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RE > RE V > Flashcards

RE V Flashcards

1
Q

1031 Exchange

A

IRS Code Section allowing a taxpayer to sell investment property and purchase another without paying capital gains on proceeds.

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2
Q

Abandonment

A

Non-payment of taxes.

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3
Q

Absolute Auction

A

An auction selling the property to the highest qualified bidder without any minimum bids.

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4
Q

Abstract of Title

A

Brief, chronological summary of recorded documents affecting title to a particular parcel.

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5
Q

Acceleration Clause

A

Contract clause giving a lender the right to declare all outstanding payments immediately due upon borrower default.

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6
Q

Acceptance

A

When a party agrees to terms on offer, entering binding contract.

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7
Q

Accession

A

Acquisition of title to land by its addition to RE owned

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8
Q

Accounting

A

In an agency relationship, the agent’s fiduciary duty to the principal to strictly account for all money received.

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9
Q

Accretion

A

Gradual addition to dry land by forces of nature.

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10
Q

Accrued

A

An accumulation.

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11
Q

Accrued Expense

A

Item on settlement statement for cost incurred but not paid. (Paid in arrears)

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12
Q

Acknolwedgment

A

Recognition of validity; document signer’s declaration of willing signing.

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13
Q

Acre

A

Measure of land area = 43,560 square feet.

One Sq Mile = 640 Acres.

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14
Q

Actionable Fraud

A

Fraud a victim can sue on. Victim must prove defendant concealed material facts or made false statements with intent on inducing transaction.

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15
Q

Actual Fraud

A

Intentional misrepresentation or concealment of material fact.

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16
Q

Actual Notice

A

Actual ack of fact.

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17
Q

Ad Valorem

A

Latin “According to value,” taxes assessed on property value.

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18
Q

Adequate Consideration

A

Consideration that is comparable in value to consideration the other party is giving.

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19
Q

Adjustable Rate Mortgage

A

Loan structure permitting lender to periodically change/vary interest rates charged based on a standardized index.

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20
Q

Administrator

A

Person appointed by probate court to manage estate of deceased with no executor in will/no will.

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21
Q

Adverse Possession

A

Open, notorious, hostile possession of another person’s property for a statutory number of years allowing adverse possessor to obtain title.

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22
Q

Advertisement

A

Public notification featuring property for sale/rent, marketing brokerage services; must follow guidelines of fed/state/local housing laws.

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23
Q

Affidavit of Title

A

Statement sworn in front of notary by seller/grantor stating no changes or defects to title since last examination and proves ownership of property.

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24
Q

Affiliated Business Arrangement

A

AfBA. Situation where a person has affiliate relationship or beneficial ownership of more than 1% in a provider of settlement services, referring business to providers.

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25
Q

Agency

A

A relationship of trust when Principal gives Agent right to represent in dealings with third parties.

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26
Q

Agency Coupled with an Interest

A

Situation where agent has personal interest in subject of the agency.

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27
Q

Agent

A

Licensed broker who represents principal in RE transaction.

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28
Q

Aggregate Rent

A

Total rent for full term of the lease

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29
Q

Air Rights

A

Right to undisturbed use and control of airspace over a parcel of land. Transferrable separate from land.

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30
Q

Alienation

A

Transfer of ownership or interest in property from one to another.

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31
Q

Alienation Cause

A

Mortgage clause allowing lender to demand full/immediate payment of mortgage because owner transfer. Due on Sale Clause.

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32
Q

Allodial System

A

System of land ownership that allows anyone to own land.

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33
Q

Alluvion

A

Solid material deposited along shore by accretion.

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34
Q

Amenity

A

Tangible or intangible feature that adds value to real estate.

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35
Q

Amenity Purchaser

A

Person who values a property based on its ability to fulfill his specific business needs or use. (Unlike investor, expecting ROI)

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36
Q

American Land Title Association (ATLA)

A

National Association of Title Companies, Abstractors and Attorneys. Members promote uniformity, quality and professional standards in title insurance policies.

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37
Q

Americans with Disabilities Act (ADA)

A

Federal Civil Rights law signing in 1990 that prohibits discrimination based on disability.

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38
Q

Amortization

A

Occurs when a loan balance decreased because of periodic installments paid on principal and interest.

