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Real Estate
| Question | Answer |
|---|---|
| Avulsion | Any estate for definite period of time. |
| Negative amortisation | A condition created when a loan payment is less than intertwined alone. Even though payments are made on time, the amount owing increases |
| Eminent domain | A governmental right to acquire private property for public use by condemnation, and the payment of just compensation. |
| Contingency | Commonly, the dependence upon a stated event which must occur before a contract is binding. |
| Puffing | An option not made as. Representation of fact, but intended to enhance the value of the property. |
| Exclusive right to sell | A written contract between a property owner and a real estate broker, whereby the owner promises to pay a fee or commission up on to a broker of certain real property if the property is sold during a stated period, regardless of whether the broker is o |
| Hypothecation | Which of the following is defined as "pledging specific real or personal property as security for an obligation without surrendering possession of it"? |
| Market value | The highest price a willing buyer would pay and willing seller accept, both being fully informed, and the property exposed for a reasonable period of time. |
| Statute of limitations | A law which limits the bringing of court action (civil or criminal) to within a specified period of time. |
| Easement | The right to use the land of another for a specific purpose, such as a right of way for utilities. |
| Intestate | Without living will. |
| Township | A territorial division of land esta by federal survey, being siz miles square and containing thirty-six sections, each one mile square |
| Personal property | Movable objects, which are not considered real estate. |
| Americans with disabilities | This was a clear statement by Congress that employers must not discriminate on the basis of disability. |
| Involuntary lien | A lien, such as a tax lien, judgement lien etc., which attaches to property without the consent of the owner. |
| Freehold estate | Estate in which ownership is for indeterminate length of time. United interest in property |
| Master plan | A comprehensive plan to allow a city grow in orderly and sound mannee. |
| Codicil | manner. Addition to a will, which modifies the will by adding to it, su tracking from it, or clarifying it. |
| Yield | Ratio of income from an investment to the total cost of investment over a given period of time |
| Injunction | An order by court preventing one from acting or restraining one from continuing some action. |
| Life estate | An estate I. Real property for the life of a living person |
| Hip roof | A roof with four sloping sides which rise to a ridge |
| Eminent domain | A governmental right to acquire private property for public use by condemnation, and the payment of just compensation |
| Boardfoot | A unit of measurement for lumber, equaling 144 cubicinches or 12 x 12 x 1 |
| Abstract | The consensed histor5 of title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent co valances and encumbrances affecting the property |
| Equitable title | The present right to possession with the right to acquire legal title once a preceding condition has been met |
| Vendor | The person who transfer property by sale. Another word for seller. Commonly used in land contracts |
| Market data approach | Appraising the value of. Property by comparing the price of similar properties |
| Economic obsolescence | A loss in value to property (depreciation) caused by negative influence near property. Concerned with location rather than physical characteristics of the property. |
| Abstract of title | A condensed history of a title to a particular piece of real estate, including a summary of the original grant, and all subsequent conveyances and encumbrances affecting the property, is known as the; |
| Blind ad | An ad which does not identify the broker |
| Affiant | Any person who makes an affidavit or gives evidence |
| Amenities | Those things which enhance the enjoyment (and therefore the value) of real estate but are not neccessary for it's intended use. Examples: a scenic view, swimming pool, etc. |
| Assessor | One who estimates value od property for tax purpose |
| Antitrust laws | Laws enacted to promote free competition by prohibiting agreements to limit competition. In real property businesses, for example, setting a "standard" commission for all brokers to charge would be in a violation |
| Backfill | To replace ground removed by excavation for construction. Used to brace a structure (especially a foundation or footings) |
| Block busting | An illegal method of obtaining houses at below fair market value by telling the inhabitants that people of a different race or religion, moving into the area, will cause property values to fall. |
| Blockbusting | The illegal practice of inducing homeowners to sell their properties by making representation about the prospective entry of persons of a certain race/national origin into the neighborhood is also called; |
| Accretion | The gradual addition. To the shore or bank of waterway. The land generally becomes the property of the ow e of the shore or bank, except where statutes specify otherwise. |
