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NYS Real Estate Exam Prep Vocab > Flashcards (Vocab) > Flashcards

Flashcards (Vocab)

1
Q

Estate for Years

A

A leasehold estate with a definite end date; must be renegotiated; commonly used for commercial leases

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2
Q

Cost approach

A

An appraisal method that estimates replacement cost of the improvements, deducts estimated accrued depreciation, and then adds market value of the land

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3
Q

Grant Deed

A

A type of deed in which the grantor warrants that he or she has not previously conveyed the property being granted, that he or she has not encumbered the property except disclosed, and that he or she will convert to the grantee any title to the property acquired

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4
Q

Execute

A

To perform or complete; to sign

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5
Q

Mortgagor

A

The borrower under a mortgage

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6
Q

Comps

A

A term used by real estate agents and appraisers to mean comparable properties

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7
Q

Price

A

What is paid for something

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8
Q

Estate at Sufferance

A

A tenancy created when one is in wrongful possession of real estate even though the original possession may have been legal

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9
Q

Executed Contract

A

A contract in which the obligations have been performed on both sides of the contract and nothing is left to be completed

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10
Q

Revoke

A

Recall and make void

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11
Q

Marketable Title

A

Good or clear salable title reasonably free from risk of litigation over possible defects

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12
Q

Ratification

A

The approval of previously authorized act, performed on behalf of a person, which makes the act valid and legally binding

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13
Q

Condition Precedent

A

A condition which requires something to occur before a transaction becomes absolute and enforceable: for example, a sale that is contingent on the buyer obtaining financing

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14
Q

Valuable Consideration

A

Each party to a contract must give up something to make the agreement binding

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15
Q

Index

A

A publically published number used as the basis for adjusting interest rates of adjustable-rate mortgages (ARMS)

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16
Q

Principal

A

The original amount borrowed

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17
Q

Reliction

A

Occurs when land that has been covered by water is exposed by the receding of the water

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18
Q

Subordination Clause

A

A clause in which holder of a trust deed permits a subsequent loan to take priority

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19
Q

Estate from Period to Period

A

A leasehold estate that is automatically renewed for the same term; a conveyance for an indefinite period of time; does not need to be renegotiated upon each renewal; commonly a month to month rental

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20
Q

Graduated Payment Adjustable Mortgage

A

A loan with low initial monthly payments which gradually increase over a specified timeframe

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21
Q

Depreciation

A

Loss in value from any cause

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22
Q

Earnest Money

A

Down payment made by a purchaser of real estate as evidence of good faith; or a deposit or partial payment

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23
Q

Subject to Clause

A

A buyer takes over the existing loan payments but assumes no personal liability for the loan

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24
Q

Transferability

A

The ability to transfer ownership of an item from one person or entity to another

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25
Q

Bundle of Rights

A

An ownership concept describing all the legal rights that attach to the ownership of real property

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26
Q

Minor

A

Someone under 18 years of age

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27
Q

Unenforceable

A

A contract that was valid when made, but either cannot be proved or will not be enforced by a court

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28
Q

Section

A

An area of land, used in the U.S. Public Land Survey method of land description; a land area of one square mile, or 640 acres; 1/36 of a township

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29
Q

Estate at Will

A

Possession of real estate belonging to another, with their permission, for an indefinite period of time; can be terminated by either the lessor or lessee; either party must give 30 days notice before ending the tenancy

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30
Q

Less-Than-Freehold Estate

A

A leasehold estate that is considered to exist for a definite period of time or successive periods of time until termination

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31
Q

Writ of Possession

A

A court order directing the sheriff to remove the tenant and his or her possessions within five days

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32
Q

Economic age

A

Age of a building determined by its condition and usefulness

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33
Q

Consideration

A

Something of value, such as money, a promise, property, or personal services

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34
Q

Instrument

A

A written legal document setting forth the rights and liabilities of the parties involved

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35
Q

Functional Utility

A

The combined factors of usefulness with desirability

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36
Q

Accession

A

The acquisition of title to additional land or to improvements as a result of the annexation of fixtures or as a result of alluvial deposits along the banks of streams by accretion

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37
Q

Income approach

A

A method of appraising property based on the property’s anticipated future income

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38
Q

Foreclosure Sale

A

A sale during which property is sold to satisfy a debt

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39
Q

Retaliatory Eviction

A

An act whereby a landlord evicts a tenant in response to some complaint made by the tenant

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40
Q

Sucession

A

The legal transfer of a person’s interest in real property under the law of descent and distribution

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41
Q

Mortgage

A

A legal document used as security for a debt

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42
Q

Partially Amortizing Note

A

A promissory with repayment that is not sufficient to amortize the loan over its term; usually contains a balloon payment at the end

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43
Q

Lis Pendens

A

A recorded notice that indicates pending litigation on a property that prevents a conveyance or any other transfer of ownership

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44
Q

Agency

A

A relationship in which one party (principal) authorizes party (agent) to act as the principal’s representative in dealing with third parties

