flash cards
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | A document recorded to terminate a homestead exemption
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| A.P.R. | show 🗑
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| show | American Land Title Associates. A national associate of title companies.
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| show | Reports proceeds from a real estate transaction to the IRS
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| show | To reduce in amount, such as the removal or the encapsulation of asbestos
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| show | A residential lender is to verify that the borrower has a reasonable ability to repay the loan.
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| show | A summary of all documents that appear on a public record affecting a parcel of real property
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| show | Parcels of land having common boundaries.
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| Acceleration | show 🗑
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| Acceptance | show 🗑
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| Accretion | show 🗑
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| show | For tax purposes, the cumulative amount of depreciation up to a certain time.
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| show | Signing a legal document before a Notary Public or other authorized person.
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| Acre | show 🗑
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| show | Once acre of land with water one foot deep. 325,850 gallons of water.
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| Active Management Areas | show 🗑
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| show | The chronological age of a structure.
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| show | The Grantor physically hands the Deed to the Grantee
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| show | Direct actions of a landlord to remove a tenant from the premises through the legal process.
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| Actual Notice | show 🗑
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| show | According to the value. Arizona property taxes are based on ad valorem.
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| show | Subdivisions in Arizona located outside an Active Management Area are not required to have a 100 year water supply.
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| Adjusted Basis | show 🗑
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| show | The total potential gross income minus vacancy and credit loss. Also called Effective Gross Income
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| show | Original purchase price plus capital improvements
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| show | An individual appointed by the court to handle the estate of a party who dies without a will.
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| Adult | show 🗑
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| Adverse Possession | show 🗑
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| Affidavit of Value | show 🗑
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| Agency | show 🗑
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| Agency by Ratification | show 🗑
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| Agency Coupled with an Interest | show 🗑
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| Agent | show 🗑
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| show | An act of law or circumstances requiring a limited agent to act beyond his authority. (Principal's consent not necessary.)
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| Aggrieved | show 🗑
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| Agreement for Sale | show 🗑
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| Agreement to Sell | show 🗑
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| Air Rights | show 🗑
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| show | A clause in a loan document calling for the entire balance due and payable when the property is sold.
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| All-Inclusive Deed of Trust | show 🗑
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| Allodial System | show 🗑
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| show | Sand, clay, ect., deposited by flowing water.
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| show | Also known as the F.H.A Escape Clause.
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| Amenities | show 🗑
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| Americans With Disabilities Act (ADA) | show 🗑
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| Amortization | show 🗑
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| show | A Triple-A tenant that gives exposure and stability to a shopping center.
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| show | The method of attaching a personal property to real property so that it becomes a fixture.
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| Annuity | show 🗑
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| show | The present value of property s determined by the future benefits to be obtained from that property.
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| show | An opinion of the value of a property given for a specified date in time.
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| show | Market Data Approach, Cost Approach, Income Approach.
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| Appreciation | show 🗑
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| Appurtenant | show 🗑
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| show | To charge a higher interest rate to the buyer that is currently being charged on the loan.
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| Arbitration | show 🗑
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| show | A business transaction in which all parties have equal bargaining opportunity.
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| show | (Paid) after its usage, such as Arizona Property Taxes and interest on real estate loans.
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| Asbestos | show 🗑
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| show | The process of combining two or more smaller parcels of land into one large tract.
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| show | The value placed on real or personal property for tax purposes.
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| show | A tax charged to the owner of real property for benefits received. Tax is usually based on a pro rata share.
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| show | All valuable items held by a person which may be used to liquidate a dept.
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| Assignee | show 🗑
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| Assignment | show 🗑
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| show | The transferor of all or part of the tenant's rights to another party.
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| Assignment of Rents | show 🗑
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| show | One who transfers a specified interest in property.
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| Assumption of Mortgage | show 🗑
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| show | Subdivisions in Arizona located in an Active Management Area need to provide a 100 year water supply.
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| Attachment | show 🗑
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| show | One who has written authorization to act for another under a power of attorney.
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| Authorization to Sell | show 🗑
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| show | In bankruptcy an automatic injunction that halts actions by creditors.
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| Avulsion | show 🗑
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| Axial Theory | show 🗑
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| show | A ratio that indicates what portion of an individuals income is used to pay all long term debt.
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| Balloon Payment | show 🗑
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| Band of Investment | show 🗑
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| show | A financial situation when a person's liabilities exceed his ability to pay. (assets)
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| Bare-Naked Title | show 🗑
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| Bargain and Sale Deed | show 🗑
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| show | In the Government Rectangular Survey System, the reference line that runs east and west and crosses the principal meridian.
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| Basis | show 🗑
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| show | 1/100 of one percent.
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| Bearing Wall | show 🗑
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| show | A mark on a permanent object that has a known location and elevation.
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| Beneficiary | show 🗑
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| Beneficiary Deed | show 🗑
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| Bequest | show 🗑
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| Bilateral Contract | show 🗑
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| Bill of Sale | show 🗑
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| show | A security that covers more than one parcel of land.
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| Blind Ad | show 🗑
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| show | An illegal action usually concerning fair housing that creates panic selling for monetary gain.
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| Blue Sky Law | show 🗑
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| Boiler Plate | show 🗑
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| show | A Buyer who is acting in good faith for valuable consideration.
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| Book Value | show 🗑
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| Boot | show 🗑
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| Breach of Contract | show 🗑
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| Bring Down Fee | show 🗑
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| Broker | show 🗑
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| show | Court Case that over turned Plessy v Ferguson
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| Budget Payment | show 🗑
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| Buffer Zone | show 🗑
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| show | Special construction standards enforced through a permit.
