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Perry Prep Flash Cards > Flash Card Deck Terms I - Z > Flashcards

Flash Card Deck Terms I - Z

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

1
Q

Implied Agency

A

Based on the actions of the parties that imply that they have mutually consented to an agency relationship, an implied agency relationship is formed.

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2
Q

Implied Agreement

A

A contract under which the agreement of the parties is demonstrated by their acts and conduct.

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3
Q

Implied Warranty of Habitability

A

A theory in landlord/tenant law in which the landlord renting residential property implies that the property is habitable and fit for its intended use.

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4
Q

Impound Account

A

An account that most mortgage lenders require borrowers to have for funds to pay future real estate taxes and insurance premiums.

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5
Q

Improvement

A

1) Any structure, usually privately owned, erected on a site to enhance the value of the property. 2) a publicly owned structure added to or benefiting land.

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6
Q

Income Approach

A

The process of estimating the value of an income-producing property through capitalization of the annual net income expected to be produced by the property during its remaining useful life.

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7
Q

Incorporeal Right

A

A nonpossessory right in real estate.

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8
Q

Independent Contractor

A

Someone who is retained to perform a certain act but who is subject to the control and direction of another only as to the end result and not as to the way in which the act is performed. Unlike an employee, an independent contractor pays for all expenses and Social Security and income taxes and receives no employee benefits. Most real estate salespeople are independent contractors.

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9
Q

Index

A

An objective economic indicator to which the interest rate for an adjustable-rate mortgage is tied.

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10
Q

Inflation

A

The gradual reduction of the purchasing power of the dollar, usually related directly to the increases in the money supply by the federal government.

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11
Q

Inheritance Taxes

A

State-imposed taxes on a decedent’s real and personal property.

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12
Q

Installment Sale

A

A transaction in which the sales price is paid in two or more installments over two or more years. If the sale meets certain requirement, a taxpayer can postpone reporting such income until future years by paying tax each year only on the proceeds received that year.

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13
Q

Interest

A

A charge made by a lender for the use of money.

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14
Q

Interest-only Mortgage

A

A mortgage that only requires the payment of interest for a stated period of time with the principal due at the end of the term.

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15
Q

Interim Financing

A

A short-term loan usually made during the construction phase of a building project. AKA a construction loan.

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16
Q

Internal Revenue Service Tax Lien

A

A lied charged by the Internal Revenue Service for nonpayment of income taxes.

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17
Q

Internet Advertising

A

A powerful computer tool for providing information about properties, relocation services, and particular communities; however, state laws do apply.

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18
Q

Internet Listing Display Policy

A

A policy from the National Association of Realtors that allows all MLS members to have equal rights to display MLS data, and respects the rights of property owners and their listing brokers to market a property as they wish.

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19
Q

Interstate Land Sales Full Disclosure Act

A

A federal law that regulates the sale of certain real estate in interstate commerce.

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20
Q

Intestate

A

The condition of a property owner who dies without leaving a valid will. Title to the property will pass to the decedent’s heirs as provided in the state law of descent.

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21
Q

Intrinsic Value

A

An appraisal term referring to the value created by a person’s personal preferences for a particular type of property.

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22
Q

Inverse Condemnation

A

An action brought by a property owner seeking just compensation for land taken for public use when the taker of the property does not intend to bring eminent domain proceedings. Property is condemned because its use and value have been diminished due to an adjacent property’s public use.

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23
Q

Investment

A

Money directed toward the purchase, improvement, and development of an asset in expectation of income or profits.

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24
Q

Involuntary Lien

A

A lien placed on property without the consent of the property owner.

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25
Q

Joint Tenancy

A

Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a join tenant, the decedent’s interest passes to the surviving joint tenant or tenants by the right of survivorship.

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26
Q

Judgment

A

The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgment has been entered and recorded with the county recorder, it usually becomes a general lien on the property of the defendant.

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27
Q

Judicial Precedent

A

In law, the requirements esablished by prior court decisions.

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28
Q

Junior Lien

A

An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien on the same realty.

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29
Q

Laches

A

An equitable doctrine used by courts to bar a legal claim or prevent the assertion of a right because of undue delay or failure to assert the claim or right.

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30
Q

Land

A

The earth’s surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.

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31
Q

Latent Defect

A

A hidden structural defect that could not be discovered by ordinary inspection and that threatens the property’s soundness or the safety of its inhabitants. Some states impose on sellers and licensees a duty to inspect for and disclose latent defects.

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32
Q

Law of Diminishing Returns

A

Law that applies as long as money being spent on improvements produces an increase in income or value.

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33
Q

Law of Increasing Returns

A

Law that applies as long as money being spent on improvements produces an increase in income or value.

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34
Q

Lead

A

Used as a pigment and drying agent in alkyd oil-based paint in about 75 percent of housing built before 1978. An elevated level of lead in the body can cause serious damage to the brain, kidneys, nervous system, and red blood cells. Children under the age of six are most vulnerable.

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35
Q

Lease

A

A written or oral contract between a landlord and a tenant that transfers the right to exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration. By state law, leases for longer than a certain period of time (generally one year) must be in writing to be enforceable.

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36
Q

Lease Option

A

A lease under which the tenant has the right to purchase the property either during the lease term or at its end.

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37
Q

Lease Purchase

A

The purchase of real property, the consummation of which is preceded by a lease, usually long-term, that is typically done for tax or financing purposes.

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38
Q

Leasehold Estate

A

A tenant’s right to occupy real estate during the term of a lease, generally considered to be a personal property interest.

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39
Q

Legacy

A

A disposition of money or personal property by will.

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40
Q

Legal Description

A

A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.

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41
Q

Legal Life Estate

A

A form of life estate established by state law, rather than created voluntarily by an owner. It becomes effective when certain events occur.

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42
Q

Legally Competent Parties

A

People who are recognized by law as being able to contract with other; those of legal age and sound mind.