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45
Q

Alluvial Deposit

A

Sand or mud carried by water and deposited on land

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46
Q

Cap Rate

A

A term sometimes used to refer to capitalization rate

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47
Q

Contract Rent

A

The amount of rental income due from the tenant as agreed in the lease agreement

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48
Q

Demise

A

A conveyance of an estate in real property to someone for a certain length of time, as in a lease

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49
Q

Or More Clause

A

A clause in a promissory note that allows a borrower to pay a loan off early without penalty

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50
Q

Trustor

A

The borrower under a deed of trust

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51
Q

Trade Association

A

A voluntary, nonprofit organization of independent and competing business units engaged in the same industry or trade and formed to aid in the industry problems, promote its progress, and enhance its service

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52
Q

Conversion

A

The appropriation of property belonging to another

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53
Q

Personal Property

A

Anything movable that is not real property

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54
Q

Administrator/Administratrix

A

A person appointed by the court to handle the affairs of a deceased person when there is no one mentioned in the will

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55
Q

Principle of Substitution

A

The market value of a property is affected by the cost of obtaining an equally desirable and valuable property as a substitute

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56
Q

Utility Value

A

The usefulness of the property

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57
Q

Menace

A

Using a threat of violence to get agreement on accepting a contract

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58
Q

Margin

A

A fixed percentage rate that is added to an index to determine the fully indexed interest rate of an adjustable rate mortgage (ARM)

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59
Q

Misrepresentation

A

An innocent or negligent misstatement of material fact which causes someone loss or harm

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60
Q

Bilateral Contract

A

A contract in which each party to the contract promises to perform some act or duty in exchange for the promise of the other party

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61
Q

Standard Policy

A

A policy of title insurance covering only matters of record

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62
Q

Attorney-in-Fact

A

A competent and disinterested person who is authorized by another person to act in his or her place in legal matters

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63
Q

Littoral

A

Land bordering a lake, ocean, or sea as opposed to a land bordering a stream or river (running water)

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64
Q

Effective Age

A

The years or age shown by the condition and utility of a structure, rather than its actual or chronological age

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65
Q

Lessee

A

Tenant; renter

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66
Q

Acceleration Clause

A

A clause in the loan document describing certain events that would cause the entire loan to be due

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67
Q

Title Commitment

A

A contract to issue a title insurance policy

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68
Q

Alienation Clause

A

A clause in the loan document that allows the lender to call the entire loan due upon the sale of property; a type of acceleration clause

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69
Q

Duress

A

The use of force to get agreement in accepting a contract

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70
Q

ALTA Policy

A

American Land Title Association policy of extended title insurance policy; can be purchased by lender or buyer

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71
Q

Release Cause

A

A provision found in many blanket loans enabling the borrower to obtain a partial release of specific parcels from the loan

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72
Q

Property

A

The rights or interests an owner has in something owned

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73
Q

Future Interest

A

An interest in real property that cannot exercised today; but that might be exercised in the future

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74
Q

Chattel

A

Personal property

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75
Q

Constructive Notice

A

Public notice given by recording a document with the county recorder

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76
Q

Deferred Maintenance

A

Negligent care of a building

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77
Q

Servicemembers Civil Relief Act

A

A federal law designed to protect persons in military service from loss of property when their ability to make the payment has been affected by their entering military service

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78
Q

Assignment of Rents

A

An agreement between a property owner and the holder of a trust deed or mortgage by which the holder receives, as security, the right to collect rents from tenants of the property in the event of default by the borrower

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79
Q

Offeree

A

The party receiving an offer

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80
Q

Principle of Anticipation

A

The market anticipates the future benefits that are to be derived from the property

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81
Q

Blanket Loan

A

A loan that is secured by several properties

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82
Q

Mobile Home

A

A factory-built home fabricated prior to June 15, 1976, constructed on a chassis and wheels

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83
Q

Surrender

A

The voluntary giving up of a lease

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84
Q

Freehold Estate

A

An estate in real property which continues for an indefinite period of time

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85
Q

Holder in Due Course

A

A person who has obtained a negotiable instrument (promissory note, check) in the ordinary course of business before it is due, in good faith and for value, without knowledge that it has been previously dishonored and without notice of any defect or setoff at the time it is negotiated

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86
Q

Capitalization

A

The process of calculating the present worth of a property on the basis of its capacity to continue to produce an income stream

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87
Q

Police Power

A

The power of the state to pass laws, within lawful limits, that promote order, safety, health, morals, and general welfare of its citizens

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88
Q

Reconciliation

A

Sometimes called correlation, this is the adjustment process of weighing the results of all three appraisal methods to arrive at a final estimate of market value for the subject property

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89
Q

Patents

A

Deeds used by the U.S. government when confirming or transferring ownership to private parties

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90
Q

Interest

A

The charge for the use of money

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91
Q

Balloon Payment

A

Under an installment loan, a final payment that is substantially larger than the other payments and repays the debt in full