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| show | The sale of a business which involves transfer of inventory.
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| show | Legal rights of real property ownership: possession usage, transfer, encumber, exclusion.
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| Buyer Broker | show 🗑
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| Caisson | show 🗑
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| CAN-SPAM Act | show 🗑
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| show | Income or sources of income.
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| Capital Gain | show 🗑
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| Capital Improvements | show 🗑
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| Capital Loss | show 🗑
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| Capitalization | show 🗑
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| Capitalization Approach | show 🗑
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| show | An overall rate of return which includes a return on investment of land, improvements and recapture.
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| show | Laws based on an aggregate of previous court decisions.
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| Cash on Cash Return | show 🗑
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| show | Covenants, Conditions and Restrictions.
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| show | A governmental order directing the parties violating the law to refrain from further activity.
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| Ceiling Value | show 🗑
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| Certificate of Eligibility | show 🗑
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| Certificate of Occupancy | show 🗑
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| show | A document given to the winner at a tax lien sale.
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| show | A V.A. appraisal that states the maximum V.A. guarantee on a certain property.
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| Certificate of Sale | show 🗑
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| Certificate of Title | show 🗑
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| show | A deed that conveys private property for public usage.
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| show | A history of constructive notice as it pertains to a certain parcel of real estate.
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| show | A recognition under the bankruptcy code usually pertaining to corporations the debtor remains in possession.
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| show | A recognition of a wage earner's assets - under the bankruptcy code - a trustee is appointed.
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| show | Complete liquidation of a person's assets to pay liabilities. A trustee is appointed.
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| Chattel | show 🗑
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| Chattel Mortgage | show 🗑
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| show | Another name for a lease.
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| Check Lines | show 🗑
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| show | The body of law that protects a party's private rights.
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| Civil Rights Act of 1866 | show 🗑
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| show | The party the Broker represents or the party who hired the Broker and agrees to pay a fee upon performance.
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| show | The day on which all terms and conditions of the contract and escrow have been met and the title is transferred. Close of Escrow usually occurs when all necessary documents are recorded.
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| Cloud on Title | show 🗑
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| show | A history of insurance claims on a specific property.
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| show | A person who signs a promissory note with another.
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| show | An Amendment to a formal Will.
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| Collateral | show 🗑
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| show | A secret agreement between two or more people for an illegal purpose against another.
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| Color of Title | show 🗑
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| show | Institutions primarily involved in short term loans and demand deposits.
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| show | The mixing of trust funds with the Broker's personal funds.
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| Commission | show 🗑
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| Common Area Maintenance | show 🗑
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| show | A system of law that is based on custom and usage as opposed to statutes.
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| show | A method of financing infrastructure and improvements in a development. Bonds will be sold and repaid through increased property taxes.
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| show | Property acquired by the efforts of a husband and wife during their marriage, belonging to them equally.
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| Compaction | show 🗑
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| Comparable | show 🗑
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| show | Damages recovered in payments for actual losses.
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| show | An individual who is legally capable of entering into a binding agreement.
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| show | Interest paid on interest
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| Concentric Theory | show 🗑
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| Concurrent Tenancy | show 🗑
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| Condemnation Suit | show 🗑
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| show | Individual ownership of realty limited to cubage, plus an undivided interest in the common ground.
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| Conformity | show 🗑
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| show | That which is given in exchange for the transfer of property or service. One of the legal requirements for validity of a contract deed, lease or option. Example: The purchase price would be the consideration for the property.
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| show | A short term loan based on draws during the construction process.
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| show | When the inaction of the Lessor makes the use of the property unsuitable, the Lessee moves out. the tenant moves out through no fault of his own.
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| show | A term used when a document is recorded or printed in a public document.
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| show | A regulatory agency charged with overseeing financial services offered to consumers.
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| show | Future conditions that must be met for a contract to be binding.
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| show | A life estate that passes to the life tenants' heirs, pending the death of the person on whom the estate is based.
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| Contour Map | show 🗑
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| show | An agreement based on a promise "consideration" to do or refrain from doing something.
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|
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| show | A real estate transaction where the seller remains legal title to the property until final payment is made.
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| Contract of Adhesion | show 🗑
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| Contract Rate | show 🗑
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| Contract Rent | show 🗑
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| Contract Requirements | show 🗑
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| show | Any improvement to property is only worth its market value, not the cost of the improvement.
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|
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| show | A life estate created for the life of some stated natural person.
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| Conventional Loan | show 🗑
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| show | In real estate law, the unlawful use and misappropriate of another's personal property.
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|
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| Conveyance | show 🗑
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| Cooperating Broker | show 🗑
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| show | Ownership of stock in a corporation which gives the holder the right to occupy a certain unit - a long term proprietary lease.
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| Corporate Resolution | show 🗑
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| Corporation | show 🗑
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| show | Real land such as land and fixtures.
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|
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| Correction Deed | show 🗑
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| show | In the Government Rectangular Survey System, the lines that compensates for the curvature of the earth.
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|
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| Correlation | show 🗑
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| show | An appraisal process that estimates the value of property by using replacement or reproduction costs minus depreciation plus the value of the land.
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| show | A new offer made in response to an original offer.
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|
||||
| show | A promise made between two or more parties, usually pertaining to contracts and deeds.
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|
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| show | The Grantor promises that he has revealed all items that burden the property.
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| show | The seller of a business agrees not to open a like business for a specific period of time.
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| Covenant of Quiet Enjoyment | show 🗑
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| show | The Grantor promises that he has possession of the property and has the right to convey it.
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| Covenants in a Deed | show 🗑
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| Curtesy | show 🗑
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| Customer | show 🗑
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| Debt Relief | show 🗑
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| show | The payments made to satisfy a mortgage loan, including principal and interest.