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43
Q

Leverage

A

The use of borrowed money to finance an investment.

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44
Q

Levy

A

To assess; to seize or collect. To levy a tax is to assess a property and set the rate of taxation. To levy an execution is to officially seize the property of a person in order to satisfy an obligation.

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45
Q

Liability Coverage

A

Insurance that covers injuries or losses sustained within the home.

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46
Q

License

A

1) A privilege or right granted to a person by a state to operate as a real estate broker or salesperson. 2)The revocable permission for a temporary use of land - a personal right that cannot be sold.

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47
Q

Licensee

A

A person who has the skills and knowledge to be licensed in real estate.

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48
Q

Lien

A

A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.

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49
Q

Lien Theory

A

Some states interpret a mortgage as being purely a lien on real property. The mortgagee thus has no right of possession but must foreclose the lien and sell the property if the mortgagor defaults.

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50
Q

Life Cycle Costing

A

In property management, comparing one type of equipment with another based on both purchase cost and operating cost over its expected useful lifetime.

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51
Q

Life Estate

A

An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.

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52
Q

Life Tenant

A

A person in possession of a life estate.

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53
Q

Limited Liability Company (LLC)

A

A form of business organization that combines the most attractive features of limited partnerships and corporations.

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54
Q

Linear Measurement

A

Measurement in a straight line.

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55
Q

Liquidated Damages

A

An amount predetermined by the parties to a contract as the total compensation to an injured party should the other party breach the contract.

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56
Q

Liquidity

A

The ability to sell an asset and convert it into cash, at a price close to its true value, in a short period of time.

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57
Q

Lis Pendens

A

A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court.

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58
Q

Listing Agreement

A

A contract between an owner and a real estate broker by which the broker is employed as agent to find a buyer for the owner’s real estate on the owner’s terms for which service the owner agrees to pay a commission.

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59
Q

Listing Broker

A

The broker in a multiple-listing situation from whose office a listing agreement is initiated, as opposed to the cooperating broker, from whose office negotiations leading up to a sale are initiated. The listing broker and the cooperating broker may be the same person.

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60
Q

Littoral Rights

A

1) A landowner’s claim to use water in large navigable lakes and oceans adjacent to his or her property. 2) The ownership rights to land bordering these bodies of water up to the high-water mark.

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61
Q

Living Trust

A

A trust that is created during one’s lifetime.

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62
Q

Loan Origination Fee

A

A fee charged to the borrower by the lender for making a mortgage loan. The fee is usually computed as a percentage of the loan amount.

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63
Q

Loan-to-Value Ratio

A

The relationship between the amount of the mortgage loan and the value of the real estate being pledged as collateral.

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64
Q

Lot-and-Block System (Recorded Plat)

A

A method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat.

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65
Q

Management Agreement

A

A contract between the owner of income property and a management firm or individual property manager that outlines the score of the manager’s authority.

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66
Q

Management Plan

A

A highly detailed plan that lays out the owner’s objectives with the property, as well as what the property manager wants to accomplish and how, including all budgetary information.

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67
Q

Manufactured Housing

A

Dwellings that are build off-site and trucked to a building lot where they are installed or assembled.

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68
Q

Margin

A

A premium added to the index rate representing the lender’s cost of doing business.

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69
Q

Market

A

A place where goods can be bought and sold and a price established.

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70
Q

Marketable Title

A

Good or clear title, reasonably free from the risk of litigation over possible defects.

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71
Q

Market Data Approach

A

Also known as the sales comparison approach. An estimate of value obtained by comparing property being appraised with recently sold comparable properties.

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72
Q

Market Value

A

The most probable price property would bring in an arm’s-length transaction under normal conditions on the open market.

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73
Q

Master Plan

A

A comprehensive plan to guide the long-term physical development of a particular area.

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74
Q

Mechanic’s Lien

A

A statutory lien created in favor of contractors, laborers, and materialmen who have performed work or furnished materials in the erection or repair of a building.

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75
Q

Megan’s Law

A

Federal legislation that promotes the establishment of state registration systems to maintain residential information on every person who kidnaps children, commits sexual crimes against children, or commits sexual crimes against children, or commits sexually violent crimes.

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76
Q

Meridian

A

One of a set of imaginary lines running north and south and crossing a base line at a definite point, used in the rectangular (government) survey system of property description.

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77
Q

Metes-and-Bounds Description

A

A legal description of a parcel of land that begins at a well-marked point and follows the boundaries, using directions and distances around the tract, back to the place of beginning.

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78
Q

Mill

A

One-tenth of one cent. Some states use a mill rate to compute real estate taxes; for exampled, a rate of 52 mills would be $0.052 tax for each dollar of assessed valuation of a property.

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79
Q

Minimum Level of Service

A

Some states are requiring that licensees perform some minimum level of service to clients.

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80
Q

Minor

A

A person who has not reached the age of majority and, therefore, does not have a legal capacity to transfer title to real property.

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81
Q

Mixed Use

A

Property that accommodates more than one use, such as commercial use and residential use.

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82
Q

Model Real Estate Time-Share Act

A

An act that governs the management, use, and termination of time-share units.

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83
Q

Mold

A

A form of fungus that can be found almost anywhere and can grow on almost any organic substance, so long as moisture, oxygen, and an organic food source are present. Mold growth can gradually destroy what it is growing on as well as cause serious health problems.

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84
Q

Monetary Policy

A

Governmental regulation of the amount of money in circulation through such institutions as the Federal Reserve Board.

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85
Q

Month-to-Month Tenancy

A

A periodic tenancy under which the tenant rents for one month at a time. In absence of a rental agreement, a tenancy is generally considered to be month to month.

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86
Q

Monument

A

A fixed natural or artificial object used to establish real estate boundaries for a metes-and-bounds description.

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87
Q

Mortgage

A

A conditional transfer or pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien.

