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Real estate > national > Flashcards

national Flashcards

1
Q

emblements

A

annual crops cultivated by a tenant that is treated as the tenants personal property

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2
Q

Borrower

A

Mortgagor

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3
Q

sherman antitrust act

A 
prohibits:
price-fixing
group boycotting
market allocation
tie-in agreements
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4
Q

ad valorem

A

according to value

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5
Q

appurtenance

A
  • item that is attached to something

- something installed on property that is passed on to new owner when sold

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6
Q

appurtenant easement

A

easement that runs with the land

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7
Q

arbitration

A
  • way to resolve disputes

- 2 homeowners want to resolve issue and dont want to involve courts

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8
Q

attorny-in-fact

A
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9
Q

avulsion

A

adding or tearing away land by natural causes

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10
Q

blockbusting

A
  • agents sell houses at low price to 1 race and sell those same houses at a much higher price to a minority
  • the practice of persuading owners to sell property cheaply because of the fear of people of another race or class moving into the neighborhood, and thus profiting by reselling at a higher price
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11
Q

caveat emptor

A

Latin for “Let the buyers beware”.

Buyer is responsible for checking the quality of a product before purchase

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12
Q

cetris peribus

A

“other things equal”

all things remaining constant

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13
Q

Chatell

A

personal property

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14
Q

community property

A

laws based on idea that husband and wife are equal, separate, partners rather than 1 whole

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15
Q

CERCLA

Comprehensive Environmental Response, Compensation, and Liability Act of 1980

A

Also known as Superfund

US federal program fund to cleanup contaminated sites with hazardous substances and pollutants

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16
Q

Condemnation

A

procedure used by public or private entity with powers granted from eminent domain to take privately owned real estate

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17
Q

constructive eviction

A

a landlord fails to do something he has legal duty to provide
ex) landlord doesnt fix heating unit, tenant files

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18
Q

constructive fraud

A

ignorance, lying without knowing

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19
Q

defeasance clause

A

required contract provision that ensures that the title for the property is transferred to the buyer, once the morgtage is fully paid off.

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20
Q

Easement

A

a right to use land of another for a specific purpose, like driving through

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21
Q

eminent domain

A

right of the government to take over privately owned real estate for public use

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22
Q

encumbrance

A

involuntary lien on the property

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23
Q

equitable title

A

interest held by one party to purchase property BEFORE closing

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24
Q

escheat

A

when property owner dies and leaves no heirs, property reverts to government

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25
Q

estate in sufferance

A

tenant stays after term is expired

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26
Q

estate at will

A
  • no formal or written agreements
  • can be terminated at any time
  • estate is indefinite
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27
Q

express contract

A

when both parties legally establish an agency relationship

-most common agency relationship

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28
Q

Fannie Mae

Federal National Mortgage Association

A

Buys 2ndary market mortgages, bundles them and sells to investors

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29
Q

defeasible estate

A

condition added on fee simple estate

-if condition is met, estate may be lost

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30
Q

functional obsolescense

A

loss of property value due to obsolete design feature

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31
Q

Government survey system

A

rectangular survey system

sets of 2 intersecting lines

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32
Q

gross lease

A

tenant pays fixed amount

-owner pays all expenses

33
Q

gross rent multiplier (GRM)

A

Property sale price / gross annual rental income = GRM

34
Q

Habendum Clause

A

statement in a contract that describes the rights and interests being given

35
Q

joint tenancy

A

interest of deceased owner automatically gets transferred to the remaining surviving owners

36
Q

latent defect

A

defect not discoverable by normal inspection, but is known of be the seller or homeowner

37
Q

lis pendens

A

notice of a potential future lien

38
Q

Littoral rights

A

rights for landowners whose land borders navigable lakes and oceans

39
Q

lot and block

A

legal description for areas densely populated. starts with large tract of land that has already been described by another form of survey system.