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92
Q

Beneficiary

A

The lender under a deed of trust

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93
Q

Working Capital

A

Liquid assets available for the conduct of daily business

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94
Q

Swing Loan

A

A short-term loan used to enable the purchaser of a new property to buy that property on the strength of the equity from the property the purchaser is now selling

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95
Q

Fee Simple Defeasible

A

An estate in which the holder has a fee simple title that is subjected to return to the grantor if a specified condition occurs; also known as fee simple qualified

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96
Q

Steering

A

The illegal practice of only showing clients property in certain areas

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97
Q

License

A

Permission to use a property which may be revoked at any time

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98
Q

Pledge

A

The transfer of property to a lender as security for re-payment of a debt. The lender takes possession of the property

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99
Q

Appreciation

A

An increase in value

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100
Q

Trustee’s Deed

A

A deed given to a buyer of real property at a trustee’s sale

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101
Q

Reverse Annuity Loan

A

A loan that enables elderly homeowners to borrow against the equity in their homes by receiving monthly payments, from a lender, that are needed to help meet living costs; due upon a specific date or upon the occurrence of a specific event, such as the sale of the property or the death of the borrower

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102
Q

Multiple Listing Service

A

A cooperative listing service conducted by a group of brokers for the purpose of marketing listings

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103
Q

Township

A

A land description used in the U.S. Public Land Survey System consisting of a six-by-six mile area containing 36 sections, each one mile square

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104
Q

Promissory Note

A

A written promise or order to pay money; evidence of a debt

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105
Q

Intermediation

A

The process of transferring capital from who invest funds to those who wish to borrow

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106
Q

Percentage Lease

A

A lease in which the landlord receives a percentage of the gross sales as part or all of the rental payment

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107
Q

Unlawful Detainer Action

A

A lawsuit filed with the court against a tenant who remains in unlawful possession of rental property after breaching the terms of a lawful lease

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108
Q

Rollover Mortgage

A

A loan that allows the rewriting of a new loan at the termination of the prior loan

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109
Q

Lessor

A

Landlord; property owner

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110
Q

Mutual Consent

A

Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract

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111
Q

Agreement of Sale

A

A contract for the sale of real property in which the seller gives up possession but retains the title until the purchase price is paid in full; also known as a contract of sale or land contract

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112
Q

Real Property

A

Land; anything affixed to the land; anything appurtenant to the land; anything immovable by law

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113
Q

Actual Depreciation

A

That depreciation occurring as a result of physical, functional, or economic forces that causes loss in value to a building

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114
Q

Escrow

A

The deposit of funds or documents with a neutral third party who is instructed to carry out the provisions of an agreement

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115
Q

Vacancy Factor

A

Lost income because of a vacant unit

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116
Q

Vendor

A

The seller under a contract of sale (land contract)

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117
Q

Brokerage

A

The occupation of a broker. A real estate brokerage is the business of selling real estate through a broker who negotiates the sale for a commission

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118
Q

Conveyance

A

The transfer of title to land from one person to another by use of a written instrument

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119
Q

Love and Affection

A

The consideration used in a gift deed

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120
Q

Retrofit

A

Modification of an existing building or facility to include new systems or components

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121
Q

Bill of Sale

A

A written agreement used to transfer ownership in personal property

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122
Q

Front Footage

A

The width of a property along the street

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123
Q

Undue Influence

A

Using unfair advantage to get agreement in accepting a contract

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124
Q

Curb Appeal

A

The impression gained, whether good or bad, of a property when it is first seen, usually from street while driving by

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125
Q

Security Interest

A

The interest of a creditor (lender) in the property of a debtor (borrower)

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126
Q

Prepayment Clause

A

A clause in a trust deed that allows a lender to collect a certain percentage of a loan as a penalty for an early payoff

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127
Q

Natural Person

A

An individual; a private person, as distinguished from an artificial entity such as corporation or partnership

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128
Q

Guarantee of Title

A

An assurance of clear title

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129
Q

Divided Interest

A

An interest in various parts of a whole property, such as the interest of the fee owner, lessee, or mortgage

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130
Q

Sublease

A

Transfer less that the entire leasehold, with the original lessee being primarily liable

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131
Q

Recording

A

The act of filing written documents affecting the title to real property with the county recorder

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132
Q

Range

A

A land description used in the U.S. Public Land Survey System (PLSS) consisting of a strip of land located every six miles east of each principle meridian

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133
Q

Vested

A

Owned by

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134
Q

Sublease

A

Transfer less than the entire leasehold, with the original lessee being primarily liable

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135
Q

Hypothecation

A

To give real property as security for a debt without giving up possession

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136
Q

Replacement Cost

A

The cost of replacing improvements with modern materials and techniques

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137
Q

Liquid Damages

A

Sets in advance a specified amount of money as a penalty in the event of a breach of contract

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138
Q

Alienate

A

Transfer ownership or sell

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139
Q

Grantee

A

The person receiving the property or to whom it is being conveyed

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140
Q

Land Contract

A

A contract for the sale of real property in which the seller gives up possession but retains the title until the purchase price is paid in full; also known as contract of sale or agreement of sale

