Real Estate Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| show | A right, privilege, or improvement belonging to and passing with the principal property. It is not necessarily a part of the property.
🗑
|
||||
| show | The combining of adjoining separate parcels of land into a single tract.
🗑
|
||||
| Bill of Sale | show 🗑
|
||||
| Bundle of Rights | show 🗑
|
||||
| Chattel | show 🗑
|
||||
| Datum | show 🗑
|
||||
| Fixture | show 🗑
|
||||
| show | Annual plantings that require cultivation. Considered personal property.
🗑
|
||||
| Fructus Naturales | show 🗑
|
||||
| show | A method of land description that utilizes imaginary grid lines.
🗑
|
||||
| Improvements | show 🗑
|
||||
| show | The lawful claim of a landowner to use and enjoy the water of a lake or sea bordering his land.
🗑
|
||||
| Lot, Block, and Subdivision Method | show 🗑
|
||||
| Meridian Lines | show 🗑
|
||||
| show | A method of land description utilizing measurements and boundaries.
🗑
|
||||
| Monument (P.M.-Permanent Reference Marker) | show 🗑
|
||||
| show | East-West lines in the Government Survey Method.
🗑
|
||||
| Plottage | show 🗑
|
||||
| Property | show 🗑
|
||||
| Real Estate | show 🗑
|
||||
| Riparian Rights | show 🗑
|
||||
| Situs | show 🗑
|
||||
| Trade Fixtures | show 🗑
|
||||
| Acknowledgement | show 🗑
|
||||
| show | Knowledge that one has gained based on what he has seen, heard, read, or observed.
🗑
|
||||
| Adverse Possession | show 🗑
|
||||
| Allodial System | show 🗑
|
||||
| show | Seizure of property by court order, to insure payment of a debt or to have it available to satisfy a possible judgment.
🗑
|
||||
| show | Those parts of a condominium in which each unit owner holds an undivided interest.
🗑
|
||||
| show | The process of taking a property by the state under the right of eminent domain.
🗑
|
||||
| Condominium Ownership | show 🗑
|
||||
| show | Something of value given in return for the act or promise of another. An essential element of a contract.
🗑
|
||||
| Constructive Notice | show 🗑
|
||||
| Cooperative Ownership | show 🗑
|
||||
| Deed in Lieu of Foreclosure | show 🗑
|
||||
| show | Used instead of a mortgage in some states.
🗑
|
||||
| show | A clause in a deed limiting or controlling the future use of the property.
🗑
|
||||
| show | A method for distributing the assets of a deceased person's estate in the absence of a will.
🗑
|
||||
| show | The interest of the owner of the land who has the right to use an appurtenant easement.
🗑
|
||||
| show | The legal right or interest that one spouse has in the property of the other spouse.
🗑
|
||||
| show | A change in zoning from a higher, more active category to a lower, less active (and perhaps less profitable) category.
🗑
|
||||
| Easement | show 🗑
|
||||
| show | The right of the government to acquire private property for public use.
🗑
|
||||
| Encroachment | show 🗑
|
||||
| Equitable Lien | show 🗑
|
||||
| show | Interest held by vendee under sales contact wen legal title is vested in another's name.
🗑
|
||||
| show | Reversion of property to the state when a person dies intestate with no known heirs or when the property is abandoned.
🗑
|
||||
| show | A legal bar to a person alleging or denying a fact when his own previous actions have conclusively indicated the contrary.
🗑
|
||||
| Fee Simple Estate | show 🗑
|
||||
| show | The legal procedure whereby mortgaged property is taken to satisfy a debt that is in default. . Can be judicial or nonjudicial.
🗑
|
||||
| show | An interest in real property of a life estate or greater.
🗑
|
||||
| Homestead Exemption | show 🗑
|
||||
| show | Tenancy with the right of survivorship and various other characteristics.
🗑
|
||||
| Laches | show 🗑
|
||||
| show | A broad term describing any legal description that regulates how a parcel of land may be used.
🗑
|
||||
| Leasehold Estate | show 🗑
|
||||
| show | A claim against the property of another as security for a debt or charge.
🗑
|
||||
| show | An estate or interest in real estate held during the term of a specified person's life.
🗑
|
||||
| Lis Pendens | show 🗑
|
||||
| show | A lien levied against specific property by those who furnish materials and/or labor for its construction, improvement, or repair.
