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MA Real Estate
FTRS book vocabulary QRSTUVWZ
| Term | Definition |
|---|---|
| Quiet enjoyment | right of owner or tenant to possession without interference |
| Quieting title | court action to establish true owner and title |
| Quitclaim deed | written instrument releasing interest of grantor |
| Reality od consent | agreement to a contract must be real and free from fraud, duress, undue influence, misrepresentation and error |
| Reciprocity | mutual exchange of privileges |
| REO | Real Estate Owned; a bank owned property |
| Rescission of contract | the un-making annulling or abrogation of contract by mutual consent |
| Reliction | an increase of the land by the sudden retreat of the sea or a river |
| RESPA (Real Estate Settlement Procedures Act) | a law requiring full disclosure of closing costs to buyer and seller |
| Restrictive covenant | clause in deed limiting certain realty use |
| Revocation | a recall or cancellation |
| Right of first refusal | effectively "dibs" on a property; provides the person holding the right to match a future offer and buy the property in lieu of the offeror |
| Right of way | right of one person to pass over estate of another; a form of easement |
| Riparian | belonging to or relating to banks of a body of water |
| Satisfaction piece | recorded instrument which satisfies debt of mortgagor; it releases, discharges and pays in full |
| Secondary financing | junior mortgages, not to be confused with secondary mortgage market |
| Secondary mortgage market | marketplace for the sale and purchase of existing mortgages which originated in primary market |
| Security deposit | money of tenant deposited with landlord to offset damages beyond reasonable wear and tear done by tenant |
| Seisin | possession of realty with a freehold claim in it. Also can be spelled seizin |
| Separate property | property owned by married person in own right |
| Setback | distance from curb or other established line within which no building may be erected |
| Severalty | sole ownership; owned by one person only |
| Shared equity loan | in addition to making a loan, lender pays a portion of the down payment and gets a split of the equity on resale |
| Sheriff's deed | an instrument drawn under court order to convey title to property sold to satisfy a judgment |
| Short sale | a settlement with the lender where the lender accepts a payment for less than what is owed on the home loan |
| Sinking fund | money set aside from property income which, with accrued interest, will eventually pay for replacement of improvements |
| Specific lien | a lien on a particular property such as: mortgage, municipal taxes, mechanic's lien, attachment, special assessment, condominium association fees |
| Specific performance | court decision ordering one party to comply with terms of contract |
| Spot zoning | permitted use inconsistent with zoning in area |
| Square feet | length x width |
| Square mile | 640 acres |
| Statute | act of legislature |
| Statute of Frauds | law requiring all realty contracts to be in writing in order to be enforceable in court of law |
| Stick Built Home | A wooden house constructed entirely or largely on-site; that is, built on the site which is intended to occupy upon its completion rather than in a factory |
| Subdivision | act of land legally divided into lots for residential construction; recorded in plat book |
| Subordination | willingness of lien holder to be junior to a future lien holder |
| Substitution | when two or more like properties are for sale, the one with the lowest price attracts the greatest demand |
| Surety | one who guarantees performance of another |
| Survey | act of establishing legal description of property |
| Swing loan | short-term loan used to enable buyer to purchase new property on strength of their equity in the property they're trying to sell; also known as bridge loan |
| Syndication | a corporation formed for the investment in a piece or pieces of real estate |
| Tax rate | municipal tax rate multiplied by assessment to produce annual tax. It is given as a millage rate (usually per $1000) |
| Tax sale | sale of property by public auction to satisfy delinquent taxes |
| Tax title | title or ownership acquired at tax sale |
| Tenancy at sufferance | a tenancy arising when tenant remains in possession after lease expires and without owner's permission |
| Tenancy st will | a tenancy which is subject to termination at will of either landlord or tenant ("month to month") |
| Tenancy by the entireties | joint tenancy of married couples only |
| Tenancy in common | holding of title by different persons, under different titles, each person having equal right to occupy all of property involved |
| Testator | one who makes will of last testament |
| Time is of essence | exact and punctual performance of contract |
| Title insurance | insurance against loss resulting from defect in title to particular parcel of realty |
| Title reference | book and page number stamped on deed to indicate where recordation may be found at registry of deeds |
| Title search | examination of registry records to determine chain of title and possible defects based on grantor, grantee or location |
| Topography | nature or contour of land surfaces |
| Torrens system | procedure of registering titles in land |
| Trade fixtures | personal articles used in business and affixed to realty; necessary for trade and are removable |
| Unimproved property | land without buildings or other improvements |
| Unearned increment | increase in value, not anticipated by owner, due primarily to outside forces rather than personal efforts of owner. For example: population growth and inflation |
| URAR (uniform residential appraisal report) | most widely used method of communicated a residential appraisal; required by Fannie Mae |
| USPAP (uniform standards of professional appraisal practice ) | a code of conduct in performing appraisals in federally related transactions |
| Usury | charging higher rate of interest than law allows |
| Variable interest | loan interest rate fluctuates according to an agreed index; known as adjustable rate mortgage (ARM) |
| Variance | permission from city to use land in exception to zoning laws |
| Wraparound mortgage | a mortgage that includes a first and second mortgage instead of having two different ones |
| Writ of execution | a legal writing issued to enforce a judgement or court decree |
| Zoning | government regulations relating to the use of land; for the public good |
Created by:
vele
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