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39
Q

Amortization Loan

A

Financial debt paid off over a period of time by a series of periodic payments. Loan can be fully/partially amortized requiring balloon payment to satisfy debt at end of the term.

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40
Q

Amperage

A

Amount of electricity going through electrical wires.

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41
Q

Anchor Tenant

A

Major Dept/Chain Store strategically located at shopping centers to give maximum exposure to smaller stores. Magnet Stores.

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42
Q

Annexation

A

Attaching personal property to land so it becomes a fixture and law views it as real property.

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43
Q

Annexation, Actual

A

Process of physically attaching personal property to land, causing it to be a fixture.

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44
Q

Annexation, Constructive

A

Personal prop treated by law as a fixture despite it being not a fixture.

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45
Q

Annexer

A

Person who owns item turning into real property

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46
Q

Annual Percentage Rate (APR)

A

Relationship between total cost of borrowing and amount financed, represented as a percentage.

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47
Q

Anticipation

A

Economic principle of value being created by expectation of future benefits (profit on resale, pleasure, tax shelter, production, income..) Foundation of income approach.

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48
Q

Anticipatory Repudiation

A

When one party to a contract informs other before set time of performance that they no longer intend to perform. Other party may immediately file lawsuit for breach of contract.

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49
Q

Antitrust

A

Area of fed law concerned with maintaining competition in private markets by prohibiting unlawful restraint on trade.

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50
Q

Appraisal

A

Professional estimate or opinion of value of piece of prop as of a certain date.

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51
Q

Appraisal Foundation

A

Nonprofit org recognized as authority for professional appraisal standards.

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52
Q

Appraisal Management Company (AMC)

A

Entity that, for compensation, acts as a third party by contracting with independent RE appraisers for lenders.

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53
Q

Appraiser

A

Person who estimates value of prop qualified by education and experience.

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54
Q

Appreciation

A

Increase in value of an asset over time.

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55
Q

Appropriative Rights

A

Water rights allocated by gov permit, according to an appropriation system. Not necessary to own residing land.

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56
Q

Appurtenance

A

Right goes along with ownership of Real property, usually transferred but may be sold separately.

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57
Q

Arbitration

A

Alternative to a court proceeding where parties agree to submit facts and evidence to impartial third party for decision.

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58
Q

Area Variance

A

Entitles landowners to use land in a way not typically allowed by dimensional or physical requirements of zoning law.

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59
Q

Arm’s Length Transaction

A

Occured under typical conditions in marketplace with each party acting in his or her own best interest.

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60
Q

Arrears

A

Owning payment on things for which one has but not yet paid for, prop tax or mort int.
Not on time.

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61
Q

As of Right Zoning

A

Landowner’s bundle of rights associated with property/

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62
Q

Asbestos

A

Fibrous material once very common, can cause breathing issues and illness.

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63
Q

Ascending Bid

A

Auction where bidding starts low, sold to highest bidder.

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64
Q

Assemblage

A

Act of combining two or more parcels of land

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65
Q

Assessed Value

A

Value placed on prop by a taxing authority, usually fraction of true value.

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66
Q

Asset

A

Item of economic value

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67
Q

Assigment

A

Transfer of rights or interests of contract to another party.
Valuation service provided by appraiser by agreement with client.

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68
Q

Association Fees

A

Monthly fees paid for by cooperative owner of common area expenses.

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69
Q

Attachment Lien

A

Lien intended to prevent property transfer pending litigation.

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70
Q

Attestation

A

Act of witnessing persons signing of an instrument by Notary.

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71
Q

Attorney-In-Fact

A

Person designated in instrument to do something legally for another, need not be attorney-at-law

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72
Q

Attorney’s Opinion of Title

A

Statement issued by an attorney after analyzing abstract as to quality of title.

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73
Q

Auctioneer

A

Person licensed to conduct public auction, in some states must be licensed as an RE Broker.

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74
Q

Avulsion

A

Natural process of land removal from property by natural forces and deposited into another.

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75
Q

Bad Title

A

Title with defects making it unmarketable.

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76
Q

Bait and Switch

A

Deceptive sales technique advertising to consumer with particular product/service then persuading them to accept something more costly. Illegal in some states.

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77
Q

Balance Sheet

A

Property management report that shows snapshot of specific property at moment in time. (Cash on hand, liabilities, outstanding loan)

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78
Q

Balloon Framing

A

Framing long studs in a continuous piece from foundation to roofline.

