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Perry Prep Flash Cards > Flash Card Deck Terms A - H > Flashcards

Flash Card Deck Terms A - H

This deck contains real terms for you to study that start with the letter A through the letter H.

1
Q

Abstract of Title

A

The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.

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2
Q

Acceleration Clause

A

The clause in a mortgage or deed of trust that can enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.

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3
Q

Accession

A

Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.

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4
Q

Accretion

A

The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.

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5
Q

Accrued Depreciation

A

Loss in value resulting from the property’s physical deterioration, external depreciation, and functional obsolescence.

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6
Q

Accrued Items

A

On a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property.

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7
Q

Acknowledgment

A

A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.

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8
Q

Acre

A

A measure of land equal to 43,560 square feet, 4,840 Square yards, 4,047 square meters, 160 square rods, or 0.4047 hectares.

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9
Q

Actual Eviction

A

The legal process that results in the tenant’s being physically removed from the leased premises.

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10
Q

Actual Notice

A

Express information or fact; that which is known; direct knowledge.

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11
Q

Ad Valorem Tax

A

A tax levied according to value, generally used to refer to real estate tax. Also called the general tax.

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12
Q

Addendum

A

Any provision added to an existing contract without altering the content of the original. Must be signed by all parties.

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13
Q

Adjustable-Rate Mortgage (ARM)

A

A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index.

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14
Q

Administrator

A

A court-selected person who assists with the settlement of an estate of a person who died without leaving a will.

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15
Q

Adverse Possession

A

The actual, open, notorious, hostile, and continuous possession of another’s land under a claim of title. Possession for a statutory period may be a means of acquiring title.

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16
Q

Affidavit of Title

A

A written statement, made under oath by a seller or grantor of real property and acknowledged by a notary public, in which the grantor (1) identifies himself or herself and indicates marital status, (2) certifies that since the examination of the title, on the date of the contract no defects have occurred in the title, and (3) certifies that he or she is in possession of the property.

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17
Q

Agency

A

The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.

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18
Q

Agency by Ratification

A

An agency relationship created after the fact.

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19
Q

Agent

A

One who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be his or her agent.

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20
Q

Air Lots

A

Designated airspace over a piece of land. An air lot, like surface property, may be transferred.

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21
Q

Air rights

A

The right to use the open space above a property, usually allowing the surface to be used for another purpose.

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22
Q

Alienation

A

The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.

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23
Q

Alienation Clause

A

The clause in a mortgage or deed of trust that states that the balance of the secured debt becomes immediately due and payable at the lender’s option if the property is sold by the borrower. In effect, this clause prevents the borrower from assigning the debt without the lender’s approval.

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24
Q

Allodial System

A

A system of land ownership in which land is held free and clear of any rent or service due to the government; commonly contrasted to the feudal system. Land is held under the allodial system in the United States.

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25
Q

Amendment

A

A change to the existing content of a contract. Must be initialed by all parties.

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26
Q

American Land Title Association (Alta) Policy

A

A title insurance policy that protects the interest in a collateral property of a mortgage lender who originates a new real estate loan.

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27
Q

Americans with Disabilities Act (ADA)

A

Act addresses rights of individuals with disabilities in employment and public accommodations.

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28
Q

Amortized Loan

A

A loan in which the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan.

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29
Q

Annexation

A

Process of converting personal property into real property.

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30
Q

Annual Percentage Rate (APR)

A

The relationship of the total finance charges associated with a loan. This must be disclosed to borrowers by lenders under the Truth in Lending Act.

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31
Q

Anticipation

A

The appraisal principle that holds that value can increase or decrease based on the expectation of some future benefit or detriment produced by the property.

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32
Q

Antitrust Laws

A

Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition. Most violations of antitrust laws in the real estate business involve either price-fixing (brokers conspiring to set fixed compensation rates) or allocation of customers or markets (Brokers agreeing to limit their areas of trade or dealing to certain areas or properties).

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33
Q

Appraisal

A

An estimate of the quantity, quality, or value of something. The process through which conclusions of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value.

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34
Q

Appraiser

A

An independent person trained to provide an unbiased estimate of value.

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35
Q

Appreciation

A

An increase in the worth or value of a property due to economic or related causes, which may prove to be either temporary or permanent; opposite of depreciation.

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36
Q

Appurtenance

A

A right, privilege, or improvement belonging to, and passing with, the land; “runs with the land.”

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37
Q

Appurtenant Easement

A

An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor’s land.

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38
Q

Area

A

A level surface or piece of ground; the size of a surface; the amount of a two-dimensional object.

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39
Q

Area Preference

A

People’s desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location.

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40
Q

Asbestos

A

A mineral once used in insulation and other materials that can cause respiratory diseases.

