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Real Estate Prep Exam > Key Concepts > Flashcards

Key Concepts Flashcards

1
Q

Encroachment

A

Physical Intrusion of structure or improvement in the land of others,

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2
Q

Cost Approach

A

Best way to determine value if there’s no prior history ( New buildings only)

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3
Q

The Assessed Value

A

Assess value is for tax purposes

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4
Q

FHA Insurance

A

Only applies to residential properties

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5
Q

Inverse Condemnation

A

Taking action against the goverment for taking private property but failing to pay compensation.

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6
Q

Goverment Power

A

PETE; Police power, Eminent domain, Taxation, Escheat

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7
Q

The Bundle of Rights

A

The total collection of rights which may be claimed by private ownership;

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8
Q

nonconforming use.

A

Basically it means that businesses and buildings that were in compliance before the new code was established may continue to operate or exist under their present owners. However, if the Stone’s want to sell their business, it must be to an enterprise that meets the new requirement.

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9
Q

Warehousing

A

the process whereby banks and other lenders make mortgage loans to consumers for the purpose of quickly selling those loans on the secondary market.

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10
Q

Economic Obsolescence.

A

when factors unrelated to the property itself, and outside of the owner’s control, diminish its value.

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11
Q

Truth in Lending (Regulation Z)

A

is intended to do away with deceptive financing tactics, especially those involving hidden costs-

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12
Q

Freehold estates

A

The distinctive characteristic of freehold estates is that they endure for an interminable duration.

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13
Q

Acre

A

There are 43,560 square feet in an acre.

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14
Q

Restrictive covenants

A

are created by neighborhood developers or associations to ensure that the neighborhood maintains certain standards.

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15
Q

Open Listing

A

a property whose owner is using multiple real estate agents in a nonexclusive arrangement. In another meaning, open listing refers to a property being sold directly by the owner, with no agent involved at all.

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16
Q

Reconveyance deed

A

removes a lien and is evidence a trust deed has been paid in full when it is signed by the trustee

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17
Q

Trustee

A

an individual person or member of a board given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified.

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18
Q

Reverse mortgage

A

option for individuals 62 or older who want to transform equity in their property into cash through a mortgage.

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19
Q

Appurtenances

A

All rights and privileges belonging to the land (air, soil, water, etc.) are appurtenances.

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20
Q

Fixture

A

are articles of personal property that are attached (screwed in, etc.) and become real property.

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21
Q

Note

A

is a promise of real property, kept by the lender to secure the loan.

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22
Q

Severance

A

converting real property to personal property.

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23
Q

Which lien is required by law to be paid first?

A

Government entities make sure they are the first ones to get a crack at the money when repayment becomes possible.

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24
Q

Contingencies

A

are a part of the contract of sale that allows a buyer or seller to get out of the contract without penalty in the case of certain specified events.

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25
Q

Testimonium

A

part of a deed contains warranties, if applicable.

26
Q

Habendum

A

Sometimes called the “to have and to hold clause,” the habendum describes the limits of the estate being granted.

27
Q

Quitclaim deed

A

the grantor gives up his property rights without implying he has or ever had any rights.

28
Q

Title

A

title indicates ownership, it is not a physical thing. The deed is the physical proof of a title.

29
Q

Real Property

A

Things attached to the property and the property itself

30
Q

Personal Property

A

Things that aren’t attached to the property and are movable. Example: Sofa, Dining table

31
Q

Trade Fixture

A

Fixture attached to the buisnees. For example Hair Stylist Chair

32
Q

Riparian Rights

A

rights an owner has when living bsiede a river or lake

33
Q

Accretion

A

Increase of land naturally

34
Q

Avulsion

A

The sudden lost of property do to water damage

35
Q

Reliction

A

Gradually recession of water leaving land permanently uncovered

36
Q

Severalty

A

one person owns the property

37
Q

Fee Simple Defeasible

A

the ownership is dependent on specific conditions. If the conditions of ownership are violated, the property may be returned to the grantor or to a specified third party.

38
Q

Marketable Title

A

free and clear of any defects or clouds that a reasonable buyer would find objectionable

39
Q

Fee Simple Absolute

A

The greatest possible estate in land, wherein the owner has the right to use it, exclusively possess it, commit waste upon it, dispose of it by deed or will, and take its fruits.

40
Q

Allodial System

A

Land is held under the allodial system in the United States.

41
Q

Proration

A

describes the division of real estate expenses according to the proportion of ownership or rental.

42
Q

Foreclosure

A

is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

43
Q

Acceleration Clause

A

the part of your mortgage agreement that defines the conditions under which the lender can demand repayment of the loan in full

44
Q

Deed in lieu of foreclosure

A

is a document that transfers the title of a property from the property owner to their lender in exchange for being relieved of the mortgage debt.

45
Q

Deficiency Judgment

A

is a money judgment for the difference between the foreclosure sale price and the total mortgage debt.

46
Q

Prepayment Penalty Clause

A

fee that some lenders charge when you pay all or part of your mortgage loan term off early.

47
Q

Mill Rate

A

is the amount of tax payable per dollar of the assessed value of a property.

48
Q

Caca

A

PIpi con miados

49
Q

Abutting

A

Abutting means an area of land or a building has a common boundary with another.

50
Q

Acceleration clause

A

allows a lender to require a borrower to repay all of an outstanding loan if payments are not being made

51
Q

Ad valorem

A

“according to value.”

52
Q

Alienation

A

Alienation is the act of transferring title, ownership, an estate, or an interest in real estate from one party to another.

53
Q

Alienation clause

A

states that the borrower must pay the mortgage in full before the borrower can transfer the property.

54
Q

Amortization

A

Amortization is when payments divide into equal amounts for the duration of the loan.

55
Q

Balloon loan

A

A balloon loan is a mortgage which does not fully amortize over the term.

56
Q

Building code

A

Building codes are the rules and standards of properties for the protection of public safety and welfare.

57
Q

Buyer’s home sale contingency

A

This contingency allows the buyer to cancel the contract if they are unable to sell their current home in a specified amount of time.

58
Q

Caveat emptor

A

“Let the buyer or buyers beware”

59
Q

Cloud on tittle

A

something is bad with the title

60
Q

Abstract tittle

A

summary of tittle

61
Q

Chain of tittle

A

History of ownership

Real Estate Prep Exam (1 decks)

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