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CocoRE
General RE
| Term | Definition |
|---|---|
| Eminent Domain | Gvmt takes private property via Police Powers Processed via Condemnation |
| Quit Claim Deeds | Grantor must sign, but both name and address of grantor and grantee property address and legal description Consideration Notorized |
| FHA loans | Insured by FHA government |
| VA Loans | 417,000 Government Guaranteed no Mortgage insurance Can reuse more lenient credit cannot charge more market value |
| Three approaches of an Appraiser | Sales comparison Cost - replacement value Income it produces |
| Property Management Agreement | 3 days to give money to owner if no disputes all statute of frauds cancellation clause how disp $ coll, type and freq stat reprts emerg $ disp of interest $ |
| Estoppel Agency | Assumed Ostensible Inferred For example, when a Broker allows a seller or buyer to create the illusion that the broker is his agent |
| Special Agency | Listing and Buyer Broker Short term and/or limited |
| Agency by Ratification | Accepts agents Unauthorized Act |
| Ostenible Agent | Independent working for broker |
| Lessor | Owner, Landlord |
| Disclosures for both residential and commercial | Flood Mil airport, any airport expansive soils, fissures special tax assessments Radon suprfund QA fund sites |
| Security Deposit | 1.5 months 14 days must refund and if do not any portion withheld receive 2 times amount |
| Exempt Fair Housing Act | Contract for sale Rec lodging owner occupied of condo/coop member of fraternal or social org insititutions, medical, religious, |
| Comply with Fair Housing | no more than 3 rental properties Advertise RE agent used |
| If Landlord has prohibited provisions | Tenant gets actual damages Not more than 2 months rent |
| If tenant repairs | 10 day written emergency asap lien release waiver by worker deduct from rent max $300 or 1/2 months rent, whichever is greater |
| Delivery to tenant/landlord | last know address of ten or landlord deemed received 5 calendar days via cert mail or registered mail |
| Abandonment | stuff there, gone 7 days and rent overdue 10 days stuff gone, gone 5 days, rent overdue 5 days Landlord posts 5 day notice and mail cert mail Security Dep is deemed forfeit |
| RPEA | Az rules of Procedure for Eviction Actions |
| Prior Appropration | First time, first right of beneficial use of surface water |
| GMA | Groundwater Mgmt Act Est ADWR 5 Active Management areas |
| 5 Active Management Areas | Phoenix Pinal Prescott Tuscon Santa Cruz 80% of all population and 70% groundwater draft |
| ADWR | Az Dept of Water Resources Enforce regs, planning, and research director is apptd by Govenor |
| Beneficial Use | Less than .5 acres to water yard irrigation stock watering water power recreation mining wildlife nonrecoverable water storage municipal |
| Az Water Banking Authority AWBA | Long term storage credits stores water into Aquifers |
| 1980 Groundwater Mgmt Act/Code | Est rights and permits prohibit irr of new agric within AMAs 5 AMA Dev 100 yr supply for new growth measure large, pumped wells Report use withdrawals and audits by ADWR arm these codes |
| GMA 3 levels | Lowest = general Middle = Irrigation, non exp areas High = AMA |
| Grandfathered Rights | Irrigated= for farming cash crops and convey with the land Type1 = retired farming and to non farm use and cannot exceed 3 acre per ft/acre Type 2 = non irrig only, golf crs, live stock, may be sold sep or lease portion of from land or well |
| New owner of a well | 30 days Buyer must register Notify if any more open, new wells within 10 days |
| CERCLA | Superfund by congress to tax petroleum and chem companies Allows EPA to clean up 9 NPL Superfund sites in Az. |
| Asbestos | EPA banned in 1989 |
| Lead | Any home prior to 1978 must: Lead warming statmt on contract Lead inspect from Cert Inspector In rentals same |
