RE - Set 10 Flashcards
LESSOR
Landlord; property owner.
LEASEHOLD (OR LEASE)
An agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time.
RENT
Consideration paid for the use of a property.
TENANT
A renter
VARIABLE RATE MORTGAGE
A mortgage on which the interest rate varies according to an agreed-upon index, thus resulting in a change in the borrower’s monthly payments.
ATTORNEY-IN-FACT
A competent and dis-interested person who is authorized by another person to act in his or her place in legal matters.
OFFEROR
The party making an offer.
VOID
An agreement which is totally absent of legal effect.
VALID
Legally binding.
RATIFIED
Approved.
BUSINESS OPPORTUNITY
Any type of business for lease or sale.
MOBILE HOME
A manufactured unit constructed on a chassis and wheels; designed for permanent or semi-attachment to land.
SELLER’S PERMIT
Allows a retailer to buy his or her product at wholesale prices without paying sales tax. The retailer must then collect the proper sales tax from the customers and pay it to the State Board of Equalization.
BLOCKBUSTING
Causing panic selling by telling people that values in the neighborhood will decline because of a specific event, such as the purchase of homes by minorities.
BULK TRANSFER LAW
The law concerning the transfer in bulk (not a sale in the ordinary course of the seller’s business).
ACCRUED DEPRECIATION
The difference between the cost to replace the property and the property’s current appraised value.
HOLDER
The party to whom a promissory note is made payable; the person holding the note.
LEVERAGE
The use of borrowed money to purchase property.
EQUITY
Value remaining in a property after payment of all liens; the difference between the amount that is owed and the fair market value.
COLLATERAL
Something of value given as security for a debt.
EQUITY OF REDEMPTION
The right of the debtor, before a foreclosure sale, to reclaim property that had been given up due to mortgage default; also known as right of redemption.
HYPOTHECATION
To give real property as security for a debt without giving up possession.
DEFAULT
Failure to pay a debt or honor a contract.
UNENFORCEABLE
A contract that was valid when made but either cannot be proved or will not be enforced by a court.
EMANCIPATED MINOR
Someone who is legally set free from parental control/supervision.
ESCROW
The deposit of funds or documents with a neutral third party who is instructed to carry out the provisions of an agreement.