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141
Q

Deregulation

A

A process by which financial institutions, that had formerly been restrained in their lending activities by the law, are allowed to compete freely for the profits in the marketplace

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142
Q

Assumption Clause

A

A buyer takes over the existing loan and agrees to be liable for the repayment of the loan

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143
Q

Corner lot

A

A lot found at the intersection of two streets

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144
Q

Beneficiary Statement

A

A statement of the unpaid balance of a loan and the condition of the debt

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145
Q

Probate Sale

A

A court-approved sale of the property of a deceased person

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146
Q

Net Lease

A

A lease where the tenant pays such costs as taxes, insurance and repairs, as well as a set amount for rent. A triple net lease in one in which the tenant pays all expenses of operating the property as well as a set amount for rent

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147
Q

Default

A

Failure to pay a debt or honor a contract

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148
Q

Avulsion

A

The sudden washing or tearing away of the land by action of water

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149
Q

Request for Notice

A

A notice that is sent, upon request, to any parties interested in a mortgage or deed of trust informing them of a default

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150
Q

Security Instrument

A

Evidence of obligations to pay money, such as deed of trust or mortgage

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151
Q

Sales Contract

A

Primary document used to present an offer on real property; also known as a purchase offer

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152
Q

Equity

A

Value remaining in a property after payments of all liens; the difference between the amount that is owed and the fair market value

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153
Q

Suspend

A

Temporarily make ineffective

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154
Q

Fiscal Year

A

A year as reckoned for taxing or accounting purposes

155
Q

Life Estate

A

An estate that is limited in duration to life of its owner or the life of some other chosen person

156
Q

Trustee’s Sale

A

The forced sale of real property, by a lender, to satisfy a debt

157
Q

Blockbusting

A

Causing panic selling people that values in the neighborhood will decline because of a specific event, such as the purchase of homes by minorities

158
Q

Testator/Textatrix

A

A person who has made a will

159
Q

CC&Rs

A

Restrictions are placed on certain types of real property and limit the activities of owners

160
Q

Axial Growth

A

City growth that occurs outward along main transportation routes; usually star shaped

161
Q

Novation

A

The substitution by agreement of new obligation for an existing one

162
Q

Foreclosure

A

A legal procedure by which mortgaged property in which there has been default on the part of the borrower is sold to satisfy the debt

163
Q

Offeror

A

Landlord

164
Q

Encroachment

A

The placement of permanent improvements on adjacent property owned by another

165
Q

Actual Age

A

The real age of a building

166
Q

Warranty Deed

A

A deed used to transfer title to property, guaranteeing that the title is clear and the grantor has the right to transfer it; no longer used in California

167
Q

Good and Indefeasible

A

Title that cannot be defeated, set aside, or made void by a superior claim

168
Q

Accretion

A

A build-up of soil by natural causes on property bordering a river, lake, or ocean

169
Q

Improvements

A

Additions to real property; can be natural (e.g., trees or a lot feature), but usually are manmade; substantial fixtures, such as buildings

170
Q

Severalty

A

Ownership of real property by one person or entity

171
Q

Escrow Instructions

A

Written directions, signed by a buyer and seller, detailing the procedures necessary to close a transaction and directs the escrow agent in how to proceed

172
Q

Arm’s Length Transaction

A

A transaction, such as a sale of property, in which all parties involved are acting in their own self-interest and are under no undue influence or pressure from the other parties

173
Q

Residential Rental Property

A

Property from which 80% or more of the gross rental income is income from dwelling units

174
Q

Demand

A

The desire to buy or obtain a commodity

175
Q

Reconveyance Deed

A

Conveys title to property from a trustee back to the borrower (trustor) upon payment in full of the debt secured by the trust deed

176
Q

Leasehold or Lease

A

An agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time

177
Q

Usury

A

The act of changing a rate of interest in excess of that permitted by law

178
Q

Statute of Frauds

A

A state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable

179
Q

Open End Loan

A

A loan in which the borrower is given a pre-approved limit up to which may be borrowed, such as a credit card, with each advance secured by the same contract

180
Q

Estate in Fee

A

A freehold estate is the most complete form of ownership of real property; also known as a fee, fee simple, or fee simple absolute. It is an estate of inheritance

181
Q

Chain of Title

A

A chronological history of a property’s ownership

182
Q

Holographic Will

A

Written in the maker’s own handwriting, dated, and signed by the maker

183
Q

Private Grant

A

The granting of private property to other private persons

184
Q

Title Plant

A

The storage facility of a title company which holds and stores the complete title records of properties in its area

185
Q

Actual Notice

A

Notice given by possession of property

186
Q

Holder

A

The party to whom a promissory note is made payable; the person holding the note

187
Q

Customer

A

A prospective buyer of real estate

188
Q

Public Grant

A

The transfer of title by the government to a private individual

189
Q

Power of Sale

A

A clause in a trust deed or mortgage that gives the holder the right to sell the property in the event of default by the borrower