| Septic | within 6 mos of property transfer, no less than 3 days prior to actual closing Only ADEQ cert inspector Buyer must submit "Notice of Transfer" 15 days from closing |
| Meander Lands | Avulsion Sudden Loss of land by river, earthquake, volcano eruption |
| Overdraft | Aquifer not recharged naturally as quick as needed |
| Alluvion | Increase in land by a ocean or river |
| Aquifer | Geologic Unit suff sat water to yield usable to a well or spring |
| 3 Types of permits for Non-Exempt wells in an AMA | Grandfathered Service Area Rts Withdrawal Rts |
| Accretion | out of ordinary land by deposit of soil To accrue land |
| Title 8 Civil Rts Act 1968 | Lyndon B Johnson Advertising Terms of Rental/Sale Denial Interfering Retaliating |
| ADA penalty fees | $75,000 - $150,000 |
| Civil Rts Act 1968 | Race Color Sex (74) National Origin Religion |
| Blockbusting | Telling folks race/religious, etc moving into their hood, so they can purchase their home cheap and sell to that group for profit |
| Grievance with HUD | 1 - 100d- 2 File with HUD 1 yr, they have 100 days to conciliate 2 years to file in Court |
| Violations of HUD | Compensation and Injuncture Relief $10,000 first $25,000 second within 5 yrs 50,000 if 2 or more within 7 yrs |
| Mrs Murphy Exemption - FHA | Up to 4 units, but owner must occupy 1 of units Recognized in AZ Exempt from FHA |
| Mrs Murphy Exemption continued | Sell or rent your own home Cannot own more than 3 single family homes No advertising No RE Agent used If owner is not a resident, only 1 sale/rent is allowed per 24 months. |
| Commercial | Only under Contract Law Gross Net % Sandwich |
| Gross Lease | Fixed Monthly pmt |
| Net Lease | Tenant pays taxes, fees, maintenance, and mo rent |
| Useable area in commercial | Actual sq feet uses |
| Rentable area in commercial | Useable and % of common area Load Factor of 5% - 15% Bldg Owners & mgrs Assoc International |
| Sublease | Sandwich Lease Partial or full to another-- Salon Original tenant is still liable |
| Assignment | Transfer All to another New ten pays the landlord directly No rts to retake property nor evict if nonpayment of rent |
| ADA Compliance of Elevators | Landlord and Tenant Only forced to add an accessibility if no greater than 20% of cost of orig alt No elevators in less than 3 story, and 3,000 sq feet Must have elevators in all malls/ shopping centers |
| Unlicensed asst. in RE office can | Collect Demographic Set appts for, but cannot show on own Asst in open house, unlock home for and with licensee present Deliver docs via mail or delivery Can Disc features, but not pricing of |
| Implied Contract | All parties agree even if not done expressly similar to Dr. appt. |
| Offeree | Seller |
| Expressed Contract | Terms Time formed Verbal or Written |
| Valid Contract | Binding executed in compliance |
| Void Contract | Subject matter is not legal one party no competent cannot be enforced |
| Buyer | Offeror |
| Voidable Contract | Valid contract voided due to duress or lack of capacity |
| Legal description of real property | No street address legal desc of property Tax parcel # |
| Purchase Agreement | Conveyance Agreement |
| Bona Fide Purchaser | Purchase with Consideration of property Due Diligence Closes Enjoys property |
| Elements of a contract | Offer via Offeror Acceptance via Offoree Consideration (something for something) Capacity Legality |
| Equitable Interest | Life Tenant (mom) Benfeciary of a Trust (Drew) |
| Novate | Give Assignment (person to another person) to a 3rd party in a commercial lease and agreed by Landlord, Assignor and Assignee. |
| Termination of Property Mgmt Agreement | Reimburse 35 days All accts rec/payables, bank reconciliation 75 days Tenant gets Security 5 days 3 Banking days a lll money to owner if no disputes |
| Residential Rental Agreement records kept | 1 year from expiration or at time given to owner |
| Who may sign for a Non-Residential Agreement | Designated Broker |
