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Real Estate

Real Estate Prep

TermDefinition
Property The Rights of Ownership
Ownership The Rights to use, Posses, Enjoy and Dispose of Something
Allodial System Ability to own land and pass it on to their heir
Estate in Land The Degree, Quantity and extent in one's interest in land
Eminent Domain The Governments right to take land for the public good
Condemnation The Process used to acquire property under the right of eminent domain
Escheat The Right of the state to assume ownership of property when the owner dies without a valid will or it's abandon
Fixture Personal Property that is permanently attached to real property so it is considered part of that real property
Fixture (Three ways to make personal property into a fixture) 1. Attachment 2. Adaptation 3. Agreement
Emblements Crops harvested for profit, Personal Property
Appurtenance A Right, Privilege, or improvement associated with land. Parking spot
Item of chattel Personal Property Only
Chattel Real An item which is not movable or is associated with real property. Either intangible property interest or tangible property. (DEED IS NOT)
Fee Simple Defeasible Subject to limitations other than the government's rights
Life Estates A Freehold estate that is not normally inheritable
Estates less than a freehold Personal property, also called a leasehold estate
Reversion Interest The landlord's right to regain possession at the end of a lease
Estate in Severality Ownership by one person
Joint Tenancy Requires all Concurrent owners have the same possession, interest, time and title. PITTS
Community Property Each Spouse has an equal interest in property acquired during a marriage. Not recognized in Florida
Tenancy by the Entirety The Form of concurrent ownership limited to spouses. Tenancy in Person
Partition The Process of separating a concurrent ownership
Partition in Kind Refers to the separating concurrent ownership by subdividing the property
Elective Share 30% of the net estate
Homestead tax exemption 25,000
Easement The right to use or enjoy the property of another
Easement Apurtenant Easement that requires a dominant and servient estate
Easement in Gross An Easement that Affects only one property, Only a Servient estate
Personal Easement An easement in gross held by an individual that can be terminated by sale or death but can not be revoked
Private Grant A written agreement between a landowner and easement holder
Prescription An Easement created by continuous, uninterrupted, hostile possession
Easement [PoPCoRN] Private Grant, prescription, Condemnation, Reservation, Necessity
Quitclaim deed Terminate an easement by a release
Termination by abandonment Holder of the easement failed to use it
Termination by vacation Court determines that the easement is no longer needed
Judgement Lien Made by the courts and attaches to both real and personal property
Writ of Execution After a judgment lien, A sheriff is directed to sell the property
Race Statutes The Legislation which establishes priority of liens in most states
Lien Priority 1. Property Tax 2. Work began on a mechanic lien 3. Date of lien Recorded
Title The Sum of all facts on which ownership is founded. Which is esablished by evaluating an abstract of title
Abstract of title A Summary of all instruments affecting title and all encumbrances affecting the title
Marketable Title A Title which is free of reasonable doubt as to ownership
Constructive Notice Inspect the property and check the public records
Actual Notice Notice based on what you have seen, heard, read or observed
Torrens Land Title File for a quiet title action and the status and condition is determined by the courts. Only has the current owner. Any encumbrances to a title must be entered on the certificate of title
Title Insurance Owner, Mortgagee.
Deed A written instrument which transfers ownership interest in real property during the lifetime of the owner. Must be of legal age and sound mind. Can be for good or valuable. A recorded deed is assumed to have been delivered and accepted. Date not needed.
Statue of Frauds Deeds need to be written, signed by the Grantor
Bill of Sale COnveying Personal Property
Grant The act of transferring ownership with a deed
Grantor The Party who transfers a deed. Delivers the deed within their lifetime
Grantee The party to whom the title is transferred. If they have the deed it is delivered
Words of Conveyance The Granting clause of the deed
Habendum Clause An optional part of a deed that tells the extent of interest transferred
General Warranty The Type of deed the greatest warranty as to the title status
Covenant of seizin The Grantor owns the property and has the right to convey
Covenant of quiet enjoyment Grantee's ownership will not be challenged by the claims of others
Covenant of warranty of tittle Assures that the Grantor will bear the expense of defending the title against the claims
Special Warranty Deed Deed that warrants only against encumbrances by the grantor. It only contains the covenant against encumbrances. Used by an agent of a principal such as a trustee or executor of a will
Bargain and sale deed The type of deed which contains an implied interest in property but no warranty as to title status.
Quitclaim Deed The type of deed which contains no warrant as to title but can be used to convey any interest in real property and can be used to clear up a cloud
Title Different types of estates convey different amounts of ttle
Deed [2] A deed must be acknowledged to be recorded, but an acknowledged unrecorded deed is valid and is admissible for public recording. The acknowledging party being the grantor
Testate A valid will
Testator A decedent that leaves a valid will
Devise A Gift of real property in a will
Devisor A decedent who conveys real property in a will
Bequest/legacy A Gift of personal property
Distributees The heirs when there is an intestate death.
