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MA Real Estate

FTRS book vocabulary QRSTUVWZ

TermDefinition
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