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88
Q

Mortgage Banker

A

Mortgage loan companies that originate, service, and sell loans to investors.

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89
Q

Mortgage Broker

A

An agent of a lender who brings the lender and the borrower together. The broker receives a fee for this service.

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90
Q

Mortgage Disclosure Improvement Act (MDIA)

A

The timeliness of certain disclosures affects the date of closings. Lenders and licensees need to keep three numbers in mind: 3-7-3, 3 business days to provide a truth-in-lending statement and good-faith estimate; seven business days before signing loan documents after the borrower receives final TIL and GFE; three business days for closing if the APR has changed more than 0.125 percent from the original or most recent TIL and GFE; and three business days before closing to provide consumer with a copy of appraisal.

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91
Q

Mortgage Insurance Premium (MIP)

A

The FHA insurance that the borrower is charged with a percentage of the loan as a premium.

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92
Q

Mortgage Lien

A

A lien or charge on the property of a mortgagor that secures the underlying debt obligations.

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93
Q

Mortgagee

A

A lender in a mortgage loan transaction.

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94
Q

Mortgagor

A

A borrower in a mortgage loan transaction.

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95
Q

Multiperil Policies

A

Insurance policies that offer protection from a range of potential perils, such as those of a fire, hazard, public liability, and casualty.

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96
Q

Multiple-Listing Clause

A

A provision in an exclusive listing for the authority and obligation on the part of the listing broker to distribute the listing to other brokers in the multiple-listing organization.

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97
Q

Multiple Listing Service (MLS)

A

A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing, and able buyers for their properties more quickly than they could on their own. Most multiple listing services accept exclusive-right-to-sell or exclusive agency listings from their member brokers.

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98
Q

National Association of Realtors (NAR)

A

The largest real estate organization in the world; NAR members subscribe to a strict code of ethics. Active brokers are allowed to use the trademarked designations, Realtor.

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99
Q

Negligent Misrepresentation

A

Occurs when the broker should have known that a statement about a material fact was false.

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100
Q

Negotiable Instrument

A

A written promise or order to pay a specific sum of money that may be transferred by endorsement or delivery. The transferee the has the original payee’s right to payment.

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101
Q

Net Lease

A

A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs.

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102
Q

Net Listing

A

A listing based on the net price the seller will receive if the property is sold. Under a net listing, the broker can offer the property for sale at the highest price obtainable to increase the commission. This type of listing is illegal in many states.

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103
Q

Net Operating Income (NOI)

A

The income projected for an income-producing property are deducting losses for vacancy and collection and operating expenses.

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104
Q

Nonagent

A

An intermediary between a buyer and a seller, or a landlord and a tenant, who assists one or both parties with a transaction without representing either. Also known as a facilitator, transaction broker, transaction coordinator, and contract broker.

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105
Q

Nonconforming Use

A

A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.

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106
Q

Nondisturbance Clause

A

A mortgage clause stating that the mortgagee agrees not to terminate the tenancies of the lessees in the event the mortgagee forecloses on the mortgagor-lessor’s building.

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107
Q

Nonhomogeneity

A

A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.

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108
Q

Notarization

A

To certify the validity of a signature on a document.

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109
Q

Novation

A

Substituting a new obligation for an old one or substituting new parties to an existing obligation.

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110
Q

Numerator

A

The number written above the line of a fraction representing the number to be divided by the denominator.

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111
Q

Nuncupative Will

A

An oral will declared by the testator in his or her final illness, made before witnesses and afterward reduced to writing.

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112
Q

Obsolescence

A

The loss of value due to factors that are outmoded or less useful. Obsolescence may be functional or external.

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113
Q

Occupancy Permit

A

A permit issued by the appropriate local governing body to establish that the property is suitable for habitation by meeting certain safety and health standards.

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114
Q

Offer and Acceptance

A

Two essential components of a valid contract; a “meeting of the minds”.

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115
Q

Offeror/Offeree

A

The person who makes the offer is the offeror. The person to whom the offer is made is the offeree.

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116
Q

Open-End Loan

A

A mortgage loan that is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage.

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117
Q

Open Listing

A

A listing contract under which the broker’s commission is contingent on the broker’s producing a ready, willing, and able buyer before the property is sold by the seller or another broker.

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118
Q

Operating Budget

A

A guide for the property’s financial performance in the present and future. It gives the owner a sense of expected profit.

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119
Q

Option

A

An agreement to keep open for a set period an offer to sell or purchase property.

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120
Q

Ostensible Agency

A

A form of implied agency relationship created by the actions of the parties involved rather than by written agreement or document.

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121
Q

Owelty Lien

A

A lien created by the order of the court to make an equitable partition of property when otherwise an agreeable partition is impossible or impractical.

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122
Q

Owner Financing

A

The seller is the primary lender securing his or her interest with the use of a deed, note and mortgage, deed of trust, or contract for deed. The buyer takes possession of the property, but the seller retains legal title until paid in full.

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123
Q

Package Loan

A

A real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpeting, window coverings, and major appliances.

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124
Q

Panic Peddling

A

The illegal practice of soliciting people in a neighborhood to sell their homes because of fear or alarm; also referred to as blockbusting.

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125
Q

Parol Evidence

A

Oral or verbal evidence.

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126
Q

Parol Evidence Rules

A

A rule of evidence providing that a written agreement is the final expression of the agreement of the parties, not to be varied or contradicted by prior or contemporaneous oral or written negotiations.

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127
Q

Participation Mortgage

A

A mortgage loan wherein the lender has a partial equity interest in the property or receives a portion of the income from the property.

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128
Q

Partition

A

The division of cotenants’ interests in real property when the parties do not all voluntarily agree to terminate the co-ownership; takes place through court procedures.