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|
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| show | Party who died
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|
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| show | The voluntary transferring of private property for public usage.
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|
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| show | The legal written document used to transfer ownership of real property.
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|
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| show | An out of court settlement whereby a Lender accepts the Deed from the Borrower - friendly foreclosure.
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|
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| Deed of Reconveyance | show 🗑
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| show | Security for a debt using a neutral third party (Trustee) who holds legal title.
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| Deed Restrictions | show 🗑
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| Default | show 🗑
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| Defeasance Clause | show 🗑
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| show | A fee simple estate subject to certain limitations imposed by the Grantor.
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|
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| show | Loss of value due to lack of maintenance.
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|
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| Deficiency Judgment | show 🗑
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| Delivery of Deed | show 🗑
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| show | The conveying of an interest in property by means of a lease. A giving up of some interest but not all rights in ownership.
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|
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| Depreciation (Appraisal) | show 🗑
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| show | A defect in real property that is economically feasible to correct.
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|
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| Depreciation (Incurable) | show 🗑
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| Depreciation (Tax) | show 🗑
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| Descent | show 🗑
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| show | The Broker who is responsible for day to day operation of the business.
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|
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| Devise | show 🗑
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| show | The one who receives real property through a Will.
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|
||||
| show | The person who transfers real property through a Will.
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|
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| Direct Endorsement Lenders | show 🗑
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| show | The direction in which a residential community appears to be developing.
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|
||||
| show | A document signed by a party to disavow any interest in a particular property.
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|
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| show | A loan charge in addition to interest that increases the Lender's yield.
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| Discrimination | show 🗑
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| Distraint Clause | show 🗑
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| Docketed Judgment | show 🗑
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| show | Document stating that the death of the Grantor does not terminate a valid escrow.
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|
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| Dodd-Frank Act | show 🗑
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| Dollar Rate | show 🗑
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| show | The parcel of land that benefits from the easement against the servient estate.
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|
||||
| show | A wife's right in her husband's property upon his death.
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|
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| Down Zoning | show 🗑
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| Draws | show 🗑
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| show | A transaction that involves two principals. When a broker represents both buyer and seller.
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|
||||
| show | The use of good faith and a degree of care required to perform one's obligations.
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|
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| Due on Sale Clause | show 🗑
|
||||
| Duress | show 🗑
|
||||
| show | Advance money given by a Buyer to show good faith in a purchase agreement
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|
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| Easement | show 🗑
|
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| show | An easement that is attached to and transfers with title to real property.
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|
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| Easement by Necessity | show 🗑
|
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| Easement by Prescription | show 🗑
|
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| Easement in Gross | show 🗑
|
||||
| show | The edge of a roof that projects beyond a building.
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|
||||
| Economic Depreciation | show 🗑
|
||||
| Income Approach | show 🗑
|
||||
| show | In appraisal, the number of years a property will contribute value to the land.
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|
||||
| Economic Rent | show 🗑
|
||||
| show | The age of property based on its appearance.
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|
||||
| show | The view of the property as seen from the street.
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|
||||
| show | To improve the item described by adding fictitious details. Overstating one's opinion.
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|
||||
| show | The pre agreed right that the Seller or Lessee has to return to the land to harvest crops.
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|
||||
| show | The right of the government to permanently take private property for public use with just compensation.
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|
||||
| Enabling Legislation | show 🗑
|
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| Encroachment | show 🗑
|
||||
| Encumbrance | show 🗑
|
||||
| show | Environmental Protection Agency - A federal agency that sets standards on environmental issues.
🗑
|
||||
| Equal Dignities Rule | show 🗑
|
||||
| show | The buyer's interest in property at the signing of a purchase contract. Vendee's interest in an agreement for Sale.
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|
||||
| show | The Mortgagor's chance to redeem the property prior to sheriff's sale by paying the entire debt.
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|
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| Equitable Title | show 🗑
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||||
| show | "Dollar value" interest remaining after liens are deducted from current property value.
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|
||||
| Equity Build-up | show 🗑
|
||||
| show | The gradual wearing away of land by acts of wind or water.
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|
||||
| Escalator Clause | show 🗑
|
||||
| Escape Clause | show 🗑
|
||||
| show | The right of the state to take property of the deceased who dies without a Will and has no heirs after a statutory period of time.
🗑
|
||||
| Escrow | show 🗑
|
||||
| Escrow Agent | show 🗑
|
||||
| Escrow Delivery | show 🗑
|
||||
| Estate | show 🗑
|
||||
| Estate in Land | show 🗑
|
||||
| show | A legal doctrine which prohibits a person from going back on previous facts or acts of conduct.
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|
||||
| show | A document used to verify the terms and balances of existing leases or loans.
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|
||||
| show | The method used to show one's proof of ownership.
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|
||||
| show | Contract rent that exceeds the economic rent.
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|
||||
| show | A transaction where like properties are traded, usually for tax benefits.
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|
||||
| show | Appointing one Broker in a listing agreement with the owner reserving the right to sell the property without paying a commission.
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|
||||
| Exclusive Right to Sell | show 🗑
|
||||
| Exculpatory Clause | show 🗑
|
||||
| show | A contract in which all terms and conditions have been met.
🗑
|
||||
| Executor | show 🗑
|
||||
| Executory Contract | show 🗑
|
||||
| show | A contract in which the terms are specifically stated either orally or in writing.
🗑
|
||||
| show | A title insurance policy that normally covers items in the public record plus questions of survey and unrecorded mechanics liens.
