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MA Real Estate

FTRS book vocabulary ABC

TermDefinition
Abandonment lessee leaves without consent of lessor before lease expires; does not break lease or relieve lessee obligations
Abatement a reduction in property taxes; must file taxes before requesting
Abstract of Title a condensed history of legal title, summarizing all instruments in chain of ownership; provided by lender's attorney and paid by borrower
Abutting neighboring land with a common boundary
Acceleration Clause a clause in a note protecting lender; upon default, balance of debt becomes due immediately instead of maturity date; prelude to foreclosure
Acceptance indication by signature of offeree that he is willing to be bound by terms of offer from offeror
Accretion increase of property by gradual natural additions, as of land by alluvion
Accrued depreciation difference between cost of replacing property new as of date of appraisal and present value
Acknowledgement an act of executing a legal instrument such as a deed, mortgage or discharge before a lawyer or other officer of state such as a notary public; this act declares signing to be free and voluntary; this is necessary before recording at registry
Acre 43560 square feet
Actual Eviction legal action originated by lessor whereby lessee in default is physically ousted pursuant to a court order (unlawful detainer)
Adjacent nearby or abutting
Adjoining touching and contiguous
Adjustments rents, insurance, fuel, taxes, etc. apportioned or prorated between buyer and seller at closing of title (passing of papers)
Administrator/Administratrix person appointed by court to probate or prove and settle estate of person leaving no will
Ad Valorem tax assessment based on actual value
Adverse possession occupant's right to acquire legal title to private property held by title holder by deed if occupant holds land openly, notoriously, adversely and without permission for 20 years; also known as squatter's right
Affidavit a sworn statement; written oath such as acknowledgement
Affirmation a solemn declaration; non-religious oath
Agency a contract by which one party undertakes to represent another in certain business situations, such as realty brokerage
Agent a person (natural), corporation, society, association or partnership (legal persons) acting by authority of a principal in a realty transaction for compensation
Agreement of sale a bilateral contract whereby buyer promises to buy and seller promises to sell by execution and delivery of deed; also known as Purchase and Sale Agreement (P&S); Agreement means the same as Contract
Air rights ownership or lease or air space over a specific parcel of realty, such as building over a turnpike
Alienation voluntary transfer of realty
Alienation clause clause in mortgage giving lender right to accept or reject new owner of take-over mortgage
Alluvion increasing of land are along a shore by deposited alluvium or by the recession of water
Alluvium clay, silt, sand, gravel, or similar detrital material deposited by running water
Amenities features of property making it desirable and thus adding value, such as scenic views, convenient shopping, etc.
Amortization paying indebtedness by equal and periodic payments; each payment is equal but ratio of principal and interest changes with an increasingly larger portion credited to reducing debt
Appraisal an estimate of value
Appreciation increase in value resulting from market forces such as demand stronger than supply
Approaches to value three methods used by appraiser to form an estimate of value such as cost, market and income approaches
Appurtenance a right belonging to and passing with a property such as having a right of way through adjoining property
Arm's length transaction sale without duress on either party resulting in fair market value; an open and willing sale
Assemblage the act or process of combining two or more lots under single ownership
Assessed valuation value given to realty by assessor's office for property taxation purposes; also called assessment; actual collection of tax comes from Tax Collector or Treasurer
Assets all real and personal property one owns; assets minus liabilities such as mortgages, equal net worth (equity) transfer of title or interest in writing; assignor gives and assignee receives
Associate broker a broker who chooses to work as a salesperson for another broker (the employing broker)
Assumption of mortgage taking of title to property by grantee who assumes existing loan; however original mortgagor is not released and in event of foreclosure and deficiency, mortgagee can look to either original mortgagor or new grantee or both
Attachment a writ issued, beginning or during a legal action commanding sheriff to attach("seize") property, rights and effects of defendant to satisfy possible credit demands of plaintiff if judgement comes out in plaintiff's favor
Attest affirmation that something is true or authentic
Attestation testimony or evidence given under oath
Attorney-at-law a lawyer employed by a party to manage a cause
Attorney-in-fact someone holding a written power of attorney
Auction public sale of property to highest bidder
Balloon mortgage principal loan amount paid off in lump sum at end of term as opposed to amortized direct reduction method
Benchmark mark on stone or cement permanently fixed to ground; used as measuring point by surveyors
Bequeath to give personal property by will; bequest
Betterments improvements adding to value of realty, done by local government and paid for by gainers of value; sidewalks, streets, etc. Results in a special assessment
Bilateral contract one person's promise in exchange for another person's promise such as purchase and saleagreement
Bill of sale a written instrument that is the evidence of transfer of one person's right in personal property to another
Binder deposit or earnest money given as evidence of good faith by buyer to secure property until sale is consummated; it can also refer to a temporary memorandum outline a real estate deal, similar to a letter of intent.