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129
Q

Partnership

A

An association of two or more individuals who carry on a continuing business for profit as co-owners. Under the law, a partnership is regarded as a group of individuals rather than as a single entity. A general partnership is a typical form of join venture in which each general partner shares in the administration, profits, and losses of the operation. A limited partnership is a business arrangement whereby the operation is administered by one or more general partners and funded, by and large, by limited or silent partners, who are by law responsible for losses only to the extent of their investment.

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130
Q

Patent

A

A grant or franchise of land from the U.S. government.

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131
Q

Payment Cap

A

The limit on the amount the monthly payment can be increased on an adjustable-rate mortgage when the interest rate is adjusted.

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132
Q

Percent

A

One part in a hundred.

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133
Q

Percentage Lease

A

A lease, commonly used for commercial property, whose rental is based on the tenant’s gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount.

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134
Q

Percolation Test

A

A test of the soil to determine if it will absorb and drain water adequately to use a septic system for sewage disposal.

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135
Q

Personal Property

A

Items, called chattels, that do not fit into the definition of real property; movable objects.

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136
Q

Personalty

A

Personal property.

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137
Q

Physical Deterioration

A

A reduction in a property’s value resulting from a decline in physical condition; can be caused by action of the elements or by ordinary wear and tear.

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138
Q

PITI

A

The basic costs of owning a home - mortgage Principal and Interest, real estate Taxes, and hazard Insurance.

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139
Q

PITT

A

Joint tenancy, where tenants enjoy the four unities: possession, interest, time, and title.

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140
Q

Planned Unit Development (PUD)

A

A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision.

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141
Q

Plat

A

A detailed map that illustrates the geographic boundaries of individual lots.

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142
Q

Plat Map

A

A map of a town, section, or subdivision indicating the location and boundaries of individual properties.

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143
Q

Plottage

A

The increase in value or utility resulting from the consolidation of two or more adjacent lots into one larger lot.

144
Q

Point

A

A term used for a percentage of the principal loan amount charged by the lender. Each point is equal to 1 percent of the loan amount.

145
Q

Point of Beginning (POB)

A

In a metes-and-bounds legal description, the starting point of the survey, situated in one corner of the parcel; all metes-and-bounds descriptions must follow the boundaries of the parcel to the point of ending, which is also the point of beginning.

146
Q

Point of Ending (POE)

A

In a metes-and-bounds legal description, the ending point of the survey, which is also the point of beginning.

147
Q

Police Power

A

The government’s right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare.

148
Q

Polychlorinated Biphenyls (PCBs)

A

Used as an insulating material in dielectric oil. It can linger in the environment for long periods of time and can cause health problems.

149
Q

Possession

A

Owning or occupying a property.

150
Q

Power of Attorney

A

A written instrument authorizing a person, the attorney-in-fact, to act as agent for another person to the extent indicated in the instrument.

151
Q

Prepaid Items

A

On a closing statement, items that have been paid in advance by the seller, such as insurance premiums and some real estate taxes, for which the seller must be reimbursed by the buyer.

152
Q

Prepayment Penalty

A

A charge imposed on a borrower who pays off the loan principal early. This penalty compensates the lender for interest and other charges that would otherwise be lost.

153
Q

Preventative Maintenance

A

Small repairs that help prevent bigger problems and expenses.

154
Q

Price

A

The amount of money paid for an item or service.

155
Q

Primary Mortgage Market

A

The mortgage market in which loans are originated and consisting of lenders such as commercial banks, savings associations, and mutual savings banks.

156
Q

Principal

A

1) A sum loaned or employed as a fund or an investment, as distinguished from its income or profits. 2) The original amount of the total due and payable at a certain date. 3) A main party to a transaction - the person for whom the agent works.

157
Q

Principal Meridian

A

The main imaginary line running north and south and crossing a base line at a definite point; used by surveyors for reference in locating and describing land under the rectangular survey system of legal description.

158
Q

Principle of Conformity

A

The belief of what a property will draw for a fair market price when located with similar properties of the same size, style, condition, and location.

159
Q

Prior Appropriation

A

A concept of water ownership in which the landowner’s right to use available water is based on a government-administered permit system.

160
Q

Priority

A

The order of position or time. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens.

161
Q

Private Mortgage Insurance (PMI)

A

Insurance provided by private carrier that protects a lender against a loss in the event of a foreclosure and deficiency.

162
Q

Probate

A

A legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets are.

163
Q

Procuring Cause

A

The effort that brings about the desired result. Under an open listing, the broker who is the procuring cause of the sale receives the commission.

164
Q

Profit

A

Making a gain from an investment after subtracting expenses.

165
Q

Profit and Loss Statement

A

A general financial picture based on the monthly cash flow reports; does not include itemized information.

166
Q

Progression

A

An appraisal principle that states that, between dissimilar properties, the value of the lesser-quality property is favorably affected by the presence of the better-quality property.

167
Q

Promissory Note

A

A financing instrument that states the terms of the underlying obligation, is signed by its maker, and is negotiable.

168
Q

Property Manager

A

Someone who manages real estate for another person for compensation. Duties include collecting rents, maintaining the property, and keeping up all accounting.

169
Q

Property Reports

A

The mandatory federal and state documents compiled by subdividers and developers to provide potential purchasers with facts about a property prior to their purchase.

170
Q

Proprietary Lease

A

A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder’s right as a tenant to an individual apartment.

171
Q

Prorations

A

Expenses, either prepaid or paid in arrears, that are divided or distributed between the buyer and the seller at the closing.

172
Q

Protected Class

A

Any group of people designated as such by the Department of Housing and Urban Development (HUD) in consideration of federal and state civil rights legislation. Currently includes ethnic minorities, women, religious groups, the disabled, and others.

173
Q

Public Ownership

A

Government-owned property.

174
Q

Puffing

A

Exaggerated or superlative comments or opinions.

175
Q

Pur Autre Vie

A

“For the life of another.” A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee.