| Warranty Deed | Entire past history of property is General Specialized is history of last owner Grantor signs and Notorized "Affidvit of Value" Good and clear Title |
| Bargain and Sale Deet | No warranties of liens/encumb of title unless stated Implied Grantor has rt to transfer of the deed Special Warranty Deed |
| Preliminary Report | Schedule B of has Exceptions/Restrictions, such as HOA, CCR, Debit and Credit to seller and buyer |
| Specific Lien | Against the Property prop taxes mechanics lien HOA. CCR Trust deeds/morgages |
| Released Lien | within 20 days when satisfied $1,000 and Actual Damages if not done in time |
| Quiet Title | as in Adverse Possession |
| Statuatory Agency | None is AZ same as designated agency, Facilitator transaction broker |
| When Commissioner requests of me | 14 calendar days |
| CAN SPAM Act | No false or misleading headers must have Physical Address "Opt Out" within 10 days and means to do so |
| To become an RE Commissioner | 5/3 appt by governor no term restriction cannot be an active RE agent |
| RE Advisory Board | 2/3/2/3 Broker, RE Agent and multi fam, Commercial, Public apptd by gov no salary |
| Entity | Employing Broker |
| To become a Broker | 3/5 90 hours 27 hour Broker course in addition or equiv experience 30 hour renewal / 2 yrs |
| Disciplinary Actions of ADRE | Close case "Letter of Concern" in file "Consent Order" cannot appeal if all agree and sign Refers to Atty General |
| Atty General | Notice of Hearings and Complaint with Adm to Judge "Recommended Order" back to Commissioner "Final Order" Supreme Court |
| Disclosures of RE Agent | Latent, material defects Material and or adverse defects Unable to Perform Liens/Encumbrances If buyer or seller, ee broker are family |
| No license required at Property Management | HOA unless paid 1 Non-residental income property or 2 or more if same owner Short Term rentals of less than 31 days |
| Civil Penalties of Sub and Unsub lands | Following the Hearing: $1,000 per infraction |
| Designated Broker maintains records of Trust Fund Acct | Bank Recondiliation Client Ledger Reimbursement Interest outside $3,000 taken out of acct Done Monthly |
| Who can sign for the RE Broker on a Trust Acct. | Licensed only, can withdraw In writing and paperwork on premises |
| Who can sign for the PM Trust Acct. | Licensed or nat person ee unlicensed can: Deposit Sign |
| Employment Agreement | Personal Service Agreement Broker Gets paid |
| Personal Services Agreements | Listing Agreement Buyer Broker Agreement Non -Residential Agreement Employment Agreement |
| Summary Suspension | Following hearing have 20 days to respond, if do not response within 30 days Commissioner enforces Suspension |
| Digital Filing of Docs | Can Reconstruct Able to make hard copies for Commissioner Legible Confirmation of all $ handled by Broker Copy of : Sales Contract Settlement Escrow Instructs and all agreements Release of Escrow $ |
| Subdivided Lands | 6 or more lots Public Disclosure Report Not guaranteed by ADRE anything over 160 acres is exempt of repor |
| Exemption for Public Reports | 1 buyer of 6 or more lots any over 160 acres lot size 1 within 5 years commercial or industrial all roads, utilities are completed and paid for |
| Lot RSVP | less than $5,000 Dep down in one day Publc report within 15 days and /or prior to contract If no contract can rescind within 7 days and buyer in writing 5 days seller must refund deposit plus interest accrued |
| Disclosure Public Report | Adj. lands and use des Who give utilities common and rec fac assurance of completed improvements schools, shop, fire, medical garbage taxes and assessments owners assoc details flood and drainage Given Prior to Contract signing |
| Voidable Sales of Lot purchase | No public report 7 days grace period to rescind on unimproved lot if not seen, 6 months to rescind Receipt executed Deed by 60 days |
| 5 or less than lots | "Affidavit of Disclosure" Rescind within 5 days of Affidavit |
