Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

TN Real Estate 2021 > Real Estate > Flashcards

Real Estate Flashcards

1
Q

Bundle of Rights

A

Right & interest of having title such as possession, control, exclusion, sell, and of enjoyment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Real Property

A
  • goes with the property

- Generally immovable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Personal Property

A
  • goes with the person

- Generally movable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Chattel Real

A

cows moove - personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Fixture

A

was personal and is now real

MARIA Method, Adaptability, Relationship, Intention, Agreement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Trade Fixture

A

personal because it goes with a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Riparian Rights

A

river - moving body of water

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Littoral Rights Lake

A

body of water standing still

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Accretion

A

additional of land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Avulsion

A

tearing away of land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Reliction

A

gradual recession of water leaving land permanently uncovered.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Appurtenances

A

Runs with the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Freehold Estate

A

no fixed duration of ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Fee Simple Estate

A

highest possible ownership..

- also know as fee simple absolute

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Fee Simple Defeasible

A

Possesses the property as a fee simple subject to a condition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Life Estate

A

ownership of land for the duration of a person’s life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Less than Freehold Estate

A

limited period of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Estate for Years

A

defined period of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Periodic Tenancy

A

period to period such as month to month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Estate at Will

A

end at any time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Estate at Sufferance

A

landlord is suffering as tenant is in possession passed agreed upon time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Lease

A

possession but not ownership from lessor to lessee - considered personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Percentage Lease

A

based on a percentage of gross receipts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Net Lease

A

tenant pays taxes, insurance and maintenance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Gross Lease

A

tenant pays fixed amount

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Sandwich Lease

A

primary party is lessee and a lessor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Tenant Improvement Allowance

A

allowance to customize generally for business purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Subleases

A

Grants possession but not responsibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Assignment

A

Grants possession and responsibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Surrender

A

agreement to return the property to the owner (landlord) before the lease ends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Eviction

A

landlord fails to do something that he/she has a legal duty to provide.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Deeds

A

evidence of transfer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

A Grant Deed

A

transfer of real property from one person or entity to another person or entity. Each party transferring an interest in the property, or “grantor”, is required to sign it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

A Quitclaim Deed

A

Deed releasing a person’s interest with no warranties. Typically in non-sale situations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Warranty deed

A

deed that guarantees a clear title to the buyer of real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Special Warranty Deed

A

Seller only warrants or guarantees the title against defects that may have arisen during the period of ownership of the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

General Warranty Deed

A

Seller warrants or guarantees the title against defects that may have arisen during the entire life of the property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Chain of Title

A

history of ownership which shows conveyances and encumbrances.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Title

A

Ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Abstract of Title

A

Summary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Cloud on Title

A

Defect in title ie.. single women married

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

A Quiet Title

A

Action lawsuit in order to establish a party’s title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Alienation of Title

A

capacity of property or a property right to be sold or transferred

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Title Insurance

A

Ensure clear and marketable title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Standard Policy of Title Insurance

A

Standard coverage includes:

  • Defects that are found in public records
  • Forged documents
  • Incompetent grantors
  • Incorrect marital statements
  • Improper delivery of deeds
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

ALTA Policy of Title Insurance

A

Protects real property owners and mortgage lenders against losses from defects in titles.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Extended Policy of Title Insurance

A

Includes everything in a standard policy plus defects found in a property inspection. Which would include unrecorded rights of parties in possession, examination of sur vey. unrecorded liens, not known by a policy holder

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Severalty

A

sole ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Concurrent Estate

A

ownership with others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Joint Tenancy

A

TTIP right of survivorship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Tenancy in Common

A

unity of possession

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Encumbrances

A

Limitation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Easement

A

Right to cross

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

dominant tenement

A

Gaining the benefit of the easement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

servient tenement

A

Suffers the burden of an easement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Easement by Prescription

A

granted after used the property in a hostile, continuous and open manner for a statutorily prescribed number of years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Appurtenant Easement

A

right to use adjoining property that transfers with the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Easement in Gross

A

no dominent tenament

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Government Powers

A

PETE - Police Power, Escheat, Taxation, Eminent Domain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Police Power

A

States ability to regulate for the betterment of the health, safety, morals, and general welfare of community.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Zoning

A

Police power that divides and into areas for designated uses Variance Exception to the roll

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Down Zoning

A

Commercial to residential

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Grandfather Clause

A

exempt from new rule,

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

Nonconforming Use

A

A type of zoning variance where a parcel of land may be given an exception from current zoning ordinances due to improvements made by a prior owner or before the
current zoning ordinances made the desired use non-conforming under local law.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

Building Codes

A

protect public health, safety and general welfare

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

Escheat Reversion

A

of property to the state when the owner dies without heirs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

Intestate

A

no will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

Testate

A

has a will

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

Probate

A

executor for the estate of a deceased person sells property in order to divide the property among the beneficiaries.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

Holographic Will

A

written by hand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

Taxation

A

financial charge by a state to fund various public expenditures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

Marginal

A

tax rate percentage taken from your next dollar of taxable income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

1031 Tax Deferred Exchange

A
  • Defer taxes

- identify 45 days, acquire within180 days of closing previous property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

Boot

A

Fair market value of other Property received in an exchange

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

Ad Valorem

A

Latin for according to value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

Eminent Domain

A

Government ability to take private property for public use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

Condemnation

A

Process of compensating a person when property is taken by eminent domain.

