Overall Concepts/Definitions Flashcards
What are the 4 ownership types
SECJ
- Severalty
- Entireties
- Common
- Joint
An ___________ allows the holder of one property to benefit from another’s.
Easement appurtenant
The burdened party in an easement
Servient Tenement
A metes-and -bounds legal description _____________.
must commence and finish at the same identifable point
The illegal and discriminatory practice of _____________ occurs when one person induces another to enter into a real estate transaction by insinuating that the real property values in neighborhood will decline as a result of a member of a protected class buying property in that neighborho
blockbusting
_______purpose is to protect the health, saftey and welfare of the community
Police Power
_______secured by a specific piece of property
Specific Lien
________secured by collective assets of debtor
General Lien
A __________is what the brokerage firm has left after licensee commissions have been paid
company dollar
A broker collects a non-refundable fee from the seller when the listing is signed to cover the advertising of the property for sale. Such a fee is called an _______ and is considered trust funds.
advance fee
What is the name of the lender in a three-party security instrument that hypothecates real estate?
Beneficiary
A portion of a township in the rectangular survey system, which is a square with mile-long sides, is called a:
Section
While both sections and townships are used in the rectangular survey system, a _________ is the portion under the system that is a square with mile-long sides.
Section
A section is how many square miles?
1 square mile
To have an outstanding debt satisfied through the sale of a debtor’s property, which of the following legal elements may be required?
Writ of Execution
__________refers to the now illegal practice of lenders to refuse to write loans on properties in certain neighborhoods.
Redlining
One square mile = ________ Acres
640
A lease that goes from month to month is known as ________
an estate from period to period
A point, line, or surface from which elevations are measured is known as the:
datum
The system established in 1785 by the U.S. government, which describes land with principal meridians and base lines, is called:
rectangular survey system
When a listing on a residential property is signed, which type of agency relationship is usually created?
Special Agency
A ___________ is a court-ordered document and would not only be enforced in the event of a forced sale, it is often the reason behind it
judgement
A loan company was referring loan applicants to a particular insurance company, which in turn paid the loan company a referral fee. This is
illegal, since the Real Estate Settlement Procedures Act prohibits kickbacks.
Real Estate Settlement Procedures Act prohibits _________
kickbacks
Property over which an easement runs in favor of another parcel of real estate is known as a
servient tenement
A claim or interest revealed by a title search is called a
cloud on title
A person who dies without leaving a will is known as having died:
intestate
A trust deed gives the lender a right to request that the trustee perform certain tasks in order to fulfill the terms of the trust. The trustee may take action in those circumstances because he holds
naked title
The seller under a land contract is also known as:
vendor
An action taken by a creditor in which the court simply retains custody of the property while a lawsuit is being decided is known as:
Writ of attachement
