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Pre-Licensing Class

Abstract of Title "A chronological summary of all grants, liens, wills, judicial proceedings, and other records that affect the property's title."
Adjustable rate mortgage "A mortgage under which interest rates applicable to the loan vary over the term of the loan."
Agent "A person who represents another."
Americans with Disabilities Act "A federal act that prohibits discrimination against persons with disabilities, where 'disability' is defined as 'a physical or mental impairment that substantially limits a major life activity.'"
Amortization "In general, the process of decreasing or recovering an amount over a period of time; as applied to real estate loans, the process of reducing the loan principal over the life of the loan."
Appraisal "An estimate of the value of property resulting from an analysis and evaluation made by an appraiser of facts and data regarding the property."
Appurtenance "An object, right or interest that is incidental to the land and goes with or pertains to the land."
Associate Broker "A person with a real estate brokers license who is employed as a salesperson by another broker."
Bilateral Contract "A contract on which a promise given by one party is exchanged for a promise given by another party."
Bill of Sale: "A written document given by a seller to a purchaser of personal property."
Blockbusting "The illegal practice of representing that prices will decline, or crime increase, or other negative effects will occur because of the entrance of minorities into particular areas."
Bridge Loan "A short-term loan (often referred to as a swing loan) that is used by a borrower until permanent financing becomes available."
Broker "A person who, for a compensation or an expectation of compensation, represents another in the transfer of an interest in real property."
Bundle of Rights "Rights the law attributes to ownership of property" including possess, control, exclusion, enjoyment, encumbrance, disposession
Buyer's Agent "A real estate broker appointed by a buyer to find property for the buyer."
Capital Gain "The amount by which the net sale proceeds from the sale of a capital asset exceeds the adjusted cost value of the asset."
Civil Rights Act of 1866 A federal law that prohibits racial discrimination
Civil Rights Act of 1968 "A federal law that prohibited discrimination in housing based on race, creed, or national origin."
Civil Rights Act 1974 Amendment "Added prohibition against discrimination based on gender,"
Civil Rights Act 1988 Amendment "Added prohibition against discrimination based on a person's disabilities or familial status."
Cloud on Title "Any document, claim, lien, or other encumbrance that may impair the title to real property or cast doubt on the validity of the title."
Commingling The act of placing escrow funds in an operating account.
Condemnation Proceeding "A judicial or administrative proceeding to exercise power of eminent domain."
Conditional Use "A zoning exception for special uses such as churches, schools, and hospitals that wish to locate to areas zoned exclusively for residential use."
Consideration "Anything of value given or promised, such as money, property, services, or a forbearance, to induce another to enter into a contract."
Constructive Eviction "A breach by the landlord of the covenant of habitability or quiet enjoyment."
Conversion "The unauthorized misappropriation and use of another's funds or other property."
Covenant "A contractual promise to do or not do certain acts, such as on a property, the remedy for breach thereof being either monetary damages or injunctive relief, not forfeiture."
Deed "A document that when signed by the grantor and legally delivered to the grantee conveys title to real property."
Deficiency Judgment "A judgment given to a lender in an amount equal to the balance of the loan minus the net proceeds the lender receives after a judicial foreclosure."
Discount Points "A form of prepaid interest on a mortgage, or a fee paid to a lender to cover cost the making of a loan. The fee for one discount point is equal to 1% of the loan amount."
Down Payment "The amount of money that a lender requires a purchaser to pay toward the purchase price."
Dual Agent "A real estate broker who represents both the seller and the buyer in a real estate transaction."
Due Diligence "The exercise of an honest and reasonable degree of care in performing one's duties or obligations. A real estate agent's due diligence involves investigating the property to ensure that the property is as represented by the seller and to disclose accurat
Earnest Money Deposit "A deposit that accompanies an offer by a buyer and is generally held in the broker's trust account."
Easement "A non-possessory right to use a portion of another property owner's land for a specific purpose, as for a right-of-way, without paying rent or being considered a trespasser."
Easement Appurtenant "An easement that benefits, and is appurtenant to, another's land."
Easement by Necessity "Arises as a creation of a court of law in certain cases where justice so demands, as in the case where a buyer of a parcel of land discovers that the land he or she just purchased has not access except over the land of someone other than the person from
Easement in Gross "An easement that benefits a legal person rather than other land."
Eminent Domain "Right of the state to take, through due process proceedings (often referred to as condemnation proceedings), private property for public use upon payment of just compensation."
Encroachment "A thing affixed under, on, or above the land of another without permission."
Encumbrance "A right or interest held by someone other than the owner of the property that affects or limits the ownership of the property, such as liens, easements, licenses, and encroachments."
Equal Credit Opportunity Act "A federal law that prohibits a lender from discriminating against any applicant for credit on the basis of race, color, religion, national origin, sex, marital status, or age (unless a minor) or on the grounds that some of the applicant's income derives
Equilibrium "The period of stability when the property changes very little."
Equitable Title "The right to possess and enjoy a property while the property is being paid for."
Escalator Clause "A provision in the lease that provides for periodic increases in rent in an amount based on some objective criteria not in control of either the tenant or the landlord, such as the Consumer Price Index."
Escheat "A process whereby property passes to the state if the owner of the proper dies intestate without heirs, or if the property becomes abandoned."
Estate "The degree, quantity, nature, duration, or extent of interest one has in real property."
Estate at Sufferance "A leasehold that arises when a lessee who legally obtained possession of a property remains on the property after the termination of the lease without the owner's consent."