78
Q

Inverse Condemnation

A

Sueing the government for just compensation when property is taken

79
Q

Encroachment

A

When a structure is built in part on a neighbor’s property.

80
Q

Liens

A

money owned

81
Q

General Liens

A

lien against all personal property

82
Q

Specific Liens

A

lien that is on a single property

83
Q

Voluntary Lien

A

lien that exists because of an action taken by a debtor

84
Q

Involuntary Lien

A

Liens that were imposed on a individual. i.e. .. taxes and judgment liens

85
Q

Mechanics Lien

A

Lien on behalf of those who have supplied labor or materials that improve the property.

86
Q

Judgement Lien

A

Lien placed by the court

87
Q

Lis Pendis

A

lawsuit pending involving either the title to the property or a claimed ownership interest in it.

88
Q

Injunctions

A

Court order that compels a party to do or refrain from specific acts.

89
Q

Constructive Notice

A

Signifies that a person should have known as a reasonable person would have

90
Q

Actual Notice

A

Personally given to somebody

91
Q

Escrow

A

neutral third party

92
Q

Debit

A

money owed

93
Q

Credit

A

money received

94
Q

Short Rate

A

A higher periodic rate for a shorter term than what was originally contracted

95
Q

Impounds

A

Money set aside by a lender to pay for reoccurring costs that take priority over the loan such as taxes and insurance.

96
Q

RESPA

A

Eliminating kickbacks and referral fees which add unnecessary costs to settlement services.

97
Q

TILA

A
  • Inform use of consumer credit
  • Require disclosures about its terms and cost to standardize the manner in which
    costs associated with borrowing are calculated and disclosed.
98
Q

Fair Housing Act 1968

A

act banning refusal to sell or rent a dwelling to any person because of race, color, religion, sex, or national origin.

99
Q

Jones vs. Mayer

A

1968 court case that bared all racial discrimination, private as well as public, in the sale or rental of property based on the thirteenth amendment.

100
Q

Sherman Anti-Trust Act

A

bans anti competitive behavior such as price fixing

101
Q

Americans with Disabilities Act

A

1990 act prohibiting discrimination against people with disabilities in employment, transportation, public accommodation, communications, and governmental activities.

102
Q

Material Fact

A

a fact that, if known, might have caused a buyer or seller of real estate to make a different decision

103
Q

Steering buyers

A

You should live by “those” people

104
Q

Blockbusting

A

sellers - You better sell because you do not want to live by “those” people

105
Q

Panic Selling

A

sellers - You better sell because you do not want to live by “those” people

106
Q

Panic Peddling

A

sellers - You better sell because you do not want to live by “those” people

107
Q

Redlining

A

denying services such as a loan, either directly or through selectively raising prices, to residents of certain areas based on race or ethnicity.

108
Q

Misrepresentation

A

the action or offense of giving a false or misleading account of the nature of some thing

109
Q

Actual Fraud

A

fraud committed with the actual intent to deceive and thereby injure another

110
Q

Constructive Fraud

A

person gained an unfair advantage over another by unfair methods.

111
Q

Intent

A

does not need to be shown

112
Q

Commingling

A

mixing of funds

113
Q

Puffing

A

gross exaggeration of facts

114
Q

Caveat Emptor

A

latin for buyer beware

115
Q

Void Contract

A

Lacks one of the 4 essential elements

116
Q

Voidable Contract

A

Option to rescind

117
Q

Bilateral Contract

A

promise for a promise example would be a exclusive listing

118
Q

Unilateral Contract

A

promise for a act example would be a open listing or a option contract

119
Q

Executed Contract

A

a contract that has been fully performed

120
Q

Executory Contract

A

a contract that has not yet been fully performed

121
Q

The Statute of Frauds

A

states what contracts must be in writing

122
Q

Statute of Limitations

A

States time frames for certain contracts

123
Q

Novation

A

latin for new as it relates to contracts

124
Q

Codicil

A

amendment

125
Q

Agency

A

ACOLD Accountability Care Obedience Loyalty Disclosure Fiduciary A position of trust, good faith and honesty

126
Q

Actual Authority

A

Expressly conferred by a principal to an agent to act on the principal’s behalf.

127
Q

Ostensible Authority

A

Authority granted by acceptance of action on the principles behalf.