176
Q

Purchase-Money Mortgage (PMM)

A

A note secured by a mortgage or deed of trust given by a buyer, as borrower, to a seller, as lender, as part of the purchase price of the real estate.

177
Q

Purchase Option

A

Some leases grant the lessee the option to purchase the leased premises. This option normally gives the tenant the right to purchase the property at a predetermined price within a certain period, possibly the lease term.

178
Q

Pyramiding

A

The process of acquiring additional properties by refinancing properties already owned and investing the loan proceeds in addition properties.

179
Q

Quiet Title

A

A court action to remove a cloud on the title.

180
Q

Quitclaim Deed

A

A conveyance by which the grantor transfers whatever interest he or she has in the real estate without warranties or obligations.

181
Q

Quotient

A

The number resulting from dividing one number by another.

182
Q

Radon

A

A naturally occurring gas that is suspected of causing lung cancer.

183
Q

Range

A

A strip of land six miles wide, extending north and south and numbered east and west according to its distance from the principal meridian in the rectangular survey system of legal description.

184
Q

Rate Cap

A

The limit on the amount the interest rate can be increased at each adjustment period in an adjustable rate loan. The cap may also set the maximum interest rate that can be charged during the life of the loan.

185
Q

Ratification

A

Method of creating an agency relationship in which the principal accepts the conduct of someone who acted without prior authorization as the principal’s agent.

186
Q

Ready, Willing, and Able Buyer

A

Person who is prepared to buy property on the seller’s terms and is ready to take positive steps to consummate the transaction.

187
Q

Real Estate

A

Land; a portion of the earth’s surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.

188
Q

Real Estate Broker

A

A person licensed to arrange the buying and selling of property for a fee.

189
Q

Real Estate Investment Trust (REIT)

A

Trust ownership of real estate by a group of individuals who purchase certificates of ownership in the trust, which in turn invests the money in real property and distributes the profits back to the investors free of corporate income tax.

190
Q

Real Estate License Law

A

State law enacted to protect the public from fraud, dishonesty, and incompetence in the purchase and sale of real estate.

191
Q

Real Estate Mortgage Investment Conduit (REMIC)

A

A tax entity that issues multiple classes of investor interests backed by a pool of mortgages.

192
Q

Real Estate Recovery Fund

A

A fund established in some states from real estate license revenues to cover claims of aggrieved parties who have suffered monetary damage through the actions of a real estate licensee.

193
Q

Real Estate Settlement Procedures Act (RESPA)

A

The federal law that requires certain disclosures to consumers about mortgage loan settlements. The law also prohibits the payment or receipt of kickbacks and certain kinds of referral fees.

194
Q

Real Property

A

The interests, benefits, and rights inherent in real estate ownership.

195
Q

REALTOR

A

A registered trademarked term reserved for the sole use of active members of local REALTOR boards affiliated with the National Association of REALTORS.

196
Q

Reconciliation

A

The final step in the appraisal process, in which the appraiser combines the estimates of value received from the sales comparison, cost, and income approaches to arrive at a final estimate of market value for the subject property.

197
Q

Reconveyance Deed

A

A deed used by a trustee under a deed of trust to return title to the trustor.

198
Q

Recorded Plat

A

A map of a subdivision filed as a public record showing the location and boundaries of the individual parcels.

199
Q

Recording

A

The act of entering or recording documents affecting or conveying interests in real estate in the recorder’s office established in each county. Until it is recorded, a deed or mortgage ordinarily is not effective against subsequent purchasers or mortgagees.

200
Q

Rectangular Survey System

A

A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines.

201
Q

Redemption

A

The right of a defaulted property owner to recover his or her property by curing the default.

202
Q

Redemption Period

A

A period of time established by state law during which a property owner has the right to redeem his or her real estate from a foreclosure or tax sale by paying the sales price, interest, and costs. Many states do not have mortgage redemption laws.

203
Q

Redlining

A

The illegal practice of lending institution denying loans or restricting their number of certain areas of a community.

204
Q

Reduction Certificate (payoff statement)

A

The document signed by a lender indicating the amount required to pay a loan balance in full and satisfy the debt; used in the settlement process to protect both the seller’s and the buyer’s interest.

205
Q

Regression

A

An appraisal principle that states that, between dissimilar properties, the value of the better-quality property is affected adversely by the presence of the lesser-quality property.

206
Q

Regulation Z

A

Implements the Truth in Lending Act requiring credit institutions to inform borrowers of the true cost of obtaining credit.

207
Q

Release Deed

A

A document, also known as a deed of reconveyance, that transfers all rights given a trustee under a deed of trust loan back to the grantor after the loan has been fully repaid.

208
Q

Release of Lien

A

A lien on a property that is now free from a mortgage.

209
Q

Remainder Interest

A

The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.

210
Q

Renewal Option

A

A clause in a lease that grants the lessee the privilege of renewing the lease.

211
Q

Rent

A

A fixed, periodic payment made by a tenant of a property to the owner for possession and use, usually by prior agreement of the parties.

212
Q

Rent Schedule

A

A statement of proposed rental rates, determined by the owner or the property manager or both, based on a building’s estimated expenses, market supply and demand, and the owner’s long-range goals for the property.

213
Q

Replacement Cost

A

The construction cost at current prices of a property that is not necessarily an exact duplicate of the subject property but serves the same purpose or function as the original.

214
Q

Reproduction Cost

A

The construction cost at current prices of an exact duplicate of the subject property.

215
Q

Recission

A

The practice of one party canceling or terminating a contract, which has the effect of returning the parties to their original positions before the contract was made.

216
Q

Reservation

A

Something that is retained by the seller.

217
Q

Resolution Trust Corporation

A

The organization created by the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) to liquidate the assets of failed savings and loan associations.

218
Q

Restrictive Covenants

A

A clause in a deed that limits the way the real estate ownership may be used.

