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I'm a bad ass realtor! > Big Test > Flashcards

Big Test Flashcards

1
Q

escheat

A

property goes to state when no will or heirs

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2
Q

intestate

A

no will

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3
Q

testate

A

having a will

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4
Q

bundle of rights

A

right to: use, mortgage, enter, sell, lease, give away property

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5
Q

real property

A

immovable

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6
Q

personal property

A

movable

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7
Q

alienate

A

give away or convey to someone else

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8
Q

hypothecate

A

guess value (usually a lender)

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9
Q

appurtenance

A

goes with the land, transfers with land (i.e. barn to a house, easement on land, fixtures)

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10
Q

fixtures

A 
MARIA 
Method
Adaptability
Relationship
Intention
Agreement
ex: pool cover, window blinds
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11
Q

trade fixture

A

personal property

ex: dentist chair

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12
Q

estate

A

ownership (title) in real property

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13
Q

reversion

A

property reverts back to someone

ex: back to owner

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14
Q

remainder

A

property goes to beneficiary

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15
Q

less than freehold

A

lease; not owned, rented

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16
Q

estate for years

A

lease; fixed time

i.e. summer rental

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17
Q

periodic tenancy

A

lease; specific period of time:
week to week, month to month
requires termination notice

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18
Q

estate at will

A

lease; terminate at any time

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19
Q

estate at sufferance

A

lease; tenant doesn’t leave

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20
Q

valid lease

A 
Must contain:
Agreement
Lawful object
Consideration
Capable parties
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21
Q

bilateral contract

A

two parties have obligations to perform (i.e. a lease)

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22
Q

constructive eviction

A

landlord makes place unlivable

i.e. turning off water, power

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23
Q

assignment

A

person assigns (transfers) contract to another

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24
Q

-EE rule

A

act of receiving

lessee, grantee, vendee, optionee

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25
Q

-OR rule

A

act of giving

lessor, grantor, vendor, optionor

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26
Q

estoppel statement

A

certifying all facts correct

-defines responsibilities in commercial lease

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27
Q

principal of contribution

A

value is contributed by a part of a total value of a whole

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28
Q

adverse possession

A

another person has title with the intention of possessing it as their own

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29
Q

capitalization approach

A

converts income to value

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30
Q

gross multipliers

A

price / rent

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31
Q

subordination clause

A

current debt claims take priority over others (inferiority)

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32
Q

deed

A

evidence of transfer

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33
Q

trust deed

A

title in real property is transferred to a trustee, and is held as security fora loan between a borrower and a lender
-title is with the buyer

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34
Q

quitclaim deed

A

legal instrument used to transfer interest in real property IMMEDIATELY

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35
Q

gross lease

A

set fee

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36
Q

net lease

A

taxes, insurance, maintenance

triple net lease

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37
Q

percentage lease

A

percent of gross receipts

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38
Q

fee simple defeasible

A

condition that can cause loss of title

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39
Q

fee simple

A

absolute ownership, not free of encumbrances (taxes)

  • highest ownership
  • freehold ownership
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40
Q

freehold

A

ownership for undefined length of time

unlimited duration

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41
Q

less than freehold

A

held by a renter or lessee

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42
Q

acre

A

43,560 ft sq

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43
Q

feet in a mile

A

5,280 ft

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44
Q

proprietary

A

relating to owner; proprietor

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45
Q

option

A

contract that allows exclusive right to purchase

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46
Q

net lease

A

most common, lessee pays taxes, insurance, maintenance

triple net lease

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47
Q

loan to value ratio

A

value of principal / appraised value OR sale price

whichever is lower

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48
Q

chattel real

A

personal property

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49
Q

encumbrance

A

limitation to property

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50
Q

easement by prescription

A

implied, dominant has used property continuously w/o permission

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51
Q

appurtenant easement

A

goes with the transfer of title

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52
Q

easement in gross

A

no dominant tenement

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53
Q

dominant tenement

A

land that benefits from easement

access to

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54
Q

servient tenement

A

land that has burden of easement

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55
Q

nonconforming use

A

prior zoning allows

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56
Q

general lien

A

can take all property

-income taxes or judgement liens

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57
Q

specific lien

A

can take specific property

-mortgage, property tax

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58
Q

mechanics lien

A

money owed to those who have supplied labor

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59
Q

judgement lien

A

court ordered debt

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60
Q

lis pendis

A

pending lawsuit

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61
Q

principal of substitution

A

max value determined by cost of equivalent substitutes with same design/use
-basis for market data approach

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62
Q

principal of regression

A

value goes down when close to lesser properties

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63
Q

principal of progression

A

value goes up when close to valuable properties

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64
Q

market data (comparison) approach

A

comparing properties of similar size, condition in same area

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65
Q

cost (replacement) approach

A

cost to replace as new

66
Q

joint tenancy

A

unity of time, title, interest, possession

*right of survivorship (to other person)