| Offer of Unsubdivided Land | Must have name and address of owner/agent legal description of and area encumbrances use of land permanent access avail water, sewage, water, util |
| Builders and Developers can use | Blanket Loans |
| RE Recovery Fund | 2/5 yrs 2 yrs to file, 5 to get judgment June 30 - $600,000 in fund $30,000 per trans $90,000 per licensee |
| Fee Simple Absolute/estate | gives owner the greatest interest possible and is of indefinate duration Indefeasable A Fee Estate |
| Fee Simple Determinable | the property automatically reverts back to the Grantor upon the occurrence of specified event or condition |
| Freehold Estate--Fee Simple and Fee Simple Defeasible | Own real property of unlimited duration: Fee Simples and Defeasible Life Estates Estates for years, will or sufferance Life Estates |
| Leasehold Estate | own real property estate of certain duration also called a Non Freehold Estate Tenancy for years, at will and sufferance |
| Under Life Estates | Conventional Legal Life Estates |
| Conventional Life Estate (PRO) | Pur Autre Vie- Remainderman Reversion Ordinary |
| Legal Life Estates | Homestead, Dower and Curtesy, Marital Life Estate |
| Non Freehold Estate | A Leasehold |
| Manufactued Homes | Affidavit of Affixture when considered perm attached via Tie Downs |
| Mobile Homes prior to 1976 | No HUD |
| Fructus Industrialis | Cultivated Emblements |
| Economic of Real Property (SIPL) | Scarcity Improvements (bldg onto the land) Permanence of Investment Location/Situs |
| Physical of Real Property (UII) | Unique Indestructible Immobile |
| Bundle of Rights in Estates in Land | Sell Lease Encumber Use Enjoy Exclude Will |
| Life Tenant | Example is mom lives in my home tip she dies |
| Beneficiary Deed | Estate in Expectancy Auto to Grantees upon death No warranties and must be recorded Conveys an interest including any liens/debt/encumb Revocable |
| Easement Appurtenate | Runs with the Land On the Serviant Tenanment Receiver is the Dominant tenement |
| Easement in Gross | Does not go with the land as it just allows Use of the land Upon death or sale of land it is no longer valid |
| Joint Tenancy with Rt of Survivorship | Must be at same time 50/50 rights to all |
| Community Property | Married only surviving spouse receives 50 % as others may be listed to inherit dec spouses portion of property-- |
| Tenancy in Common | Varies in % of ownership given away as no survivorship |
| Community Property with Rt of Survivorship | only married and this one gives full ownership to spouse upon death |
| Condos | Fee Simple ownership with fractional Interest in common areas Tenants in Common Go to Fire, Bldg and Life and Safety dept. for disputes |
| Co op | Corporation with owning as stock 1 mortgage and title so, each has a Proprietary Lease as a personal prop interest Not regulated by AZ Condo Act |
| Camping Contract membershps | Must have a public report rescind in 3 days |
| Police Powers | Safety, Health, Welfare and Morals of Community 10 amend of Constitution Enacts Substantive Laws |
| Property Tax Lien | Superior to any other lien Voluntary Lien |
| Tax Lien Sales | Certificate of Purchase every February |
| Categories of IRS Tax | Personal Passive, Rent Portfolio, Stocks Phantom - Lim Partnership with 0 income |
| Exclusions of Gross Income to IRS | Lived 2/5 years of your home 0 tax on if less than 250,000 per single of cap gains made |
| 1031 Exchange | Tax Deferred like kind exchange 3, 200%, 95% rule 3 prop within 45 days have 180 days to close must have qualified intermediary facilitator, straw man |
| Property Depreciation | 27.5 years |
| All Deeds | must be notorized |
| Constructive Notice | Trumps an actual notice Mailbox Rule 5 days via Cert or reg mail |
| Flood Insurance required | all HUD |
| CLUE Report 7 | Goes back to 7 years of history on property claims by ins company |
| Owner Carry Back on Land Contract, Agreement for Sale | Vendor finances Vendee with 0-20% down, 30 days |
