DDG - Exam Study Flashcards
Accretion
when land is increased bc of water depositing additional soil gradually .
Alluvion
to wash against shoreline and deposit soil gradually creating firm ground
Avulsion
a sudden loss of land or soil due to a sudden natural act (earthquake river flow)
Prior Appropriation
scarce water results in assigning water rights from a water source - beneficial use must be shown.
Reliction
when water line recedes, leaves exposed land permanently dry.
Riparian Rights
when located directly next to flowing water source such as stream river
Littoral Rights
when land is next to non-flowing water - lake, ocean
Government Powers
police, eminent domain, taxation, escheat
6 bundles of Rights
use/occupy, sell, bequeath, lease, transfer, do nothing
Easement Appurtenant
easement belong/runs with the land
Easement Gross
benefits company - utilities
Laches
delay - results in loss of legal action
Lis pendes
notice of legal suit filed against specific lands
Novation
exchange old with new
Servient Estate
property burdened by right of way use
Severalty
sole ownership
Anticipation
a purchase decision
Assemblege
act of combining 2 or more parcels
FIRREA
1989 - requires that appraisers are state licensed or certified when appraising for properties that are
being used for FRTS
mortgagor
homeowner/borrower
motgagee
lender
acceleration clause
if borrow defaults then entire amount due
alienation clause
full mortgage balance due upon transfer in title
assignment clause
changes who owes the debt of mortgage without changing loan terms
Defeasance clause
borrower has right to redeem the property after they pay the full debt and fees incurred
index
interest indicator that interest is based on
conventional mortgage
not guaranteed or insured by Gov, lender sets terms, LTV ration lower, PMI may be required
FHA
Gov insured, interest set by lender, borrower pays insurance premium, prepayment penalties not allowed, can be assumable
DVA
Gov guaranteed, can be assumable by non vet, loan up to 4x the amt of Vet entitlement
ARM mortgage
interest rate periodically adjusted
blanket mortgate
more than one piece of property
graduated payment mortgage
payment starts low and rises over time
open end mortgage
mortgagor can re-borrow against the principal
package mortgage
includes home furniture and other personal prop
participation mortgage
lender is entitled to a share of the property’s income or has share of equity
purchase money mortgage
seller/owner financing
reverse annuity
owner borrows against equity in home and receives monthly tax-free payments from the lender
ursury
excessive interest - illegal
Civil Rights Act 1866
prohibits racial bias in buying renting selling holding
1968 Jones vs Mayer
upheld civil rights act 1866
1968 Fair housing act - title 8
prohibits discrimination - religion, race, color, national orgin
1974 Housing and Community Dev Act
sex and gender added to Fair Housing law
1988 Fair Housing
handicap (inc aids and alcoholics) and family status added
ADA
passed in 1990 - law in 1992 - portects from discrimination in public places - must have parking
Truth in Lending - Reg Z
FTC - if trigger terms are used in ad - then APR ,amt of loan, down payment etc must be stated
ECOA - Equal Credit Op Act
prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, age. Can only consider income, net worth, credit rating and job stability
Rescission
mutual agreement to terminate
repudiation
rejecting the contract - liable
performance
agreement was completed
incapacity
either agent or client was mentally unable or bankrupt
Agent duties
confidentiality, care, loyalty, obedience, accountability, disclosure
right of reversion
prop is returned from tenant to owner
executory contract
process of being fulfilled
Devise
gifting real prop by will
Devisee
receiver of conveyed prop
granting clause
states type of deed with details on any covenants
habendum clause
a detailing of owners rights - to have and to hold
intestate
die without will
probate
court decides on validity of will, makes decisions based on that
testate
die with a will
testator
a person who made a will before they died
trustee
appointed to oversee the will or affairs
trustor
a person borrows money from lender
vested interest
right of ownership - possession and use
involuntary alienation
loss of property against will
title
legal document declaring ownership
deed
transfers the title
bargain and sale deed
grantor has right to convey title, no warranties against encumberances
quitclaim deed
quit/sign away any interest in a prop.
deed of trust
agreement between borrower and lender. Trustee will hold title of borrower until debt is paid to lender
leasehold estate
tenant occupies prop due to a lease
tenancy for years
lease lasts for a fixed period of time
periodic tenancy
wk to wk, mo to mo, yr to yr - lease ends with a notice
tenancy at will
giving reasonable notice to lessee or lessor - can terminate at any time
tenancy at sufferance
tenant remains after lease has ended - liable
GRM
Sales price divided by Gross Rental Income
GIM
Sales price divided by Gross Income