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41
Q

Assemblage

A

The combining of two or more adjoining lots into one larger tract to increase their total value.

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42
Q

Assessed Value

A

The value set on property for taxation purposes.

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43
Q

Assessment

A

The imposition of a tax, charge, or levy, usually according to established rates.

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44
Q

Assignment

A

The transfer in writing of interest in a bond, mortgage, lease, or other instrument.

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45
Q

Assume

A

A buyer is personally obligated for the payment of the entire debt of a seller; that is, the buyer assumes the debt. The original seller is not liable for the debt if the property is foreclosed on.

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46
Q

Assumption of Mortgage

A

Acquiring title to property on which there is an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.

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47
Q

Attachment

A

The act of taking a person’s property into legal custody by writ or other judicial order to hold it available for application to that person’s debt to a creditor.

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48
Q

Attorney’s Opinion of Value

A

An abstract of title that an attorney has examined and has certified to be, in his or her opinion, an accurate statement of the facts concerning the property’s ownership.

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49
Q

Automated Underwriting

A

Computer systems that permit lenders to expedite the loan approval process and reduce lending costs.

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50
Q

Automatic Extension

A

A listing agreement clause stating that the agreement will continue automatically for a certain period of time after its expiration date. In many states, use of this clause is discouraged or prohibited

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51
Q

Avulsion

A

The sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.

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52
Q

Balance

A

The appraisal principle that states that the greatest value in a property will occur when the type and size of the improvements are proportional to each other as well as the land.

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53
Q

Balloon Payment

A

A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized.

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54
Q

Bargain and Sale Deed

A

A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion.

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55
Q

Base Line

A

The main imaginary line running east and west crossing a principal meridian at a definite point; used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description.

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56
Q

Basis

A

The financial interest that the Internal Revenue Service attributes to an owner of an investment property for the purpose of determining annual depreciation and gain or loss on the sale of the asset. If a property was acquired by purchase, the owner’s basis is the cost of the property plus the value of any capital expenditures for improvements to the property, minus any depreciation allowable or actually taken. This new basis is called the adjusted basis.

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57
Q

Benchmarks

A

Permanent reference marks or points established for use by surveyors in measuring differences in elevation.

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58
Q

Beneficiary

A

(1) The person for whom a trust operates or in whose behalf the income from a trust estate is drawn. (2) A lender in a deed of trust loan transaction.

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59
Q

Bilateral Contract

A

In a contractual agreement; a promise for a promise.

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60
Q

Binder

A

An agreement that may accompany an earnest money deposit for the purchase of real property as evidence of the purchaser’s good faith and intent to complete the transaction.

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61
Q

Blanket Loan

A

A mortgage covering more than one parcel of real estate, providing for each parcel’s partial release from the mortgage lien upon repayment of a definite portion of the debt.

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62
Q

Blockbusting

A

The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or prospective entry of persons of a particular race or national origin into the neighborhood.

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63
Q

Blue-Sky Laws

A

Common name for those state and federal laws that regulate the registration and sale of investment securities.

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64
Q

Boot

A

Money of property given to make up any difference in value or equity between two properties in an exchange.

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65
Q

Branch Office

A

A secondary place of business apart from the principal or main office from which real estate business is conducted. A branch office usually must be run by a licensed real estate broker working on behalf of the broker.

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66
Q

Breach of Contract

A

Violation of any terms or conditions in a contract without legal excuse; for example, failure to make a payment when it is due.

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67
Q

Broker

A

One who acts as an intermediary on behalf of others for a fee or commission.

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68
Q

Broker’s Price Opinion (BPO)

A

An opinion of real estate value commission by a bank or attorney and provided by a broker.

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69
Q

Brokerage

A

The bringing together of parties interested in making a real estate transaction.

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70
Q

Brownfields

A

Defunct, derelict, or abandoned commercial or industrial sites; many have toxic wastes.

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71
Q

Budget Comparison Statement

A

Compares actual results with the original budget, often giving either percentages or a numerical variance of actual versus projected income and expenses.

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72
Q

Buffer Zone

A

A strip of land, usually used as a park or designated for a similar use, separating land dedicated to one use from land dedicated to another use.

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73
Q

Building Code

A

An ordinance that specifies minimum standards of construction for buildings to protect public safety and health.

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74
Q

Building Permit

A

Written governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances.

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75
Q

Building-Related Illness (BRI)

A

An illness due to air quality problems, typically toxic substances or pathogens; a clinically diagnosed condition. Symptoms include asthma, allergies, and hypersensitivity.

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76
Q

Bundle of Legal Rights

A

The concept of land ownership that includes ownership of all legal rights to the land - possession, control within the law, enjoyment, exclusion, and disposition.