🗑
|
||||
| Nonconforming Use (Grandfathered) | show 🗑
|
||||
| show | Individually owned houses coupled with membership in the Owners Association that holds title to the common areas.
🗑
|
||||
| show | The right of a government to enact legislation to protect its citizens.
🗑
|
||||
| show | A form of deed without covenants or warrants of any type.
🗑
|
||||
| Remainder Estate | show 🗑
|
||||
| show | An estate in which title returns (reverts) to the original grantor or his heirs upon termination of a life estate.
🗑
|
||||
| show | The estate of the owner whose land is burdened by an appurtenant easement.
🗑
|
||||
| Special Warranty Deed | show 🗑
|
||||
| Statutory | show 🗑
|
||||
| Tacking | show 🗑
|
||||
| show | A form of joint ownership without right of survivorship.
🗑
|
||||
| Tenancy by the Entireties | show 🗑
|
||||
| show | One authorized to represent and to act on behalf of another person.
🗑
|
||||
| Assignment | show 🗑
|
||||
| show | A competent and disinterested person authorized by another person to act in his place.
🗑
|
||||
| Bilateral Contract | show 🗑
|
||||
| Blockbusting | show 🗑
|
||||
| Caveat Emptor | show 🗑
|
||||
| show | To mingle or mix; for example, to deposit client funds in the broker's personal or general account.
🗑
|
||||
| Covenant | show 🗑
|
||||
| Covenant of Quiet Enjoyment | show 🗑
|
||||
| show | A situation in which an agent (or agency in some states) represents both principals to a transaction.
🗑
|
||||
| show | Unlawful force or action by one person against another in an attempt to coerce the person to perform some act against his will; the threat of the force is called menace.
🗑
|
||||
| show | The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of good-faith intention to complete the transaction.
🗑
|
||||
| show | A contract provision permitting an adjustment of certain payments, not controlled by either part, to move up or down to cover certain contingencies.
🗑
|
||||
| Escrow | show 🗑
|
||||
| Eviction | show 🗑
|
||||
| Exclusive Listing | show 🗑
|
||||
| Executory Contract | show 🗑
|
||||
| Express Contract | show 🗑
|
||||
| Fiduciary | show 🗑
|
||||
| show | Any form of deceit, trickery, breach of confidence, or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another.
🗑
|
||||
| Gross Lease (Fixed or Flat Lease) | show 🗑
|
||||
| Implied Contract | show 🗑
|
||||
| Installment Sales Contract | show 🗑
|
||||
| Misrepresentation | show 🗑
|
||||
| Mistake | show 🗑
|
||||
| show | A lease, usually commercial, in which the lessee not only pays the rent for occupancy, but also pays maintenance and operating expenses such as taxes, insurance, utilities, and repairs.
🗑
|
||||
| Net Listing | show 🗑
|
||||
| Novation | show 🗑
|
||||
| Open Listing | show 🗑
|
||||
| Option | show 🗑
|
||||
| show | A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.
🗑
|
||||
| show | A written instrument authorizing a person, the attorney-in-fact, to act as the agent on behalf of another to the extent indicated in the instrument.
🗑
|
||||
| Proprietary Lease | show 🗑
|
||||
| Puffing | show 🗑
|
||||
| show | A practice by some lending institutions that restricts the number of loans, or the loan-to-value ratio in certain areas of a community.
🗑
|
||||
| show | A real estate financing technique whereby a property owner sells the property to an investor or lender and, at the same time, leases it back.
🗑
|
||||
| show | State law that requires certain contracts to be in writing and signed by the party to be charged (or held) to the agreement in order to be legally enforceable.
🗑
|
||||
| Statute of Limitations | show 🗑
|
||||
| show | The illegal practice of channeling home seekers interested in equivalent properties to particular areas, either to maintain homogeneity of an area or to change the character of an area to create a speculative situation.
🗑
|
||||
| show | The act of yielding property.
🗑
|
||||
| show | Strong enough persuasion to completely overpower the free will of another and prevent that person from acting intelligently and voluntarily.
🗑
|
||||
| show | A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party.
🗑
|
||||
| Universal Agent | show 🗑
|
||||
| show | Having no legal force or binding effect; a nullity; not enforceable.
🗑
|
||||
| Voidable | show 🗑
|
||||
| Acceleration Clause | show 🗑
|
||||
| Ad Valorem Tax | show 🗑
|
||||
| show | A mortgage with rates and terms that can change.
