Vocabulary D

Question 1

Dedication

Answer 1

The voluntary transfer of a privately owned property to a government body with the stipulation that it be used for public purposes.

Question 2

Deed

Answer 2

A written document used to convey title to land

Question 3

Deed elements, DELIVERY AND ACCEPTANCE

Answer 3

It must be delivered by the grantor and accepted by the grantee.

Note: Deeds ate sometimes delivered by 3rd persons (escrow agents) instead of the grantee

Question 4

Deed of elements, PARTIES

Answer 4

The parties to a deed are the grantor and the grantee

Question 5

Deed elements, RECORDINGS

Answer 5

A deed is Valid even if it’s not recorded. However, a deed that isn’t recorded offers little protection against competing 3rd party claim to ownership

Question 6

Deed in Lieu of foreclosure

Answer 6

Volunteer Deed that that transfers property from a delinquent borrower to the lender who has encumbered his property with a mortgage (also known as friendly closure)

Question 7

Deed in partition

Answer 7

Court issued Deed which provides a joint tenancy or tenancy-in-common when tenancy is sold at a partition sale

Question 8

DEED OF TRUST (DOT)

Answer 8

Voluntary Lein on real property,similar to mortgage. Basically, property owner enters into a contract to borrow money and voluntarily agrees to extinguish his rights in his real property in favor of the lender if he fails to pay the debt within the terms of the loan agreement

Question 9

DEED RESTRICTIONS

Answer 9

Limitations, also called Deed restrictions, imposed on real property by owners. It prohibits certain property use like raising livestock or running a business in a residential neighborhood

Question 10

Deficiency judgement

Answer 10

Personal judgement against a default borrower and/ or against any additional parties responsible for repayment of the debt.

Question 11

Defeasance clause

Answer 11

May appear on Mortgage or Deed trust, which provides the defeat (cancellation) of the mortgage or deed of trust when the borrower has repaid the entire debt

Question 12

Defeasible fee

Answer 12

It simply carries certain conditions of ownership. The owner of the qualified fee holds fee simple title subject to the specified conditions

Question 13

Depreciation

Answer 13

Decrease in value

Question 14

Description

Answer 14

Method of locating real estate and that is sufficiently accurate for a deed, mortgage or other form of instrument

Question 15

Designated agency

Answer 15

Agency relationship where a single broker represents both the buyer and the seller in the same real estate transaction.

Question 16

Discount points

Answer 16

Fees charged to borrower by lender in exchange for below Market interest rates

Question 17

Disintermediation

Answer 17

Situation where private individuals invest their own money rather than deposit it into a bank (intermediary)

Question 18

Dominant estate

Answer 18

Land owned by a person who has the right to use the land of another( the person who benefits from an “easement”)

Question 19

Dower and curtesy

Answer 19

The legal rights on interest recognized by some states that a spouse has in the property of his/ her husband or wife

Question 20

Downzoning

Answer 20

A change in zoning from a higher. More active category to a lower, less active (less profitable) category

Question 21

Dual agency

Answer 21

Agency where the broker represents both the buyer and the seller in the same real estate transaction

Question 22

Dual Process Clause

Answer 22

Constitutional limitation on government power

Question 23

Duress

Answer 23

Contract defense where one is coerced into entering a contract by a physical or threatening behavior.

Question 24

D.U.S.T

Answer 24

Demand
Utility
Scarcity
Transferability

Question 25

Dwelling

Answer 25

Fair housing act. Dwellings include the buildings, structures or vacant land that is occupied or designed or intended to be occupied as residence by one or more families