219
Q

Reverse Mortgage

A

A loan under which the homeowner receives monthly payments based on his or her accumulated equity rather than a lump sum. The loan must be repaid at a prearranged date, upon the death of the owner, or upon the sale of the property.

220
Q

Reversionary Interest

A

The remnant of an estate that the grantor holds after granting a life estate to another person.

221
Q

Reversionary Right

A

The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease.

222
Q

Revocation

A

Cancelling or annulling licensed privileges or rights.

223
Q

Right of first Refusal

A

A clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party.

224
Q

Right-of-Way

A

The right given by one landowner to another to pass over the land, construct a roadway, or use as a pathway, without actually transferring ownership.

225
Q

Riparian Rights

A

An owner’s rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

226
Q

Risk Management

A

Evaluation and selection of appropriate property and other insurance.

227
Q

Routine Maintenance

A

Day-to-day duties such as cleaning common areas, performing minor carpentry and plumbing adjustments, and providing regularly scheduled upkeep of heating, air-conditioning, and landscaping.

228
Q

Rules and Regulations

A

Real estate licensing authority orders that govern licensees’ activities; they usually have the same force and effect as statutory law.

229
Q

Safe Drinking Water Act

A

An act to protect public health by authorizing the EPA to set national health-based standards for drinking water.

230
Q

Sale-and-Leaseback

A

A transaction in which an owner sells his or her improved property and, as part of the same transaction, signs a long-term lease to remain in possession of the premises.

231
Q

Sales Comparison Approach

A

The process of estimating the value of a property by examining and comparing actual sales of comparable properties.

232
Q

Sales Price

A

The amount of money paid to a seller for a product bought.

233
Q

Salesperson

A

A person who performs real estate activities while employed by or associated with a licensed real estate broker.

234
Q

Satisfaction

A

Release or discharge of when a note has been fully paid. This document returns to the borrower all interest in the real estate originally conveyed to the lender. Entering this release in the public records shows that the debt has been removed from the property.

235
Q

Satisfaction of Mortgage

A

A document acknowledging the payment of a mortgage debt.

236
Q

Secondary Mortgage Market

A

A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called the secondary money market. Mortgages are first originated in the primary mortgage market.

237
Q

Section

A

A portion of township under the rectangular survey system. A township is divided into 36 sections, numbered 1 through 36. A section is a square with mile-long sides and an area of one square mile, or 640 acres.

238
Q

Security Deposit

A

A payment by a tenant, held by the landlord during the lease term, and kept on default, or on destruction of the premises by the tenant.

239
Q

Seller’s Broker

A

The real estate broker who represents only the seller in transactions.

240
Q

Seller’s Disclosure Notice

A

Documents completed by the seller of a home listing any known issues of the property, including home improvements made.

241
Q

Separate Property

A

Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage, or purchased with separate funds after the marriage.

242
Q

Servient Tenement

A

Land on which an easement exists in favor of an adjacent property (called a dominant estate); also called a servient estate.

243
Q

Setback

A

The amount of space local zoning regulations require between a lot line and a building line.

244
Q

Severalty

A

Ownership of real property by one person only; also called sole ownership.

245
Q

Severance

A

Changing an item of real estate to personal property by detaching it from the land.

246
Q

Shared-Appreciation Mortgage (SAM)

A

A mortgage loan in which the lender, in exchange for a loan with a favorable interest rate, participates in the profits the borrower receives when the property is eventually sold.

247
Q

Sick Building Syndrome (SBS)

A

An illness caused by poor air quality, typically in office building settings. Symptoms include fatigue, nausea, headache, and sensitivity to odors.

248
Q

Situs

A

The personal preference of people for one area over another, not necessarily based on objective facts and knowledge.

249
Q

Special Agent

A

One who is authorized by a principal to perform a single act or transaction; a real estate broker is usually a special agent authorized to find a ready, willing, and able buyer for a particular property.

250
Q

Special Assessment

A

A tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement like a street or sewer.

251
Q

Special Warranty Deed

A

A deed in which the grantor warrants, or guarantees, the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, “by, through, or under the grantor but not otherwise.”

252
Q

Specific Lien

A

A lien affecting or attaching only to a certain, specific parcel of land or piece of property.

253
Q

Specific Performance

A

A legal action to compel a party to carry out the terms of a contract.

254
Q

Spot Zoning

A

Granting a particular area a certain classification that differs from the classification of other land in the immediate area. This zoning is considered invalid.

255
Q

Statute of Frauds

A

That part of a state law that requires certain instruments, such as deeds, real estate sales contracts, and certain leases, to be in writing to be legally enforceable.

256
Q

Statute of Limitations

A

That law pertaining to the period of time within which certain actions must be brought to court.

257
Q

Statutory Lien

A

A lien imposed on property by statute - a tax lien, for example - in contrast to an equitable lien, which arises out of common law.

258
Q

Statutory Right of Redemption

A

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

259
Q

Statutory Year

A

A year composed of 12 months, with each month consisting of 30 days, for a total of 360 days in the year. Also referred to as a banker’s year.

260
Q

Steering

A

The illegal practice of channeling home seekers to particular areas, either to maintain the homogeneity of an area or to change the character of an area, which limits their choices of where they can live.

261
Q

Stigmatized Property

A

A property that has acquired an undesirable reputation due to an event that occurred on or near it, such as violent crime, gang-related activity, illness, or personal tragedy. Some states restrict the disclosure of information about stigmatized properties.

262
Q

Straight Loan

A

A loan in which only interest is paid during the term of the loan, with the entire principal amount due with the final interest payment.

263
Q

Subdivider

A

One who buys undeveloped land, divides it into smaller, usable lots and sells the lots to potential users.

264
Q

Subdivision

A

A tract of land divided by the owner, known as the subdivider, into block, building lots, and streets according to a recorded subdivision plat, which must comply with local ordinances and regulations.

265
Q

Subdivision and Development Ordinances

A

Municipal ordinances that establish requirements for subdivisions and development.