| Net lease | A lease requiring the tenant to pay, in addition to fixed rental, the expenses of the property leased, such as taxes, insurance, maintenance, etc |
| Acre | A measure, usually of land, equal to 160 square rods (43,560 sq. Ft.) In any shape |
| Secondary financing | Which lien is junior to another mortgage or trust deed when a loan is secured by a mortgage or trust deed? |
| American land title association ALTA | An organization, composed of title insurance companies, which adopted certain insurance policy forms to standardize coverage on a national basis |
| Grantor | One who Grant's property rights. |
| Condemnation | The taking of private property for public use. Consent of the owner is not required but fair compensation must be paid. Ex rockies stadium |
| Littoral | The term concerning the shore of lakes and ocean is? |
| Effective age | Age of a structure as estimated by its condition |
| Equity | What's the market value of real property, less the amount of existing liens? |
| Acknowledgement | A written declaration by person executing an instrument, give before an officer authorized to give an oath, stating that the execution is of his own volition |
| Narrative form appraisal report | Detssiled of the appraisal reports in which conclusions are supported and explained |
| Red lining | The outlining of a map of certain "high risk" areas for real estate loan purpose. This means lenders will not extend credit in these areas for real property loans, regardless of the qualifications of the applicant |
| Puffing | an opinion not made as a representation of fact, but intended to enhance the value od the property |
| Estoppel | The prevention of one from asserting a legal right because of prior actions inconsistent with the assertion |
| Bilateral contract | A contract by an exchange of promises |
| Insurance | A contract under which, for a consideration, one party agrees to indemnify another for a possible loss under specific conditions |
| Chattel | Personal property |
| Net listing | A listing under which a real estate agent receives any amount over a given net amount to the seller |
| Fixtures | Personal property that is attached to real property and its legally treated as real property |
| Waiver | Voluntary relinquishments or surrender if some right or privilege |
| Debt to income ratio | The ratio, expressed as a percentage, of borrowers monthly expenses to gross monthly income. |
| Zoning | Regations that contribute the use of land within a jurisdiction |
| Procuring cause | Legal term, which means the cause resulting in accomplishing a goal used in determining whether a broker us entitled to a commission |
| Principle of conformity | An appraisal term stating that general uniformity of structures in an area produces highest value |
| Agency | Any relationship in which one party (agent) acts for or represents another (principal) u der the authority of the latter |
| Statue of frauds | State laws requiring certain contracts to be in writing |
| Lis pendens | A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property |
| Abandonment | What is the voluntary relinquishment of rights of ownership or another interest |
| Steering | The illegal practice of directing home seekers to particular areas either to maintain the homogeneity of am area or to change the character of an area, which limits where they can live |
| Riparian | Belinging or related to the bank of the river or stream |
| Amenities | Those things which enhance the enjoyment (and therefore the value) of real estate but are not necessary for its intended uses. examples" a scenic view, swimming pool, etc |
| Gross rent multiplier | The quotient of the sale price divided by the gross rent |
| Freehold estate | Estate in which ownership is for an indeterminate length if time. Unlimited interest in a property |
| Affidavit | A statement or declaration reduced to writing and sworn to or affirmed before a public official who has authority to administer an oath or affirmation |
| Safety clause | A clause in a listing protecting the broker from having buyer and seller wait until the listing expires to make a deal, thereby avoiding the payment of commission. The clause states that if the property is sold during a specified period after the expir |
| Intestate | Without leaving a will |
| Assessor | One who estimates value od property for tax purposes |
| Payment penalty | A penalty under a note, mortgage, or deed of trust, imposed when the loa is paid before it is due |
| Life estate | An estate in real property for the life of a living person |
| Vendee | Purchaser or buyer, especially on a land contract |
| Emblements | Annual crops produced for sale |
| Unearned increment | An increase in value to real property due to some change in the area rather than an improvement in property itself is known as |
| Dewd | A legal document transferring some type of property |
| Voidable | May be voided, but not void in itself |
| Principle of conformity | An appraisal term stating that general uniformity of structure in an area produces highest value |
| What is LTV | Loan to value |
| What is PMI |
Created by:
Pamaher