Vocab Flashcards
(119 cards)
1
Q
Right & interest of having title such as possession, control, exclusion, sell, and of
enjoyment
A
Bundle of Rights
2
Q
- goes with the property
- Generally immovable
A
Real Property
3
Q
- goes with the person
- Generally movable
A
Personal Property
4
Q
- personal property
A
Chattel
5
Q
- was personal and is now real
A
Fixture
6
Q
personal because it goes with a business
A
Trade Fixture
7
Q
river - moving body of water
A
Riparian Rights
8
Q
additional of land
A
Accretion
9
Q
tearing away of land
A
Avulsion
10
Q
gradual recession of water leaving land permanently uncovered.
A
Reliction
11
Q
Runs with the land
A
Appurtenances
12
Q
no fixed duration of ownership.
A
Freehold Estate
13
Q
- highest possible ownership..
- also know as fee simple absolute
A
Fee Simple Estate
14
Q
ownership of land for the duration of a person’s life
A
Life Estate
15
Q
- defined period of time
- for example 6 months or july 3rd - september 8th
A
Estate for Years
16
Q
landlord is suffering as tenant is in possession passed agreed upon time.
A
Estate at Sufferance
17
Q
possession but not ownership from lessor to lessee
- considered personal property
A
Lease
18
Q
tenant pays taxes, insurance and maintenance
A
Net Lease
19
Q
tenant pays fixed amount
A
gross lease
20
Q
landlord fails to do something that he/she has a legal duty to provide.
A
Constructive Eviction
21
Q
evidence of transfer
A
Deeds
22
Q
Deed releasing a person’s interest with no warranties. Typically in non-sale situa-
tions
A
A Quitclaim Deed
23
Q
deed that guarantees a clear title to the buyer of real property.
A
Warranty Deed
24
Q
Seller only warrants or guarantees the title against defects that may have arisen dur-
ing the period of ownership of the property.
A
Special Warranty Deed
25
Seller warrants or guarantees the title against defects that may have arisen during
the entire life of the property.
General Warranty Deed
26
ownership
title
27
Defect in title ie.. single women married
Cloud on title
28
lawsuit in order to establish a party's title
Quiet title action
29
sole ownership
Severalty
30
TTIP right of survivorship
Joint Tenancy
31
all parties have unity of possession
Tenancy in Common
32
Gaining the benefit of the easement
dominant tenement
33
Suffers the burden of an easement.
servient tenement
34
no dominent tenament
Easement in Gross
35
States ability to regulate for the betterment of the health, safety, morals, and general
welfare of community.
Police Power
36
Police power that divides and into areas for designated uses
Zoning
37
A type of zoning variance where a parcel of land may be given an exception from
current zoning ordinances due to improvements made by a prior owner or before the
current zoning ordinances made the desired use non-conforming under local law.
nonconforming use
38
codes that protect public health, safety and general welfare
Building codes
39
Reversion of property to the state when the owner dies without heirs.
Escheat
40
financial charge by a state to fund various public expenditures
taxation
41
Latin for according to value
Ad Valorem
42
Government ability to take private property for public use
Eminent Domain
43
Process of compensating a person when property is taken by eminent domain.
Condemnation
44
When a structure is built in part on a neighbor's property.
Encroachment
45
money owned
Liens
46
lien against all personal property
General Liens
47
lien that is on a single property
Specific liens
48
lien that exists because of an action taken by a debtor
Voluntary Lien
49
Liens that were imposed on a individual. i.e. .. taxes and judgment liens
Involuntary Lien
50
Lien on behalf of those who have supplied labor or materials that improve the prop-
erty.
Mechanics lien
51
Lien placed by the court
Judgment lien
52
lawsuit pending involving either the title to the property or a claimed ownership in-
terest in it.
lis penden
53
Signifies that a person should have known as a reasonable person would have.
constructive notice
54
neutral third party
Escrow
55
Eliminating kickbacks and referral fees which add unnecessary costs to settlement
services.
RESPA
56
1968 act banning refusal to sell or rent a dwelling to any person because of race,
color, religion, sex, or national origin.
Fair Housing Act
57
a fact that, if known, might have caused a buyer or seller of real estate to make a
different decision
Material fact
58
buyers - You should live by “those” people
Steering
59
sellers - You better sell because you do not want to live by “those” people
Blockbusting
60
denying services such as a loan, either directly or through selectively raising prices,
to residents of certain areas based on race or ethnicity.