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79
Q

Balloon Payment

A

Lump-sum at end of term to cover remaining balance.

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80
Q

Bankruptcy

A

Court process canceling debt & providing relief for creditors. Chapter 7 (Straight Bankruptcy) is a liquidation proceeding. Chapter 13 (Reorganization Proceeding) is filed by individuals who want to pay off their debts over 3-5 years.

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81
Q

Bargain and Sale Deed

A

Implies grantor owns prop and has right to convey it, with no warranties.

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82
Q

Base Rent

A

Minimum amount of rent indicated in lease.

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83
Q

Base Year

A

Period for determining property’s actual operating expenses, typically over first year of lease then used as point of reference against increases in future for new tenants.

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84
Q

Baseline

A

Main east-west line designated throughout country for use with rectangular survey system of legal land description.

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85
Q

Beam

A

Long timber/metal spans an opening or part of building giving support to roof or floor above.

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86
Q

Benchmark

A

Bronze disk permanently placed by government survey teams.

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87
Q

Beneficiary

A

Person designated to receive benefits

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88
Q

Bilateral Contract

A

Both parties make a binding promise.

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89
Q

Bill of Sale

A

Doc used to transfer personal property ownership.

90
Q

Binder

A

Agreement that might accompany earnest money deposit for purchase of real property. Used by attorneys as blueprint for sales contract.

91
Q

Biweekly Payment Plan

A

Fixed rate mort setup with biweekly payments.

92
Q

Blanket Mortgage

A

Covers more than one parcel of real estate.

93
Q

Blind Advertisement

A

Any real estate ad used be licensee without including brokers name or business. Prohibited in most states.

94
Q

Blockbusting

A

Illegal practice of inducing owners to sell home by suggesting neighborhood has been changing racially implying property decline. Panic Peddling.

95
Q

Blueprint

A

Detailed diagram used to evaluate design, determine feasibility and guide construction.

96
Q

Boilerplate

A

Standardized language for efficiency and completeness in contracts.

97
Q

Boot

A

Extra property included in exchange to make up for price difference

98
Q

Bounds

A

Boundaries

99
Q

Boycott

A

Concerted refusal by two or more people to deal with a particular person or company.

100
Q

Breach

A

Violation of an obligation, duty or law.

101
Q

Breach of Contract

A

Failure, without legal excuse, to commit to contract.

102
Q

Breach of Trust

A

Failure by someone entrusted with care of property imposed under terms of agreement.

103
Q

Bridge Mortgage

A

Occurs between termination of one and commencement of another.

104
Q

British Thermal Unit (BTU)

A

Amount of heat needed to raise temp of one pound of eater by one degree F. Used for furnaces and AC

105
Q

Broker

A

Person who for a fee, sells, lists, leases, exchanges, negotiates or deals in RE.

106
Q

Broker-Dealer

A

Person/Org trading securities for own account or on behalf of customers.

107
Q

Broker Price Opinion (BPO)

A

Estimated value of property determined by RE Licensee, requested by lender for non-fed prop.

108
Q

Broker Protection Clause

A

An optional clause that brokers may include in a listing obligating seller to compensate broker even if listing is sold after listing agreement expires under certain circumstances. Carryover Provision/Extender Clause

109
Q

Brokerage

A

Business that serves as middle man between buyers and sellers and/or lessees and lessors of real estate.

110
Q

Brownfield

A

Any real property where redevelopment or reuse may be complicated by the presence of contaminant or pollutant.

111
Q

Budget Morgage

A

Mortgage agreement where payments include principal and interest on loan plus 1/12 of the year’s ad valorem taxes and hazard insurance premiums.

112
Q

Buffer Zone

A

Means by which planners use space to separate two adjoining districts which have incompatible uses.

113
Q

Building Code

A

Setting construction standards, requiring builders to use particular methods and materials.

114
Q

Building Department

A

Group of people responsible for issuing building permits and seeing that building codes are followed and done by licensed professionals.

115
Q

Building Efficiency

A

Ratio of usable square footage to rentable square footage.

116
Q

Building Inspection

A

Process where local gov officials ensure compliance with state and local building codes

117
Q

Building Permits

A

Official doc from local gov/authority that will allow beginning of a construction or remodeling project.

