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SC RE 1st Yr A
Terms for SC Real Estate Salesman 1st Year
| Question | Answer |
|---|---|
| Land, plus improvements that are attached to the land, is called: | Real Property |
| Anything that is added to the land that increases the value is called: | Improvement |
| Things that were once “personal property” but that, because of intent, method of attachment, adaptation or use it provides to the property, or agreement of the parties, are now “real property” are: | Fixtures |
| There are rights, benefits and improvements that run with the land. There are called: | Appurtenances |
| There are multiple legal rights of ownership. These are referred to as the: | Bundle of Rights |
| “Metes and Bounds,” “Lineal Measurements,” “Markers or Monuments” and “Degrees” all refer to the: | Legal Description |
| “Chattel” and “Personalty” are different terms for property that is movable and that is transferred with a Bill of Sale. The more common term for these items is: | Personal Property |
| Items installed by a tenant to use during the lease for the tenant’s business, sometimes known as “Tenant’s Chattel” are more commonly referred to as: | Trade Fixtures |
| The word that refers to the degree, quantity, nature, and extent of ownership one has in real property is: | Estate |
| If property can be inherited, the ownership is referred to as: | “Fee” or “Fee Ownership.” |
| The right to, or ownership of, land, is described in the: | Title |
| The type of estate that includes “actual ownership” of real property and is of “unpredictable duration” is: | Freehold Estate |
| The highest degree of interest in real property recognized by law is a: | “Fee Simple Estate” or “Fee Simple Ownership” |
| A lease for any definite period of time is a | Tenancy for Years |
| An estate in which the ownership is limited in duration to the life of the owner or some other designated individual is known as a: | Life Estate |
| If a life estate is based on the life of some person other than the owner of the life estate, it is a Life Estate: | Pur Autre Vie |
| One may presently have a right to a future interest in real property. This is referred to as a “Future Estate.” If a future estate goes back to the original Grantor or the Grantor’s heirs, it is referred to as a: | Reversionary Interest |
| If a future estate goes to a third party, it is referred to as a: | Remainder Interest |
| If one enters into a lease, the lessee (tenant) has entered into a/an: | Leasehold Estate |
| Government has the right to enforce laws, such as zoning, building codes, etc., because it has: | Police Powers |
| Local governments, such as cities and counties, can regulate and control the use of land and structures through the power of: | Zoning |
| Private individuals can control the use of land through such things as Covenants, Conditions and Restrictions. These are referred to as: | Deed Restrictions |
| If one person needs an exception from the zoning ordinances, but the government does not want to change the zoning, it can grant a: | Variance |
| If one person needs an exception from the zoning ordinances and the government does want to change the zoning, it can use: | “Spot Zoning” or “Rezoning” |
| A permitted use of real property, which was lawful at the time of construction but not now, The continued use is said to be “Grandfathered in”is a use that is: | Non-Conforming |
| The government has the right to take privately-owned property for public use after paying a fair value for the property. This power is called: | Eminent Domain |
| If the property owner is not willing to let the government have his or her property under this power, the government can use the process of: | Condemnation |
| If someone dies without a will and no heirs can be found, the property will go to the government through: | Escheat |
| Anything that affects the title to real estate is said to be an: | Encumbrance |
| One type of encumbrance is a lien. A lien that affects one particular parcel and is secured is a: | Specific lien |
| A lien that is specific to the property that money was borrowed against is a: | Mortgage |
| Anyone who supplies labor or material on a project for a specific property and is not paid for the work or materials can get a: | Mechanics Lien |
| Some liens will be paid before other liens, normally based on the time or date of recording the liens. This is due to: | Priority of liens |
| One lien that jumps above all other liens in priority is a: | Real Estate Tax Lien (Ad Valorem Tax Lien) |
| A Lien that affects all property, both real and personal, that is not specific to a parcel of property, and typically is unsecured is a: | General Lien |
| If the property does not bring in enough money at a foreclosure sale to satisfy the debt, the lender may get a___________against the borrower. | Deficiency Judgment |
| When litigation is pending, and there is a possible future lien on a property, notice to all interested parties is given through the filing of a: | Lis Pendens |