Blanket mortgage a single mortgage instrument securing more than one parcel of property as security for the loan
Blockbusting employing fear tactics to induce panic selling or panic peddling in a neighborhood: illegal
Board of Registration of Real Estate Brokers and Salespersons licensing authority in Massachusetts under the Division of Public Licensure. Issues real estate licenses
Bona Fide in good faith and without fraud
Bond guarantee by third party that it will make good any loss, up to a certain amount, incurred by a party dealing with a broker not acting in good faith; bonding company is Surety and obligor and State is oblige. Broker bond is made payable to State
Breach default or violation of terms of contract
Building code regulations established by government setting forth minimum structural requirement; a police power
Building line line drawn certain distance from lot lines; no building can be erected between building line and lot lines
Bundle of rights all rights that go with ownership of realty
Capital expenditures investments of cash for improvements to remain competitive in a business
Capitalization process of computing current value from expected future income by dividing annual net income by selected rate of return desired for that type of property; the cap rate
Capitalization rate profit expressed as a percentage that an investor expects from an investment on a yearly basis. A rate of return
Carrying charges expenses necessary for holding property such as vacant land pending development or zoning changes
Cash flow profit after principal and interest are deducted from net operating income (NOI)
Certificate of reasonable value (CRV) instrument issued by V.A. denoting maximum value for V.A. guaranteed loan
Certificate of title a written opinion by an attorney or title company that certifies condition of title
Chain of title history of conveyances and encumbrances affecting a title
Chattel an article of personal property
Clear title title free of encumbrances
Client principal who hires an agent; CUSTOMER is the unrepresented party
Closing costs costs of seller and buyer at conveyance of realty
Closing statement a written accounting of funds to seller and buyer at passing papers
Cloud on title outstanding claim or encumbrance which if proved to be valid, would impair title and marketability of property
Collateral a security, such as a mortgage, given to protect debt
Collusion agreement between parties to defraud another
Color of title someone has instrument which appears to provide good title, but actually does not
Commingling the mixing of funds held for the benefit of others with the broker's personal or business funds
Commission money or other valuable considerations given to broker by principal for services rendered; amount is by agreement
Condemnation the taking of private property by law of eminent domain
Conditional sales contract a contract in which owner retains title until buyer has met all terms and conditions; Buyer acquires "equitable title" until final payment; after delivery of deed, buyer has "legal title"
Condominium multi-unit structure made up of individually-owned units with separate deeds and shared ownership of common areas
Consideration something of value exchanged between parties of a contract; money, services, goods or promises
Construction loan progressive payments to builder during stipulated stages in erection of building
Contract a legal instrument between two parties to do or not to do something; in realty, it must be in writing to be enforceable
Convey to transfer and grant; to convey as a transfer of legal title in land by an instrument in writing such as deed
Corporation a legal person created by state law owned by one or more people; corporation must be licensed and bonded; at least one officer of corporation must be licensed as broker but all members involved or engaged in realty must be licensed also
Cost of reproduction cost of exact duplication of property using similar materials
Counter offer voids first offer and creates new offer
Covenant a promise or guarantee usually found in a deed
Covert hidden or concealed defect in the title
Cubage or cubic content length x width x height of interior
Cul de sac a road with one outlet usually ending in a circle
Curtesy right of husband to share in wife's realty upon her death only. Dower is rights of wife to share in husband's realty upon his death; both these rights are life interests only
Created by: vele