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77
Q

Buydown

A

A financing technique used to reduce the monthly payments for the first few years of a loan. Funds in the form of discount points are given to the lender by the builder or seller to buy down or lower the effective interest rate paid by the buyer, thus reducing the monthly payments for a set time.

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78
Q

Buyer Agency Agreement

A

A principal-agent relationship in which the broker is the agent for the buyer, with fiduciary responsibilities to the buyer. The broker represents the buyer under the law of agency.

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79
Q

Buyer’s Agent

A

A residential real estate broker or salesperson who represents the prospective purchaser in a transaction. The buyer’s agent owes the buyer-principal the common-law or statutory agency duties.

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80
Q

Buyer’s Broker

A

A residential real estate broker who represents prospective buyer exclusively. As the buyer’s agent, the broker owes the buyer-principal the common-law or statutory agency duties.

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81
Q

Capital Gain

A

Profit earned from the sale of an asset.

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82
Q

Capitalization

A

A mathematical process for estimating the value of a property using a proper rate of return on the investment and the annual net operating income expected to be produced by the property. The formula is expressed as follows: Income / Rate = Value.

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83
Q

Capitalization Rate

A

The rate of return a property will produce on the owner’s investment.

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84
Q

Capping

A

The process of laying two to four feet of soil over the top of a landfill site and then planting grass on it to enhance the aesthetic value and prevent erosion.

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85
Q

Carbon Monoxide (CO)

A

A colorless, odorless gas that occurs as a by-product of fuel combustion that may result in death in poorly ventilated areas.

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86
Q

Cash Flow

A

The net spendable income from an investment, determined by deducting all operating and fixed expenses from the gross income. When expenses exceed income, a negative cash flow results.

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87
Q

Cash Flow Report

A

A monthly statement that details the financial status of the property.

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88
Q

Caveat Emptor

A

A Latin phrase meaning, Let the buyer beware.

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89
Q

Certificate of Occupancy

A

Permission by the municipal inspector to occupy a completed building structure after being inspected and having complied with building codes.

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90
Q

Certificate of Reasonable Value (CRV)

A

A form indicating the appraised value of a property being financed with a VA loan.

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91
Q

Certificate of Sale

A

The document generally given to the purchaser at a tax foreclosure sale. A certificate of sale does not convey title; normally, it is an instrument certifying that the holder received title to the property after the redemption period passed and that the holder paid the property taxes for that interim period.

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92
Q

Chain of Title

A

The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title.

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93
Q

Change

A

The appraisal principle that holds that no physical or economical condition remains constant.

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94
Q

Chlorofluorocarbons (CFCs)

A

Nontoxic, nonflammable chemicals containing atoms of carbon, chlorine, and fluorine, such as air conditioners and refrigerators. CFCs are safe in application but cause ozone depletion.

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95
Q

Civil Rights Act of 1866

A

An act that prohibits racial discrimination in the sale of rental or housing.

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96
Q

Client

A

The principal.

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97
Q

Closing

A

An event where promises made in a sales contract are fulfilled and mortgage loan funds (if any) are distributed to the buyer.

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98
Q

Closing Statement

A

A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made, and all cash paid out in the transaction.

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99
Q

Cloud on Title

A

Any document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful; usually revealed by a title search and removed by either a quitclaim deed or suit to quiet title.

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100
Q

Code of Ethics

A

A written system of standards for ethical conduct.

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101
Q

Codicil

A

A supplement or an addition to a will, executed with the same formalities as a will, which normally does not revoke the entire will.

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102
Q

Coinsurance Clause

A

A clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to at least 80 percent of the property’s actual replacement cost.

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103
Q

Collateral

A

Something having value that is given to secure repayment of a debt.

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104
Q

Commingling

A

The illegal act by a real estate broker of placing client or customer funds with personal funds. By law, brokers are required to maintain a separate trust or escrow account for other parties’ funds held temporarily by the broker.

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105
Q

Commission

A

Payment to a broker for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property.

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106
Q

Common Elements

A

Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.

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107
Q

Common Law

A

The body of law based on custom, usage, and court decision.

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108
Q

Community Association Management

A

Provides a team of property managers, accounting staff, office staff, and property consultants to manage property.

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109
Q

Community Property

A

A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A holdover of Spanish law found predominantly in the western U.S. states; the system was unknown under English common law.

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110
Q

Community Reinvestment Act of 1977 (CRA)

A

Under the act, financial institutions are expected to meet the deposit and credit needs of their communities; participate and invest in local community development and rehabilitation projects; and participate in loan programs for housing, small businesses, and small farms.

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111
Q

Comparables

A

Properties used in an appraisal report that are substantially equivalent to the subject property.

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112
Q

Competent Party

A

A person who has the capacity to be engaged in a legal contract; being of sound mind and body.

