RE - Set 08 Flashcards
KEY LOT
Surrounded by the back yards of other lots. It is least desirable because of the lack of privacy.
STRAIGHT NOTE
A promissory note in which payments of interest only are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity; May also be a note with no payments on either principal or interest until the entire sum is due.
ASSIGNMENT OF RENTS
An agreement between a property owner and the holder of a trust deed or mortgage by which the holder receives, as security, the right to collect rents from tenants of the property in the event of default by the borrower.
REVOCATION
The canceling of an offer to contract by the person making the original offer.
CORNER LOT
A lot found at the intersection of two streets.
FORECLOSURE
A legal procedure by which mortgaged property, in which there has been default on the part of the borrower, is sold to satisfy the debt.
MORTGAGE
A legal document used as security of a debt.
DEFICIENCY JUDGMENT
A judgment against a borrower for the balance of a debt owed when the security for the loan is not sufficient enough to pay a debt.
STATUTE OF LIMITATIONS
A statute limiting the period of time during which legal action may be taken on a certain issue.
LAND GRANT
A grant of public lands by the government usually for roads, railroads, or agricultural colleges.
CONSIDERATION
Something of value, such as money, a promise, property or personal services.
DEPOSIT RECEIPT
Primary document used to present an offer on real property; also known as a sales contract.
TRUSTEE’S SALE
The forced sale of real property, by a lender, to satisfy a debt.
ASSIGNOR
The person transferring a claim, benefit, or right in property to another.
UNILATERAL RESCISSION
Legal action taken to repeal a contract by one party when the other party has breached a contract.
SEVERALTY
Ownership of real property by one person or entity.
ACCRETION
A build-up of soil by natural causes on property bordering a river, lake, or ocean.
RELICTION
Occurs when land that has been covered by water is exposed by the receding of the water.
ESTATE IN FEE
The most complete form of ownership of real property; also known as an estate of inheritance.
EMBLEMENTS
Annual crops produced for sale, by a tenant using or occupying the property.
BUNDLE OF RIGHTS
An ownership concept describing all the legal rights that attach to the ownership of real property.
OPTION
A right, given for consideration, to a party (optionee) by a property owner (optionor).
LEGAL TITLE
Title that is complete and perfect in regard to the right of ownership; can be held by a trustee.
NOTICE OF DEFAULT
A notice to a defaulting party that there has been a nonpayment of debt.
NOTICE OF TRUSTEE’S SALE
Notice given, and published, that a trustee’s sale will be held to sell a property to satisfy a debt.
PRELIMINARY TITLE REPORT
An examination of the public land records to determine the extent to which someone has legal interest in a parcel; a report on the quality of the title that searches for encumbrances and liens or any other items of record that might affect ownership.
