Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > A Terms > Flashcards

A Terms Flashcards

1
Q

amend escrow instructions

A

A change in the escrow instructions after they have been signed. The signatures of both buyer and seller are required to amend the instructions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

amenities

A

Features of a property that enhance the satisfaction and use of the property; for example, an extra bath, a flower garden, mature shade trees.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

American Land Title Association (ALTA)

A

A type of title insurance policy providing extended coverage to the lender. The same extended coverage also may be available for the buyer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

American Taxpayer Relief Act of

2012

A

Increased capital gains for high- income taxpayers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Americans with Disabilities Act (ADA)

A

Provides for handicapped accessibility for places of public accommodation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

amortized loan

A

A loan that is liquidated by equal payments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

anchor bolt

A

A bolt that ties the mudsill (the lowest board in a house) to the foundation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

anchor tenant

A

A major tenant, usually located at one end (or both ends) of a shopping center. Lesser shops benefit by being between or close to anchor tenants.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

ancillary probate

A

A probate for real property located in a state other than the domicile of the deceased.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

annexation

A

Adding to something, as when a city annexes outlying land. Personal property can become real property by being joined to it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

annual percentage rate (APR)

A

An interest rate expressed in simple interest considering all finance charges.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

anticipation

A

Value changes based on anticipated future use and income.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

anticipatory breach

A

An action or a statement of a party before the performance due date that indicates the party will breach the contract. The other party can bring suit upon anticipatory breach without waiting for an actual breach.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

anti-merger clause

A

A clause in a mortgage that prevents loss of lien priority should the lien-holder receive a deed. Otherwise, a deed in lieu of foreclosure would convey title subject to later liens.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The Appraisal Foundation Organization

A

responsible for the Uniform Standards of Professional Appraisal Practice (USPAP).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

appraisal

A

An estimate of market value.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

appurtenance

A

A right, benefit, or attachment that transfers with real property; for example, buildings, easement rights, and water rights.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

arbitrage

A

Taking advantage of the interest rate differential by buying at one interest rate, and selling at a higher interest rate by either land contract or the use of a wraparound loan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

arbitration

A

A nonjudicial process for resolution of disputes whereby the parties agree to abide by a decision made by a third person.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

arm’s-length transaction

A

A bargain freely entered into without duress, undue influence, or collusion (deceit).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

articles of incorporation

A

Filed with the state, they set forth the activities a corporation may engage in.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

artificial monument

A

A surveyor point for metes-and-bounds descriptions that is manmade, such as an iron stake, a fence, or a canal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

as is

A

A phrase intended to mean that the seller does not warrant a property’s condition. Such a phrase, however, does not protect the seller in cases of concealment or fraud. Some courts hold that it applies only to readily observable defects, not to known, but undisclosed latent defects.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

asbestos

A

A mineral formerly used for insulation and in housing products. Asbestos dust is a hazardous material.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

assemblage

A

The act of bringing adjacent parcels of land under one ownership; the opposite of subdividing. Assemblage usually results in an increase in value. See also plottage.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

assessed value

A

Value placed by a tax assessor.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

assessment

A

The process of valuing a property for taxation purposes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

assets

A

Property owned by or owed to a business or person.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

assignee

A

One who receives an assignment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

assignment of rents

A

A mortgage clause that allows the mortgagee to collect rents during the foreclosure period. Could also be a transfer of rents to a third party.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

assignment

A

The complete transfer of one person’s rights to another. The assignee takes over the rights and duties of the assignor.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

assignor

A

One who makes an assignment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

associate broker

A

Person who has met real estate broker requirements, but works for a broker in a salesperson capacity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

assumption

A

The act of taking over the responsibilities for an obligation, and agreeing to be liable personally for the obligation. A deficiency judgment might be possible against an assuming party.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

attachment

A

The legal seizure of property under court order before a judgment when there is belief that the property will not be available after judgment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

attestation

A

The act of witnessing; to attest is to bear witness. Formal wills require witnesses.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

attorney-in-fact

A

A person operating as an agent (not an attorney-at-law) under a power of attorney.

38
Q

attornment

A

An agreement between owner and sublessee that the owner will recognize the sublease, and the sublessee will pay the owner should the sublessor’s interests be foreclosed.

39
Q

attractive nuisance

A

A doctrine holding the owner of land liable for injury to children due to the unsafe condition of property where property is likely to attract children as trespassers.

40
Q

avulsion

A

The sudden tearing away or loss of real property by action of water, such as a river’s changing course.

41
Q

axial growth

A

City growth along transportation routes from the city center (resembles the spokes of a wheel).

42
Q

100% location

A

The best retail location within a community.

43
Q

acceleration clause

A

A provision in a note making all payments due on the happening of a certain event (such as missing a payment or selling the property).

44
Q

accelerated depreciation

A

Any method of depreciation for tax purposes that gives greater initial depreciation than the straight-line method. Accelerated depreciation is no longer allowed.

45
Q

abstractive method

A

A means of obtaining land value by deducting the value of improvements from the total property value.

46
Q

abstract

A

A history of every recorded document dealing with a property. It is examined to determine whether there is marketable title.