| Purchase Money Mortgage | Deed of Trust refers to any loan, whether owner, bank, etc or combo of both for purchase of real property |
| Calculate % of an equation | Large # A - small #B = C; then you: C Divided by Large # A = % |
| Nonconforming Use | bldg or land use that does not conform to the zoning ordinance if grandfathered rts it is ok, if a fire, abandoned or destroyed then it has to conform to zoning ordinances. not a encumbrance as good for us. |
| Tacking | Adverse Possession |
| Subrogate | Substitute |
| Deed of Reconveyance | Deed of Trust Release the Deed |
| 3 components of a Deed THP | Testimonium Habendedum Premises |
| FEMA | Federal Emergency of Homeland Security |
| Seisan | ownership or interest in property to possess, |
| Types of Title Insurance policies | ALTA Residential Extended ALTA Plain Language |
| Devise | To Will |
| Habendum | to have and to hold |
| Components of RE Value in DUST | Demand Utility Supply Transferability |
| Highest and Best use of property | Net return on money over time |
| Depreciation in 3 ways | Physical Deteriation Location Obsolence Functional Obsolence - poor design |
| Gross Rent Multipler GRM | price divided by gross income the higher the number the better for the seller |
| Appraiser | FIRREA FEE is based on time and difficulty know market |
| 1 Acre | 43,560 feet |
| Cap Rate T | small # divided by Big # = cap rat %; or $ of property divided by % = $ amount |
| Fannie Mae | 417,000 single Do not give out loans, just insure them |
| FIRREA | Reform and Recovery Act and placed FDIC, manages and disposes of failed institutions, such as savings and loans. Appraisers assoc also part of this |
| Progress to Regress | highest price home compared to lower priced market in your area |
| Broker Price Opinion | trumps as appraiser makes this |
| Guest Cottage rules | less than 640 sq feet cannot rent cannot have kitchen or food prep area |
| Ginnae Mae Loans | HUD controls it Self Financing and insurance guarantee via government. Primary financing mechanism for all govmt insured or guar mortgage loans it provides access to capital for affordable housing |
| Fannie Mae and Freddie Mac Loans | purchase a pool of loans a secondary mortgage market now on the stock market and public owned Insures!! does not loan out money Freddie Mac is largest purchaser of conventional loans |
| Metes and Bounds | oldest style and start with a landmarks like trees, etc called monuments Points of Beg POB |
| Riparian Doctrine | In Az to land, not water own lands next to a waterway |
| Range Lines | 6 miles north and south, but measure space of east and west |
| Township Lines | |
| Unsubdivided lots | 36-160 acres of 6 or more parcels just exempt from a public report if 5 or less lots... |
| Receipt of Publc Report of subdivided lots | buyers must sign a receipt that they received the public report prior to signing a contract and must be kept on file for 5 years |
| Priority of Liens | Property taxes special assessments mechanics lien (depends when date of work began) |
| Property Tax is due | October 1 March1-- no later than May 1 |
| A mill for property tax equation is | 1/1000 or .001 or set by an amount per $100 |
| Special Assessments | improvements that enhance the value of property, sidewalks, sewers, lights, streets, etc |
| Front Footage | part of front of land that faces a street do not use the depth when calculating |
| Writ of Execution | Judgment attach to property and sell it to satisfy debt |
| Writ of Attachment | legal process of seizing real or personal property can be filed prior to court action for judgment so not sold before court has acted held in custody of the court |
| Lis Pendens | as in Mortgage Action/suit pending |
| Limited Partnership | can be asked to pay more into partnership Limited parters Do Not manage Share in profits and losses |
| Real Estate Investment Trusts REIT | 75% of holdings must be in RE must be at least 100 owners title and possession to the Trustee, who manages trust prop for their benefit investors purchase ownership in the trust, which is transferable |
