"B" Vocab

Question 1

Ballon Mortgage

Answer 1

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

Question 2

Ballon Payment

Answer 2

the final, lump–sum payment that is due at the termination of a balloon mortgage

Question 3

Bare Title

Answer 3

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”

Question 4

Bargin / Sale deed

Answer 4

a deed that conveys title, but does not necessarily carry warranties against liens or encumbrances

Question 5

Base Line

Answer 5

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

Question 6

Basis

Answer 6

the cost of purchase plus any capital improvements, less depreciation. It is the number used for calculating profits and losses when selling property

Question 7

Beneficiary

Answer 7

“1) One who benefits from the acts of another

2) the lender in a deed of trust”

Question 8

Bequest

Answer 8

personal property given by provision of a will

Question 9

Betterment

Answer 9

an improvement to property that increases its value

Question 10

Billateral Contract

Answer 10

a contract in which each party promises to perform an act inexchange for the other party’s promise also to perform an act

Question 11

Bill of Sale

Answer 11

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

Question 12

Binder

Answer 12

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

Question 13

Blanket Mortgage

Answer 13

a morgage in which more than one parcel of RE is pledged to cover a single debt

Question 14

Blockbusting

Answer 14

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

Question 15

Bond

Answer 15

evidence of personal debt secured by a mortgage or other lien on RE

Question 16

Breach of Contract

Answer 16

violation of any conditions or terms in a contract without legal excuse

Question 17

Broker

Answer 17

owner–manager of a business that brings together the parties to a RE transaction for a fee.

Question 18

Brokers Price Opinion BPO

Answer 18

a broker’s opinion of value based on a competitive market analysis, rather than a certified appraisal

Question 19

Building Code

Answer 19

local regulations that control construction, design, and materials used in construction that are based on health and safety regulations

Question 20

Building Line

Answer 20

the distance from the front, rear, or sides of a building lot beyond which no structures may extend

Question 21

Building Restrictions

Answer 21

limitations listed in zoning ordinances or deed restrictions on the size and type of improvements allowed on a property

Question 22

Bundle of Rights

Answer 22

the concept that ownership of a property includes certain rights regarding the property such as, – Possession, Enjoyment, Control of Use, and Disposition

Question 23

Bylaws

Answer 23

rules and regulations adopted by an association–––For example, a condominium