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California R.E Terms
California R.E. Terms for test
| Question | Answer |
|---|---|
| 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 |
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