A

The edge of a roof that projects beyond a building.

107
Q

Economic Depreciation

A

Loss of value due to exterior forces beyond the property owner’s control, which is always incurable.

108
Q

Economic Life

A

In appraisal, the number of years a property will contribute value to the land.

109
Q

Economic Rent

A

The amount of rent a property could or would bring in an open market at a given time.

110
Q

Effective Age

A

The age of a property based on its appearance.

111
Q

Elevation

A

The view of the property as seen from the street.

112
Q

Embellishment

A

To improve the item described by adding fictitious details. Overstating one’s opinion.

113
Q

Emblements

A

The pre agreed right that the Seller or Lessee has to return to the land to harvest crops.

114
Q

Eminent Domain

A

The right of the government to permanently take private property for public use with just compensation.

115
Q

Enabling Legislation

A

Legislative authority extended to municipal governments to enact zoning laws.

116
Q

Encroachment

A

Illegal intrusion upon another’s real property-usually physical in nature.

117
Q

Encumbrance

A

Any lien, liability, or restriction upon ownership of real estate that will lessen its value.

118
Q

EPA

A

Environmental Protection Agency-A federal agency that sets standards on environmental issues.

119
Q

Equal Dignities Rule

A

A law that states if a contract must be in writing, then the agent’s authority to act for a principal must also in writing. If a Purchase Contract needs to be in writing to be enforceable, then any changes or alterations must also be in writing.

120
Q

Equitable Interest

A

The Buyer’s interest in property at the signing of purchase contract. Vendee’s interest in an agreement for sale.

121
Q

Equitable Period of Redemption

A

The mortgagor’s chance to redeem the property prior to sheriff’s sale by paying the entire debt.

122
Q

Equitable Title

A

The Vendee’s right to ownership of real property. (Vendor still retains legal title.)

123
Q

Equity

A

“Dollar value” interest remaining after liens are deducted from the current property value.

124
Q

Equity Build-Up

A

The increase of equity due to the reduction of the loan amount.

125
Q

Erosion

A

The gradual wearing away of land by acts of wind and water.

126
Q

Escalator Clause

A

A contract clause that allows the interest to increase upon loan assumptions.

127
Q

Escape Clause

A

The buyer is not obligated to buy if the FHA appraisal is less than the contract price.

128
Q

Escheat

A

The right of the state to take property of the deceased who dies without a Will and has no heirs after a statutory period of time.

129
Q

Escrow

A

Depositing documents with a neutral third party until the terms of an agreement are met.

130
Q

Escrow Agent

A

A third party that acts on the instructions of the Buyer and Seller. When all terms and conditions are met, the agent will close the transaction.

131
Q

Escrow Delivery

A

The act of delivering the Dee to a third party with instructions to deliver sad Deed to the Grantee after all conditions are met.

132
Q

Estate

A

A right or interest one has in all property real and personal.

133
Q

Estate in Land

A

A right or interest one has in real property.

134
Q

Estoppel

A

A legal doctrine which prohibits a person form going back on previous facts or acts of conduct.

135
Q

Estoppel Certificate

A

A document used to verify the terms and balances of existing leases or loans.

136
Q

Evidence of Title

A

The method used to show one’s proof of ownership.

137
Q

Excess Rent

A

Contract rent that exceeds the economic rent.

138
Q

Exchanging

A

A transaction where like properties are traded, usually for tax benefits.

139
Q

Exclusive Agency Listing

A

Appointing one Broker in a listing agreement with the owner reserving the right sell the property without paying a commission.

140
Q

Exclusive Right to Sell

A

Appointing one Broker in a listing agreement, who will be paid regardless of who sells the property, including the owner.

141
Q

Exculpatory Clause

A

A clause in a document that relieves the Landlord of any blame or guilt as relating the actions of the Tenants. An Escape Clause.

142
Q

Executed Contract

A

A contract in which all terms and conditions have been met.

143
Q

Executor

A

A person appointed in a Will to carry out its provisions.

144
Q

Executory Contract

A

A contract in which all terms and conditions have not yet been met.

145
Q

Expressed Contract

A

A contract in which the terms are specifically stated either orally or in writing.

146
Q

Extended coverage Policy

A

A title insurance policy that normally covers items in the public record plus questions of survey and unrecorded mechanics liens.

147
Q

F.D.I.C

A

Federal Deposit Insurance Corporation. Insures deposits for the depositor up to a certain dollar amount.

148
Q

F.H.A.- Conditional Commitment

A

An F.H.A. appraisal based on a future loan commitment. The property has qualified but a buyer has not yet qualified.

149
Q

F.H.A. -Firm Commitment

A

A final statement that F.H.A will insure a specified loan.

150
Q

F. H. A. -Title 1

A

F.H.A. insures home improvement loans.

Real estate (14 decks)

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