40
Q

metes-and-bounds

A

boundaries of a parcel of real estate identified by its natural landmarks and physical features

41
Q

mill rate

A

amount of tax payable per dollar of the assessed value of the property

42
Q

mortgage lien

A
  • voluntary
  • specific
  • most common type of voluntary real estate lien
43
Q

periodic tenancy

A

leasehold agreement that specifies an initial period of tenancy and the length of the agreement but does not end after the specified period. This type of leasehold agreement renews automatically

44
Q

promissory note

A

IOU

-note states the terms of the loan, interest, # of years which the borrow has to pay back the loan

45
Q

quitclaim deed

A
  • contains no title covenant and thus offers the grantee no warranty as to the status of the property title
  • quickest/simple way to transfer title
  • between family members
46
Q

release clause

A

provision typically in blanket mortgages that allows for the freeing of all or part of a property from a claim through a mortgage being paid off.

47
Q

Restrictive covenants (CCR)

A

limit the use of a particular property or subdivision to maintain the look and feel of the community

48
Q

Riparian rights

A

landowners whose properties adjoin a river or stream, have the right to make reasonable use of it if it flows through or over

49
Q

servient estate

A
  • parcel of land that is subject to an easement (property giving usage)
  • serves the dominant estate
  • the land that benefits from an easement over the servient estate is the dominant estate
50
Q

special warranty deed

A

grantor (sellers) warrants only against defects occurring during their ownership.

51
Q

special agent

A
  • agent hired to perform specific duty
  • power and authority is limited to that specific task
  • most real estate agents
52
Q

subordination clause

A

establishes order of priorities of financial claims

53
Q

tax lien

A

placed on real estate for unpaid estate taxes

54
Q

tenancy in common

A

death of tenant in common, share is transferred to estate of heir

55
Q

tenants by the entirety

A

husband and wife inherits the others spouses interest upon death.

56
Q

trustee

A

-manage a trust

57
Q

Universal agent

A
  • can act on behalf of principal with complete power

- replace principal

58
Q

valid contract

A

meets all legal requirements and is legally enforceable

59
Q

variance

A

deviate from current zoning requirements

60
Q

void contract

A

-lacks one or more legal requirement

61
Q

voidable contract

A

contract appears valid on the surface, but is not

ex) contract with forged signature

62
Q

voidable contract

A

contract appears valid on the surface, but is not

ex) contract with forged signature

63
Q

voluntary alienation

A

transfer of title with owners consent

ex) executing a will, gifting, selling the property

64
Q

warranty deed

A

deed where grantor (seller) guarantees that he or she holds clear title and has a right to sell it

65
Q

general agent

A
  • can perform acts with principal’s business that they have been appointed to act in.
  • agency relationship is continuous and ongoing
  • property manager
  • relationship ends when contract ends
66
Q

special warranty deeds

A

only warranties and guarantees during the time that the seller owned it

67
Q

Fannie Mae

A

-buy FHA insured mortgages from lenders

68
Q

ginnie mae

A
  • special assistance programs

- ensure liquidity for US government insured mortgages

69
Q

easements in gross

A

-utility companies

70
Q

easement by necessity

A
  • created by court
  • when someone must cross over someone elses property to gain access to their property
  • become appurtenance easement and runs with the land
71
Q

easement by prescription

A
  • created by actions of 1 person against the interest of another person.
  • when the action has been done for a long period of time, judge grants easement
  • open and notorious
  • hostile
  • implied permission because the person didnt say anything for a long time
72
Q

wrap around mortgages

A
  • secondary financing for purchase of property
  • junior mortgage that is paid after senior mortgage
  • seller financed deal with promissary note
  • buyer pays installments that include principal and interest
73
Q

4 Government Powers

A

Police Power

  • zoning
  • building codes

Eminent Domain
-government takes control of property if for the good of the community/ public use
-compensation of property is through process of CONDEMNATION
Taxation

Escheat
-property transferred to government if no will to heirs

74
Q

annexation

A

-personal property converting to real estate once it is permanently attached or annexed to land

75
Q

Testate vs Intestate

A 
testate = will
intestate= no will
76
Q

mechanic lien

A

specific lien

77
Q

judgement

A

involuntary lien

78
Q

special assessments

A

statutory and special lien

-taxes levied on real estate to fund public improvements

79
Q

probate

A

legal procedure verifying the validity of a will

-for title to pass to the devisees

Real estate (2 decks)

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