67
Q

tenancy in common

A

unity of possession

*NO right of survivorship

68
Q

warranty deed

A

grantor guarantees clear title and right to sell

69
Q

special warranty deed

A

clear title for previous owner

70
Q

general warranty deed

A

clear title for life of property

71
Q

riparian rights

A

along river

72
Q

littoral rights

A

along lake/ocean

73
Q

severalty

74
Q

concurrent estate

A

with more than one person

75
Q

commutative property

A

married couple

76
Q

police power

77
Q

government powers

A 
PETE
Police
Eminent domain
Taxation
Escheat
78
Q

Zone R1

A

single family

79
Q

Zone R3

A

multi-family

80
Q

variance

81
Q

down zoning

A

commercial to residential

82
Q

grandfather clause

83
Q

encroaching

A

trespassing

84
Q

lien

A

money owed

85
Q

injunctions

A

court order to stop

86
Q

cloud on title

A

not clear title

87
Q

reliction

A

recession of water and exposing of land

88
Q

avulsion

A

tearing away of land

89
Q

quiet title action

A

lawsuit over property disputes

90
Q

eminent domain

A

government takes property for public use, pays $

91
Q

inverse condemnation

A

sue the government

92
Q

condemnation

A

compensation from government

93
Q

accretion

A

addition of land

94
Q

title

95
Q

chain of title

A

history of ownership

96
Q

abstract of title

97
Q

escrow

A

neutral party

98
Q

impounds

A

taxes and insurance

99
Q

credit

A

money coming in

100
Q

debit

A

money going out

101
Q

misrepresentation

A

without intent

102
Q

RESPA

A

1-4 dwellings
residential
prevent kickbacks

103
Q

abandonment

A

voluntary leaving

104
Q

sublease

A

possession but not responsibility

105
Q

steering

A

pushing buyers

106
Q

blockbusting

A

selling (causing panic)

107
Q

voidable contract

A

under duress (forcing, threatening)

108
Q

unilateral contract

A

option (promise for an act)

109
Q

executed contract

A

completely performed

110
Q

statute of fraud

A

in writing

111
Q

statute of limitations

A

time frame

112
Q

novation

113
Q

equitable title

A

right to use

114
Q

legal title

A

right to sell

115
Q

a listing

A

bilateral employment contract

116
Q

exclusive agency

A

1 broker OR owner can sell

117
Q

exclusive right to sell

A

broker sells ONLY

118
Q

net listing

A

illegal

amount over sale goes to agent

119
Q

puffing

A

exaggerate

120
Q

fraud

A

intentional lying

121
Q

value

A 
STUD
Scarcity
Transferability
Useful
Demand
122
Q

plottage

A

combining units will increase value

123
Q

promissory note

A

evidence of money owed, an IOU

124
Q

mortgage

A

document that creates a lien

death pledge

125
Q

“subject to”

A

take when someone else pays off lien

126
Q

assume

A

you take over something (a lien)

127
Q

mortgagor

128
Q

mortgagee

129
Q

Contract

A 
Agreement based on:
consideration
capable parties 
Lawful contract
Offer and acceptance (meeting of minds, mutual consent)
130
Q

Executory contract

A

To be performed

131
Q

Voidable contract

A

Enforceable, but subject to decision by a party
(Wanted blue house, but it’s green, and buyer decides it’s ok)
Duress
Misrepresentation
Fraud
Option to rescind

132
Q

Valid contract

A

Competent parties
Legal consideration
Lawful object
Offer and acceptance

133
Q

Capable parties

A

18+ yrs
Sound mind
Emancipated minor
Given power of attorney

134
Q

Lawful object

A

Legal purpose

If Illegal purpose = void contract

135
Q

Consideration

A

Anything of value
Money
Love and affection

136
Q

Offer and acceptance

A

Exact terms
Accepted w/o changes
Clear
Accurately described

137
Q

Assignment

A

Transfer contract right to another

138
Q

Sublet

A

Transfer possession (but not responsibility) to another

139
Q

Novation

A

New person responsible

-new person substituted for another

140
Q

Specific performance

A

Court action to force completion of something

141
Q

Rescission

A

Terminate contract and return contracting parties to same position as before

142
Q

Valid

A

Buyer gets what they want and is in contract

143
Q

Voidable

A

Duress
Misrepresentation
Fraud

Ex: Seller didn’t fulfill, but buyer accepts and follows through anyway

144
Q

Void

A

Missing one:

Mutual consent
Lawful object
Consideration
Capable parties

145
Q

Estoppel

A

Precludes a person from asserting legal right because of prior conditions inconsistent with assertion

146
Q

Township

A

6x6 mikes square, 36 sections, each 1 sq mile

147
Q

Hypothecation

A

Property as loan security w/o giving up possession

148
Q

Assumption fee

A

Debit to buyer

149
Q

Remainder

A

Transfer property to an heir (or remainderman) at death

150
Q

Standard title insurance

A 
Defects
Forgery
Incompetent grantor 
Incorrect marital statement
Improper delivery of deed
151
Q

Extended coverage title insurance

A 
Everything in standard plus:
Defects in inspection
Unrecorded rights 
Examination of survey
Unrecorded liens not known
152
Q

Ad valorem

A

Tax amount based on value of property

153
Q

Covenant

154
Q

Reconveyance deed

A

Proof of paying off a loan

155
Q

Convey/conveyance

A

Transferring ownership in property

156
Q

Marketable title

A

Title clean and free from debts

157
Q

Insurable title

A

Title may have encumbrance but title company insures it

158
Q

Caveat emptor

A

Buyer beware

159
Q

Habendum

A

To have and to hold

160
Q

Cap rate

A

Income generated / value of property

I'm a bad ass realtor! (1 decks)

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