Redlining
61
mixing of funds
Commingling
62
gross exaggeration of facts
puffing
63
promise for a promise example would be a exclusive listing
bilateral contract
64
promise for a act example would be a open listing or a option contract
Unilateral contract
65
states what contracts must be in writing
The Statute of Frauds
66
States time frames for certain contracts
Statute of Limitations
67
latin for new as it relates to contracts
Novation
68
A position of trust, good faith and honesty
Fiduciary
69
buyer & seller have the same BROKER
Dual agent
70
- authorized to perform any and all acts associated with the job.
- A real estate licensee acting in the capacity of a property manager.
General agent
71
- Limited authority granted to him or her through a principal.
- Relationship with the principal is not expected to be continuous.
- Listing contract creates a special agency.
Special agent
72
bileteral employment contract
Listing
73
- one broker can be paid
| - no need to show procuring cause in order to be compensated.
Exclusive listing
74
- Owner sells agent gets nothing
| - You need to show your are the procuring cause in order to be compensated
Exclusive Agency Listing
75
- Seller can hire multiple brokers
| - Broker that proves procuring cause would be compensated
Open Listing
76
Money received above and beyond a designated amount
Net listing
77
Estimate of value
Appraisal
78
- Examination and comparison of actual sales of comparable properties.
- Best used to find values of houses and vacant lots.
Market Data Approach
79
- Finding out how much would it cost to replace the building brand new
- Better for new buildings not old.
Cost approach
80
- Converts Income into value.
- A property that can prove to bring in more income will increase the value.
- Most appropriate for a shopping center.
Capitalization approach
81
price divided by rent
gross multiplier
82
43,560
Acre
83
wear and tear
Physical Deterioration
84
poor planning
Functional Obsolescence
85
outside causes
Economic Obsolescence
86
a voluntary, specific lien
Mortgage
87
- Intermediary between consumers and lenders.
| - Mortgage broker originates loans while the mortgage lender funds loans.
Mortgage brokers
88
A direct mortgage lender.
Mortgage banker
89
rent on money
Interest
90
borrowed capital to increase the potential return of an investment
Leverage
91
the paying off of debt
Amortization
92
interest paid but debt increases
Negative Amortization
93
loan that does not fully amortize over its term
Balloon loan
94
increase in value over time
Appreciation
95
short-term loan used to finance the building of a property.
Construction loan
96
Current debts will take priority over debts made in the future.
Subordination Clause
97
Balance of the loan may be called to repay in full upon sale
Due-on-sale clause
98
Where Lenders make mortgage loans directly to borrowers
Primary Mortgage Market
99
resale marketplace
Secondary mortgage market
100
- Small downpayment required
- insures the lender, does not make loans.
- unconventional loan because they are backed by the government.
- no pre-payment penalty
- Single family homes, one to four units owner occupied
FHA
101
- Does not require a down payment, however the lender can require one.
- owner occupied house, condominium, or townhouse
VA loans
102
A governmental part of the secondary market that deals primarily in recycling VA and
FHA mortgages.
GNMA
103
federally sponsored private corporation which provides a secondary market for
housing mortgages.
FNMA
104
Limitation
Encumbrances
105
Personally given to someone
Actual Notice
106
Money owed
Debit
107
money received
credit
108
inform use of consumer credit
require disclosures about its terms and cost to standardize the maker in which costs associated with borrowing are calculated and disclosed
TILA
109
bans anti competitive behavior such as price fixing
Sherman anti trust act
110
prohibits discrimination against people with disabilities in employment, transportation, public accommodation, communications, and governmental activities
ADA
111
lacks one of the 4 essential elements ( mutual consent, lawful object, consideration, capable parties)
Void contract
112
open to rescind
voidable contract
113
A contract that has been fully performed
Executed Contract
114
broker gets paid if property sold regardless of procurance cause
Exclusive right to sell listing
115
STUD- Scarcity, Transferability, Utility, Demand
Essential elements of value
116
How much of a net return you can get by building on the property? If the use is temporary, it would then be considered the interim use
principal of highest and best use
117
Higher cap rate represents higher risk
cap rate
118
seller liable, buyer not liable
subject to
119
relieves seller, buyer is liable
assume