190
Q

Principal

A

Someone who directs or authorizes another to act in his or her place in regard to relations with third persons; buyer or seller

191
Q

Gross income multiplier (GIM)

A

A conversion factor derived from the sales price of a comparable rental property divided by its gross rent and any other miscellaneous income. This factor is multiplied by the estimated gross rent of the subject

192
Q

Gross rent multiplier (GRM)

A

A figure which, when multiplied by the monthly rental income, equals the property’s market value

193
Q

Deed of Trust

A

A security instrument in which title to a property is transferred to a third party trustee as security for a debt owed by the trustor (borrower) to the beneficiary (lender)

194
Q

Definite and Certain

A

Precise acts to be performed are to be clearly stated

195
Q

Abstract of Title

A

A full summary of all consecutive grants, conveyances, wills, records and judicial proceedings affecting title to a specific parcel of real estate

196
Q

Doctrine of Correlative User

A

Owners may use only a reasonable amount of the total water supply for beneficial use

197
Q

Third Party Originator (TPO)

A

Person who takes mortgage applications from borrowers, but does not underwrite or fund loans

198
Q

Emblements

A

Annual crops produced for sale by a tenant using or occupying the property

199
Q

Grace Period

A

An agreement upon time after the payment of a debt is past due during which a party can perform without being considered in default; usually 10 to 15 days

200
Q

Bequest

A

A gift of personal property by will (see legacy)

201
Q

Cost

A

Represents expenses in money, labor, material, or sacrifices in acquiring or producing something

202
Q

Erosion

A

The gradual wearing away of land by natural process

203
Q

Notice of Default

A

A notice to a defaulting party that there has been a nonpayment of debt

204
Q

Gift Deed

A

Used to make a gift of property to a grantee who is usually a close friend or relative

205
Q

Graduated Lease

A

A lease calling for periodic increases in the rental payments; sometimes called a stair-step lease

206
Q

Voidable

A

An agreement which is valid and enforceable on its face, but may be rejected by one or more of the parties

207
Q

Recission

A

Legal action taken to repeal a contract either by mutual consent of the parties or by one party when the other party has breached a contract

208
Q

Abrogation

A

The revocation, rescission, or annulling of a contract by mutual consent of the parties to the contract, or for cause by either party to the contract

209
Q

Breach of Contract

A

A failure to perform on part or all of the terms and conditions of a contract

210
Q

Intestate

A

Dying without leaving a will

211
Q

Legal Title

A

Title that is complete and perfect in regard to the right of ownership; can be held by a trustee

212
Q

Patent Deed

A

A deed given by the government to a private individual as evidence of transfer of title from government to the public person

213
Q

Real Estate Salesperson

A

Someone holding a real estate license and employed by a licensed real estate broker. In some states, the salesperson is called a sales agent or sales associate

214
Q

Assessed Value

A

Value placed on property by a public tax assessor as a basis for taxation

215
Q

“DUST”

A

The elements that create value: Demand, Utility, Scarcity, Transferability

216
Q

Express Contract

A

The parties declare the terms and put their intentions in words, either oral or written

217
Q

Agent

A

A person who acts for and in the place of another, called a principal, for the purpose of affecting the principal’s legal relationship with third persons

218
Q

Unilateral Contract

A

An agreement in which one party promises to pay consideration for the performance of an act by another party. The party promising to pay consideration is not legally obligated to act unless the party promising to perform does so

219
Q

Title Insurance

A

An insurance policy that protects the insured against loss or damage due to defects in the property’s title

220
Q

Equity of Redemption

A

The right of the debtor, before a foreclosure sale, to reclaim property that had been given up due to mortgage default; also known as right of redemption

221
Q

Appurtenance

A

Those rights, privileges, and improvements that belong to and pass with the transfer of real property, but are not necessarily a part of the actual property

222
Q

Reversionary Rights

A

The lessor (landlord) grants the right of possession to the lessee (tenant) but retains the right to retake possession after the lease’s term has expired

223
Q

Counteroffer

A

The rejection of an original offer that becomes a new offer

224
Q

Unilateral Rescission

A

Legal action taken to repeal a contract by one party when the other party has breached a contract

225
Q

Baseline

A

A survey line running east to west, and used as a reference when mapping land

226
Q

License holder

A

Someone who holds a real estate license issued by a state licensing agency

227
Q

Timely Manner

A

An act must be performed within certain time limits as described in a contract

228
Q

Land Grant

A

A grant of public lands by the government usually for roads, railroads, or agricultural

229
Q

Ethics

A

A set of principles or values by which an individual guides his or her own behavior and judges that of others

230
Q

Environmental Impact Report

A

A study of how a development will affect the ecology of its surroundings

231
Q

Assemblage

A

Putting several smaller, less valuable parcels together under one ownership to increase value of total property

232
Q

Execution

A

Completion of an act or process

233
Q

Contract

A

An agreement to do or not do a certain thing

234
Q

Condition Subsequent

A

A condition which, if it occurs at some point in the future, can cause a property to revert to grantor: for example, a requirement in a grant deed that a buyer must never use the property for anything other than a private residence

235
Q

Puffing

A

Exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentations

236
Q

Closing Disclosure

A

Settlement statement created by the Consumer Financial Protection Bureau that must be used for any conventional residential mortgage loans that will be sold to Fannie Mae or Freddie Mac, or that are subject to RESPA

237
Q

Financing Statement

A

A written notice filed with the county recorder by a creditor who has extended credit for the purchase of personal property; establishes the creditor’s interest in the personal property, which is security for the debt

238
Q

Effective Demand

A

The desire coupled with purchasing power.