118
Q

Bundle of Rights

A

All real property rights that are conferred with ownership, right of possession, right of quiet enjoyment, right of disposition, right of exclusion, right of control. Bundle of Sticks.

119
Q

Buyer Agency Agreement

A

A contract between buyer and broker that grants broker right to represent buyer in purchase/lease of property, making buyer responsible for paying commission to the broker.

120
Q

Buyer’s Agent

A

Licensed agent representing interests of buyer.

121
Q

Buyer’s Market

A

Situation where housing market has saturated homes and lack of buyers.

122
Q

Bylaws

A

Rules and regulations that govern activities of condo and coop associations, including purpose of building, rules for elections and voting, and frequency of board of directors/shareholders meetings.

123
Q

Cancellation

A

Termination of contract without undoing acts performed under it.

124
Q

Cap

A

Maximum increase of interest rate lender can charge on ARM

125
Q

Capital Expense

A

Expense incurred to improve property, Reserves for Replacement

126
Q

Capital Gain

A

Taxable profit derived from sale of capital asset; difference of sales price and adjusted basis of property.

127
Q

Capitalization

A

Convert future income into present value.

128
Q

Capitalization Rate

A

Rate of return considered to be a reasonable return on investment given the risk.

129
Q

Carbon Monoxide

A

Colorless, odorless gas, natural byproduct of fuel combustion and dangerous when inhaled.

130
Q

Cash Flow

A

Measure of cash inflow and outflow from investment. Positive means more cash comes in than leaves.

131
Q

Cash-on-Cash Return

A

Ration of income generated by property to cash investment in property. (Down payment and settlement costs are part investment)

132
Q

Caveat Emptor

A

Latin phrase meaning “Let the buyer beware”

133
Q

CC&Rs

A

Declaration of covenants, conditions and restrictions; usually recorded by developer to create a general plan of private restrictions for subdivision. Deed of Restrictions.

134
Q

Cease and Desist Order

A

Administrative agency directive to stop an offending activity.

135
Q

Ceiling Height

A

Height in feet from floor to steel girders. Feet Under Steel.

136
Q

Ceiling

A

Maximum increase or decrease in periodic payment allowable over life of an ARM. Lifetime Cap.

137
Q

Certificate of Eligibility (COE)

A

Certificate issued by Dept of Veteran’s Affairs to establish status and amount of Veteran’s eligibility to qualify for a loan guarantee.

138
Q

Certificate of Purchase

A

Doc given to winning bidder of real estate tax or foreclosure sale. Once confirmed, deed issued to convey title.

139
Q

Certificate of Reasonable Value (CRV)

A

Certificate establishing current market value of prop based on approved VA appraisal. Issued by VA, places limit on VA-guaranteed loan.

140
Q

Certificate of Title

A

Document prepared by attorney stating attorney’s opinion of status of title to piece of property, after performing title search and reviewing public records.

141
Q

Certificate of Occupancy

A

Issued to builders after all inspections have been made and property is deemed fit for occupancy, meeting appropriate standards for health and safety.

142
Q

Chain of Title

A

Chain of deeds and other documents transferring title to a piece of property from one owner to next, as disclosed in public record.

143
Q

Chattel

A

Piece of personal property.

144
Q

Chattel Mortgage

A

Loan uses personal property as security.

145
Q

City Planning

A

Effort on part of the city to coordinate, direct and control type of dev taking place to ensure max benefits to populace.

146
Q

Civil Rights

A

Fundamental rights guaranteed to all persons by the law. Term primarily refers to constitutional and statutory protections against discrimination based on race, religion, sex or national origin.

147
Q

Clearspan

A

Open distance between inside faces of support members.

148
Q

Client

A

Person being represented by licensee, also called Principal

149
Q

Closing

A

Transfer of real property ownership from seller to byer, according to terms and conditions in sales contract or escrow agreement; final state in RE trans. Loan Consummation/Settlement.

150
Q

Closing Costs

A

Expenses incurred and paid at time of settlement in transferring of property.

151
Q

Closing Disclosure

A

Standardized document that presents final, detailed accounting for RE trans, listing each party’s debits and credits received or required to pay at closing. Req by all RESPA-related trans. Settlement Statement.

152
Q

Cloud on the Title

A

Claim, encumbrance, or defect that could make title to real property unmarketaable.