🗑
|
||||
| Adjusted Basis | show 🗑
|
||||
| show | The act of transferring ownership, title, or an interest or estate in real property from one person to another.
🗑
|
||||
| show | A temporary or permanent increase in the worth or value of property due to due to economic causes.
🗑
|
||||
| show | The value of real property established for the purpose of computing real property taxes.
🗑
|
||||
| show | The acts of acquiring title to property that has an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.
🗑
|
||||
| show | A mortgage in which the final payment is substantially larger than the previous installment payments and repays the debt in full; the remaining balance that is due at the maturity of a note or obligation.
🗑
|
||||
| show | The dollar amount that the IRS attributes to an asset for purposes of determining annual depreciation or cost recovery, and gain or loss on the sale of the asset.
🗑
|
||||
| Blanket Mortgage | show 🗑
|
||||
| Buydown | show 🗑
|
||||
| show | A mathematical process for converting net income into an indication of value, commonly used in the income approach to value. The net income of the property is divided by an appropriate (capitalization) rate of return to give the indicated value.
🗑
|
||||
| show | A deed to a lender given by an owner conveying mortgaged property in which the mortgage is in default. It is an alternative to a foreclosure action.
🗑
|
||||
| show | A legal document in which title to property is transferred to a third-party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary (lender).
🗑
|
||||
| Defeasance Clause | show 🗑
|
||||
| show | A judgment against a borrower, endorser, or guarantor for the balance of a debt owed when the security for a loan is insufficient to satisfy the debt. Occurs when a foreclosure sale produces less than the amount to satisfy the debt.
🗑
|
||||
| Depreciation | show 🗑
|
||||
| Economic Life | show 🗑
|
||||
| show | That interest or value remaining in property after payment of all liens or other charges on the property.
🗑
|
||||
| Escalation Clause | show 🗑
|
||||
| Escrow Closing | show 🗑
|
||||
| show | A loss in value of an improvement due to functional inadequacies, often caused by age or poor design.
🗑
|
||||
| show | A mortgage in which the monthly payment for principal and interest increases by a certain percentage each year for a specific number of years and then levels off for the remaining term of the mortgage.
🗑
|
||||
| show | To pledge specific real or personal property as security for an obligation without surrendering possession of it.
🗑
|
||||
| Junior Lien | show 🗑
|
||||
| Like-Kind Exchange | show 🗑
|
||||
| show | One-tenth of one cent. Some states use a mill rate to compute property taxes and sales taxes.
🗑
|
||||
| show |
🗑
|
||||
| show | A financing arrangement in which the monthly payments are less than the true amortized amounts and the loan balance increases over the term of the loan rather than decreases; an interest shortage that is added to the unpaid principal.
🗑
|
||||
| Net Operating Income (NOI) | show 🗑
|
||||
| show | A method of financing in which the loan that finances the purchase of a home is also secured by personal items such as appliances.
🗑
|
||||
| show | A mortgage provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment by the mortgagor of a certain sum of money.
🗑
|
||||
| PITI | show 🗑
|
||||
| show | A generic term for a percentage of the principal conventional loan amount; a rate adjustment factor.
🗑
|
||||
| Power of Sale | show 🗑
|
||||
| Private Mortgage Insurance (PMI) | show 🗑
|
||||
| Purchase-Money Mortgage (PMM) | show 🗑
|
||||
| Real Estate Settlement Procedures Act (RESPA) | show 🗑
|
||||
| Regulation Z (Truth in Lending Act) | show 🗑
|
||||
| show | A short-term loan secured by a long-term adjustable rate mortgage, with interest renegotiated at the time of established automatic renewal periods.
🗑
|
||||
| Reverse Annuity Mortgage (RAM) | show 🗑
|
||||
| Secondary Mortgage Market | show 🗑
|
||||
| show | A tax or levy customarily imposed against only those specific parcels of realty that will benefit from a proposed public improvement, as opposed to an ad valorem tax.
🗑
|
||||
| show | An agreement whereby a holder of a prior superior mortgage agrees to subordinate or give up his priority position to an existing or anticipated future lien.
🗑
|
||||
| Subordination | show 🗑
|
||||
| show | The sale of real property by a governmental unit to satisfy unpaid real property tax liens, frequently followed by a statutory period of redemption.
🗑
|
||||
| show | The act of charging a rate of interest in excess of that permitted by law.
🗑
|
||||
| Wraparound Mortgage | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
Arianna524
Popular Real Estate sets