Estate at Will "An estate (or tenancy) in which a person occupies a property with the permission of the owner; there is no specified duration, and in most states, my be terminated at any time by either party."
Estate for Years "A leasehold that continues for a definite fixed period of time, measured in days, months, or years."
Estate from Period to Period "A leasehold that continues from period to period, whether by days, months, or years, until terminated by proper notice."
Estate of Inheritance "A freehold estate."
Estoppel "A legal principle that bars one from alleging or denying a fact because of one's own previous actions or words to the contrary."
Exclusive Agency Listing "A listing agreement that gives a broker the right to sell property and receive compensation (usually a commission) if the property is sold by anyone other than the owner of the property during the term of the listing."
Exclusive Right to Sell Listing "A listing agreement that gives a broker the exclusive right to sell property and receive compensation (usually a commission) if the property is sold by anyone, including the owner of the property, during the term of the listing."
Executed Contract "A contract that has been fully performed; may also refer to a contract that has been signed by all of the parties to the contract."
Executory Contract "A contract that has not yet been fully performed by one or both parties."
Express Contract "A contract stated in words, written or oral."
External Obsolescence "Depreciation that results from things such as changes in zoning laws; proximity to undesirable influences (traffic, airport flight patterns, power lines; general neighborhood deterioration."
Fannie Mae "A U.S. government conservatorship originally created as the Federal National Mortgage Association in 1928 to purchase mortgages from primary lenders."
Federally Designated Targeted Area "Federally designated locations where homeownership is encouraged and incentivized."
Fee Simple Absolute Estate "The greatest estate that the law permits in land. The owner of a fee simple absolute estate owns all present and future interests in the property."
Fee Simple Defeasible Estate "A fee estate that is qualified by some condition that, if violated, may 'defeat' the estate and lead to its loss and reversion to the grantor."
FHA "The Federal Housing Administration; created by the National Housing Act of 1934 to make housing more affordable by increasing home construction, reducing unemployment, and making home mortgages more available and affordable."
Fiduciary Relationship "A relationship in which one owes a duty of utmost care, integrity, honesty, and loyalty to another."
Fixed Lease "A gross lease - a lease under which the tenant pays a fixed rental amount, and the landlord pays all of the operating expenses for the premises."
Fixture "An object, originally personal property, that is attached to the land in such a manner as to be considered real property."
Flat Fee Listing "A listing in which the broker's compensation is a set amount rather than a percentage of the sale price."
Forbearance "The act of refraining from taking some action."
Foreclosure Prevention Alternative "A first lien loan modification or another available loss mitigation option."
Four Unities "Refers to the common law rule that a joint tenancy requires unity of possession, time, interest, and title."
Freddie Mac "A U.S. government conservatorship originally created as the Federal Home Loan Mortgage Corporation in 1968 to purchase mortgages from primary lenders."
Freehold Estate "An estate in land whereby the holder of the estate owns rights in the property for an indefinite duration."
Fully Amortized Loan "A loan whereby the installment payments are sufficient to pay off the entire loan by the end of the loan term."
Functional Obsolescence "Depreciation that results from deficiencies arising from poor design, out-dated style or equipment and changes in utility demand (larger homes with more garage space) or over-improvements."
General Agent "An agent who is authorized by a principal to act for more than a particular act or transaction. General agents are usually an integral part of an ongoing business enterprise."
General LIen "A lien that attaches to all of a person's nonexempt property."
Gift Deed "A deed used to convey title when no tangible consideration is given. It is valid unless it was used to defraud creditors."
Ginnie Mae "The Government National Mortgage Association is a wholly owned U.S. government corporation within HUD to guarantee pools of eligible loans that primary lenders issue as Ginnie Mae mortgage-backed securities."
Graduated Lease "A lease that is similar to a gross lease except that it provides for periodic increases in rent, often based on the Consumer Price Index."
Grantee "One who acquires an interest in real property from another."
Grantor "One who transfers an interest in real property to another."
Gross Income "Total income from a property before any expenses are deducted."
Gross Lease "A lease under which the tenant pays a fixed rental amount, and the landlord pays all of the operating expenses for the premises."
Ground Lease "A lease under which a tenant leases land and agrees to construct a building or to make other significant improvements on the land."
Group Action "In antitrust law, two or more persons agreeing to act in a certain way."
Group Boycott "In antitrust law, the action of two or more brokers agreeing not to deal with another broker or brokers."
Holographic Will "A will written, dated, and signed by a testator in his or her own handwriting."
Homeowner's Protection Act (HPA) "A federal law that requires lenders to disclose to borrowers when the borrowers' mortgages no longer require PMI."
Horizontal Property Act "A law that provides for the creation of condominiums and establishes regulations regarding the condominiums and the condominium owners.
HUD-1 Uniform Settlement Statement "An escrow settlement statement form mandated by RESPA for use in all escrows pertaining to the purchase of owner-occupied residences of 1-4 dwelling units that use funds from institutional lenders regulate by the federal government."
Implied Contract "A contract not expressed in words, but, through action or inaction, understood by the parties."
Implied Easement "An easement arising by implication, as when a purchase of mineral rights automatically acquires an implied right to enter the property to extract the minerals."
Installment Note "A promissory note in which periodic payments are made, usually consisting of interest due and some repayment of principal."
Intentional Misrepresentation
Created by: 1stchoicebhl



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