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Broker License > RE Finance Unit 1: Nature & Cycle of RE Finance > Flashcards

RE Finance Unit 1: Nature & Cycle of RE Finance Flashcards

1
Q

Allodial System

A

Land ownership free and clear of any rent or service due the government

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2
Q

Bill of Sale

A

The document by which personal property ownership is transferred

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3
Q

Bundle of Rights

A

All of the ownership rights in real estate

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4
Q

Chattel

A

Personal Property

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5
Q

Collateral

A

Property, real or personal, pledged as security to back up a promise

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6
Q

Community Property

A

All property acquired by either spouse during marriage and owned equally, except that received by gift, devise, or descent.

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7
Q

Concurrent Ownership

A

Real estate ownership by more than one party, such as partnership, tenants in common, community property, and joint tenancy.

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8
Q

Condemnation

A

Eminent Domain

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9
Q

Condominium

A

Fee simple ownership of an apartment or a unit, generally in a multiunit building, plus an undivided interest in the common elements

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10
Q

Consumer Financial Protection Bureau (CFPB)

A

Its mission is to make markets for consumer financial products and services (i.e., mortgages, credit cards, and other consumer financial products) work for Americans.

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11
Q

Cycle

A

A period of time within which the economic ups and downs of business or real estate takes place.

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12
Q

Deed

A

A document used to transfer ownership of real property.

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13
Q

Deed of Trust

A

A financing instrument in which the borrower/trustor conveys title of the collateral to a trustee to be held in trust for the beneficiary/lender. When the loan is repaid, title is reconveyed to the trustor. If a default occurs, the trustee exercises the power of sale on behalf of the beneficiary.

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14
Q

Deregulation

A

The removal of regulations or restrictions, especially in a particular industry.

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15
Q

Disintermediation

A

Rapid withdrawal of money from bank accounts.

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16
Q

Dodd-Frank Wall Street Reform and Consumer Protection Act

A

Its purpose is to promote the financial stability of the United States by improving accountability and transparency in the financial system.

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17
Q

English Common Law

A

Established allodial system of real property ownership

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18
Q

Eminent Domain

A

The government’s sovereign power of condemnation over private property for the benefit of the community; an example of police power.

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19
Q

Equitable Title

A

Pertains to the rights of a less-than-fee-simple owner to occupy, lease, or sell the subject property.

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20
Q

Fannie Mae

A

Provides secondary mortgage market.

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21
Q

Fee Simple Absolute

A

The best title one can obtain. Complete ownership of real estate.

22
Q

Freddie Mac

A

Provides secondary mortgage market

23
Q

Freehold Estate

A

The best title one can obtain. Complete ownership of real estate.

24
Q

Ginnie Mae

A

Government National Mortgage Association (GNMA); created in 1968 to take over the special assistance and liquidation functions of Fannie Mae; Participates in the secondary market through its mortgage-backed securities pools.

25
Q

Hereditaments

A

Things capable of being inherited

26
Q

Hypothecation

A

The pledge of real estate as security without surrendering possession of the property

27
Q

Joint Tenancy

A

Realty ownership entity with automatic survivorship

28
Q

Land Contract

A

Real property sales contract

29
Q

Leasehold Estate

A

An estate for a fixed length of time, established when a landlord gives up possession of real estate to a tenant; the tenant has an equitable interest in the property, defined by the terms of a lease.

30
Q

Legal Title

A

Title that can be documented and is available through public records. Such title grants rights to the owner to exercise various types of rights on the property such as easement rights, development rights, possession rights, selling rights, exclusive use, etc.

31
Q

Leverage

A

Using someone els’s money for the purchase of property

32
Q

Lien

A

A legal claim against property as security for a debt

33
Q

Mortgage

A

A conditional transfer or pledge of real property as security for the payment of a debt; the document used to create a mortgage lien

34
Q

Partnerships

A

Two or more persons or entities joined together to own real property

35
Q

Personal Property

A

Movable property that does not fit the definition of realty

36
Q

Police Power

A

The government’s authority to regulate the use of real estate

37
Q

Primary Market

A

Where loans are originated by local lenders to be sold to the secondary market

38
Q

Property

A

Anything that can be controlled and owned

39
Q

Ranchos

A

Land grants for grazing or farming issued by the King of Spain to political or military agencies in California

40
Q

Real Property

A

A portion of the earth’s surface extending downward to the center of the earth and upward into space, including all things permanently attached thereto by nature or man and all legal rights therein.

41
Q

Roman Civil Law

A

Early private property ownership codes enforced on California owners by the Spanish rulers

42
Q

SAFE Act

A

The SAFE Act requires any person who accepts a consumer mortgage application or arranges a consumer mortgage secured by a one-to-four unit residential property to:

  1. Register with the public database of mortgage loan originators, the Nationwide Mortgage Licensing System (NMLS)

and/or

  1. obtain a state-issued mortgage loan originator (MLO) license or endorsement
43
Q

Savings Association

A

Established primarily as savings institutions, not commercial banks. Participate heavily in residential real estate lending

44
Q

Secondary Mortgage Market

A

Source to which originators of loans may sell them, freeing funds for continued lending; aids in distributing mortgage funds on a national level from money-rich to money-poor areas

45
Q

Security Agreement

A

Financing contract for personal property

46
Q

Tax Reform Act of 1986 (TRA ‘86)

A

Sweeping revisions of income tax laws, lowering tax rates but eliminating many tax shelters

47
Q

Tax Relief Act of 1987

A

Provides broad exemptions from capital gains taxes on the profits from the sale of personal residences.

48
Q

Tenants in Common

A

Undivided ownership interests in real estate that are inheritable

49
Q

Thrifts

A

Name for savings institutions

50
Q

Time-Shares

A

Interval ownership of real estate, such as the right to use a resort condominium for two weeks per year

51
Q

Trade-Fixture

A

A commercial tenant’s improvement to leased property that remains the tenant’s personal property no matter how permanently it is attached

52
Q

Zoning

A

The right of a community, under its police power, to dictate the use of property within it boundaries.

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