266
Q

Subject To

A

Buyer takes title of property and makes payments on the existing loan but is not personally obligated to pay the debt in full. Original seller might continue to be liable for debt.

267
Q

“Subject To” Clause

A

A clause in a contract specifying exceptions or contingencies of a purchase.

268
Q

Subjective Value

A

The perceived value of an item based on the benefits given to the owner.

269
Q

Subletting

A

The leasing of premises by a lessee to a third party for part of the lessee’s remaining term.

270
Q

Subordination

A

Relegation to a lesser position, usually in respect to a right or security.

271
Q

Subordination Agreement

A

A written agreement between holders of liens on a property that change the priority of mortgage, judgment, and other liens under certain circumstances.

272
Q

Substitution

A

An appraisal principle that states that the maximum value of a property tends to be set by the cost of purchasing an equally desirable and valuable substitute property, assuming that no costly delay is encountered in making the substitution.

273
Q

Subsurface Rights

A

Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.

274
Q

Suit for Possession

A

A court suit initiated by a landlord to evict a tenant from leased premises after the tenant has breached one of the terms of the lease or has held possession of the property after the lease’s expiration.

275
Q

Suit for Specific Performance

A

If the seller breaches a real estate sales contract, the buyer may sue, asking the court to force the seller to go through with the sale and convey the property as previously agreed.

276
Q

Suit to Quiet Title

A

A court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title.

277
Q

Superfund

A

Popular name of the hazardous-waste cleanup fund established by the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).

278
Q

Superfund Amendments and Reauthorization Act (SARA)

A

An amendatory statute that contains stronger cleanup standards for contaminated sites, increased funding for Superfund, and clarifications of lender liability and innocent landowner immunity.

279
Q

Supply

A

The amount of goods available in the market to be sold at a given price. The term is often coupled with demand.

280
Q

Supply and Demand

A

The appraisal principle that follows the interrelationship of the supply of and demand for real estate. Because appraising is based on economic concepts, this principle recognizes that real property is subject to the influences of the marketplace as with any other commodity.

281
Q

Surety Bond

A

An agreement by an insurance or bonding company to be responsible for certain possible defaults, debts, or obligations contracted for by an insured party; in essence, a policy insuring one’s personal and/or financial integrity. In the real estate business, a surety bond is generally used to ensure that a particular project will be completed at a certain date or that a contract will be performed as stated.

282
Q

Surface Rights

A

Ownership rights in a parcel of real estate that are limited to the surface of a property and do not include the air above it or the minerals below the surface.

283
Q

Survey

A

The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of a house on a lot, including the determination of any existing encroachments or easements.

284
Q

Syndicate

A

A combination of people or firms formed to accomplish a business venture of mutual interest by pooling resources. In a real estate investment syndicate, the parties own and/or develop property, with the main profit generally arising from the sale of the property.

285
Q

T-Bar Method

A

A math tool used to solve percentage problems. A common value X is on the top of the bar, with two different Y values under the bar.

286
Q

Tax Basis

A

The point from which gains and losses are figured for tax purposes.

287
Q

Tax Credit

A

An amount by which tax owed is reduced directly.

288
Q

Tax Deed

A

An instrument, similar to a certificate of sale, given to a purchaser at a tax sale.

289
Q

Tax Lien

A

A charge against property, created by operation of law. Tax liens and assessments take priority over all other liens.

290
Q

Tax Sale

A

A court-ordered sale of real property to raise money to cover delinquent taxes.

291
Q

Taxation

A

The process by which a government or municipal quasi-public body raises monies to fund its operation.

292
Q

Tenancy by the Entirety

A

The joint ownership, recognized in some states, of property acquired by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner of the property.

293
Q

Tenancy in Common

A

A form of co-ownership by which each owner holds an undivided interest in real property as if each were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have right of inheritance.

294
Q

Tenant

A

One who holds or possesses lands or tenements by any kind of right or title.

295
Q

Tenant Improvements

A

Alterations to the interior of a building to meet the functional demands of the tenant. AKA build-outs.

296
Q

Testate

A

Having made and left a valid will.

297
Q

Testator

A

A person who has made a valid will. A woman often is referred to as a testatrix, although testator can be used for either gender.

298
Q

Tier (township strip)

A

A strip of land six miles wide, extending east and west and numbered north and south according to its distance from the base line in the rectangular survey system of legal description.

299
Q

Time is of the Essence

A

A phrase in contract that requires the performance of a certain act within a stated period of time.

300
Q

Time-Share

A

A form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period.

301
Q

Title

A

1) The right to ownership or the ownership of land. 2) The evidence of ownership of land.

302
Q

Title Insurance

A

A policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy.

303
Q

Title Search

A

The examination of public records relating to real estate to determine the current state of the ownership.

304
Q

Title Theory

A

Some states interpret a mortgage to mean that the lender is the owner of mortgaged land. Upon full payment of the mortgage debt, the borrower becomes the landowner.

305
Q

Torrens System

A

A method of evidencing title by registration with the proper public authority, generally called the registrar; named for its founder, Sir Robert Torrens.

306
Q

Town House

A

A type of residential dwelling with two floors that is connected to one or more dwellings by a common wall or walls. Title to the unit and lot vest in the owner who shares a fractional interest with other owners for the common areas.

307
Q

Township

A

The principal unit of the rectangular survey system. A township is a square with 6-mile sides and an area of 36 square miles.

308
Q

Township Lines

A

All the lines in a rectangular survey system that run east and west, parallel to the base line six miles apart.

309
Q

Township Tiers

A

Township lines that form strips of land and are designated by consecutive numbers north or south of the base line.

310
Q

Trade Fixtures

A

An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.

311
Q

Transactional Broker

A

Helps both the buyer and the seller with paperwork and formalities in transferring ownership of real property, but who is not an agent of either party.

