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REAL ESTATE CLASSES
PREP FOR R. E. EXAM
| Term | Definition |
|---|---|
| LBPHRA REQUIREMENTS | LL MUST DISCLOSE KNOWN INFO. - SELLER HAVE TO DISCLOSE KNOWN INFO. - BUYER HAVE UPTO 10 DAYS TO CONDUCT A RISK ASSESMENT - LIC PROVIDES INFO TO BUYER AND LESSEE - LICEES MUST ENSURE ALL PARTIES COMPLY WITH THE LAW |
| CONDEMNATION | IS THE PROCESS BY WHICH THE GOVT EXERCISES THIS RIGHT, BY EITHER JUDICIAL OR ADMINISTRATIVE PROCEEDINGS. |
| ESTATES IN LAND | AN INTEREST MUST ALLOW POSSESSION MEANING THE HOLDING N ENJOYMENT OF THE PROPERTY EITHER NOW OR IN THE FUTURE N MUST BE MEASURED ACCORDING TO TIME. |
| FREEHOLD ESTATES | ARE OWNERSHIP INTERESTS THAT LAST FOR AN INDETERMINABLE LENGTH OF TIME, SUCH AS FOR LIFETIME OR FOREVER. MAY BE PASSED ALONG TOTHE OWNER'S HEIRS. |
| FEE SIMPLE DETERMINABLE | MAY BE INHERITED; IS QUALIFIED BY A SPECIAL LIMITATION, 'AS LONG AS' OR 'WHILE' OR 'DURING' - IS THE KEY TO CREATING THIS SPECIAL LIMITATION. THE FORMER OWNER RETAINS A POSSIBILITY OF REVERTER. |
| POSSIBILITY OF REVERTER | IF THE LIMITATION IS VIOLATED, THE FORMAL OWNER CAN REQUIRE FULL OWNERSHIP WITH NO NEED TO GO TO THE COURT. |
| JOINT TENANCY | 2 OR MORE PEOPLE; IS RIGHT TO SURVIVORSHIP; ACQUIRE DECEASED TENANT'S INTEREST; TAKES TITLE OF SEVERALTY AND RIGHTS OF SOLE OWNERSHIP |
| TENANCY BY THE ENTIRETY | HUSBAND/WIFE TO INHERIT THE OTHER SPOUSE'S OWNERSHIP INTEREST UPON DEATH; SPOUSE HAS EQUAL UNDIVIDED INTEREST IN THE PROPERTY |
| ENFORCE AN JUDGEMENT | THE CREDITOR MUST OBTAIN A WRIT OF EXECUTION FROM THE COURT. WRIT DIRECTS THE SHERIFF TO SEIZE AND SELL AS MUCH OF THE DEBTOR'S PROPERTY TO PAY BOTH DEPT AND EXPENSE OF SALE |
| LIS PENDENS | WHEN ANY SUIT IS FILED THAT AFFECTS TITLE TO R.E. A SPECIFIC NOTICE IS RECORDED. ITS A NOTICE OF POSSIBLE FUTURE LIENS |
| INVOLUNTARY ALIENATION | TITLE TO PROPERTY CAN BE TRANSFERRED WITHOUT OWNER'S CONSENT. USUALLY CARRIED OUT BY OPERATION OF LAW, BY CONDEMNATION OR FORECLOSURE SALES TO SATISFY DEBTS. WHEN PERSON DIES, NO WILL/HEIRS - TITLE PASSES THE STATE'S POWER OF ESCHEAT. |
| NONJUDICIAL FORCLOSURE | SOME STATES ALLOW THIS TO PROCEDURES TO BE USED WHEN THE SECURITY INSTRUMENT CONTAINS A POWER OF ASALES CLAUSE |
| INSTALLMENT CONTRACTS | ALSO CALLED A CONTRACT FOR DEED, LAND CONTRACT OF SALE, OR ARTICLE OF AGREEMENT. THE SELLER (VENDOR) RETAIN THE LEGAL TITLE. THE BUYER (VENDEE) TAKES POSSESSION AND ACQUIRES EQUITABLE TITLE TO THE PROPERTY. |
| REGULATION Z | REQUIRES THAT CREDIT INSTITUTIONS INFORM BORROWERS OF THE TRUE COST OF OBTAINING CREDIT |
| PURCHASE - MONEY MORTGAGE | IS WHEN THE SELLER AGREES TO FINANCE ALL OR PART OF THE PURCHASE PRICE |
| OPEN END LOANS | SECURE A NOTE EXECUTED BY THE BORROWER TO THE LENDER. |
Created by:
miraclesmiranda
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