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113
Q

Competition

A

The appraisal principle that states that excess profits generate competition.

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114
Q

Competitive Market Analysis (CMA)

A

A comparison of the prices of recently sold homes that are similar to a listing seller’s home in terms of location, style, and amenities.

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115
Q

Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)

A

A federal law administered by the Environmental Protection Agency that established a process for identifying parties responsible for creating hazardous waste sites, forcing liable parties to clean up toxic sites, bringing legal action against responsible parties, and funding the abatement of toxic sites.

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116
Q

Computerized Loan Origination (CLO)

A

An electronic network for handling loan applications through remote computer terminals linked to various lenders’ computers.

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117
Q

Condemnation

A

A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner.

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118
Q

Conditional Use Permit

A

Written governmental permission allowing a use inconsistent with zoning but necessary for the common good, such as locating an emergency medical facility in a predominantly residential area.

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119
Q

Condominium

A

The absolute ownership of a unit in a multi-unit building based on a legal description of the air space the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.

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120
Q

Confession of Judgement Clause

A

Permits judgement to be entered against a debtor without the creditor’s having to institute legal proceedings.

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121
Q

Conformity

A

The appraisal principle that holds that the greater the similarity among properties in an area, the better they will hold their value.

122
Q

Consent

A

Expressing or implying permission, approval, or agreement of an action or decision.

123
Q

Consideration

A

1) That received by the grantor in exchange for his or her deed. 2) Something of value that induces a person to enter into a contract.

124
Q

Constructive Eviction

A

Actions of a landlord that so materially disturb or impair a tenant’s enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent.

125
Q

Constructive Notice

A

Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.

126
Q

Consumer

A

An individual who purchases goods or services that are not for resale.

127
Q

Contingency

A

A provision in a contract that requires a certain act to be done or a certain event to occur before the contract becomes binding.

128
Q

Contract

A

A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy. A contract may be either unilateral, by which only one party is bound to act, or bilateral, by which all parties to the instrument are legally bound to act as prescribed.

129
Q

Contribution

A

The appraisal principle that states that the value of any component of a property is what it gives to the value of the whole or what its absence detracts from that value.

130
Q

Controlled Business Arrangement (CBA)

A

An arrangement where a package of services (a real estate firm, title insurance company, mortgage broker, and home inspection company) is offered to consumers.

131
Q

Conventional Loan

A

A loan that requires no insurance or guarantee.

132
Q

Conveyance

A

A term used to refer to any document that transfers title to real property. The term is also used in describing the act of transferring.

133
Q

Cooperative

A

A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of people living within the building who are the beneficial owners of the trust or shareholders of the corporation, each possessing a proprietary lease.

134
Q

Co-Ownership

A

Title ownership held by two or more persons.

135
Q

Corporation

A

An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures.

136
Q

Corrective Maintenance

A

Corrects problems after they have occurred.

137
Q

Cost

A

The total amount of money incurred for products or services.

138
Q

Cost Approach

A

The process of estimating the value of a property by adding to the estimated land value the appraiser’s estimate of the reproduction or replacement cost of the building, less depreciation.

139
Q

Cost Recovery

A

An Internal Revenue Service term for depreciation.

140
Q

Counteroffer

A

A new offer made in response to an offer received. It has the effect of rejecting the original offer, which cannot be accepted thereafter unless revived by the offeror.

141
Q

Covenant

A

A written agreement between two or more parties in which a party or parties pledge to perform or not perform specified acts with regard to property; usually found in such real estate documents as deeds, mortgages, leases, and contracts for deed.

142
Q

Covenants, Conditions, and Restrictions (CC&Rs)

A

Private agreements that affect the land use. They may be enforced by an owner of real estate and included in the seller’s deed to the buyer.

143
Q

Covenant of Quiet Enjoyment

A

The covenant implied by law by which a landlord guarantees that a tenant may take possession of leased premises and that the landlord will not interfere in the tenant’s possession or use of the property.

144
Q

Credit

A

On a closing statement, an amount entered in a persons favor - either an amount the party has paid or an amount for which the party must be reimbursed.

145
Q

Curtesy

A

A life estate, usually a fractional interest, given by some states to the surviving husband in real estate owned by his deceased wife. Most states have abolished curtesy.

146
Q

Customer

A

The third party or nonrepresented consumer for whom some level of service is provided.

147
Q

Datum

A

A horizontal plane from which heights and depths are measured.

148
Q

Debit

A

On a closing statement, an amount charged; that is, an amount that the debited party must pay.

149
Q

Decedent

A

A person who has died.

150
Q

Dedication

A

The voluntary transfer of private property by its owner to the public for some public use, such as for streets or schools.

151
Q

Deed

A

A written instrument that, when executed and delivered, conveys title to or an interest in real estate.

