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California R.E Terms

California R.E. Terms for test

QuestionAnswer
Objects that were once personal property that can become real property. Fixtures
Tenant/Renter Lessee
Trespassing by placing improvements on or over land of another Encroachment
Items incidental to land. Any right, privlage, or improvement that belongs to and transfers with the land.Doesn't exist appart from land. Appurtenant
Promise/agreement to do or not to do something that's set forth in written agreement. Form of a private restriction covenant
Private taking/use public water from river/lake appropriation
Contract provision requiring completion of certain act or occurance of a particular event before contract is binding contingency
type of estate that involves some kind of ownership interest in the property. One of the 2 categories estates are divided into. freehold
considered personal property.Involves some kind of leasing/renting interest in property. Less than freehold
type of freehold estate. Represents the highest degree of ownership available, indefinate duration. fee simple absolute
type of freehold estate/this means title can be defeated because ownership has been qualified by a condition. conditional ownership fee simple defeasible
type of free hold estate/estate limited in duration to owners life or life of another life estate
person whose interest in real property lasts as long as lived, or as long as another lives life tenant
the amount of tax levied assessment
act covering procedures for hearings by administrative agencies/like hearings for revocation/denial/suspension of R.E licenses administrative procedures act
cost plus improvements minus deduction for depreciation/used with appraisal/term used when comparing properties in order to assess value adjusted cost basis
soil that builds up as result of accretion alluvium
right of local state/federal government to acquire private property for public use/government must pay owner market value compensation for acquiring property eminent domain
also known as the rumford act fair housing act
document used to create security interest in personal property security agreement
loan with higher interest rate when compared to VA loan/also has shorter payoff term/lower loan to value ratio/higher monthly payment/deficiency judgements not allowed conventional loan
square mile of land containing 640 acres section
6 miles long/6 miles wide and contains 36 sections/each 1 mile square township
lender that is not regulated in respect to real estate loans/they permit a loan to have a term of any period without regulation. They usually make shorter term loans/but legally allowed to make any loan period desired Insurance companies
this is not a contract til accepted by the offeree/ offer
substitution of new for old contract. also can be substitution of one party for another novation
court order to cease and desist from an action injunction
Threat of force/if this happens the contract can be voidable Menace
deceitful/suggesting an untrue fact by someone who doesn't believe it to be true/committing this could cause a contract to be voidable fraud
contract that is a promise for a promise/mutual promises supported by each other Bilateral
contract which terms are written or stated but specifically agreed to express contract
contract that yet to be performed executory contract
contract which terms not actually agreed to/but contract results from conduct of the parties Implied contract
process of estimating value valuation
refers to usually hotels/apartments/it's money lost due to vacancies and other collection losses/expressed usually as a percentage of scheduled gross income vacancy factor
one sided where one party makes obligation to perform without receiving promise in return from other party Unilateral
ownership by 2 or more where each is entitled to use of entire property/ Joint tenant/Tenant in common/Tenant by entirety hold this type of interest in property undivided interest
refers to contract once valid when made but for some reason or another cannot be proved or won't be enforced by court unenforceable
force/one of the things that could cause a contract to be voidable if done Duress
written insturment describing how a person wishes to dispose of property after death will
holding money back for payment of future taxes witholding
process of assembling numerous mortgage loans into 1 package and holding them for a period of time prior to selling them to investors warehousing
agreement that's once valid/enforceable on its face but can be rejected by 1 or more of the parties/like a contract entered into with a minor voidable
government sponsored mortgage assistance program. loan type requires little/no down payment and easy to qualify for VA loan
federal agency that provides benefits like VA loans to qualified veterans. VA loan guaranteed by this administration Veterans Administration
an agreement that has no legal affect void
having absolute right/title without contingency/with investing you have right to use portion of a fund like an individual retirement fund. vested
lien type which is used as method of guaranteeing payment of a debt. vendors lien
legally binding valid
something given up by each party to a contract in order to make an agreement binding consideration
written legal document created to affect rights of parties/it's considered personal property written insturment
Insturment when properly executed and delivered conveys title deed
With this type of listing owner reserves right to sell property themselves and not have to pay commission to agent exclusive agency listing
this statement will show that a mortgage assumed by the buyer will appear as a credit to buyer against purchase price and debit to seller closing statement
regulates lenders on one to four family residential dwellings RESPA
This law/act requires lenders of federally regulated mortgage loans must give all the necessary and required disclosures to borrower Real estate settlement act
Deed less than 20k and w/a payoff period of 3 years or more/this type of deed can allow a licensee to collect up to 15% commission Junior Trust Deed
document used to create security interest in personal property security agreement
personal/revocable/non assignable permission to do act on land of another license
notice of pending litigation lis pendens
estates in real property leaseholds
not considered an estate in real property deed of trust
ownership by single person/corporation Tenancy in severalty
equal or unequal undivided ownership between 2 or more people. If owner dies deceased persons share conveyed to their heirs/not other owners Tenancy in common
Right of survivorship to remaining owners Joint tenancy
type of tenancy only available to married couples means property cannot be sold without agreement between both parties Tenancy by entirety
this type of listing is formed by an express agency exclusive listing
agency by written/verbal statement this type of agency is created. agency normally created by a listing agreement express agency
agency type where principal approves previously unauthorized act agency by ratification
agency created out of necessity or emergency. agent could disobey principals instructions if it is in best interest to do so Emergency agency
federal law prohibiting anti competitive practices like price fixing/market allocation/group boycotts etc sherman anti trust act
an agent authorized to conduct all duties of a business enterprise like a property manager general agent
when both buyer/seller parties claim ownership to trust funds that have been deposited.This is so courts can decided who's entitled to the money Commence Interpleader action
an enforceable promise contract
for a promise to be binding upon a party they must have received something of value consideration
these contracts must always be in writing real estate contracts
statement of opinion that is grounds to void a contract puffing
a fully performed contract with nothing remaining to be done executed contract
makes an offer offeror
offer is made to offeree
agreement to accept different consideration than previously agreed to accord and satisfaction
per this contracts must be in writing statue of frauds
stipulates period which legal action must be brought after a cause for action arises statue of limitations
release of all parties in a contract. any consideration returned/puts parties back in position before contract rescission
courts rewrite contracts to read as it was clearly intended (clear error with property description) Reformation
court determines parties rights before breeched contract occurs declaratory relief action
Created by: 1618561149