Laws of Succession The distribution of an intestate decedent's estate which is governed by state laws. AKA Laws of descent. The person appointed to administer the estate is called the administrator who is court appointed
Executor Used with a good will and is appointed by the testator
Ground Lease A long term lease of land
Graduated lease Lease is lower in the beginning to attract customers and then increases. Also called a step-up lease
Index Lease Increases based of economic factors and anything found in The escalation clause
Economic Rent The amount of rent that could be obtained for a property on the open market if available
Assignment The transfer of ALL right that a tenant holds in a leased property. But still has the secondary liability
Block The Largest unit of measurement in a subvision
Metes and bounds Method Permanent monuments as markers is the primary method in some states. AKA Survey
Permanent reference markers is a precisely identified location using longitude and latitude which serves as a reference point for starting a land survey. AKA Benchmarks
Township The largest unit of measurement in the government rectangular survey system. Measures 6 miles and made from 36 sections
Range Runs north to south
Tier Runs east to west
Section The Area of a section is 640 Acres
Valid Contracts [CALL] Consideration, agreement, legally competent, legal consideration
Valuable consideration Anything that has monetary value when promised in a contract
Good consideration Worth promised in a contract that doesn't have a monetary value
Florida Real Estate Commission Creating or changing the rules and regulation
Florida Division of Real Estate Providing support to the FREC,
The Civil Rights Act of 1866 Covers discrimination in the sale or lease of Real or personal property. File in federal court
Civil Rights Act of 1968 (Fair Housing Act) Covers discrimination in the sale or lease of certain types of real property to the whole gambit of people. Applies to All siingle Family residence owned by businesses. File complaint with HUD, District Court , U.S attorney general
The Fair Housing Act of 1988 Extends anti-discrimination coverage to the handicapped and family with kids. Max fine up to 50,000
Promissory note States the terms of repayment and always contains a prepayment clause and an acceleration clause
Acceleration clause Allows the lender to demand full and immediate payment if the borrower fails to meet all terms of the note
Escalation clause A mortgage that allows the lender to increase payments or interest rates if retain events take place
Hypothecation The means by which a mortgage provides security for a note and propery possession is held by the borrower and mortgage is held by the lender. Two different methods are title and lien theory
Title Theory Security for the note is provided by the trustee holding a naked title, the borrower hods equitable title
Lien theory The legal title is held by the borrower and the security for the note is provided by the lender holding a lien
Mortgagor The borrower in a mortgage instrument
Mortgagee The lender in a mortgage instrument
Granting Clause The clause in a mortgage in which the borrower conveys the title to the property
Defeasance The clause in a mortgage
Alienation clause[due on sale] Permits the lender to call in the note i the mortgagor transfers the property for the purpose of preventing assumption of a loan
Certificate of estoppel The document by which a borrower verifies the amount still owed on a loan and the interest rate
Subordination clause A clause in a mortgage which waives a priority of recordination
Statutory redemption A borrower may regain foreclosed property by satisfying the debt after foreclosure.
Deed of trust Sometimes used instead of a mortgage and the title is held by the trustee. It held the reconveyance and power of sale clauses
What is the point of The Agency Disclosure Agreement It is intended to warn the public to not reveal any confidential information to the agent
When does the Agency Disclosure need to be signed At the 1st substantive contact
What years do you have to be wary of lead paint Pre-1978
When are window guards mandatory for city dwellings Kids under 10
What is Article 9-A It governs subdivision
What is Article 12-A It governs the Licences of Real estate agents and Agency
What is a latent defect It is a defect that is not discover-able by reasonable inspection and must be disclosed
How are Planning boards hired? They are appointed
What is the Master Plan Plans that ensure that social and economic needs are balanced
What is another name for master plan The General Plan
What is a moratorium A Halt on construction
What is Article 78 It is the appeal process for an adverse decision
What is a percolation test How much waste water the soil can process
The size of a septic tank is based off of? The number of bedrooms
What is the length of a an independent contract 15 months
Chattels is another name for Personal Property
Estates in Land - Freehold Exists forever or a lifetime
Severalty One Owner
If tenancy in common people die who gets there interest in the property Their Heirs
Tenant by Entirety Husband and wife are joint owners
Encumbrance The right or interest in a property
When does a mechanics lien have to be filed Within 4 months
Affidavit of entitlement Broker files with county clerk
How long are Judgements good for 10 years
What is a deed A written instrument that conveys title
What must a property description have to be considered legal? Mete and Bounds or a reference plot number.
which kind of deed offers the greatest protection Warranty Deed
What is a warranty deed Protects past and present deed challenges
What is the most common deed The Bargain and sales deed with conventants
What is the worst deed A quitclaim deed
Laws, rules, and regulations governing licenseees and are adiminstered by.. NY Department if State
What is the customer owed in a real estate relationship? Honest dealings
What is a universal agent Represents their client in all matters
What is an example of a general agent Property manager
What type of agent is a real estate agent, which grants them represent the client in one specific transaction Special Agent
What are the "CC" LOAD in CC LOAD Care and Confidentiality
What is the L in CCLOAD Loyalty
What is the O in CCLOAD Obedience
What is the A in CCLoad Accounting
What is D in cc Load Disclosure
What is the best listing for a broker An Exclusive-right-to-sell. Which promises the broker a commission if property is sold in the agreement time
If a seller does not give the buyer a written disclosure of the property condition statement, what is the buyer entitled too 500$ credit
All property that does not fit the definition of real estate is classified as personal property is know as Chattel
What is the difference between a a fee simple estate and a life estate Fee simples is given to your heirs and a life estate reverts back to the original owner.
Liens, deed restrictions, easements and encroachments are all ... Encumbrances
What is the Maximum percentage of their income that participates in the FHA's section 8 program may pay in rent 30 Percent
What is a surety bond Covers an owner against financial losses that result from an employee's criminal acts or negligence while carrying out his duties
The taxes made before exemptions are subtracted is known as the True tax on the property
What is the equalization factor A factor that when multiplied with the property's assessed value is in line with statewide tax assessments. Not used when Full-value assessment is used
Created by: bswdimples
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