152
Q

Deed in Lieu of Foreclosure

A

A deed given by the mortgagor to the mortgagee when the mortgagor is in default under the terms of the mortgage. This is a way for the mortgagor to avoid

153
Q

Deed in Trust

A

An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee’s use of these powers under the provisions of the trust agreement.

154
Q

Deed of Reconveyance

A

A document that transfers the title back to the borrower when the note is repaid.

155
Q

Deed Restrictions

A

Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions - for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being use for specific purposes or even from being used at all.

156
Q

Default

A

The nonperformance of a duty, whether arising under a contract or otherwise; failure to meet an obligation when due.

157
Q

Defeasance Clause

A

A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as cancellation of a mortgage upon repayment of a mortgage loan.

158
Q

Defeasible Fee Estate

A

An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event. There are two categories of defeasible fee estates: fee simple on condition precedent and fee simple on condition subsequent.

159
Q

Deficiency Judgement

A

A personal judgement levied against the borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full.

160
Q

Delinquent Taxes

A

Taxes that are unpaid and past due.

161
Q

Delivery and Acceptance

A

When the title is delivered by the grantor and accepted by the grantee.

162
Q

Demand

A

The amount of goods people are willing and able to buy at a given price; often coupled with supply.

163
Q

Denominator

A

The number written below the line in a fraction.

164
Q

Density Zoning

A

Zoning ordinances that restrict the maximum average number of houses per acre that may be built within a particular area, generally a subdivision.

165
Q

Depart of Housing and Urban Development (HUD)

A

Governmental department that has established rules and regulations that further interpret the practices affected by the law. In addition, HUD distributes an equal housing opportunity poster.

166
Q

Depreciation

A

1) In appraisal, a loss of value in property due to any cause, including physical deterioration, functional obsolescence, and external obsolescence. 2) In real estate investment, an expense deduction for tax purposes taken over the period of ownership of income property.

167
Q

Descent

A

Acquisition of real estate by inheritance in which an heir succeeds to the property by operation of law.

168
Q

Designated Agency

A

A process that accommodates an in-house sale in which two different agents are involved. The broker designates one agent to represent the seller and one agent to represent the buyer.

169
Q

Designated Agent

A

A licensee authorized by a broker to act as the agent for a specific principal in a particular transaction.

170
Q

Determinable Fee Estate

A

A fee simple estate where the property returns to the original grantor or heirs when a specific condition occurs whereas the property is no longer being used for the purpose prescribed.

171
Q

Developer

A

One who attempts to put land to its most profitable use through the construction of improvements.

172
Q

Devise

A

A gift of real property by will. The donor is the devisor, and the recipient is the devisee.

173
Q

Disclaimer

A

A statement indicating no legal responsibility for information; no warranties or representations have been made.

174
Q

Disclosure

A

Relevant information or facts that are known or should have been known.

175
Q

Discount Point

A

A unit of measurement used for various loan charges; one point equals 1 percent of the amount of the loan.

176
Q

Discount Rate

A

The interest rate set by the Federal Reserve that member banks are charged when they borrow money through the Fed.

177
Q

Divisor

A

A number or quantity divided into another.

178
Q

Dominant Tenement

A

A property that includes in its ownership the appurtenant right to use an easement over another person’s property for a specific purpose.

179
Q

Do Not Call Registry

A

A national registry, managed by the Federal Trade Commission, that lists the phone numbers of consumers who have indicated their preference to limit the telemarketing calls they receive.

180
Q

Dower

A

The legal right or interest, recognized in some states, that a wife acquires in the property her husband held or acquired during their marriage. During the husband’s lifetime, the right is only a possibility of an interest; upon his death, it can become an interest in land.

181
Q

Dual Agency

A

Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states.

182
Q

Due-on-Sale Clause

A

A provision in the mortgage that states that the entire balance of the note is immediately due and payable if the mortgagor transfers the property.

183
Q

Duress

A

Unlawful constraint or action exercised upon a person whereby the person is forced to perform an act against his or her will. A contract entered into under duress is voidable.

184
Q

Earnest Money

A

Money deposited by a buyer under the terms of a contract, to be forfeited if the buyer defaults but to be applied to the purchase price if the sale is closed.

185
Q

Easement

A

A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land.

186
Q

Easement Appurtenant

A

An easement that follows along with the land.

187
Q

Easement by Implication

A

An easement that occurs when a party’s actions reflect the intention of creating an easement.

188
Q

Easement by Necessity

A

An easement allowed by law as necessary for the full enjoyment of a parcel of real estate.

189
Q

Easement by Prescription

A

An easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law.

190
Q

Easement in Gross

A

An easement that is not created for the benefit of any land owned by the owner of the easement by that attaches personally to the easement owner.