239
Q

Possessory Interest

A

Present right to physically occupy land and to exclude others from that same land

240
Q

Ingress

A

A way to enter property; access

241
Q

Stigmatized Property

A

Psychologically-impacted property that buyers or tenants may avoid, for reasons that are unrelated to its physical conditions or features

242
Q

Net Income

A

Sometimes known as net operating income. THe remaining income after operating expensed have been subtracted from the gross income of a property

243
Q

Listing

A

A contract by which a principal employs an agent to do certain things for the principal

244
Q

Annual Percentage Rate (APR)

A

The relationship of the total finance charge to the total amount to be financed as required under the Truth in Lending Act

245
Q

Parol Evidence

A

Oral or written negotiations made prior to dispute about an executed contract

246
Q

Ad Valorem

A

A Latin prefix meaning according to value. Local governments levy real property tax based on the assessed value

247
Q

Ratified

A

Approved

248
Q

Mortgage Loan Originator (MLO)

A

A natural person who takes a residential mortgage loan application or negotiates terms of a residential mortgage loan for compensation

249
Q

Equal Credit Opportunity Act

A

A federal law that requires lenders to assure that credit is available with fairness, impartiality, and without discrimination

250
Q

Indirect Costs

A

Development costs not related to the land or structure, such as legal and architectural fees, financing, and insurance costs during construction

251
Q

Commingling

A

To deposit client funds in the broker’s personal account

252
Q

Executory Contract

A

A contract in which an obligation to perform exists on one or both sides of the contract

253
Q

Real Estate Broker

A

A person licensed by the state to negotiate and arrange real estate transactions

254
Q

Assignee

A

Party to whom a lease is assigned or transferred

255
Q

Easement

A

The right to use another’s land for a specified purpose; sometimes known as right-of-way

256
Q

Executor/Executrix

A

A person named in the will to handle the affairs of a deceased person

257
Q

Partition Action

A

A court action to divide a property held by co-owners

258
Q

Purchase Money Loan

A

A trust deed was created as evidence of debt at the time of the sale of real property

259
Q

Void

A

An agreement which is totally absent of legal effect

260
Q

Junior or 2nd Lien Loan

A

Any deed of trust or mortgage that is recorded after a first deed of trust or mortgage, and whose priority is less than the first lien

261
Q

Deficiency Judgement

A

A judgment against a borrower for the balance of a debt owed when the security for the loan is not sufficient enough to pay a debt

262
Q

Riparian Rights

A

The rights of a landowner whose land is next to a natural watercourse to reasonable use of whatever water flows past the property

263
Q

Value

A

The power of goods or services to command other goods in exchange for the present worth of future benefits arising from ownership

264
Q

Real Estate Investment Trust (REIT)

A

A way investors with a small amount of capital can pool their resources to buy real estate

265
Q

Client

A

The person who employs an agent to perform a service for a fee

266
Q

Specific Performance

A

An action brought in a court to compel a party to carry out the terms of a contract

267
Q

Valid

A

Legally binding

268
Q

Real Estate Law

A

The law that affects the licensing and conduct of real estate agents

269
Q

Forbearance

A

Refraining from action by a creditor against the debt owed by a borrower after the debt has become due

270
Q

Convey

A

To transfer ownership of title

271
Q

Will

A

A written instrument by which a person makes a disposition of his or her property to take effect after his or her death

272
Q

Chattel Real

A

An item of personal property which is connected to real estate, for example, a lease

273
Q

Assignee

A

The person to whom a claim, benefit, or right in property is made

274
Q

Quitclaim Deed

A

Transfer any interest the grantor may have at the time the deed is signed with no warranties of clear title

275
Q

Fully Amortizing Note

A

A promissory note that is fully repaid at maturity by periodic reduction of the principal; usually paid in equal monthly installments

276
Q

Operating expenses

A

Expenditures necessary to the operation of an income-producing building

277
Q

Assignment

A

The transfer of a claim, benefit, or right in property from one person to another person

278
Q

Codicil

A

A change in a will before the maker’s death

279
Q

Judgement

A

The final legal decision of a judge in a court of law regarding the legal rights of parties to a dispute

280
Q

Option

A

A right which is given for consideration to a party (optionee) by a property owner (optionor) to purchase or lease property within a specified time, at a specified price and terms. An option is irrevocable by the optionor and will not be extinguished by death or insanity of either party

