"B" Vocab Flashcards
Ballon Mortgage
a loan in which the periodic payments do not fully amortize the loan, so that a final payment (balloon payment) is substantially larger than the ammount of the periodic payments that must be made to satisfy the debt
Ballon Payment
the final, lump–sum payment that is due at the termination of a balloon mortgage
Bare Title
aka Naked title”. This form of title lacks any ownership interests. IN a trust deed, the trustee holds bare title, but only to the extent of the foreclosing on the property for the beneficiary”
Bargin / Sale deed
a deed that conveys title, but does not necessarily carry warranties against liens or encumbrances
Base Line
one of the imaginary East–West lines used as a reference point when descriving property with the rectangular or gov’t survey method of property description
Basis
the cost of purchase plus any capital improvements, less depreciation. It is the number used for calculating profits and losses when selling property
Beneficiary
“1) One who benefits from the acts of another
2) the lender in a deed of trust”
Bequest
personal property given by provision of a will
Betterment
an improvement to property that increases its value
Billateral Contract
a contract in which each party promises to perform an act inexchange for the other party’s promise also to perform an act
Bill of Sale
a written instrument that transfers ownership of personal property. A bill of sale cannot be used to transfer ownership of Real property, which is passed by deed
Binder
an agreement, accompanied by an earnest money deposit, for the purchase of a piece of RE to show the purchaser’s good faith intent to complete a transaction
Blanket Mortgage
a morgage in which more than one parcel of RE is pledged to cover a single debt
Blockbusting
the illegal and discriminatory practice of inducing homeowners to sell thier properties by suggesting or implying the introduction of members of a protected class into the neighborhood
Bond
evidence of personal debt secured by a mortgage or other lien on RE
Breach of Contract
violation of any conditions or terms in a contract without legal excuse
Broker
owner–manager of a business that brings together the parties to a RE transaction for a fee.
Brokers Price Opinion BPO
a broker’s opinion of value based on a competitive market analysis, rather than a certified appraisal
Building Code
local regulations that control construction, design, and materials used in construction that are based on health and safety regulations
Building Line
the distance from the front, rear, or sides of a building lot beyond which no structures may extend
Building Restrictions
limitations listed in zoning ordinances or deed restrictions on the size and type of improvements allowed on a property
Bundle of Rights
the concept that ownership of a property includes certain rights regarding the property such as, – Possession, Enjoyment, Control of Use, and Disposition
Bylaws
rules and regulations adopted by an association–––For example, a condominium