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|
||||
| F.D.I.C. | show 🗑
|
||||
| show | An F.H.A. appraisal based on a future loan commitment. The property has qualified but a buyer has not yet qualified.
🗑
|
||||
| F.H.A. - Firm Commitment | show 🗑
|
||||
| F.H.A. - Title I | show 🗑
|
||||
| F.H.A. - Title II | show 🗑
|
||||
| F.H.A. - Title III | show 🗑
|
||||
| F.H.L.M.C. | show 🗑
|
||||
| show | Federal National Mortgage Association (Fannie Mae), purchases paper from primary lenders.
🗑
|
||||
| show | The front of a building; the part seen from the street.
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|
||||
| show | A protected class under the Federal Fair Housing Law - A family is one or more persons under the age of 18 years, living with a parent or guardian.
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|
||||
| show | Law enacted by Congress that prohibits discrimination by race, color, religion, national origin, sex, familial status, and handicap. the law relates primarily to the sale or lease of residential real estate.
🗑
|
||||
| Federal Fair Housing Act 1968 | show 🗑
|
||||
| Federal Fair Housing Act 1988 | show 🗑
|
||||
| Federal Housing Administration (F.H.A.) | show 🗑
|
||||
| show | Regulatory agency for Federally chartered commercial banks.
🗑
|
||||
| show | The highest form of ownership under the allodial system.
🗑
|
||||
| Fee Simple Conditional | show 🗑
|
||||
| Fee Simple Determinable | show 🗑
|
||||
| show | A freehold estate that may terminate when and if the Grantor's specified heirs die. "Unlawful in most states"
🗑
|
||||
| show | A federal agency that coordinates disaster relief, also designates flood areas and creates flood maps.
🗑
|
||||
| Feudal System | show 🗑
|
||||
| show | Fair Isaac Company - calculates credit scores
🗑
|
||||
| Fiduciary | show 🗑
|
||||
| show | A document recorded to protect a creditor's interest in personal property.
🗑
|
||||
| FIRPTA | show 🗑
|
||||
| First Right of Refusal | show 🗑
|
||||
| Fissure | show 🗑
|
||||
| Fixture | show 🗑
|
||||
| show | A loan payment plan in which the payments increase over a set number of years.
🗑
|
||||
| Flood Plain | show 🗑
|
||||
| show | A channel for diverting flood water.
🗑
|
||||
| Floor Value | show 🗑
|
||||
| show | A legal action that a landlord can take if the existing occupant refuses to leave.
🗑
|
||||
| Foreclosure | show 🗑
|
||||
| Forfeiture | show 🗑
|
||||
| Formal Will | show 🗑
|
||||
| show | The supporting portion of a structure on which all else rests.
🗑
|
||||
| Fractional Sections | show 🗑
|
||||
| show | Intentional deception that, when relied upon, causes financial loss or personal injury.
🗑
|
||||
| Freehold | show 🗑
|
||||
| show | When asbestos particles become air-born.
🗑
|
||||
| show | A ratio that indicates that portion of an individuals income is used to make mortgage payments.
🗑
|
||||
| show | An asset that cannot be easily converted into cash without taking a loss.
🗑
|
||||
| FTC | show 🗑
|
||||
| show | Physical features within the property lines that are obsolete and longer desirable. May be curable or incurable.
🗑
|
||||
| Funding Fee | show 🗑
|
||||
| G.N.M.A. | show 🗑
|
||||
| Gable Roof | show 🗑
|
||||
| show | A court directive to the party who is holding the assets of another to freeze said assets.
🗑
|
||||
| show | An Agent having the power to perform any and all acts on behalf of a Principal as expressed in a legal document.
🗑
|
||||
| show | A lien that encumbers both real and personal property.
🗑
|
||||
| General Partnership | show 🗑
|
||||
| General Warranty Deed | show 🗑
|
||||
| show | A deed conveyed with love and affection as the consideration.
🗑
|
||||
| good consideration | show 🗑
|
||||
| good faith estimate | show 🗑
|
||||
| Goodwill | show 🗑
|
||||
| show | the government rectangular Survey System, those are regular sections to the curvature of the Earth or acts of nature.
🗑
|
||||
| government rights | show 🗑
|
||||
| show | a governmental method of surveying land located by using a principal Baseline and principal Meridian
🗑
|
||||
| show | at least that will go up in rent as specified intervals
🗑
|
||||
| grandfather clause | show 🗑
|
||||
| Grant | show 🗑
|
||||
| show | the person who receives an interest in Real Property via a deed
🗑
|
||||
| granting clause | show 🗑
|
||||
| grantor | show 🗑
|
||||
| gross lease | show 🗑
|
||||
| gross rent multiplier | show 🗑
|
||||
| show | the total potential of all income that can be derived from an investment property
🗑
|
||||
| ground lease | show 🗑
|
||||
| groundwater | show 🗑
|
||||
| Guardian | show 🗑
|
||||
| show | Department of Housing and Urban Development
🗑
|
||||
| show | The degree, quantity or quality of the estate conveyed
🗑
|
||||
| handicap | show 🗑
|
||||
| show | a mortgage that is given for direct cash
🗑
|
||||
| Hereditament | show 🗑
|
||||
| High Water Mark | show 🗑
|
||||
| Highest and Best Use | show 🗑
|
||||
| show | A contract clause stating one party agrees to protect another from losses.
🗑
|
||||
| show | The party who is holding a note for value and has the protection of law for its enforcement.
🗑
|
||||
| show | A tenant who remains in possession of the property after lease expiration.
🗑
|
||||
| Holographic Will | show 🗑
|
||||
| Homestead | show 🗑
|
||||
| show | A word used in appraising that describes similar or like properties.
🗑
|
||||
| show | Condominium - the owner of the unit only has cubage rights; air rights and sub-surface rights are not included.
🗑
|
||||
| show | To Pledge property as collateral and still retain possession of the pledged property.
🗑
|
||||
| show | A expression of intent to do something, not a binding agreement.
🗑
|
||||
| Implied Agency | show 🗑
|
||||
| Impound Account | show 🗑
|
||||
| show | Irrigation Non Expansive Area
🗑
|
||||
| show | Incomplete (non perfected)- additional steps must be taken to strengthen the claim.
🗑
|
||||
| Incompetent Party | show 🗑
|
||||
| show | The rights accompanying ownership of property.
🗑
|
||||
| show | An agreement to hold harmless another from damages.
🗑
|
||||
| show | A lease that is based on a certain price index such as the consumer Price Index found in commercial leases.
🗑
|
||||
| show | A rate in a variable rate loan that is tied to a T-Bill, 11th District or U.S. Cost of Funds.
🗑
|
||||
| Industrial Fruit | show 🗑
|
||||
| Infancy | show 🗑
|
||||
| show | The right to enter a parcel of land
🗑
|
||||
| Egress | show 🗑
|
||||
| show | A tax method of reporting only the amount of income actually received as it is received.
🗑
|
||||
| Intangible | show 🗑
|
||||
| show | A federal registration system when 25 or more lots are offered for sale or lease inter-sate.
🗑
|
||||
| show | Rent paid for the use of money
🗑
|
||||
| Interest Only | show 🗑
|
||||
| Interim Financing | show 🗑
|
||||
| Internal Rate of Return | show 🗑
|
||||
| show | A third party (court) who is called upon to settle a dispute, usually in an escrow situation.
🗑
|
||||
| Intestate | show 🗑
|
||||
| Involuntary Alienation | show 🗑
|
||||
| show | A lien placed on property without the owner's permission or by act of law.
🗑
|
||||
| Joint and Several Liability | show 🗑
|
||||
| show | Co-ownership that feature the right of survivor-ship and requires the for unities: Possession, Interest, Time, Title.
🗑
|
||||
| show | The horizontal supports that hold up a floor or ceiling
🗑
|
||||
| show | A court case that prohibits discrimination by race both in private and governmental properties.
🗑
|
||||
| show | An involuntary lien on both real and personal property - a general lien.
🗑
|
||||
| show | Any security agreement having a priority after the first mortgage.
🗑
|
||||
| show | A form to report income or loss in a business, partnership, or trust.
🗑
|
||||
| Laches | show 🗑
|
||||
| Land Contract | show 🗑
|
||||
| show | A parcel of land having no ingress or egress without crossing over another's property.
🗑
|
||||
| Landlord | show 🗑
|
||||
| Law of Agency | show 🗑
|
||||
| Law of Situs | show 🗑
|
||||
| Lawful Object | show 🗑
|
||||
| Lease | show 🗑
|
||||
| Leasehold | show 🗑
|
||||
| Legacy | show 🗑
|
||||
| show | A formal description that defines the boundaries of real property. This description is sufficient to locate the property and may be enforced through a court of law.
🗑
|
||||
| Legal Description (Informal) | show 🗑
|
||||
| Legal Life Estate | show 🗑
|
||||
| Legal Person | show 🗑
|
||||
| Legal Right | show 🗑
|
||||
| show | The lawful claim to ownership
🗑
|
||||
| Legatee | show 🗑
|
||||
| Lender's Policy | show 🗑
|
||||
| show | An estate of possession but not ownership - a lease.
🗑
|
||||
| Lessee | show 🗑
|
||||
| show | A landlord in a lease
🗑
|
||||
| show | A repayment plan that includes principal and interest. The total of which is the same amount each payment.
🗑
|
||||
| Leverage | show 🗑
|
||||
| show | A personal privilege one has to use the land of another (privilege revocable)
🗑
|
||||
| Lien | show 🗑
|
||||
| show | States in which the Lender of cash does not hold legal title, but only a lien as security against title.
🗑
|
||||
| Life Estate | show 🗑
|
||||
| Life Tenant | show 🗑
|
||||
| show | Property held for an investment when qualifying for a real estate tax deferred exchange.
🗑
|
||||
| show | An agent having the power to perform only in those areas expressed in a legal document
🗑
|
||||
| Limited Partnership | show 🗑
|
||||
| show | An asset that can easily be converted into cash.
🗑
|
||||
| Liquidated Damages | show 🗑
|
||||
| Lis Pendens | show 🗑
|
||||
| Listing Agreement | show 🗑
|
||||
| show | The agent who acts for the owner of property in either leasing or selling.
🗑
|
||||
| show | A property owners right to use the land abutting a lake or ocean.
🗑
|
||||
| Loan to Value Ratio | show 🗑
|
||||
| show | The taxable gain on the sale of a capital asset held for more than the statutory period of time.
🗑
|
||||
| Lot Release | show 🗑
|
||||
| show | A method of identifying land in a subdivision by referring to a certain lot, block and a recoded plat of the subdivision.
🗑
|
||||
| show | Consideration that is given to support a gift deed.
🗑
|
||||
| M.I.P. | show 🗑
|
||||
| Majority | show 🗑
|
||||
| show | In an adjustable rate loan, the amount added to the index to determine the rate.
🗑
|
||||
| show | An appraisal process that uses comparables to estimate the value of a specified property.
🗑
|
||||
| Market Price | show 🗑
|
||||
| Market Value | show 🗑
|
||||
| Master Plan | show 🗑
|
||||
| Mechanic's Lien | show 🗑
|
||||
| Megalopolis | show 🗑
|
||||
| show | A law requiring sex offender registration and notification
🗑
|
||||
| Menace | show 🗑
|
||||
| Meridian (Principal) | show 🗑
|
||||
| Metes and Bounds | show 🗑
|
||||
| Mill Rate | show 🗑
|
||||
| show | Sub-surface rights to all underground assets.
🗑
|
||||
| Misrepresentation | show 🗑
|
||||
| show | A foundation formed by a single pouring of concrete.
🗑
|
||||
| show | A natural object that is given as part of a survey.
🗑
|
||||
| Moral Turpitude | show 🗑
|
||||
| Moratorium | show 🗑
|
||||
| show | A security document given to insure the payment of a note.
🗑
|
||||
| Mortgage Assumption | show 🗑
|
||||
| show | One who is paid a fee to arrange loans between a Lender and a Borrower.
🗑
|
||||
| show | In a tax deferred exchange - the assumption of a mortgage of lesser value that an existing mortgage.
🗑
|
||||
| show | The Lender under a mortgage-type transaction. The receiver of the security instrument.
🗑
|
||||
| Mortgagor | show 🗑
|
||||
| Mud Sill | show 🗑
|
||||
| show | A general pooling of listing information available to those members of the local Board of Realtors.
🗑
|
||||
| Multiple Nuclei Theory | show 🗑
|
||||
| show | A meeting of the minds between the two parties in a contract.
🗑
|
||||
| Narrative Appraisal Report | show 🗑
|
||||
| Natural Person | show 🗑
|
||||
| show | A designated public highway of water. The stream bed is owned by the government.
🗑
|
||||
| Negative Leasehold | show 🗑
|
||||
| Negotiable Instrument | show 🗑
|
||||
| Neighborhood | show 🗑
|
||||
| show | Tenant pays rent and other costs pertaining to the property.
🗑
|
||||
| Net Listing | show 🗑
|
||||
| show | The income obtained from property after operating expenses.
🗑
|
||||
| show | A person who is acting for a party to be named later.
🗑
|
||||
| show | A mortgage clause which states that the Lender will not disturb the present tenant's rights even in the even in the event of foreclosure.
🗑
|
||||
| Non-conforming Use | show 🗑
|
||||
| Non-Homogeneous | show 🗑
|
||||
| Non-Inheritable Estate | show 🗑
|
||||
| Non-Navigable Stream | show 🗑
|
||||
| Notary Public | show 🗑
|
||||
| show | A document that is evidence of debt - an obligation.
🗑
|
||||
| show | A legal notice that indicates a completed and a mechanic's lien must be filed within a certain time period.
🗑
|
||||
| show | The original obligor is relieved of any further loan obligation due to the substitution of a new party.
🗑
|
||||
| Nuncupative Will | show 🗑
|
||||
| show | The value in the object itself
🗑
|
||||
| show | An open-ended loan has lien priority as per recondition regardless of future draws.
🗑
|
||||
| Obsolescence | show 🗑
|
||||
| Offer | show 🗑
|
||||
| "Or More" Clause | show 🗑
|
||||
| Open End Loan | show 🗑
|
||||
| show | A listing between the principal and numerous agents simultaneously.
🗑
|
||||
| Option | show 🗑
|
||||
| show | The party who receives an option
🗑
|
||||
| Optionor | show 🗑
|
||||
| Orientation | show 🗑
|
||||
| Origination Fee | show 🗑
|
||||
| Ostensible Authority | show 🗑
|
||||
| show | A Title Insurance purchased for the benefit of the Buyer in a real estate transaction.
🗑
|
||||
| P.I.T.I. | show 🗑
|
||||
| show | A lending term referring to a note and a security instrument.
🗑
|
||||
| Parol Evidence Rule | show 🗑
|
||||
| Partition | show 🗑
|
||||
| show | Consists of two or more people conducting business as co-owners.
🗑
|
||||
| show | The instrument used by a Sovereign Power to transfer real property to an individual.
🗑
|
||||
| show | A rental payment which is based on a percentage of the gross sales.
🗑
|
||||
| show | A soil test which determines drainage and absorption.
🗑
|
||||
| show | With no end - to go on forever
🗑
|
||||
| show | Items that are tangible and movable, not real property.
🗑
|
||||
| show | An appointed individual authorized to settle an estate.
🗑
|
||||
| Phase I Audit | show 🗑
|
||||
| show | An environmental survey that requires soil sampling to determine the level of hazardous substances.
🗑
|
||||
| Physical Depreciation | show 🗑
|
||||
| show | A recorded map that shows the smaller parcels in a subdivision by book and page number.
🗑
|
||||
| show | A horizontal piece that supports the trusses or rafters of a roof.
🗑
|
||||
| show | A court case that established the doctrine of 'Separate but Equal"
🗑
|
||||
| Plottage | show 🗑
|
||||
| show | The starting point at one corner of the surveyed land in a Metes and Bounds description.
🗑
|
||||
| Police Power | show 🗑
|
||||
| Positive Leasehold | show 🗑
|
||||
| Power of Attorney | show 🗑
|
||||
| Preliminary Title Report | show 🗑
|
||||
| show | Am additional charge for paying off a debt before its time.
🗑
|
||||
| Primary Lenders | show 🗑
|
||||
| show | The party represented in an agency relationship.
🗑
|
||||
| Principal Balance | show 🗑
|
||||
| Prior Appropriation | show 🗑
|
||||
| show | A form of insurance required on conventional loans that exceed a loan value - ration of 80%
🗑
|
||||
| show | Per front foot or a specific portion allocated to a property owner - usually used in an assessment calculation.
🗑
|
||||
| show | A court action to prove the validity of a will, or settle an estate.
