Cleaned Glossary H-St Flashcards
Habendum Clause
A clause in a deed, usually beginning with “to have and to hold,” that describes the type of estate granted.
Half Timbering
A construction method in which the external walls have exposed wood framing constructed of timber frames, with other materials such as plaster or brick filling the space between them.
Have
The part of the auctioneer’s chant that indicates the current bid. (“I have 50, who’ll give me 60?”)
Heat Pump
A combination heating and cooling system consisting of compressors, refrigerants, blowers, and ducts.
Heterogeneity
A characteristic of real property; each piece of land, each building, and each house is a unique piece of real estate. Also called Uniqueness.
Highest and Best Use
The most profitable, legally permitted, feasible, and physically possible use of a piece of property.
Holder in Due Course
One who acquires a negotiable instrument in good faith and for consideration, and thus has certain rights above the original payee.
Holdover Tenant
A lessee who remains in possession of property after the lease has expired; a tenant who refuses to surrender possession of property at the tenancy’s end.
Home Acquisition Debt
A loan that a taxpayer takes out to buy, build, or substantially improve a qualified home.
Home Energy Rating System (HERS)
A measurement of a home’s energy efficiency used primarily in the United States; in the HERS Index, the higher the score, the less energy efficient the home is.
Home Equity Debt
A loan that does not qualify as home acquisition debt but is secured by a qualified home.
Home Equity Line of Credit (HELOC)
Available money that a homeowner can borrow, secured by a second mortgage on the principal residence. The homeowner can access HELOC funds at any time up to a predetermined borrowing limit and use them for non-housing expenditures.
Home Equity Loan
A loan taken by a homeowner that is secured by a mortgage on their principal residence.
Home Inspection
An unbiased, systematic, noninvasive, visual inspection of the physical structure and systems of a home.
Home Inspection Report
A written report that a home inspector issues after a home inspection detailing issues found.
Home Warranty
A contract between a homeowner and a home warranty company that provides coverage for the covers repair or replacement of named components of the home for a specified period of time, such as one year.
Homeowners Association (HOA)
A nonprofit association composed of homeowners in a subdivision, responsible for enforcing the subdivision’s CC&Rs and managing other community affairs.
Homestead
A statutory or legal life estate recognized in some states that protects the interests in real estate belonging to a deceased person for the use of a surviving spouse and minor children.
Horizontal Property Acts
A generic name given to state laws that create the legal framework that allows a condominium form of ownership. These acts make it possible for lenders to provide mortgages on condominiums, for tax authorities to assess property taxes, etc.
Hot Water or Steam System
A type of heating system consisting of boilers, pipes, and radiators.
Housing Expense Ratio
The relationship of a borrower’s total monthly housing expense to gross monthly income, expressed as a percentage (Total Housing Expense ÷ Income = Ratio%). Also called Income-to-Payment Ratio or Front-End Ratio
HVAC
Heating, ventilation, and air conditioning.
Hypothecation
The act of pledging property to be the security for a loan without giving up possession of it, as with a mortgage.
Illegal Flipping
A scheme in which property is purchased at a low price, appraised at an inflated value without justification, and resold at the higher price.