281
Q

Judicial Foreclosure

A

Foreclosure by court action

282
Q

Impound Account

A

A trust account set up for funds set aside for future, recurring cost relating to a property

283
Q

Notice of Trustee’s Sale

A

Notice given, and published, that a trustee’s sale will be held to sell a property to satisfy a debt

284
Q

Acceptance

A

An unqualified agreement to the terms of an offer

285
Q

Life Tenant

A

A person to whom a life estate conveys

286
Q

Manufactured Home

A

A home built in a factory after June 15, 1976 and must conform to the federal Manufactured Home Construction and Safety Standards

287
Q

Homeowner Equity Loan

A

A cash loan made against the equity in the borrower’s home

288
Q

Tenant

A

A renter

289
Q

Subagent

A

An agent of a person who is already acting as an agent for a principal

290
Q

Variance

A

An exception granted to zoning regulations for special reasons

291
Q

Scarcity

A

Less availability of a commodity in the marketplace resulting in increased value when demands exceeds supply

292
Q

Public Dedication

A

When private property is intended for public use, it may be acquired in this manner

293
Q

Homeowner’s Association

A

A group of property owners in a common interest development that manages common areas, collects dues, and establishes property standards

294
Q

Witnessed Will

A

One prepared by an attorney, that is typed and signed by the maker and two witnesses

295
Q

Acknowledgement

A

A signed statement, made before a notary public by a named person; confirming the signature on a document and that it was made of free will

296
Q

Rent

A

Consideration paid for the use of a property

297
Q

Egress

A

A way to exit property

298
Q

Gross Rent

A

Income (figured annually) received from rental units before any expenses are deducted

299
Q

Implied Contract

A

Agreement shown by acts and conduct rather than words

300
Q

Grantor

A

The person conveying or transferring the property

301
Q

Loan Estimate

A

Disclosure statement created by the Consumer Financial Protection Bureau to provide borrowers with good-faith estimates of credit costs and transaction terms

302
Q

Business Opportunity

A

Any type of business for lease or sale

303
Q

Financial Intermediaries

A

An organization that obtains funds through deposits and then lends those funds to earn a return; savings and loan associations, commercial banks, credit unions, and mutual savings banks

304
Q

Sales Comparison Approach

A

An appraisal method using the principles of substitution to compare similar properties

305
Q

Negotiable Instrument

A

Any written instrument that may be transferred by endorsement or delivery

306
Q

Fixture

A

Personal property that has become affixed to real estate

307
Q

Goodwill

A

An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage

308
Q

Cul-de-Sac Lot

A

A lot on a dead-end street

309
Q

Undivided Interest

A

The interest a co-owner has in a property, carries with it the right to possession and use of the whole property, along with the co-owners

310
Q

Sandwich Lease

A

A lease agreement created when a tenant sublets the property to another person, thus creating a sublessor-sublessee relationship. The person in the “sandwich” is a lessee to one party and a lessor to another

311
Q

Adjustable-Rate Mortgage

A

A note whose interest rate is tied to a flexible index

312
Q

Reinstate

A

Being current and restore

313
Q

Statute of Limitations

A

A statute limiting the period of time during which legal action may be taken on a certain issue

314
Q

Calendar Year

A

This starts on January 1 and continues through December 31 of the same year

315
Q

Collateral

A

Something of value given as security for a debt

316
Q

Straight Note

A

A promissory note in which payments of interest only are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity; May also be a note with no payments on either principal or interest until the entire sum is due

317
Q

Truth in Lending Act (Regulation Z)

A

A federal law that requires borrowers to be informed about the cost of borrowing money

318
Q

Accrued Depreciation

A

The difference between the cost to replace the property and the property’s current appraised value

319
Q

PITI

A

Abbreviation for principal, interest, tax, and insurance

320
Q

Assignor

A

The person transferring a claim, benefit, or right in property to another

321
Q

Accrued

A

Accumulated over a period of time

322
Q

Contract for Deed

A

A contract for the sale of real property in which the seller gives up possession of the property but retains title until the total of the purchase price is paid off

323
Q

Home Inspection

A

A home inspector examines the readily accessible physical structure, systems, and condition of a home and describes them in a written report

324
Q

Escrow Holder

A

An independent third party that acts as a neutral agent of both and seller

325
Q

Revocation

A

The canceling of an offer to contract by the person making the original offer

326
Q

Settlement Statement

A

A complete breakdown of all cash received, all charges and credits made, and all costs involved in the transaction

327
Q

Effective Gross Income

A

The anticipated income resulting from estimated potential gross income from a rental property less an allowance for vacancy and bad debts

328
Q

Capital Improvements

A

Any permanent improvement made to real estate for the purpose of increasing the useful life of the property or increasing the property’s value

329
Q

Devise

A

A gift of real property by will

330
Q

Extended Title Policy

A

An extended title insurance policy

331
Q

Contractual Intent

A

Intention to be bound by an agreement, thus preventing jokes and jests from becoming valid contracts