| A personal, revocable privilege to enter the land of another for a specific purpose, that gives no rights because it can be revoked at any time, is a: | License |
| A right to use the land of another for a particular purpose that is an interest in real estate, but not an estate in land, is an: | Easement |
| An easement expressly given or reserved, by deed, that allows the owners of one parcel to cross over a parcel owned by someone else to access his or her parcel is called an: | Easement Appurtenance |
| An easement obtained by utilities, such as electric, gas, telephone and water companies is called an: | Easement In Gross |
| By law, a person has the right to go in and out of their property. If a parcel is “landlocked” and the owner that has landlocked the parcel will not give an easement, a court may grant an: | Easement By Necessity |
| If an “adverse user” uses the land of another for a specific period of time and that use is open, adverse, notorious, and continuous for that period (10 years in SC), the user may acquire an: | Easement By Prescription |
| If one party sells part of their land to another, retaining title to the main parcel and does not express, but “allows” through actions an easement for access to the sold land, the purchaser acquires an: | Easement by Implication |
| When an individual decides to give an easement to the government for public use of land, the government gets an: | Easement By Dedication |
| If the government needs to create an easement for the benefit of the public, and goes through the condemnation proceedings, they can acquire an: | Easement By Condemnation |
| If one party builds something illegally on someone else’s property, it is called an: | Encroachment |
| The process to rid a property of an encroachment is called: | Ejectment |
| Before someone buys property, they can check the courthouse (or hire someone to do it) to make sure they are getting good title to the property. This is called a: | Title Search |
| A history of the title with a full summary of all grants, conveyances, wills, judicial proceedings, liens, etc., is called an: | Abstract of Title |
| After an attorney searches the public records for a property, he or she will offer a: | Certificate of Title or Attorney’s Opinion of Title |
| Insurance companies can issue insurance policies that cover defects that do not appear in the public records. The policy can cover either the amount of the mortgage only or the owner’s equity plus the mortgage amount. These policies are called: | Title Insurance |
| Another way to refer to the transfer, sale, giving away, willing, or dedication of property is: | Voluntary Alienation |
| There is no law that requires the new owner of the property to give constructive notice to others that they now own the property, but it is a good idea to do so. The way to give constructive notice is by: | Recording |
| A legal contract that transfers real property from one party to another party is a: | Deed |
| There are a number of different types of deeds. The deed that offers the most protection to the grantee is the: | Warranty Deed or General Warranty Deed |
| The type of deed whereby the seller warrants he has done nothing to impair title, but makes no warranty before his ownership is a: | Special Warranty Deed |
| The weakest deed that can be given, A deed that conveys all interest in a property which the grantor may or may not have, and gives no warranties as to the condition of title. Its primary use is to remove clouds from the title, is a: | Quitclaim Deed |
| An agreement between lien holders to change the priority of the mortgages is called | Subordination |
| An owner can lose title to property when they want to keep the property, for example, because of Adverse Possession, a judicial sale or a tax sale. Losing title when the owner doesn’t want to is called: | Involuntary Alienation |
| Property that is owned by one individual or by one corporation is said to be: | Tenancy in Severalty |
| Ownership of property by 2 or more individuals with right of survivorship built in is: | Joint Tenancy |
| For Joint Tenancy, there must be Unity of: | Possession, Interest, Time and Title (PITT) |
| Ownership of property by 2 or more individuals with “right of inheritance” is: | Tenancy in Common |
| For Tenancy in Common, there must be Unity of: | Possession |
| A development where each owner owns stock in a corporation that owns the development is a: | Cooperative |
| A development where each owner owns the space within the building and shares undivided ownership of the outside is a: | Condominium |
| When an artificial legal-entity owns property in severalty and the individual is not liable, the entity that owns property is a: | Corporation |
| An agreement of two or more co-owners to conduct a business for a profit is a: | Partnership |
| An active partner who would have unlimited personal liability for the debts of the partnership is a: | General Partner |
