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MA Real Estate
FTRS book vocabulary LMNOP
| Term | Definition |
|---|---|
| Laches | unreasonable delay in asserting one's rights causing the loss of such rights |
| Land contract | typical method of financing land sales: Buyer makes down payment then monthly payments until final price is paid; buyer does not receive deed until final payment |
| Lease | contract between lessor (landlord) and lessee (tenant) for exclusive possession of realty for specified period under specific terms after which property reverts to lessor |
| Leaseback | the purchase of improved property and the leasing of it back to seller; creates capital and favored tax treatment for seller |
| Legal description | method of describing property no matter where it is in the world and capable of being ascertained by survey |
| Leverage | maximum use of borrowed money and minimum use of cash in the purchase of realty (loan to value ratio) |
| Lien | a debt; claim against property for payment of some debt |
| Life estate | estate or interest held during a certain person's life; non-inheritable; lowest of freehold estates |
| Liquidity | a person's cash position |
| Lis pendens | notice filed in a registry of deeds warning all persons that title to certain property is in litigation |
| Litigation | a contest in court of law between two parties to determine who is in the right |
| Littoral | shoreline of large body of water |
| Lot line | legal line separating lot from another lot |
| Market data | approach to value by which valuation of a property is based on comparison with previously sold properties with similar characteristic; also known as sales comparison approach |
| Market value | price for which realty can be sold on open market if there is willing seller and buyer and a reasonable time to make a sale |
| Marketable title | title which buyer would accept as being good performance on part of seller;a good deed by grantor |
| Master deed | basic title document in creation of condominium; it defines individual fee units and common interest |
| Mechanic's lien | a statutory lien on a specific property for labor and material contributed t a work of improvement of realty |
| Meeting of minds | an offer and acceptance; an agreement or contract |
| Metes and bounds | boundaries of land described in directions and distances |
| Mile | 5,280 feet |
| Modular home | homes whose components are manufactured in a factory, and are later assembled on site |
| Monument | a visible marker, natural or artificial used to establish land boundary |
| Moratorium | action by governments temporarily halting public activities such as a "freeze" on apartment construction |
| Mortgage | a legal instrument conveying conditional title to lender in order to secure the repayment of the debt described in the note |
| Mortgage commitment | a written notice from lender promising a future loan under certain conditions and terms |
| Mortgage broker | a party who, for a fee, brings together an investor and borrower |
| Mortgagee | the lender |
| Mortgagee-in-possession | lender takes possession of property from defaulted party and collects income from lessees pending foreclosure |
| Mortgagor | the borrower |
| Municipal lien certificate | a document from municipality to ascertain status of taxes, water, sewerage, betterments, etc; a required document at closing of title |
| National Association of Realtors (NAR) | a national private trade association with state and local chapters. Members are able to refer to themselves as Realtors. Does not have any official capacity in lawmaking or licensing |
| Necessaries | essentials of existence: food, clothing, shelter |
| Negative Amortization | unpaid interest is addedon to the principal amount owed |
| Net income | also known as the net operating income (N.O.I.); effective gross income minus operating expenses and property taxes |
| Net listing | a fixed, specified price below which owner will not sell and at which broker receives no commission; broker receives everything over fixed price; illegal |
| Net worth | value left after liabilities are deducted from assets |
| Nominal consideration | something of value bearing no relation to real value |
| Non-conforming use | a legal use that was in existence prior to current zoning which may continue to exist |
| Note | promissory instrument given by borrower to lender as evidence of debt, I.O.U. |
| Novation | substitution of old obligation for a new one |
| Obsolescence | loss of value from any source other than wear and tear |
| Offer | statement of intent by offeror; Acceptance is the statement of intent to accept offer by offeree |
| Open-end mortgage | borrower may reborrow up to the original loan; also known as a home equity line of credit |
| Open listing | any hired broker can sell property for a commission but if owner sells,no commission payable |
| Open mortgage | a mortgage that has matured or is overdue and subject to foreclosure |
| Option | a contract between owner and potential buyer or lessee to buy or lease in future at specified terms; the person giving consideration is the optionee |
| Ordinance | law by local government body |
| Overt | openly known |
| Ownership | title; an estate in realty to the exclusion of others |
| Package mortgage | a loan secured by a mortgage both on real and personal property |
| Parol | oral, as distinguished from written |
| Partition | a legal action (e.g. lawsuit) to divide co-owned realty |
| Party wall | wall or fence on common boundary for benefit of both parties; both parties are responsible for maintenance |
| Percentage lease | a lease |
| Percolation test | a soil test designed to measure rate of water absorption and drainage such as for septic systems |
| Physical depreciation | loss in value resulting from wear and tear |
| Planned unit development | a housing concept with high density of dwellings with maximum open spaces |
| Plat | a plan or map of a parcel, such as one showing the various lots of a proposed subdivision |
| Plat book | public record or recorded plans or maps |
| Plot plan | a diagram showing the existing or proposed use of parcel of land. This will show improvements on land |
| Plottage-value | increase in the value of land by assemblage of smaller lots into one ownership; known as plottage increment |
| Points | one-time charge by lender to increase yield on investment; paid at passing; one-point equals 1% of loan amount |
| Point of beginning (P.O.B.) | the starting point in a metes and bound description of property, either from a monument or a reference point on the street; the description begins and ends at the P.O.B. |
| Police power | right of government to enact laws (e.g. building codes, zoning bylaws, license laws) in the public interest or for the public welfare |
| Power of attorney | written instrument authorizing another to act in his/her place; person given power is attorney-in-fact |
| Prepayment penalty | penalty for pay-off of loan before maturity date |
| Prescription | a method of obtaining an easement by adverse use for a period of years (20). hostile to owner's whishes |
| Primary mortgage market | market where loans are made directly to borrowers |
| Private restriction | a restriction placed on realty by grantor (seller) at time of sale imposed on immediate and subsequent owners |
| Prima facie | on first view; on face of it; an obvious fact |
| Prime rate | lowest interest rate charged by commercial banks to most creditworthy customers; the discount rate is rate charged to these banks by Federal Reserve, and the fed fund rate is the rate at which banks borrow from each other |
| Pro forma statement | a projection of future income and expenses |
| Procuring cause | the effort of broker who produced a ready willing and able buyer |
| Promulgate | to publish or make known such as license law |
| Prorate | term used to describe proportional adjustments of monies between seller and buyer at closing such as fuel, rents, etc |
| Prospectus | an advertisement to set forth objects and nature of a particular offering to the public with invitation to buy |
| Public restriction | government law or regulation restricting the use of real estate |
| Puffing | an exaggeration made by salesperson or found in an advertisement that concerns the quality of goods offered for sale |
| Purchase money mortgage (PMM) | a.k.a. seller financing. As part payment of purchase price, the buyer (grantee) gives a Note and mortgage Deed back to seller. |
Created by:
vele
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