153
Q

Cluster Zoning

A

Allows developers to provide varied selection of lot sizes and housing choices in a single area.

154
Q

Co-Insurance

A

Common clause/provision in building insurance polices under which insured agrees to maintain insurance on prop in amount equal to 80% of replacement cost. If not insured to this amount and loss incurred, insurance company will make insured share in the loss on pro-rate basis.

155
Q

Code of Ethics

A

Set principals and standards based on core values by which group of professionals are expected to conduct themselves.

156
Q

Collateral

A

Property pledged as security for a debt

157
Q

Collusion

A

Secret agreement or cooperation among people, for deceitful or fraud purposes.

158
Q

Combined Loan-to-Value (CLTV)

A

Relationship between unpaid principal balances of ALL mort loans and appraised value of property.

159
Q

Commercial Banks

A

Largest financial intermediary directly involved in financing of RE. Primary RE Activity involves short-term loans.

160
Q

Commercial Property

A

Prop zoned and used for bus purposes, warehouses, restaurants, and offices.

161
Q

Commingling

A

Illegally mixing personal or business funds with money held in trust or on behalf of client.

162
Q

Commission

A

Compensation paid to broker for services in RE Trans; usually percentage of sales price. Negotiable and should be clearly spelled out in written agreement.

163
Q

Common Area Maintenance (CAM)

A

All costs incurred in maintaining common areas of commercial property, including parking lot sweeping and repair, snow removal, common utilities, landscaping and other maintenance task. Usually prorated among all tenants.

164
Q

Common Areas

A

Land and improvements in condo/coop that all residents use and own as tenants in common such as parking lot, hallways and recreational facilities.

165
Q

Common Law

A

Law developed over many years through court decisions and other precedents.

166
Q

Community Property

A

In some states, prop acquired during marriage that is jointly owned by married couple.

167
Q

Comparables

A

Recently sold properties with similar characteristics. (Size, rooms, design, utilities)

168
Q

Comparative Market Analysis (CMA)

A

Method of determining approximate market value of home by comparing subject property to similar homes that have sold, presently for sale or did not sell in a given area.

169
Q

Compensation

A

Valuable consideration on person or entity gives to another person or entity in exchange for performance of activity or service.

170
Q

Compensatory Damages

A

Damages award intended to compensate plaintiff for harm caused by defendant’s act or failure to act, including personal injuries, prop damage and financial loss.

171
Q

Competency

A

Ability to do something successfully or efficiently.

172
Q

Competent Parties

A

Those who are legally capable of entering into contracts

173
Q

Complaint

A

Formal allegation, generally in writing, accusing someone of misdeeds

174
Q

Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)

A

Fed law enacted by Congress whos primary emphasis is cleanup of inactive hazardous waste sites and liability for cleanup costs. Superfund.

175
Q

Comprehensive Loss Underwriting Exchange (CLUE) Report

A

Report available from Lexis/Nexis tracking insurance claim history on real property and automobiles

176
Q

Comprehensive Plan

A

Written doc prepared by local planning board that identifies goals, objectives, principles, guidelines, policies, standards and strategies for growth and development of community including housing needs. Master Plan.

177
Q

Concealment

A

Occurs when licensee fails to disclose information that is material to decision to a party to whom licensee has such a duty.

178
Q

Condemnation

A

1.) Taking private property for public use, thru gov Eminent Domain. Appropriation. 2.) Declaration that structure is unfit for occupancy, must be closed/demolished.

179
Q

Condition

A

Provision in deed or other doc making parties rights and obligations dependent on occurrence or non-occurrence of some event.

180
Q

Condition Approval

A

Situation where lender approves loan under certain stated conditions.

181
Q

Conditional Use

A

Land use that does not comply with general zoning rules for located zone, but permitted because it benefits public. For ex, hospital in residential neighborhood. Special Exception. Special Use

182
Q

Condominium

A

Property developed for co-ownership, with each co-owner having separate interest in individual unit, combined with an undivided interest in common areas and air space between walls, floor and ceiling.

183
Q

Confidentiality

A

Protection of clients info

184
Q

Conforming Loan

A

Meets qualifying standards of Fannie Mae or Freddie Mac, can be sold on secondary market.

185
Q

Conformity

A

Principle says particular prop achieves its max value when surrounded by properties in similar style, function and utility. Homogeneity.