| An inactive partner who contributes only money to the partnership is a: | Limited Partner |
| Security given for a loan that is on real property is called a: | Mortgage |
| The promise to repay a loan on real property is called a: | Note/Mortgage Note |
| The owner of the property gives a mortgage and is called the: | Mortgagor |
| The lender receives a mortgage and is called a: | Mortgagee |
| In a state where an owner gets the deed at closing, and the bank has a lien only, the state is known as a: | Lien Theory state. |
| During the term of a loan, possession of the property remains with the mortgagor, or owner, Using property as collateral or security for a debt without giving up possession of the property. because of: | Hypothecation |
| When the loan is paid It requires the lender to reconvey all interest in the property after the loan has been paid off., satisfaction is given through a: | Defeasance Clause |
| A contract may be written such that possession transfers to the vendee while title remains in trust with the vendor until all payments are made. This is a: | Contract for Deed/Land Sale Contract. |
| If title is held by a third party or trustee until the mortgagor/trustor makes all payments, title is held as a: | Deed of Trust |
| Interest paid in advance, allowing a greater yield to the lender and a lower rate to the borrower is described as: | Points. |
| The charge for using money that is normally, but not always, paid in arrears is: | Interest. |
| Lenders that lend directly to Borrowers are known as the: | Primary Market |
| Lenders that buy loans from banks and other sources but do not make loans to consumers are known as the: | Secondary Market |
| A loan in which principal and interest payments made each month retire the debt is known as a/an: | Amortized Loan |
| A loan in which the last payment is much larger than prior payments is said to have a: | Balloon Payment. |
| For some loans, the borrower can make interest-only payments and pay a balloon payment at the end of the term. This is an example of a: | Straight Term loan |
| A loan with lower payments at the beginning of the loan than at the end of the loan is a/an: | Graduated Payment loan. |
| When building a building, the contractor may need to “draw” loan amounts at regular periods until the building is complete. To do this, the contractor would use a/an: | Construction Loan |
| Some loans don’t have a fixed loan amount or end date, but instead have an upper limit on the amount and can continue as long as payments are being made. These revolving accounts are known as: | Open End loans |
| A mortgage may include both real and personal property as collateral. This would be known as a/an: | Package Mortgage |
| A mortgage may include more than one parcel as collateral. This would be known as a/an: | Blanket Mortgage |
| It is possible to place a new mortgage on top of an existing mortgage, and use the income from the new mortgage to pay the old mortgage. The new, subordinate mortgage is called a/an: | Wraparound Mortgage |
| An owner can finance the sale of a property by offering the buyer financing. This is done through a: | Purchase Money Mortgage |
| One way to finance property is to sell the property to someone else and then lease the property to continue to use it. This is known as a/an: | Sale Leaseback |
| On fixed-rate conventional loans over $180,000 the lender is allowed to charge the borrower if the borrower decides to pay the loan off earlier than scheduled. This is done through the use of a/an: | Prepayment Penalty |
| If a new borrower agrees to take responsibility for an existing loan (even though the prior borrower is still obligated for the loan if payments are not made), it is done through a/an: | Loan Assumption |
| In a situation when the buyer agrees to make payments on an existing loan, but does NOT want to be personally obligated, and the seller is willing to remain obligated, the purchase may be made as: | Buying Subject To |
| Just as with other contracts, a loan and mortgage may be replaced with a new one and the original borrower/mortgagor released from any obligation. This is known as: | Novation |
| The government agency that INSURES loans for residential purchases is: | FHA |
| The government agency the GUARANTEES loans for residential purchases is: | VA |
| Loans with no government backing that are arranged directly with lenders are known as | Coventional Loans |
| Lenders don’t always have to wait until the full term of a loan to collect. For example, a borrower may miss several payments or sell the property. The lender can collect all remaining monies due because of a/an: | Acceleration Clause |
| A borrower might want to pay more on a loan than is scheduled, or pay off the loan early without penalty. This is accomplished through a/an: | Prepayment Clause |
| A lender, such as a bank, has the right to re-entry of a property upon default of the borrower. This is known as: | Foreclosure |
Created by:
ricknorton