191
Q

Economic Life

A

The number of years during which an improvement will add value to the land.

192
Q

Electromagnetic Fields (EMFs)

A

Generated by the movement of electrical currents and may be related to a variety of health complaints.

193
Q

Electronic Contracting

A

A process of integrating information electronically in a real estate transaction between clients, lenders, and title and closing agents.

194
Q

Emblements

A

Growing crops, such as corn, that are produced annually through labor and industry; also called fructus industriales.

195
Q

Eminent Domain

A

The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court decides that the use is a public use and determines the compensation to be paid to the owner.

196
Q

Employee

A

Someone who works as a direct employee of an employer and has employee status. The employer is obligated to withhold income taxes and Social Security taxes from the compensation of employees.

197
Q

Employment Contract

A

A document evidencing formal employment between employer and employee or between principal broker and agent. In the real estate business, this generally takes the form of listing agreement or management agreement.

198
Q

Enabling Acts

A

State legislation that confers zoning powers on municipal governments.

199
Q

Encapsulation

A

A method of controlling environmental contamination by sealing off a dangerous substance.

200
Q

Encroachment

A

A building or some portion of it - a wall or fence - that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner or a street or alley.

201
Q

Encumbrance

A

Anything - such as a mortgage, tax, or judgment lien; an easement; a restriction on the use of the land; or an outstanding dower right - that may diminish the value or use and enjoyment of a property.

202
Q

Environmental Impact Statement (EIS)

A

A statement that details the impact a federally funded project will have on the environment.

203
Q

Environmental site Assessment (ESA)

A

An evaluation of property to show that due care was exercised in the determination of environmental impairments.

204
Q

Equal Credit Opportunity Act (ECOA)

A

The federal law that prohibits discrimination in the extension of credit because of race, color, religion, national origin, sex, age, or marital status.

205
Q

Equalization

A

The raising or lowering of assessed values for tax purposes in a particular county or taxing district to make them equal to assessments in other counties or districts.

206
Q

Equalization Factor

A

A factor by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with statewide tax assessments. The ad valorem tax would be based on this adjusted value.

207
Q

Equitable Right of Redemption

A

The right of a defaulted property owner to recover the property prior to its sale by paying the appropriate fees and charges.

208
Q

Equitable Title

A

The interest held by a vendee under a contract for deed or an installment contract; the equitable right to obtain absolute ownership to property when legal title is held in another’s name.

209
Q

Equity

A

The interest or value that an owner has in property over and above any indebtedness.

210
Q

Equity Buildup

A

That portion of the loan payment directed toward the principal rather than the interest, plus any gain in property value due to appreciation.

211
Q

Escheat

A

The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned.

212
Q

Escrow

A

The closing of a transaction through a third party called an escrow agent, or escrowee, who receives certain funds and documents to be delivered upon the performance of certain conditions outlined in the escrow instructions.

213
Q

Escrow Account

A

The trust account established by a broker under the provisions of the license law for the purpose of holding funds on behalf of the broker’s principal or some other person until the consummation or termination of a transaction.

214
Q

Escrow Closing

A

A disinterest third party is authorized to act as escrow agent and to coordinate the closing activities on behalf of the buyer and the seller.

215
Q

Escrow Contract

A

An agreement between a buyer, a seller, and an escrow holder setting forth rights and responsibilities of each. An escrow contract is entered into when earnest money is deposited in a broker’s escrow account.

216
Q

Escrow Instructions

A

A document that sets forth the duties of the escrow agent, as well as the requirements and obligations of the parties, when a transaction is closed through an escrow.

217
Q

Estate at Sufferance

A

The tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after his or her lease rights have expired.

218
Q

Estate at Will

A

An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is definite.

219
Q

Estate for Years

A

An interest for a certain, exact period of time in property leased for a specified consideration.

220
Q

Estate from Period to Period

A

An interest in leased property that continues from period to period - week to week, month to month, or year to year.

221
Q

Estate in Land

A

The degree, quantity, nature, and extent of interest a person has in real property.

222
Q

Estate Tax

A

Federal tax on a decedent’s real and personal property.

223
Q

Estoppel

A

Method of creating an agency relationship in which someone states incorrectly that another person is his or her agent and a third person relies on that representation.

224
Q

Estoppel Certificate

A

A document in which a borrower certifies the amount owed on a mortgage loan and the rate of interest.

225
Q

Ethics

A

The system of moral principles and rules that becomes standards for professional conduct.

226
Q

Eviction

A

A legal process to oust a person from possession of real estate.

227
Q

Evidence of Title

A

Proof of ownership of property; commonly a certificate of title, an abstract of title with lawyer’s opinion, title insurance, or a Torrens registration certificate.