186
Q

Consent Decree

A

Binding agreement reached before judgement in court case by which accused party consents to change behavior without admitting wrongdoing.

187
Q

Consideration

A

Anything of value given to induce another person to enter contract. Valuable Consideration

188
Q

Construction Loan

A

Temporary loan used to finance construction of improvements and buildings on loand

189
Q

Constructive Eviction

A

Occurs when tenants use of premises is substantially disturbed or interfered with by landlord’s actions or failure to act. Tenant is effectively forced to move out and terminate lease without further liability for further rent.

190
Q

Constructive Fraud

A

Negligent misrepresentation or concealment of material fact.

191
Q

Constructive Notice

A

Knowledge of fact imputed to a person by law. Person is held to have constructive notice of something when he/she should have known it, even if they didn’t. Everyone is expected to protect interests by searching public record.

192
Q

Consumer

A

Person/entity seeking/receiving licensed activites

193
Q

Consumer Financial Protection Bureau (CFPB)

A

Agency funded by Fed Reserve with rulemaking and enforcement authority over many consumer financial laws. Established under Dodd-Frank Act

194
Q

Consumer Price Index (CPI)

A

Index published monthly by United States Bureau of Labor Standards (BLS) considered by many to be basic indicator of inflation in US.

195
Q

Contingency Clause

A

Provision in contract, deed, law, regulation, guideline making parties rights and obligations depend on occurrence/non-occurrence of specific event.

196
Q

Contunuance

A

Title search performed just prior to settlement to bring a preliminary title report up to date and ensure no intervening rights to prop have come up. Bring-Down

197
Q

Contract

A

Agreement between two or more parties to do or not do something. Legally enforceable promises, with law providing remedies for breach.

198
Q

Contract for Deed

A

Installment contract in which seller passes possession but retains title to property until total or substantial portion of purchase price is paid. Land Contract.

199
Q

Contract Rent

A

What tenants are actually paying in rent, stated in terms of lease.

200
Q

Contractual Capacity

A

Legal ability to enter into a contract

201
Q

Contribution

A

Principle that specific item or feature of property is worth only what is actually contributes in value to that parcel of RE.

202
Q

Conventional Loan

A

Loan made by an institutional lender or private party with RE as security for loan that gov neither guarantees nor insures.

203
Q

Conversion

A

Illegal use of another’s funds or other property for one’s own personal/business purposes.

204
Q

Conveyance

A

Act of transferring interest in property from one person to another

205
Q

Cooperating Agent

A

Agent who works with listening agent to sell property in a real estate transaction; selling agent who finds buyer for listed property.

206
Q

Cooperative

A

Prop ownership which residents have right to occupy unit by purchasing stock shares in corporation that owns property.

207
Q

Co-Ownership

A

Any form of ownership in which two or more people share title to a piece of prop, holding undivided interests. Co-Tenancy

208
Q

Corporation

A

Association organized according to strict regulations, individuals purchase ownership shares; regarded by law as an artificial person separate from shareholders.

209
Q

Correction Deed

A

Deed used to correct minor mistakes in earlier deed.

210
Q

Correction Line

A

Gov survey system, lines established 24 mile intervals (four township lines) north and south of a baseline, re-establishing six mile width between range lines to account for curvature of earth.

211
Q

Corrective Maintenance

A

Repairing or restoring broken/failed equipment to specified condition

212
Q

Cosmetic Maintenance

A

Maintenance that increases property’s appeal.

213
Q

Cost

A

Amount needed to develop, produce or build

214
Q

Cost Approach

A

Appraisal method that estimates value of RE by establishing cost of replacing/reproducing improvements, minus depreciation, plus value of site.

215
Q

Cost Manuals

A

Books, electronic media, online sources giving estimated construction costs

216
Q

Cost of Money

A

Interest rate that people or businesses pay to use another’s money for their own purposes

217
Q

Counteroffer

A

Response to offer to enter into a contract, changing some terms. Rejection & correction or original offer. Must be accepted to be binding.

218
Q

Counterofferee

A

Person who receives counteroffer or to whom a counteroffer is made

219
Q

Counterofferer

A

Person who makes counteroffer

220
Q

Covenant

A

Contract, promise, guarantee in a doc such as deed/lease

221
Q

Covenant Against Encumbrances

A

Assurance that no encumbrances other than those specified in deed exists

RE (2 decks)

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