🗑
|
||||
| Procuring Cause | show 🗑
|
||||
| show | Lesser value properties will be increased by locating near more expensive properties.
🗑
|
||||
| Promissory Note | show 🗑
|
||||
| show | Tax levied by the local governments to meet the needs of the community - Real estate taxes are primary liens and are usually based on Ad Valorem.
🗑
|
||||
| Proration | show 🗑
|
||||
| Public Report | show 🗑
|
||||
| Puffing the Goods | show 🗑
|
||||
| show | Damages extending far beyond the actual loss.
🗑
|
||||
| show | A life estate that is based on a life of another.
🗑
|
||||
| show | A mortgage given by a buyer as part of the consideration for the price - one usually carried by the seller in a credit transaction.
🗑
|
||||
| show | A home loan that meets certain standards set forth by the federal government. The loan is presumed to have the met the "ability to repay rule" the Dodd-Frank Act.
🗑
|
||||
| Quantity Survey Method | show 🗑
|
||||
| Quarter Section | show 🗑
|
||||
| show | A court action to remove a cloud on title and create marketable title.
🗑
|
||||
| show | A Deed which releases any or all interest one may have in real property.
🗑
|
||||
| show | Real Estate Investment Trust - A corporation with a minimum of 100 investors and 95% of the profit passes to the shareholder.
🗑
|
||||
| show | Real Estate Settlement Procedures Act - Requires disclosures of closing costs to buyers and sellers. Required within 72 hours of a loan application - Required on residential loans, on, three or four-plex.
🗑
|
||||
| Radon Gas | show 🗑
|
||||
| Rafters | show 🗑
|
||||
| Range Lines | show 🗑
|
||||
| Rate of Return | show 🗑
|
||||
| show | A term used to identify members of the National Associate of Realtors
🗑
|
||||
| Recapture | show 🗑
|
||||
| show | Entering a document in the Recorder's office at the prescribed county.
🗑
|
||||
| show | A state fund that monetarily reimburses the aggrieved public due to dishonest acts of the licensee.
🗑
|
||||
| Redemption Period | show 🗑
|
||||
| show | An illegal practice that restricts loans by geographical area.
🗑
|
||||
| show | A document issued by lender for buyer's benefit stating the existing loan balance.
🗑
|
||||
| Regression | show 🗑
|
||||
| show | Truth in Lending Laws apply to residential financing - Full disclosure of all financing charges. Interest rates are expressed in A.P.R.
🗑
|
||||
| Reinstatement Period | show 🗑
|
||||
| Release Clause | show 🗑
|
||||
| Reliction | show 🗑
|
||||
| show | A map indicating by lines, shading, or color, different elevations of land.
🗑
|
||||
| Remainder (Vested) | show 🗑
|
||||
| Remainder Estate | show 🗑
|
||||
| Rent | show 🗑
|
||||
| Replacement Cost | show 🗑
|
||||
| show | The cost of rebuilding an exact replica
🗑
|
||||
| show | Rights retained by the grantor when property is conveyed. Frequently called Deed Restrictions.
🗑
|
||||
| show | The Value that remains after a property's economic life.
🗑
|
||||
| Reversionary Estate | show 🗑
|
||||
| Ridge board | show 🗑
|
||||
| show | The right one has to cross the land of another.
🗑
|
||||
| Rights of Survivorship | show 🗑
|
||||
| show | The property owner's right to enjoy or use the water abutting his land.
🗑
|
||||
| show | A unit of measurement that consists of 16.5 feet.
🗑
|
||||
| show | A right that remains with the land even upon transfer such as an easement appurtenant.
🗑
|
||||
| S Corporation | show 🗑
|
||||
| show | The selling of property to an investor while at the same time leasing it back for specified period.
🗑
|
||||
| Salvage Value | show 🗑
|
||||
| Sandwich Lease | show 🗑
|
||||
| show | A document which, when recorded, releases the judgement lien.
🗑
|
||||
| Satisfaction of Mortgage | show 🗑
|
||||
| show | Description page of a preliminary title report and the type of insurance being issued.
🗑
|
||||
| show | The portion of a title insurance policy that lists the exceptions to coverage by the policy.
🗑
|
||||
| show | The maximum potential income a property can generate before any deductions or expenses.
🗑
|
||||
| show | A loan repayment record that is consistent.
🗑
|
||||
| Secondary Market | show 🗑
|
||||
| show | In the Government Rectangular Survey System a parcel of land one mile square containing 640 acres.
🗑
|
||||
| Security Agreement | show 🗑
|
||||
| Servient Estate | show 🗑
|
||||
| Setback | show 🗑
|
||||
| Settlement Sheet | show 🗑
|
||||
| Sheathing | show 🗑
|
||||
| Sheriff's Deed | show 🗑
|
||||
| Sherman Antitrust Act | show 🗑
|
||||
| show | The gain on the sale of a capital asset usually held for 12 months or less.
🗑
|
||||
| Sill | show 🗑
|
||||
| show | Interest paid only on the unpaid principal balance.
🗑
|
||||
| show | A fund made up of sums of money set aside to pay a debt or meet depreciation expenses.
🗑
|
||||
| show | Land has an economic value due to its location.
🗑
|
||||
| Soft Money Mortgage | show 🗑
|
||||
| show | Owned by one person - Severalty
🗑
|
||||
| Special Service Properties | show 🗑
|
||||
| Special Warranty Deed | show 🗑
|
||||
| Specific Lien | show 🗑
|
||||
| Specific Performance Suit | show 🗑
|
||||
| Square Foot Method | show 🗑
|
||||
| Statue of Frauds | show 🗑
|
||||
| show | A time limit during which a legal action must take place.