228
Q

Exception

A

The exclusion of a part of the property conveyed.

229
Q

Exchange

A

A transaction in which all or part of the consideration is the transfer of like-kind property.

230
Q

Exclusive-Agency Listing

A

A listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property, on the owner’s stated terms, for a commission. The owner reserves the right to sell without paying anyone a commission if the sale is to a prospect who has not been introduced or claimed by the broker.

231
Q

Executed Contract

A

A contract in which all parties have fulfilled their promises and thus performed the contract.

232
Q

Execution

A

The signing and delivery of an instrument. Also, a legal order directing an official to enforce a judgment against the property of a debtor.

233
Q

Executor

A

An appointed person who carries out the directions of a will.

234
Q

Executory Contract

A

A contract under which something remains to be done by one or more of the parties.

235
Q

Express Agency

A

An agency relationship based on a formal agreement between the parties

236
Q

Express Agreement

A

An oral or written contract in which the parties state the contract’s terms and express their intentions in words.

237
Q

External Depreciation

A

Reduction in a property’s value caused by outside factors.

238
Q

External Obsolescence

A

Incurable depreciation caused by factors not on the subject property, such as environmental, social, or economic factors.

239
Q

Fair Housing Act

A

The federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin.

240
Q

Fair Housing Amendments Act of 1988

A

Expansion of the Fair Housing Act to include families with children and those with physical or mental disabilities.

241
Q

Fannie Mae

A

A government-sponsored enterprise established to purchase any kind of mortgage loans in the secondary mortgage market from the primary lenders.

242
Q

Federal Deposit Insurance Corporation (FDIC)

A

An independent federal agency that insures the deposits in commercial banks.

243
Q

Federal Emergency Management Agency (FEMA)

A

A federal agency that is responsible for assisting the nation in the event of a disaster providing response and recovery efforts.

244
Q

Federal Funds Rate

A

The rate recommended by the Federal Reserve for the member banks to charge each other on short-term loans. These rates form the basis on which the banks determine the percentage rate of interest they will charge their loan customers.

245
Q

Federal Reserve System (FED)

A

The country’s central banking system, which is responsible for the nation’s monetary policy by regulating the supply of money and interest rates.

246
Q

Fee-for-Service

A

Arrangement where a consumer asks a licensee to perform specific real estate services for a set fee.

247
Q

Fee Simple

A

The highest interest in real estate recognized by the law; the holder is entitled to all rights to the property.

248
Q

Fee Simple Absolute

A

The maximum possible estate or right of ownership of real property, continuing forever.

249
Q

Fee Simple Determinable

A

A fee simple estate qualified by a special limitation. Language used to describe limitation includes the words so long as, while, or during.

250
Q

Fee Simple Subject to a Condition Subsequent

A

If an estate is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry.

251
Q

Feudal System

A

A system of ownership usually associated with precolonial England, in which the king or other sovereign is the source of all rights. The right to possess real property was granted by the sovereign to an individual as a life estate only. Upon the death of the individual, title passed back to the sovereign, not to the decedent’s heirs.

252
Q

FHA Loan

A

A loan insured by the Federal Housing Administration and made by an approved lender in accordance with the FHA’s regulations.

253
Q

Fiduciary

A

One in whom trust and confidence is places; a reference to a broker employed under the terms of a listing contractor buyer agency agreement.

254
Q

Fiduciary Relationship

A

A relationship of trust and confidence, as between trustee and beneficiary, attorney and client, or principal and agent.

255
Q

Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA)

A

This act restructured the savings and loan association regulatory system; enacted in response to the savings and loan crisis of the 1980s.

256
Q

First Mortgage

A

A mortgage that has priority over all other mortgages.

257
Q

Fiscal Policy

A

The government’s policy in regard to taxation and spending programs. The balance between these two areas determines the amount of money the government will withdraw from or feed into the economy, which can counter economic peaks and slumps.

258
Q

Fixture

A

An item of personal property that has been converted to real property by being permanently affixed to the realty.

259
Q

Forcible Detainer

A

Removal of a tenant from a rental property by the landlord if the tenant breached one of the terms of the lease agreement.

260
Q

Foreclosure

A

A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title in the mortgaged property to either the holder of a mortgage or a third party who may purchase the realty at the foreclosure sale, free of all encumbrances affecting the property subsequent to the mortgage.

261
Q

Formal Will

A

A document having written instructions of property disbursements upon the death of the owner. The document must be signed and witnessed.

262
Q

Formaldehyde

A

An air pollutant that is a colorless chemical used to manufacture building materials and many household products, such as particleboard, hardwood plywood paneling, and urea-formaldehyde foam insulation.

263
Q

Fraud

A

Deception intended to cause a person to give up property or lawful right.