332
Q

Bulk Transfer Law

A

The law concerning the transfer in bulk (not a sale in the ordinary course of the seller’s business)

333
Q

Blind Advertising

A

Advertising that fails to disclose that the party is a license acting as an agent

334
Q

Estoppel

A

A legal doctrine which prevents a person from denying something to be true or a fact, if the denial is contrary to previous statements or actions made by that same person

335
Q

Easement in Gross

A

An easement that is not appurtenant to any one parcel, for example, public utilities

336
Q

Adverse Possession

A

Acquiring title to property by continued possession and payment of taxes

337
Q

Proration

A

The division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement

338
Q

Emancipated Minor

A

Someone who is legally set free from parental control/supervision

339
Q

Metes and Bounds

A

A method of land description in which the dimensions of the property are measured by distance and direction

340
Q

Market Value

A

The price the property would bring if freely offered on the open market with both a willing buyer and a willing seller

341
Q

Security Agreement

A

The device commonly used to secure a loan on personal property

342
Q

Power of Attorney

A

A written instrument giving a person legal authority to act on behalf of another person

343
Q

Offer

A

A presentation or proposal for acceptance to form a contract

344
Q

Condemnation

A

A common name for eminent domain, or the right of the government to take private property from an owner for public use, paying fair market value

345
Q

Alluvium

A

Soil that builds up as a result of accretion

346
Q

Sheriff’s Deed

A

A deed given to a buyer when property is sold through court action in order to satisfy a judgement for money or foreclosure of a mortgage

347
Q

Action

A

A lawsuit brought to court

348
Q

Hard Money Loan

A

The evidence of a debt given in exchange for cash

349
Q

Mortgagee

A

The lender under a mortgage

350
Q

Homestead

A

Status provided to a homeowner’s principal residence that protects the home against judgments

351
Q

Reproduction Cost

A

The current cost of building a replica of the subject structure using similar quality materials; refers to exact duplication of the buildings; usually costs more than replacement costs

352
Q

Title

A

Evidence of ownership of land

353
Q

Monument

A

A fixed landmark used in a metes and bounds land description

354
Q

Vendee

A

The buyer under a contract of sale (land contract)

355
Q

Vesting

A

The way title will be taken

356
Q

Real Estate Associate Licensee

A

A person with a real estate license who is employed or sponsored by a real estate broker

357
Q

Tender

A

An offer by one of the parties to a contract to carry out his or her part of the contract

358
Q

Redlining

A

The use of a property’s location to deny financing

359
Q

Trustee

A

Holds bare legal title to property as a neutral third party where there is a deed of trust used as a security for a loan

360
Q

Trade Fixture

A

An article of personal property affixed to leased property by the tenant as a necessary part of business; may be removed by tenant as personal property upon termination of the lease

361
Q

Eminent Domain

A

The right of the government to take private property from the owner, for public use, and paying for the fair market value

362
Q

Fee Simple Qualified

A

An estate in which the holder has a fee simple title that is subject to return to the grantor if a specified condition occurs

363
Q

Eviction

A

The legal process of removing a tenant from the premise for some breach of the lease

364
Q

Leverage

A

The used of borrowed money to purchase property

365
Q

Linear Foot

A

A measurement meaning one foot or twelve inches in length as contrasted to a square foot or a cubic foot

366
Q

Appraisal

A

An act or process of developing an option of value

367
Q

Legacy

A

A gift of personal property by will (see bequest)

368
Q

Closed-End Loan

A

Loan in which the borrower receives all loan proceeds in one lump sum at the time of closing. These loans are secured with collateral, i.e., auto and home loans

369
Q

Dual Agent

A

An agent who represents both parties in a transaction

370
Q

Appraisal Report

A

A written report setting forth an appraiser’s estimates of value of a subject property

371
Q

Market Rent

A

The rent a property should bring in the open market

372
Q

Meridian

A

A survey line running north and south, used as a reference when mapping land

373
Q

Estate

A

A legal interest in land that defines the nature, degree, extent, and duration of a person’s ownership in land

374
Q

Economic Life

A

The estimated period over which an improved property may be profitably used to yield a return

375
Q

Fraud

A

An act meant to deceive in order to get someone to part with something of value

376
Q

Closing

A

The act of finalizing the transaction in which the deed is delivered to the buyer, the title is transferred, and all costs are paid

377
Q

Subdivision

A

A plot of land divided into smaller portions for the purpose of building

378
Q

Fiduciary

A

A relationship that implies a position of trust or confidence

379
Q

Preliminary Title Report

A

An offer to issue a policy of title insurance in the future for a specific fee

380
Q

Present Interest

A

An interest in real property that can be exercised today

381
Q

Supply

A

The total amount of an item that is for sale or lease, at various prices, at any given point in time.

382
Q

Book Value

A

The initial cost of the property plus capital improvements and minus the total accrued depreciation

383
Q

Equitable Title

A

The interest held by the trustor or vendee

NYS Real Estate Exam Prep Vocab (1 decks)

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