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MA Real Estate
FTRS book vocabulary DEFGHIJ
| Term | Definition |
|---|---|
| Damages | estimated monetary damages for breach of contract |
| Debenture | an unsecured note as opposed to mortgage note |
| Decendent | deceased person |
| Dedication | to convey private property over to public use as the giving of land for conservation use |
| Deed | instrument in writing, duly executed and delivered for the purpose of conveying title (ownership) to real property |
| Deed of trust (trust deed) | in some states used instead of a mortgage deed |
| Deed restriction | provision in deed controlling use of land |
| Default | non-performance of a duty under a contract |
| Defeasance clause | clause in mortgage which defeats mortgagee interest if loan is repaid according to Note; this clause makes mortgage deed only a conditional transfer of property |
| Defendant | party sued; the plaintiff is the one doing the suing |
| Deferred payments | money payments to be made at future date |
| Deficiency judgment | court award to lender if sale at auction does not equal debt |
| Delinquency | a loan in default or overdue |
| Delivery | irrevocable transfer such as with deed |
| Demand loan | lender may demand payment of the loan at any time |
| Demise | to lease |
| Density | number of dwellings and commercial units per acre |
| Depreciation | decrease in value for various reasons |
| Devise | a gift of realty by will; deceased is devisor |
| Direct reduction mortgage | amortized debt repaid by installment payments; each payment credited first to interest and then to principal; each payment remains the same for entire term |
| Disintermediation | outflow of funds from one investment instrument such as thrift institutions to another such as U.S. Treasury instruments in order to gain a higher yield |
| Domicile | place where one has permanent address, no matter where one is currently living |
| Duplex | a home designated for two families |
| Duress | unlawfully forcing someone to do something against their will |
| Earnest money | deposit given with Agreement to Buy |
| Easement | a right which one person has in lands of another |
| Easement in gross | a personal right to use another's land |
| Economic life | period of time in which property may be profitably used; each income property sale begins a new property economic life |
| Ejectment | legal action to regain possession of realty with damages payable for its unlawful retention |
| Emblements | crops growing which require annual or semi-annual planting and cultivation; normally personal and belonging to tenant |
| Eminent domain | right of government to take private property against owner's wishes for public use with fair compensation |
| Encroachment | physical trespass of a property on that of another such as overhang; the discovery is by survey |
| Encumbrance | anything that burdens (limits) the fee title to property, such as a lien, easement or restriction of any kind |
| Equity | value or interest an owner of realty has above any debt on property; difference between value and mortgage debt |
| Equity participation | a further return on investment for lender in addition to interest; part ownership with lender |
| Equitable Title | a future right to obtain legal title |
| Erosion | the process by which the surface of the earth is worn away by action of water, wind, etc |
| Escheat | power of state to take property if no will and no heirs |
| Escrow | the holding of something of value (e.g. a deposit on a home) by a person (escrowee or escrow agent) for the benefit of other parties |
| Et al. | a term meaning "and others" |
| Et ux | a term meaning "and wife" (Et Con. means "and husband") |
| Eviction | the depriving of a person's possession of realty |
| Executor/trix | person named in will to execute or probate the will |
| External obsolescence | loss in in value due to outside forces, such as neighborhood deterioration; not curable; a/k/a economic obsolescence |
| Federal Home Loan Mortgage Corp (FHLMC) | known as "Freddie Mac", is is a secondary market operation that buys conventional mortgages from lenders to keep market for mortgage fluid |
| Federal Housing Administration (FHA) | part of U.S. Dept of Housing and Urban Development (HUD) which insures mortgage loans originated by qualified and approved lenders with then home buyer paying loan insurance premium |
| Federal National Mortgage Association (FNMA) | known as "Fannie Mae", it is a secondary market loan buyer |
| Federal Reserve Board | U.S. central bank composed of Governors with Chairperson; established and regulates monetary policy |
| Fee simple | largest possible estate or interest person can have in a parcel of realty; least limited estate |
| Fee simple defeasible | granting of title (Fee Simple Subject to a Condition Subsequent) or duration of title (Fee Simple Determinable) is dependent on a specific condition named in the title |
| Fiduciary | a position of trust (e.g. broker to principal) |
| Finder's fee | fee to broker for arranging loan for client; can also mean fee to broker for locating a property for client |
| Fixture | article that was personalty, but is now realty because it is permanently attached |
| Forcible entry | legal action to recover possession of premises unlawfully held |
| Foreclosure | legal remedy whereby collateral is sold to pay debt because Note terms, such as on-payment, were not met |
| Forfeiture | loss of money or anything of value due to failure to perform according to terms of contract |
| Fraud | intentional deception in which an injured party has loss |
| Freehold | an interest in realty of not less than life estate |
| Front foot | number of feet of frontage on street side |
| Functional obsolescence | loss in value due to out-of-date, poorly designed or old-fashioned fixtures or equipment; may be curable |
| General lien | a lien on any and all property of debtor such as: judgment, decedent's debts, inheritance taxes, state tax liens, IRS liens |
| Government National Mortgage Association (GNMA) | known as "Ginnie Mae", this is a secondary market government sponsored enterprise, that buys federally-backed mortgages to help fluidity, and encourage low-cost housing |
| Graduated loan | lower payments are made early in the loan, leading to negative amortization |
| Grantor | one who transfers title to real estate to the Grantee |
| Gross lease | owner receives rent and pays out expenses such as apartment leasing, as opposed to NET LEASE where the owner receives rent and tenant also pays out expenses normally paid by owner such as taxes, etc |
| Habendum clause | "to have and to hold" clause in deed which defines or limits quantity of estate granted |
| Hereditaments | all inheritable property, both real and personal |
| Highest and best use | use of a property that produces greatest net income |
| Homestead laws | laws designed to protect homeowner from forced sale of home to satisfy certain debts |
| Hypothecate | to give something as security without giving up possession such as to mortgage a property |
| Impounds | reserves such as tax payments made under a mortgage and held by mortgagee and to be distributed to municipality on tax dates |
| Infrastructure | network of public facilities of an area |
| Ingress/egress | entering and leaving |
| Injunction | an order of court to restrain one or more parties to a suit from doing an inequitable or unjust act in regard to the rights of some other party to the suit |
| Instrument | a formal written document |
| Interim financing | development loan such as construction money used during creation of realty investment |
| Intestate | no will or a defective will by the deceased |
| Investment | total value of property; down payment (equity) and mortgage loan (debt) |
| Irrevocable | unchangeable |
| Judgement | the final determination of a court of a matter presented to it |
| Junior mortgage | any mortgage after a previous mortgage |
Created by:
vele
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