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ahora si es que es > todo junto > Flashcards

todo junto Flashcards

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1
Q

Freehold Estate

A

no fixed duration of ownership

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2
Q

Fee Simple Defeasible

A

Possesses the property as a fee simple subject to a condition

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3
Q

Less than Freehold Estate

A

limited period of time

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4
Q

Estate for Years

A

defined period of time

- for example 6 months or july 3rd - september 8th

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5
Q

Percentage Lease

A

based on a percentage of gross receipts

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6
Q

Net Lease

A

tenant pays taxes, insurance and maintenance

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7
Q

Gross Lease

A

tenant pays fixed amount

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8
Q

Sandwich Lease

A

primary party is lessee and a lessor

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9
Q

Subleases

A

Grants possession but not responsibility

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10
Q

Assignment

A

Grants possession and responsibility

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11
Q

Surrender

A

agreement to return the property to the owner (landlord) before the lease ends.

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12
Q

Constructive Eviction

A

landlord fails to do something that he/she has a legal duty to provide.

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13
Q

A Grant Deed

A

transfer of real property from one person or entity to another person or entity. Each
party transferring an interest in the property, or “grantor”, is required to sign it

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14
Q

A Quitclaim Deed

A

Deed releasing a person’s interest with no warranties. Typically in non-sale situations

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15
Q

Warranty deed

A

a deed that guarantees a clear title to the buyer of real property

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16
Q

Special Warranty Deed

A

Seller only warrants or guarantees the title against defects that may have arisen during the period of ownership of the property.

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17
Q

General Warranty Deed

A

Seller warrants or guarantees the title against defects that may have arisen during
the entire life of the property

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18
Q

Title

A

ownership

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19
Q

Chain of Title

A

history of ownership which shows conveyances and encumbrances

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20
Q

Cloud on Title

A

Defect in title ie.. single women married

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21
Q

A Quiet Title Action

A

a lawsuit in order to establish a party’s title

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22
Q

Alienation of Title

A

capacity of property or a property right to be sold or transferred

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23
Q

Title Insurance

A

Ensure clear and marketable title

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24
Q

Standard Policy of Title Insurance

A

Standard coverage includes:

  • Defects that are found in public records
  • Forged documents
  • Incompetent grantors
  • Incorrect marital statements
  • Improper delivery of deeds
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25
ALTA Policy of Title Insurance
Protects real property owners and mortgage lenders against losses from defects in titles.
26
Extended Policy of Title Insurance
Includes everything in a standard policy plus defects found in a property inspection. Which would include unrecorded rights of parties in possession, examination of survey. unrecorded liens, not known by a policy holde
27
Concurrent Estate
ownership with others
28
Joint Tenancy
TTIP right of survivorship
29
Severalty
sole ownership
30
Tenancy in Common
unity of possession
31
dominant tenement
Gaining the benefit of the easement
32
servient tenement
Suffers the burden of an easement
33
Appurtenant Easement
right to use adjoining property that transfers with the land
34
Easement in Gross
no dominant tenement Think of it this way: easements in gross attach to a person, easements appurtenant attach to the land (and are most often between two adjoining pieces of property
35
Grandfather Clause
exempt from new rule
36
Building Codes
protect public health, safety and general welfare
37
Intestate
no will
38
Testate
has a will
39
Probate
executor for the estate of a deceased person sells property in order to divide the property among the beneficiaries
40
Holographic Will
written by hand
41
Marginal tax rate
the percentage is taken from your next dollar of taxable income
42
1031 Tax Deferred Exchange
Defer taxes | - identify 45 days, acquire within180 days of closing previous property
43
Boot Fair
market value of other Property received in an exchange
44
Liens
money owned
45
General Liens
lien against all personal property
46
Specific Liens
lien that is on a single property
47
Voluntary Lien
lien that exists because of an action taken by a debtor
48
Involuntary Lien
Liens that were imposed on a individual. i.e. .. taxes and judgment liens
49
Mechanics Lien
Lien on behalf of those who have supplied labor or materials that improve the property.
50
Injunctions
Court order that compels a party to do or refrain from specific acts.
51
Constructive Notice
This signifies that a person should have been known as a reasonable person would have.
52
Actual Notice
Personally given to somebody
53
Escrow
neutral third party
54
Credit =
money received
55
Short Rate
A higher periodic rate for a shorter term than what was originally contracted
56
RESPA
Eliminating kickbacks and referral fees which add unnecessary costs to settlement services.
57
TILA -
Inform use of consumer credit - Require disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
58
Fair Housing Act 1968
act banning refusal to sell or rent a dwelling to any person because of race, color, religion, sex, or national origin
59
Jones vs. Mayer 1968
court case that bared all racial discrimination, private as well as public, in the sale or rental of property based on the thirteenth amendment.
60
Sherman Anti-Trust Act
bans anti competitive behavior such as price fixing
61
Americans with Disabilities Act 1990
1990 act prohibiting discrimination against people with disabilities in employment, transportation, public accommodation, communications, and governmental activities.
62
Essentials of a Valid Contract
Mutual consent, lawful object, consideration, capable parties
63
Actual Authority
Expressly conferred by a principal to an agent to act on the principal's behalf.
64
Protection Period Clause | Safety Clause
Compensated after listing expires if you can prove your are the procuring cause
65
Contingency Clause
defines a condition or action that must be met in order for a real estate contract to become binding
66
Essential Elements of Value STUD
- Scarcity Transferability, Utility, Demand
67
Cap rate
Higher Cap rate represents higher risk
68
Negative Amortization
interest paid but debt increases
69
Leverage
borrowed capital to increase the potential return of an investment
70
mortgage banker
A direct mortgage lender
71
Subordination Clause
Current debts will take priority over debts made in the future.
72
Subordination Clause Current debts will take priority over debts made in the future. Prepayment Clause
provision that permits a borrower to satisfy a debt before it is due date.
73
Prepayment Penalty
regulates what the borrower is allowed to pay off and when.
74
Due-on-sale clause
Balance of the loan may be called to repay in full upon sale
75
Primary Mortgage Market
Where Lenders make mortgage loans directly to borrowers
76
Secondary Mortgage Market
resale marketplace
77
GNMA
A governmental part of the secondary market that deals primarily in recycling VA and FHA mortgages.
78
. | FNMA
a federally sponsored private corporation that provides a secondary market for housing mortgages
79
annexation
the process of converting personal property into real estate
80
the baseline
runs east and west
81
miles
5,280
82
one acre or square feet is
43,560
83
datum
is a horizontal point of reference from which surveyors measure the depth and height of various land elevations
84
benchmarks
use as a starting point to measure elevations where the exact elevation is marked
85
erosion
gradual loss of land due to the natural force
86
alluvion
new deposits of land that are the result of accretion
87
easement termination by merger
the owner of either the servient or dominant estate purchase the other property
88
ordinary life estate
example Christine gives her son an ordinary life estate in a property, and the estate last until her son's death
89
pur autre vie
for the life of someone other than the holder
90
reminder
ownership will be passed to the remainderman instead of the party who established the life estate
91
reversion
ownership will revert to the life estate regenerator
92
a timeshare
is owned by several joint owners, each of whom has the right to use the property under the specific term of the time-sharing agreement
93
fee simple timeshare
it may be sold or inherited
94
right to use a timeshare
it is not inheritable since no actual ownership is involved

ahora si es que es (14 decks)

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