264
Q

Freddie Mac

A

A government-sponsored enterprise established to purchase primarily conventional mortgage loans in the secondary mortgage market.

265
Q

Freehold Estate

A

An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.

266
Q

Front Footage

A

The measurement of a parcel of land by the number of feet of street or road frontage.

267
Q

Frontage

A

The length of property along the street or waterfront.

268
Q

Fully Amortized Loan

A

A loan consisting of equal, regular payments satisfying the total payment of principal and interest by the due date.

269
Q

Functional Obsolescence

A

A loss of value to an improvement to real estate arising from functional problems, often caused by age or poor design.

270
Q

Future Interest

A

A person’s present right to an interest in real property that will not result in possession or enjoyment until some time in the future, such as a reversion or right of re-entry.

271
Q

Gap

A

A defect in the chain of title of a particular parcel of real estate; a missing document or conveyance that raises doubt as to the present ownership of the land.

272
Q

General Agent

A

One who is authorized by a principal to represent the principal in a specific range of matters..

273
Q

General Lien

A

The right of a creditor to have all of a debtor’s property - both real and personal - sold to satisfy a debt.

274
Q

General Real Estate Tax

A

A tax that is made up of the takes levied on the real estate by government agencies and municipalities.

275
Q

General Warranty Deed

A

A deed in which the grantor fully warrants good, clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed.

276
Q

Ginnie Mae

A

A government agency that plays an important role in the secondary mortgage market. It guarantees mortgage-backed securities using FHA and VA loans as collateral.

277
Q

Good and Indefeasible Title

A

A title that cannot be annulled or rendered void.

278
Q

Good Faith Estimate (GFE)

A

A HUD form that estimates all closing fees that must be provided to a borrower within three days of the loan application as required by the Real Estate Settlement Procedures Act (RESPA).

279
Q

Graduated Payment Mortgage (GPM)

A

A loan in which the monthly principal and interest payments increase by a certain percentage each year for a certain number of years and then level off for the remaining loan term.

280
Q

Grantee

A

A person who receives a transfer of real property from a grantor.

281
Q

Granting Clause

A

Words in a deed of conveyance that state the grantor’s intention to convey the property at the present time. This clause is generally worded as “convey and warrant”, “grant”; “grant, bargain, and sell”; or the like.

282
Q

Grantor

A

The owner transferring title to or an interest in real property to a grantee.

283
Q

Gross Income Multiplier (GMI)

A

A figure used as a multiplier of the gross annual income of a property to produce an estimate of the property’s value.

284
Q

Gross Lease

A

A lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases.

285
Q

Gross Rent Multiplier (GRM)

A

The figure used as a multiplier of the gross monthly income a property to produce an estimate of the property’s value.

286
Q

Ground Lease

A

A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant’s rights and obligations continue until the lease expires or is terminated through default.

287
Q

Groundwater

A

Water that exists under the earth’s surface within the tiny spaces or crevices in geological formations.

288
Q

Groundwater Rights

A

Law that states that groundwater is the private property of the landowner.

289
Q

Growing-Equity Mortgage

A

A loan in which the monthly payments increase annually, with the increased amount being used to reduce directly the principal balance outstanding and thus shorten the overall term of the loan.

290
Q

Habendum Clause

A

That part of a deed beginning with the words “to have and to hold,” following the granting clause and defining the extent of ownership the grantor is conveying.

291
Q

Habitability

A

A property that is suitable for living in or on.

292
Q

Heir

A

One who might inherit or succeed to an interest in land under the state law of decent when the owner dies without leaving a valid will.

293
Q

Highest and Best Use

A

The possible use of a property that would produce the greatest net income and, thereby, develop the highest value.

294
Q

Holdover Tenancy

A

A tenancy whereby a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant’s continued occupancy as defined by state law.

295
Q

Holographic Will

A

A will that is written, dated, and signed in the testator’s handwriting.

296
Q

Home Equity Loan

A

A loan under which a property owner uses his or her residence as collateral and can then draw funds up to a prearranged amount against the property. Sometimes called a line of credit.

297
Q

Home Mortgage Disclosure Act

A

A federal law that requires lenders to annually disclose the number of loan applications and loans in certain areas, thus eliminating the practice of “redlining”.

298
Q

Homeowners’ Insurance Policy

A

A standardized package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability, and other common risks.

299
Q

Homestead

A

Land that is owned and occupied as the family home. In many states, a portion of the area of value of this land is protected or exempt from judgments for debts.

300
Q

HUD-1

A

A form that itemizes fees and services charged to a borrower and seller during a real estate transaction.

301
Q

Hypothecation

A

To pledge property as security for an obligation or loan without giving up possession of it.

Perry Prep Flash Cards (2 decks)

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