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Real estate > Real Estate vocab list 6 > Flashcards

Real Estate vocab list 6 Flashcards

(74 cards)

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1
Q

Summation Approach

A

Also called the cost approach in appraising

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2
Q

Superfund

A

Known as C.E.R.C.L.A - Comprehensive Environmental Response Compensation and Liability Act. Purpose is to focus on cleanup of hazardous substances in given areas as so determined by the E.P.A

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3
Q

Surety Bond

A

A private company that promises to perform if the bonded party fails

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4
Q

Surface Waters

A

The classification of water that includes all natural streams, lakes and ponds

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5
Q

Survey

A

Determining the location of land by measuring the determined lines and angles

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6
Q

Sweat Equity

A

An increase in value to real property due to the owner’s laber

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7
Q

Syndication

A

A combination of parties joined together to undertake an investment as an entity

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8
Q

Tacking

A

Adding successive time periods of continuous usage

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9
Q

Take out loan

A

A permanent financing arrangement that pays off a construction loan

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10
Q

Tangible

A

Personal property that can be moved

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11
Q

Tax Deferment

A

A real estate investment that postpones the paying of taxes

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12
Q

Tax Rate

A

The rate applied to the assessed value of property to establish a tax

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13
Q

Tax Shelter

A

Using investments to postpone the payment of income tax

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14
Q

Tenancy

A

A mode of holding title to real property

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15
Q

Tenancy at Sufferance

A

The quality of the tenancy one has if he remains on the property after the lease has expired. Least possible estate in land.

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16
Q

Tenancy at Will

A

A lease that can be terminated by either party at their will

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17
Q

Tenancy by Entireties

A

A method of joint ownership whereby the remaining portion of the property automatically passes to the surviving spouse

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18
Q

Tenancy for Period to Period

A

A lease that is automatically renewed for the same like time

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19
Q

Tenancy for Years

A

Any lease for a specified period of time

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20
Q

Tenancy in Common

A

Co-ownership in property, interests need not be equal and no right of survivorship exists

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21
Q

Tenancy in Severalty

A

Owned by one person. Sole and Separate

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22
Q

Tenant

A

One who occupies or uses property under a lease

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23
Q

Tenements

A

Real property and those rights that remain, and are attached to the land

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24
Q

Term Loan

A

A mortgage which must be paid off in a specified period of time. Interest only

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25
Testate
Have died with a Will
26
Tier Line
Survey lines that are six miles apart and run parallel to the principal baseline
27
Time is of the Essence
All obligations set forth in the contract must be met on or before the date specified
28
Title
The legal proof of real property ownership
29
Title Insurance
Insurance in a real estate transaction that protects the parties against Title defects
30
Title Theory State
A lender of cash may hold legal title to property
31
Torrens System
A registration system that accurately determines ownership and claims to real property
32
Tort
A wrongful act against a party in which civil action can be brought
33
Townhouse
Individual ownership of a specific structure plus interest in the common area - ownership includes air and subsurface rights
34
Township
A parcel of land that is six miles square and contains 36 sections
35
Trade Fixture
Items used in business that appears to be real property but remain personal property
36
Treasurer's Deed
The Deed one receives as a result of tax foreclosure sale
37
Trust Account
A broker's bank account used specifically for earnest money or rental deposits
38
Trustee
One who holds bare-naked title in a Deed of Trust for the beneficiary until the entire debt is paid
39
Trustee's Deed
A Deed given by the Trustee to convey property out of Trust
40
Trustor
The party who signs the Trust Deed. The borrower in a Deed of Trust
41
Trust-In-Lending
Covered by Reg Z - Borrowers are to be given truthful and complete information as it relates to the cost of credit
42
Undivided Interest
Co-ownership whereby each party has the right to use the entire property
43
Undue influence
Taking unfair advantage of one's position in acquiring an agreement
44
Unearned Increment
An increase of property value due to external causes such as inflation
45
Unenforceable Contract
A contract that appears to be valid but neither party can be legally forced to perform
46
Uniform Commercial Code
A code of law that regulates the security used in personal property transactions
47
Unilateral Contract
A contract that is binding only on one party
48
Unit-In-Place Method
An estimate of value that computes each unit times the number of units in a given building
49
Unities of Joint Tenancy
Time, Title, Interest, Possession
50
Universal Agent
One authorized to act for another in every and all actions, such as a Guardian
51
Useful Life
The period of time a property will be used for its intended purpose
52
Usury
Charging a higher rate of interest that the law allows
53
V.A. Guarantee
V.A. will guarantee to the lender of funds a specific amount in case of default
54
Valid
A contract that contains all essential legal requirements and is enforceable through a court of law
55
Valuable Consideration
Something of monetary value given in exchange for the conveyance of real property
56
Value
The amount of consideration an item can command, also the present worth of future benefits
57
Value (Elements of)
Demand, Utility, Scarcity, Transferability
58
Variable Rate Mortgage
Lender may adjust the interest on a loan based upon an index
59
Variance
Permission obtained to act in a way that is contrary to current zoning ordinances
60
Vendee
The buyer of real property under an agreement for sale
61
Vendor
The seller of real property under an agreement for sale
62
Void
A contract that never was legal and has no binding effect
63
Voidable
A contract that appears to be valid on its face until action is taken to void it
64
Warranty Forever
The grantor guarantees forever the title conveyed. The warranty is found in a General Warranty Deed
65
Warranty of Further Assurance
The grantor promises to deliver all necessary documents in order to convey clear title. This warranty is found in a General Warranty Deed
66
Wild Deed
An unrecorded document that creates a gap in the chain of title
67
Will
A legal testament by which a person disposes of his or her property at the time of death
68
With Recourse
The Seller of a negotiable instrument may be held responsible for its future payments
69
Without Recourse
The Seller of a negotiable instrument may not be held responsible for its future payments
70
Worth
The amount something should sell for in an open and free market
71
Wraparound
Creating a new obligation which consists of all underlying debts plus the sellers equity
72
Writ of Execution
A decree of the court instructing an officer of the court to carry out the judgement
73
Yield
The financial benefits received from an investment
74
Zoning
Local Laws that regulate the specific use and character of land

Real estate (14 decks)

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