| Fiduciary duty of an Agent to client | Loyalty Obedience Disclosure Confidentiality Reasonable care and diligence Accountability |
| CEU requirements for 24 hours to Renew License | Agency Law Contract Law Commissioners Disclosure Fair Housing Standars Legal Issues General RE |
| Methods to transfer | Gen and spec Warrenty Deeds Quit Claim Deeds, Beneficiary Deeds, Sheriffs Deeds, Probate, Escheat, Foreclosures, Prescription |
| Prescription | To claim a right to use or title by virtue of long use and enjoyment |
| To Convey real property | in writing, motorized and delivered to person whom interest is conveyed |
| Deed of Reconveyance--noun | Deed of Trust A INSTRUMENT TO DO SO |
| Deed of Release--verb | Mortgage, Deed of Trust, any Lien, Judgment Same as a Quit Claim Deed It RELEASES a property |
| Certificate of Acknowledgment | Notorized |
| Title Insurance | Standard Residential Extended ALTA ALTA Residential Purchase Contract Coverage |
| Standard/Residential Title Ins. Cvg | the basics on the title |
| Extended ALTA title ins Cvg | adds mechanics liens HOA liens Someone else has a easement on your land others rt out of leases, options, contracts |
| ALTA Purchase Contract title ins cvg. 3 | all extended ALTA and forced removal of structure due to encroachment onto someones property plain and understandable language, gap automatic inflation coverage up to 150% |
| Commercial Banks | Take Deposits and make loans |
| Investment Banks | Securities |
| Mortgage Banker | originates loans and may sell loans to investors |
| Usury | Law to control what creditors charge in interest. in Az 10% cap, but negotiable if agreed upon for both parties |
| FHA | Federal Housing Administration INSURES LOANS of approved FHA lenders Largest Insurer in the world |
| VA Loans | military GUARANTEED LOAN o down, o mortgage insurance, can be reused and closing costs are set what is reasonable for buyer to pay |
| USDA Rural loans | less than population of 200,000 18 yrs or older, us citizen, legal alien, credit 640 plus, debt to income 29% to 49% max with all debt |
| Residential loan requirements | for 1-4 family units |
| Commerical loans | 5 or more family units |
| Holder in due course | takes an instrument in good faith |
| Ammortization loans | pay more interest in beg of loan, more principle near end Schedule repayment loan |
| Fixed Rate loan | same entire loan |
| Adjustable Loan | interest varies within a benchmark and may have added spread ARM |
| blanket loans | for builders and dev who purchase more than one property |
| Interest only loan | usually have a balloon pmt usually a 5-10 year loan borrowers have rt to pay more than the interest |
| Private Mortgage Insurance. | .5 - 1 % of LTV rato. The higher this is more adv to the Seller/Lender Once reach 50% balance no longer required or pay down mortgage to 78% lender has to remove via Lenders Protection Act |
| Owner Carryback | Seller finances all or part of the loan Restrictions and regulated by Dodd Frank Usually utilizes a Promissory Note |
| Truth in Lending Act--RESPA | Dodd Frank Act Lender must give info when req Seller cannot select Title Insurance co unless paying all himself |
| Loan Assumptions | can be conventional, but usually FHA insured or VA guaranteed loans |
| Federal Reserves on Interest | Does not control directly, but sets Federal Funds Rate in which banks interest to borrow from each other. Been 0 % since 2008 and the lower the percentage = more money to banks to lend out |
| Day of closing | owned by buyer |
| Promissory Note | Never recorded it is a written promise to pay a debt, often in a Seller Carryback loan |
| Hypothecate | A pledge of something as collateral security for a loan enables lender to liquidate, for ex a car loan |
| Tenement | Add a bldg to a land |
| Appurtanance | Rights, privilege, improvements |
Created by:
coco clark
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