Vocab 5 - 20 words Flashcards
(13 cards)
Meeting of the minds
A term used to indicate mutual assent. A contract expression that at some point can become a contract.
Trustor
The entity that signs the trust deed as security on loan. Appreciation in value of property benefits the trustor. Although the house value may increase, the amount owed on the loan doesn’t.
Probate Sale
Selling of a property when an owner dies and property needs to be divided amongst inheritors or sold to pay debts. The broker’s commission is set by the court in a probate sale.
Chain of Title
History of title:
Record of all prior transfers and/or encumbrances for a particular parcel of land.
Release Clause
Clause in a blanket mortgage which gives the property owner the right to pay off portion of the debt, thereby freeing a portion of his mortgage
Building Code
Minimum construction standards. Local ordinances designed to protect public health, safety, and welfare. State construction codes also exist.
Gross Lease
Lease in which the tenant pays a fixed amount of rent to the landlord - usually a standard residential lease.
Gross Rent Multipliers (GRM)
The price of a property divided by it’s rent. An appraisal method for income property that estimates market value in relation to gross income.
Sale and Leaseback
A transaction in which a owner sells his or her property, and, as part of the same transaction, signs a long-term lease to remain in possession of the premises.
Antitrust Laws
Laws governing unfair trade practices. Violation of antitrust laws in real estate business involves price fixing and allocation of customers or markets.
Alienation of Title
The transfer of real property to another voluntarily rather than through the operation of law.
Deed
Evidence of property transfer
Estate of Severalty
Ownership by just one individual (or corporation).