47
Q

abstract of judgement

A

A condensation of a court judgment. When recorded, the judgment becomes a general lien on the property of the debtor within the county where recorded.

48
Q

abatement

A

A legal action to stop a nuisance. Also can be a reduction of a property tax assessment.
absorption rate The rate at which new or vacant space (such as office space) will become occupied.

49
Q

100% office

A

Office where salespersons pay a regular fee to the broker, but receive 100% of the commissions they earn.

50
Q

abandonment

A

Voluntarily giving up possession of property or a claim or right.

51
Q

acceptance

A

An act or agreement that forms a contract.

52
Q

accession

A

Obtaining title as a result of attaching or joining property to other property.

53
Q

accommodation party

A

A third person (cosigner) who signs a negotiable instrument agreeing to be personally liable to the payee.

54
Q

action in personam

A

A legal action against a person. When recorded, a judgment from such an action is a general lien against all of a debtor’s property in the county where recorded.

55
Q

acre

A

A measure of land equal to 43,560 square feet.

56
Q

acknowledgment

A

A declaration customarily made before a notary, certifying that the signing of an instrument is the signer’s own free act.

57
Q

accrued depreciation

A

Depreciation to date; measured by the difference between the replacement cost new and the present value.

58
Q

accretion

A

A gradual buildup of soil by action of water or wind.

59
Q

Accredited Resident Manager (ARM)

A

A professional designation for resident property managers awarded by the Institute of Real Estate Management.

60
Q

Accredited Management Organization (AMO)

A

A professional designation awarded to a management company by the Institute of Real Estate Management.

61
Q

accord and satisfaction

A

The act of accepting a different consideration than agreed; for example, if there is a dispute as to performance, and one party accepts less than what was bargained for originally.

62
Q

action in rem

A

A legal action against property. When recorded, a judgment from such an action is a specific lien against the particular property involved in the action.

63
Q

actual notice

A

Personal knowledge of an interest or instrument.

64
Q

affirmation

A

A formal declaration as to the truthfulness of a statement; made by a person whose religious beliefs prohibit swearing under oath.

65
Q

affidavit

A

A statement sworn to under oath or by affirmation before a notary.

66
Q

aesthetic zoning

A

Zoning for conformance appearance such as architectural style requirements.

67
Q

adverse possession

A

A means of obtaining title from another by open, hostile, and continuous use for a statutory period of time. In some states, adverse possession also requires payment of taxes.

68
Q

advance fees

A

Fees paid in advance of services rendered.

69
Q

advance commitment

A

A lender agreement to provide permanent financing upon completion of a construction project.

70
Q

administrator

A

A man appointed by a probate court to administer the estate of a deceased; a female appointee is an administratrix.

71
Q

adjusted market price

A

The adjustment of a comparable property’s sales price to account for differences in features and amenities of a property under appraisal (using the market comparison approach).

72
Q

ad valorem

A

A tax according to value; real property taxes are considered to be ad valorem taxes.

73
Q

ademption

A

Disposal of property by a testator before death. It defeats the rights of a specific beneficiary under the will. (The beneficiary is not entitled to the sale proceeds or value).

74
Q

adjustable-rate mortgage (ARM)

A

A mortgage bearing a rate of interest subject to change (based on a particular index) during the term of the loan. ARMs generally have caps on the interest that can be charged.

75
Q

adjusted basis

A

Acquisition cost less depreciation plus cost of improvements. The adjusted basis is deducted from the sales price to determine gain or loss.

76
Q

adjusted gross income

A

Gross income adjusted for a vacancy factor and collection loss.

77
Q

affirmative easement

A

An easement that allows the easement holder a right of use over the land of another.

78
Q

affordability index

A

An index of the National Association of REALTORS® that measures the median family income ability to support a mortgage for the median price home. An index of 100 means that the median income is equal to the amount necessary to afford the median price home.

79
Q

after-acquired interest

A

An interest acquired by a grantor after he or she has conveyed property. Under some deeds, after-acquired interest is said to pass to the grantee.

80
Q

age-life tables

A

Appraisal tables that indicate the economic life for various types of structures.

81
Q

agency by estoppel

A

An agency created when the principal’s words or conduct lead another to believe in the agency and thereby act to the other’s detriment.

82
Q

agency by ratification

A

An agency created by a principal approving an unauthorized act of another.

83
Q

agency coupled with an interest

A

An irrevocable agency under which the agent has an interest in the subject matter of the agency.

84
Q

agency

A

A contractual relationship in which one person (an agent) represents another (a principal).

85
Q

agent

A

A person representing and acting in behalf of another.

86
Q

air lot

A

A described airspace over a property that is subject to being transferred.

87
Q

air rights

A

The rights of property owners to the reasonable use of the airspace over their property. Air rights are considered to be real property, and can be separately leased or conveyed.

88
Q

alienation

A

A transfer of property or property rights.

89
Q

alluvion

A

Soil added gradually to land by action of water or wind (accretion). The soil belongs to the land it is added to by this accretion process.

90
Q

alteration

A

Modification of a contract or note by one party without the consent of the other. Alteration voids the contract.

Real Estate (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions