RE - Set 01 Flashcards
Vocabulary for Real Estate Exam
STATUTE OF FRAUDS
A state law which requires that certain contracts must be in writing and contain certain essential elements in order to be enforceable.
ASSIGNEE
The person to whom a claim, benefit, or right in property is made.
ACTION
A lawsuit brought to court.
PAROLE EVIDENCE
Oral or written negotiations made prior to a dispute about an executed contract.
FORBEARANCE
Refraining from action by a creditor against the debt owed by a borrower after the debt has become due.
BILL OF SALE
A written agreement used to transfer ownership in personal property.
CHATTEL REAL
An item of personal property which is connected to real estate, for example a lease.
DOCTRINE OF CORRELATIVE USER
Owners may use only a reasonable amount of the total water supply for beneficial use.
ESTATE OF INHERITANCE
A freehold estate can be passed by descent or by will after the owner’s death.
ESTATE
A legal interest in land that defines the nature, degree, extent, and duration of a person’s ownership in land.
CONDITION SUBSEQUENT
A condition which, if it occurs at some point in the future, can cause a property to revert to the grantor: for example, a requirement in a grant deed that a buyer must never use the property for anything other than a private residence.
CHATTEL
Personal property.
CONDITION PRECEDENT
A condition which requires something to occur before a transaction becomes absolute and enforceable: for example, a sale that is contingent on the buyer obtaining financing.
FEE
The largest and most complete ownership recognized by law; an estate in fee with no restrictions on its use; also known as a fee simple.
ALLUVIUM
Soil that builds up as a result of accretion.
PUFFING
Exaggerated comments or opinions not made as representations of facts and thus not grounds for misrepresentations.
TENDER
An offer by one of the parties to a contract to carry out his or her part of the contract.
JUDICIAL FORECLOSURE
Foreclosure by court action.
SPECIFIC PERFORMANCE
An action brought in a court to compel a party to carry out the terms of a contract.
BENEFICIARY
The lender under a deed of trust.
APPRAISAL REPORT
A written report setting forth an appraiser’s estimates of value of a subject property.
SECOND TRUST DEED
The evidence of a debt that is recorded after a first trust deed; a junior trust deed.
PRICE
What is paid for something.
ADJUSTABLE-RATE MORTGAGE
A note whose interest rate is tied to a flexible index.
FAIR MARKET VALUE
The price the property would bring if freely offered on the open market with both a willing buyer and willing seller.
