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NC Real Estate Vocab
Real Estate Vocabulary
| Question | Answer |
|---|---|
| Dying without leaving a will | Intestate |
| Measure of land, equal to 43,560 sq. ft. | Acre |
| Payment of a debt in equal periodic installments of principal and interest | Amortization |
| Relationship in which one party (agent) acts for or represents another (principal) under the authority of the latter | Agency |
| A contract in which each party promises to perform an act in exchange for the other party's promise to perform | Bilateral |
| The right to use the land of another for a specific purpose such as a billboard for a company. | Easement in gross |
| An increase in value to real property | Appreciation |
| A sudden and substantial tearing away of land by water | Avulsion |
| In this type of ownership if the conditions are violated, the property may be returned to the grantor | Fee simple defeasible |
| Governmental right to acquire private property for public use by condemnation, and the payment of just compensation | Eminent domain |
| Personal property used in a business, which is attached to the property | Trade fixtures |
| An estate in real property for the duration of the life of a person | Life estate |
| Purchaser or buyer, especially on a land contract | Vendee |
| Seller in an installment land contract | Vedor |
| Lease requiring the tenant to pay, in addition to rent, other expenses such as taxes, insurance, maintenance | Net Lease |
| legal term for "personal property" | Chattel |
| Penalty under a note, mortgage, or deed of trust, imposed when the loan is paid before it is due. | Prepayment penalty |
| Estates of indefinite duration that can exist for a lifetime or forever | Freehold estates |
| Annual crops produced for sale | Emblements |
| A condensed history of a title to a particular piece of real estate | Title abstract |
| A type of leasehold estate in which a tenant stays in possession of a property after the lease has expired | Estate at sufferance |
| Burden on a property | Encumbrance |
| The authority that local, state, and federal governments have to change the use of a property for planning purposes | Police power |
| Liens that only affect a specific parcel of the owner’s property | Specific liens |
| Trying to convince members of a neighborhood to sell because members of a minority group are moving in | Blockbusting |
| An area where a flood has a 1% chance of being equaled or exceeded each year. | 100-year flood plain |
| This clause prevents the borrower from letting someone else assume the debt without the lender’s approval. | Alienation clause |
| A change to contractual terms or conditions. | Amendment |
| A right, a privilege, or an improvement belonging to, and passing with, the land. | Appurtenance |
| A final payment of a loan that is larger than the required periodic payments when a loan is not fully amortized. | Balloon payment |
| A mortgage covering multiple parcels of real estate, allowing each parcel’s partial release from the mortgage lien upon repayment | Blanket loan |
| A federal act that prohibits racial discrimination in the sale and rental of all real and personal property. | Civil Rights Act of 1866 |
| Ownership involving two or more owners. | Concurrent ownership |
| NC law that requires many types of real estate documents to be recorded for protection against claims from third parties | Connor Act |
| A federal agency created by the Dodd-Frank Act in 2010 to oversee consumer protection via financial regulations | Consumer Financial Protection Bureau (CFPB) |
| A new offer made in response to an offer received. It has the effect of rejecting the original offer. | Counter offer |
| A written instrument that, when executed and delivered, conveys title to or interest in real estate; evidence of title | Deed |
| An instrument used to create a mortgage lien; borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender) | Deed of trust |
| Interest paid in advance | Discount point |
| An easement that runs with the land | Appurtenant easement |
| The overhang of a sloping roof that extends beyond the walls of the house. | Eave |
| Value that an owner has in property over and above any indebtedness. | Equity |
| A concurrent form of ownership in which each owner holds an undivided interest in the real property. Ownership interests can be unequal and the right of survivorship is not allowed. | Tenants in common |
| A state law that requires that certain instruments that convey interest in real estate be in writing to be legally enforceable | Statue of frauds |
| A legal action to compel a party to carry out the terms of a contract. | Specific performance |
| Used to determine suitability and location of septic system; also called a percolation or perc test. | Soil suitability test |
| The process of estimating the value of a property by examining and comparing actual sales of comparable properties. | Sales comparison approach |
| 10-day period of time after a foreclosure auction when a property owner has the right to redeem the real estate by paying the loan balance plus interest, and costs | Redemption period |
| A conveyance by which the grantor transfers interest in the real estate, if any, without warranties or obligations; frequently used to remove clouds on the title | Quitclaim deed |
| A deed that carries with it no warranties against liens or other encumbrances but does imply that the grantor has the right to convey title | Bargain and sale deed |
| In NC a licensee who must operate under the supervision of a broker-in-charge | Provisional broker |
| Societal factors that are related to the location | Situs |
| Representing both parties to a transaction; must be consensual and reduced to writing prior to presentation of first offer. | Dual agency |
| The interest held by the grantor in a deed of trust that allows possession and use of the pledged property. | Equitable title |
| The personal revocable nontransferable right to a temporary use of another’s land—a personal right that cannot be sold. | License |
| NC law states item purchased on credit remains personal property and may be removed by the creditor in the event of default. | Uniform Commercial Code |
| Substituting a new contract for an old one | Novation |
| A rule that states a written agreement is the final expression of the agreement of the parties | Parole evidence rule |
| The division of real property when all parties do not voluntarily agree to terminate the co-ownership; takes place through court procedures | Partition |
| The amount of rental income the property could produce with 100% occupancy and with all tenants paying full rent | Potential Gross Income |
| A main party to a transaction—the person for whom the agent works; the client. | Principal |
| An agreement between an FSBO & a broker to secure payment for the broker if the property is sold to the particular buyer named in the agreement | Protection agreement |
| A life estate that is measured by the life of a person other than the grantee | Pur autre vie |
| A colorless, odorless radioactive gas that naturally occurs in all areas of the state from the decay of radioactive minerals in the ground | Radon |
| NC law that mandates delivery of habitable residential rental units; obligations of the landlord and the tenant are mutually dependent | Residential Rental Agreement Ac |
Created by:
KikaJ
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