Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
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