MUST KNOWS Flashcards
EMBLEMENTS
GROWING CROPS (CORN, SOYBEAN) THAT REMAINS PERSONAL PROPERTY, FRUCTUS INDUSTRIALES
2 CHARACTERISTICS OF LAND
ECONOMIC (location, location, location, ‘situs’)
PHYSICAL ( immobility, indestructibility, & Nonhomogeneity)
2 MERIDIANS
CIMMARRON & INDIAN-INDIAN RUNS THROUGH DAVIS, OK
TOWNSHIP AND RANGES
TOWNSHIPS=EAST/WEST RANGES=NORTH/SOUTH
DO NOT CALL REGISTRY
18 MONTHS
BILATERAL VS UNILATERAL
UNI-ONE/BI-TWO .. SIGNING FOR AGREEMENTS
USURY
CHARGING VERY HIGH INTEREST AMOUNTS/LOAN SHARKS/ THE PRACTICE OF MAKING IMMORAL OR UNETHICAL LOANS THAT UNFAIRLY ENRICH THE LENDER
HYPOTHECATION
TO PLEDGE PROPERTY AS SECURITY FOR AN OBLIGATION OR LOAN W/O GIVING UP POSSESSION OF IT (THE PROCESS OF SECURING A LOAN)
DEVISE
GIFT OF REAL PROPERTY
BEQUEST
PERSONAL PROPERTY (JEWELRY)
LEGACY
MONEY
NOVATION
NEW-SUBSTITUTE A NEW CONTRACT OR PARTY FOR THE ORIGINAL
DATUM
USGS/HOW HIGH ABOVE SEA LEVEL
TOWNSHIPS
36 SECTIONS MEASURED FROM THE PRIME MERIDIAN/SECTION 16 FEDERALLY OWNED FOR SCHOOLS -25 GOOD SECTIONS/11 NOT DUE TO CURVE LINE
CONDO
OWNS FROM INSIDE THE WALLS IN (NOT OUT)
COOPERATIVE
OWN SHARES TO LIVE THERE, CAN NOT SHARE PROFIT HAS TO GO BACK INTO THE BLDG/BOARD HAS A RIGHT TO DECIDE WHO BUYS/SHAREHOLDERS
POOR MANS WILL
LAST MAN STANDING IN A JOINT TENANCY GETS IT ALL! IF ONE DIES THE OTHERS SPLIT AS SURVIVORSHIP
ENABLING ACTS
BASIC FOUNDATION FOR PLANNING AND ZONING/HOA APPROVED BY GOV/WILL PUT A LIEN ON PROPERTY IF NOT ABIDING BY HOA RULES/STANDARDS
DEMAND
HOW MUCH IS DESIRED
SUPPLY
HOW MUCH A MARKET CAN OFFER
VOIDABLE
UNTIL ABLE TO BE VOID
ABSORPTION RATE
RATE IN WHICH HOMES ON THE MARKET SELL IN A GIVEN PERIOD OF TIME
RECISSION
RETURN BACK TO THE ORIGINAL CONTRACT
PITI
PRINCIPLE, INTEREST, TAXES, INSURANCE
PLOTTAGE
PROCESS OF INCREASING VALUE BY PURCHASING ADJOINING LAND/INCREASES VALUE WHEN OWNED BY ONE PERSON
Gross Lease
Tenant pays a fixed rent and some or all of the utility expenses, while the landlord pays all taxes, insurance, repairs , and other utility expenses, and maintenance connected with the property
Percentage Lease
Either a gross lease, or a net lease, generally used for retail business leases. The rent is based on a minimum fixed rental fee plus a percentage of the gross income received by the tenant doing business on the leased property
The Housing & Community Development Act of 1974
added sex to the list of not being discriminated against
Fair Housing Amendments Act of 1988
expands its coverage to include disabled persons and families with children
GRM Gross Rent Multiplier
(ONE- TO FOUR-UNIT) GRM based on monthly income could be used for a rough approximation of value.
GRM is the ratio of the price of a real estate investment to its annual rental income before expenses
Sale price / Monthly gross rent = Gross rent multiplier
$155,000/$1,250= 124 GRM
Occupant
any person who abides within the dwelling unit, or any person who owns or occupies a manufactured or mobile home, but who is not a tenant or an unemancipated minor child of a tenant, and who is not legally obligated by the terms of the rental agreement/someone who is staying but their name is not on the lease
Notice to quit living here
Delivery = 5 days in person/10 days by mail, may deliver the notice to any family member as young as 12 years old
Landlord Disclosure
If the premises have been flooded within the last 5 years, the landlord shall include that information and in writing as part of any written rental agreement
Service Animals
The landlord can not deny or terminate tenancy to a blind, deaf, or physically handicapped person because of the guide, signal, or service dog and may not charge extra rent for the animal
Damage or Security Deposit
Any damage or security deposit required by a landlord of a tenant must be kept in an escrow account for the tenant, which account shall be account shall be maintained in the State of Oklahoma with a federally insured financial institution
Occupancy Limit
An occupancy limitation of 2 persons per bedroom residing in a dwelling unit shall be presumed reasonable for this state. If woman has more kids during her lease can not force her to take a larger unit
Option
a contract by which an optionor (owner) gives an optionee (purchaser) the right to buy or lease the owners property at a fixed price within a certain period of time. An option is enforceable by the optionee only (a unilateral contract)
land contract
aka contract for deed, contract of sale, bond for title, installment contract, land sales contract, articles of agreement for warranty deed.. the Owner/Seller/Vendor retains Legal Title while the Vendee takes possession and gets Equitable Title
Purchase Money Mortgage
buyer receives title to the property but places a security interest on it in favor of the seller
Amenity
a feature of the home or property that acts as a benefit to the buyer but that is not necessary to its use.
Binder
A binder, or an offer to purchase is a preliminary agreement secured by the payment of cash money between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time. The binder does not legally bound the buyer to absolutely purchase the property. If the buyer changes his mind or is unable to purchase, the money is forfeited unless the binder expressly provides that it is to be refunded.
Laches
An equitable doctrine used by courts to bar a legal claim or to prevent the assertion of a right because of undue delay or failure to assert the claim or right
Land
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
GIM Gross Income Multiplier
FIVE OR MORE UNITS
Sales Price/ Annual Gross Income =GIM
if commercial property sold for $155,000 and its annual rental income is $15,000, The GIM would be $155,000/$15,000 = 10.33 GIM