🗑
|
||||
| show | Laws passed by a legislative body.
🗑
|
||||
| show | A lien placed against property by operation of law.
🗑
|
||||
| Statutory Period of Redemption | show 🗑
|
||||
| Steering | show 🗑
|
||||
| Stepped-Up Basis | show 🗑
|
||||
| Straight Line Depreciation | show 🗑
|
||||
| Straight Note | show 🗑
|
||||
| Straw Man | show 🗑
|
||||
| Stud | show 🗑
|
||||
| Sub-surface Rights | show 🗑
|
||||
| Subagent | show 🗑
|
||||
| show | A large tract that has been divided into smaller parcels for sale. Six or more parcels improved or unimproved any of which are less than thirty-six acres each.
🗑
|
||||
| Subject to | show 🗑
|
||||
| Subjective Value | show 🗑
|
||||
| show | A re-renting of space held under a lease to a third party.
🗑
|
||||
| show | A clause in which the lien holder agrees to be secondary to a future encumbrance.
🗑
|
||||
| show | A written order directing a person to appear in court or produce documents.
🗑
|
||||
| show | The substitution of a claim for monies paid.
🗑
|
||||
| show | An appraisal concept that states that the value of one property is set by the cost of buying an equally desirable property.
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| show | Also called the cost approach in appraising
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| Superfund | show 🗑
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| Surety Bond | show 🗑
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| show | The classification of water that included all natural streams, lakes or ponds.
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| show | Determining the location of land by measuring the determined lines an angles.
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| show | An increase in value to real property due to the owner's labor.
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| Syndication | show 🗑
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| show | Adding successive time periods of continuous usage.
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| Take Out Loan | show 🗑
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| show | Personal property that can be moved.
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| show | A real estate investment that postpones the paying of taxes.
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| show | The rate applied to the assessed value of property to establish a tax.
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| show | Using investments to postpone the payment of income tax.
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| Tenancy | show 🗑
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| Tenancy at Sufferance | show 🗑
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| Tenancy at Will | show 🗑
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| show | A method of joint ownership whereby the remaining portion of the property automatically passes to the surviving spouse.
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| Tenancy for Period to Period | show 🗑
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| show | Any lease for a specified period of time.
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| show | Co-ownership in property. Interests need not be equal and no right of survivorship exists.
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| show | Owned by one person. Sole and Separate.
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| Tenant | show 🗑
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| Tenements | show 🗑
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| Term Loan | show 🗑
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| Testate | show 🗑
|
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| Tier Line | show 🗑
|
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| Time is of the Essence | show 🗑
|
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| show | The legal proof of real property ownership
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|
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| show | Insurance in a real estate transaction that protects the parties against Title defects.
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|
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| show | A Lender of cash may hold legal Title to property.
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|
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| show | A registration system that accurately determines ownership and claims to real property.
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| Tort | show 🗑
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| Townhouse | show 🗑
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| show | A parcel of land that is six miles square and contains 36 sections.
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|
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| show | Items used in business that appear to be real property but remain personal property.
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|
||||
| show | The deed one receives as a result of tax foreclosure sale.
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|
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| Trust Account | show 🗑
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| show | One who holds bare-naked title in a Deed of Trust for the beneficiary until the entire debts is paid.
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|
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| show | A Deed given by the Trustee to convey property out of Trust.
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| Trustor | show 🗑
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| show | Covered by Reg Z - Borrowers are to be given truthful and complete information as it relates to the cost of credit.
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|
||||
| Undivided Interest | show 🗑
|
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| show | Taking unfair advantage of one's position in acquiring an agreement.
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|
||||
| show | An increase of property value due to external causes such as inflation
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|
||||
| show | A contract that appears to be valid but neither party can be legally forced to perform
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|
||||
| Uniform Commercial Code | show 🗑
|
||||
| Unilateral Contract | show 🗑
|
||||
| show | An estimate of value that computes each unit times the number of units in a given building.
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|
||||
| Unities of Joint Tenancy | show 🗑
|
||||
| Universal Agent | show 🗑
|
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| Useful Life | show 🗑
|
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| show | Changing a higher rate of interest that the law allows.
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|
||||
| show | V.A. will guarantee to the lender of funds a specific amount in case of default
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|
||||
| Valid | show 🗑
|
||||
| show | Something of monetary value given in exchange for the conveyance of real property.
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|
||||
| Value | show 🗑
|
||||
| Value (Elements of) | show 🗑
|
||||
| Variable Rate Mortgage | show 🗑
|
||||
| Variance | show 🗑
|
||||
| show | The buyer of real property under an agreement for sale.
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|
||||
| show | The seller of real property under an agreement for sale.
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|
||||
| Void | show 🗑
|
||||
| Voidable | show 🗑
|
||||
| show | The Grantor guarantees forever the title conveyed. The warranty is found in a General Warranty Deed
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|
||||
| Warranty Of Further Assurance | show 🗑
|
||||
| show | An unrecorded document that create a gap in the chain of title.
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|
||||
| show | A legal testament by which a person disposes of his or her property at the time of death.
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|
||||
| show | The seller of a negotiable instrument may be held responsible for its future payments.
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|
||||
| show | The seller of a negotiable instrument may not beheld responsible for its future payments.
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|
||||
| Worth | show 🗑
|
||||
| show | Creating a new obligation which consists of all underlying debts plus the sellers equity.
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|
||||
| Writ of Execution | show 🗑
|
||||
| Yield | show 🗑
|
||||
| show | Local laws that regulate the specific use and character of land.
🗑
|
||||
| Which of the following is NOT requred for a sales license in AZ | show 🗑
|
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