312
Q

Transfer Tax

A

Tax stamps required to be affixed to a deed by state and/or local law.

313
Q

Trigger Terms

A

Specific credit terms, such as down payment, monthly payment, and amount of finance charge or term of loan.

314
Q

Trust

A

A fiduciary arrangement whereby property is conveyed to a person or institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The one who conveys the trust is called the trustor.

315
Q

Trust Deed

A

An instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender); also called a deed of trust.

316
Q

Trust Deed Lien

A

A lien on the property of a trustor that secures a deed of trust loan. Also known as a mortgage lien.

317
Q

Trustee

A

One to whom something is entrusted who holds legal title to property and administers the property for the benefit of a beneficiary. Or a member of a board entrusted with the administration of an institution or organization, such as a cooperative.

318
Q

Trustee’s Deed

A

A deed executed by a trustee conveying land held in a trust.

319
Q

Trustor

A

A borrower in a deed of trust loan transaction; one who places property in a trust. Also called a grantor or settler.

320
Q

Truth in Lending Act (TIL)

A

Federal government regulates the lending practices of mortgage lenders through this act.

321
Q

Unbundling services

A

Offering real estate services in a piecemeal fashion.

322
Q

Underground Storage Tanks (USTs)

A

Commonly found on sites where petroleum products are used or where gas stations and auto repair shops are located. In residential areas, tanks are used to store heating oil. Over time, neglected tanks may leak hazardous substances into the environment.

323
Q

Unenforceable Contract

A

A contract that has all the elements of a valid contract, yet neither party can sue the other to force performance of it. For example, an unsigned contract is generally unenforceable.

324
Q

Uniform Commercial Code (UCC)

A

A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. Security interests in chattels are created by an instrument known as a security agreement. To give notice of the security interest, a financing statement must be recorded. Article 6 of the code regulates bulk transfers - the sale of a business as a whole, including all fixtures, chattels, and merchandise.

325
Q

Uniform Electronic Transactions Act (UETA)

A

Sets forth rules for entering into an enforceable contract using electronic means.

326
Q

Uniform Settlement Statement (HUD-1)

A

A special HUD form that itemizes all charges to be paid by a borrower and a seller in connection with the settlement. Also called the HUD-1 form.

327
Q

Uniform Standards of Professional Appraisal Practice (USPAP)

A

A set of standards that details information required of an appraisal of residential property. The Uniform Residential Appraisal Report is required by many government agencies.

328
Q

Unilateral Contract

A

A one-sided contract wherein one party makes a promise so as to induce a second party to do something. The second party is not legally bound to perform; however, if the second party does comply, the first party is obligated to keep the promise.

329
Q

Unity of Ownership

A

The four unities that are traditionally needed to create a joint tenancy - unity of title, time, interest, and possession.

330
Q

Universal Agent

A

A person empowered to do anything the principal could do personally.

331
Q

Urea-Formaldehyde Foam Insulation (UFFI)

A

Insulating foam that can release harmful formaldehyde gases. Formaldehyde causes some individuals to suffer respiratory problems, as well as eye and skin irritations.

332
Q

Usury

A

Charging interest at a higher rate than the maximum rate established by state law.

333
Q

Valid Contract

A

A contract that complies with all the essentials of a contract and is binding and enforceable on all parties to it.

334
Q

VA Loan

A

A mortgage loan on approved property made to a qualified veteran by an authorized lender and guaranteed by the Department of Veterans Affairs in order to limit the lender’s possible loss.

335
Q

Value

A

The power of a good or service to command other goods in exchange for the present worth of future rights to its income or amenities.

336
Q

Variable-Rate Mortgage

A

A mortgage loan where the interest rate varies depending on market conditions.

337
Q

Variance

A

Permission obtained from zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws; an exception from the zoning ordinances.

338
Q

Vendee

A

A buyer, usually under the terms of a land contract.

339
Q

Vendor

A

A seller, usually under the terms of a land contract.

340
Q

Vendor’s Lien

A

A lien that belongs to a vendor for the unpaid purchase price of land, where the vendor has not taken any other lien or security beyond the personal obligation of the purchaser.

341
Q

Void Contract

A

A contract that has no legal force or effect because it does not meet the essential elements of a contract.

342
Q

Voidable Contract

A

A contract that seems to be valid on the surface but may be rejected or disaffirmed by one or both of the parties.

343
Q

Volume

A

The amount of space of a three-dimensional object.

344
Q

Voluntary Lien

A

A lien placed on property with the knowledge and consent of the property owner.

345
Q

Warranty Clause

A

A part of the deed where the seller warrants the title conveyed to the buyer.

346
Q

Waste

A

An improper use or an abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor, or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary rights.

347
Q

Water Rights

A

Common law rights held by owners of land adjacent to rivers, lakes, or oceans; includes restrictions on those rights and land ownership.

348
Q

Water Table

A

The natural level at which the ground is saturated. The water table may be several hundred feet underground or near the surface.

349
Q

Will

A

A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.

350
Q

Workers’ Compensation Acts

A

Laws that require an employer to obtain insurance coverage to protect employees who are injured in the course of their employment.

351
Q

Wraparound Loan

A

A method of refinancing in which the new mortgage is placed in a secondary, or subordinate, position; the new mortgage includes both the unpaid principal balance of the first mortgage and whatever additional sums are advanced by the lender. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an amount over the existing first mortgage amount without disturbing the existence of the first mortgage.

352
Q

Writ of Possession

A

A document ordered by the course to have a sheriff enter a leased property to give possession back to the owner.

353
Q

Zoning

A

A regulatory tool that helps communities regulate and control how land is used.

354
Q

Zoning Board of Appeals

A

A board that must be formed when the local legislature adopts a new zoning law.

355
Q

Zoning Ordinance

A

An exercise of police power by a municipality to regulate and control the character and use of property.

Perry Prep Flash Cards (2 decks)

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