California R.E. Terms for test
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| Objects that were once personal property that can become real property. | Fixtures
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| Tenant/Renter | Lessee
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| Trespassing by placing improvements on or over land of another | Encroachment
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| Items incidental to land. Any right, privlage, or improvement that belongs to and transfers with the land.Doesn't exist appart from land. | Appurtenant
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| Promise/agreement to do or not to do something that's set forth in written agreement. Form of a private restriction | covenant
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| Private taking/use public water from river/lake | appropriation
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| Contract provision requiring completion of certain act or occurance of a particular event before contract is binding | contingency
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| type of estate that involves some kind of ownership interest in the property. One of the 2 categories estates are divided into. | freehold
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| considered personal property.Involves some kind of leasing/renting interest in property. | Less than freehold
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| type of freehold estate. Represents the highest degree of ownership available, indefinate duration. | fee simple absolute
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| type of freehold estate/this means title can be defeated because ownership has been qualified by a condition. conditional ownership | fee simple defeasible
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| type of free hold estate/estate limited in duration to owners life or life of another | life estate
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| person whose interest in real property lasts as long as lived, or as long as another lives | life tenant
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| the amount of tax levied | assessment
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| act covering procedures for hearings by administrative agencies/like hearings for revocation/denial/suspension of R.E licenses | administrative procedures act
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| cost plus improvements minus deduction for depreciation/used with appraisal/term used when comparing properties in order to assess value | adjusted cost basis
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| soil that builds up as result of accretion | alluvium
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| right of local state/federal government to acquire private property for public use/government must pay owner market value compensation for acquiring property | eminent domain
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| also known as the rumford act | fair housing act
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| document used to create security interest in personal property | security agreement
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| loan with higher interest rate when compared to VA loan/also has shorter payoff term/lower loan to value ratio/higher monthly payment/deficiency judgements not allowed | conventional loan
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| square mile of land containing 640 acres | section
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| 6 miles long/6 miles wide and contains 36 sections/each 1 mile square | township
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| lender that is not regulated in respect to real estate loans/they permit a loan to have a term of any period without regulation. They usually make shorter term loans/but legally allowed to make any loan period desired | Insurance companies
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| this is not a contract til accepted by the offeree/ | offer
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| substitution of new for old contract. also can be substitution of one party for another | novation
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| court order to cease and desist from an action | injunction
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| Threat of force/if this happens the contract can be voidable | Menace
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| deceitful/suggesting an untrue fact by someone who doesn't believe it to be true/committing this could cause a contract to be voidable | fraud
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| contract that is a promise for a promise/mutual promises supported by each other | Bilateral
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| contract which terms are written or stated but specifically agreed to | express contract
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| contract that yet to be performed | executory contract
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| contract which terms not actually agreed to/but contract results from conduct of the parties | Implied contract
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| process of estimating value | valuation
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| refers to usually hotels/apartments/it's money lost due to vacancies and other collection losses/expressed usually as a percentage of scheduled gross income | vacancy factor
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| one sided where one party makes obligation to perform without receiving promise in return from other party | Unilateral
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| ownership by 2 or more where each is entitled to use of entire property/ Joint tenant/Tenant in common/Tenant by entirety hold this type of interest in property | undivided interest
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| refers to contract once valid when made but for some reason or another cannot be proved or won't be enforced by court | unenforceable
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| force/one of the things that could cause a contract to be voidable if done | Duress
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| written insturment describing how a person wishes to dispose of property after death | will
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| holding money back for payment of future taxes | witholding
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| process of assembling numerous mortgage loans into 1 package and holding them for a period of time prior to selling them to investors | warehousing
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| agreement that's once valid/enforceable on its face but can be rejected by 1 or more of the parties/like a contract entered into with a minor | voidable
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| government sponsored mortgage assistance program. loan type requires little/no down payment and easy to qualify for | VA loan
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| federal agency that provides benefits like VA loans to qualified veterans. VA loan guaranteed by this administration | Veterans Administration
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| an agreement that has no legal affect | void
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| having absolute right/title without contingency/with investing you have right to use portion of a fund like an individual retirement fund. | vested
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| lien type which is used as method of guaranteeing payment of a debt. | vendors lien
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| legally binding | valid
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| something given up by each party to a contract in order to make an agreement binding | consideration
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| written legal document created to affect rights of parties/it's considered personal property | written insturment
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| Insturment when properly executed and delivered conveys title | deed
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| With this type of listing owner reserves right to sell property themselves and not have to pay commission to agent | exclusive agency listing
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| this statement will show that a mortgage assumed by the buyer will appear as a credit to buyer against purchase price and debit to seller | closing statement
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| regulates lenders on one to four family residential dwellings | RESPA
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| This law/act requires lenders of federally regulated mortgage loans must give all the necessary and required disclosures to borrower | Real estate settlement act
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| Deed less than 20k and w/a payoff period of 3 years or more/this type of deed can allow a licensee to collect up to 15% commission | Junior Trust Deed
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| document used to create security interest in personal property | security agreement
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| personal/revocable/non assignable permission to do act on land of another | license
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| notice of pending litigation | lis pendens
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| estates in real property | leaseholds
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| not considered an estate in real property | deed of trust
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| ownership by single person/corporation | Tenancy in severalty
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| equal or unequal undivided ownership between 2 or more people. If owner dies deceased persons share conveyed to their heirs/not other owners | Tenancy in common
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| Right of survivorship to remaining owners | Joint tenancy
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| type of tenancy only available to married couples means property cannot be sold without agreement between both parties | Tenancy by entirety
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| this type of listing is formed by an express agency | exclusive listing
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| agency by written/verbal statement this type of agency is created. agency normally created by a listing agreement | express agency
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| agency type where principal approves previously unauthorized act | agency by ratification
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| agency created out of necessity or emergency. agent could disobey principals instructions if it is in best interest to do so | Emergency agency
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| federal law prohibiting anti competitive practices like price fixing/market allocation/group boycotts etc | sherman anti trust act
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| an agent authorized to conduct all duties of a business enterprise like a property manager | general agent
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| when both buyer/seller parties claim ownership to trust funds that have been deposited.This is so courts can decided who's entitled to the money | Commence Interpleader action
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| an enforceable promise | contract
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| for a promise to be binding upon a party they must have received something of value | consideration
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| these contracts must always be in writing | real estate contracts
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| statement of opinion that is grounds to void a contract | puffing
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| a fully performed contract with nothing remaining to be done | executed contract
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| makes an offer | offeror
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| offer is made to | offeree
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| agreement to accept different consideration than previously agreed to | accord and satisfaction
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| per this contracts must be in writing | statue of frauds
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| stipulates period which legal action must be brought after a cause for action arises | statue of limitations
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| release of all parties in a contract. any consideration returned/puts parties back in position before contract | rescission
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| courts rewrite contracts to read as it was clearly intended (clear error with property description) | Reformation
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| court determines parties rights before breeched contract occurs | declaratory relief action
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