128
Q

Dual Agent

A

buyer & seller have the same BROKER

129
Q

General Agent

A
  • authorized to perform any and all acts associated with the job. - A real estate licensee acting in the capacity of a property manager.
130
Q

Special Agent

A
  • Limited authority granted to him or her through a principal. - Relationship with the principal is not expected to be continuous.
  • Listing contract creates a special agency.
131
Q

Estoppel

A

prevents asserting something contrary to what is implied by a previous action or statement.

132
Q

Listing

A

bilateral employment contract

133
Q

Exclusive Listing

A
  • one broker can be paid

- no need to show procuring cause in order to be compensated.

134
Q

Exclusive Agency Listing

A
  • Owner sells agent gets nothing

- You need to show your are the procuring cause in order to be compensated

135
Q

Exclusive Authorization and Right to Sell Listing

A

Broker gets paid if property sold regardless of procurance cause

136
Q

Open listing

A
  • Seller can hire multiple brokers

- Broker that proves procuring cause would be compensated

137
Q

Net Listing

A

Money received above and beyond a designated amount

138
Q

Protection Period Clause (Safety Clause)

A

Compensated after listing expires if you can prove your are the procuring cause

139
Q

Contingency Clause

A

defines a condition or action that must be met in order for a real estate contract to become binding

140
Q

Hold Harmless Clause

A
  • also known as a liability waiver
  • agreement whereby parties agree not to hold the other party responsible for any
    loss, damage, or legal liability that may arise under the agreement.
141
Q

Interim Occupancy Agreement

A

Staying after sale

142
Q

Deposit

A

Placing something of value to show that you are serious about your offer.

143
Q

Value

A

What a willing buyer will pay on the open market

144
Q

Essential Elements of Value STUD

A
  • Scarcity Transferability, Utility, Demand
145
Q

Principle of Substitution

A

no prudent person would pay very a property when another one readily available that has the same use, design and income for less.

146
Q

Principle of Contribution

A

How much does an item contribute to the net income of a property?

147
Q

Principle of Regression

A

The value of a more expensive home placed in a neighborhood of less expensive homes will drop in value.

148
Q

Principle of Progression

A

Progression states that the value of less expensive properties will increase when placed in the area of more expensive properties.

149
Q

Principle of Highest and Best

A
  • How much of a net return you can get by building on the property?
  • If the use is temporary, it would then be considered the Interim use
150
Q

Plottage

A

1+1 =3 adding two or more sites to create a big site worth more

151
Q

Appraisal

A

Estimate of value

152
Q

Narrative Appraisal

A

A comprehensive appraisal report is a “complete” appraisal.

153
Q

Market Data (Comparison) Approach

A
  • Examination and comparison of actual sales of comparable properties.
  • Best used to find values of houses and vacant lots.
154
Q

Cost (Replacement) Approach

A
  • Finding out how much would it cost to replace the building brand new
  • Better for new buildings not old.
155
Q

Capitalization (Income) Approach

A

Converts Income into value.
A property that can prove to bring in more income will increase the value.
- Most appropriate for a shopping center.

156
Q

Gross Multipliers

A

price divided by rent

157
Q

Cap rate

A

Higher Cap rate represents higher risk

158
Q

Acre

A

43,560

159
Q

Depreciation

A

loss in value to any cause

160
Q

Physical Deterioration

A

wear and tear

161
Q

Functional Obsolescence

A

poor planning

162
Q

Economic Obsolescence

A

outside causes

163
Q

mortgage

A

a voluntary, specific lien

164
Q

Mortgage brokers

A

Intermediary between consumers and lenders.

- Mortgage broker originates loans while the mortgage lender funds loans.

165
Q

mortgage banker

A

A direct mortgage lender

166
Q

Interest

A

rent on money

167
Q

Leverage

A

borrowed capital to increase the potential return of an investment

168
Q

Amortization

A

the paying off of debt

169
Q

Negative Amortization

A

interest paid but debt increases

170
Q

Balloon Loan

A

loan that does not fully amortize over its term

171
Q

Appreciation

A

increase in value over time

172
Q

Construction Loan

A

short-term loan used to finance the building of a property.

173
Q

Obligatory Advances

A

Money given during a construction loan at agreed upon stage

174
Q

participation loan

A

A loan that requires interest plus a portion of the profits as payment.

175
Q

Interim Loan

A

short term financing

176
Q

Take-Out Loan

A
  • Long-term loans replace interim financing, such as a short-term construction loan.
  • Usually mortgages with fixed payments that are amortizing.
177
Q

Subject To

A

seller liable, buyer not liable

178
Q

Assume

A

relieves seller, buyer is liable

179
Q

Hypothecate Pledging

A

an asset as collateral for a loan while retaining ownership

180
Q

Subordination Clause

A

Current debts will take priority over debts made in the future.

181
Q

Prepayment Clause

A

provision that permits a borrower to satisfy a debt before it is due date.

182
Q

Prepayment Penalty

A

regulates what the borrower is allowed to pay off and when.

183
Q

Due-on-sale clause

A

Balance of the loan may be called to repay in full upon sale

184
Q

Primary Mortgage Market

A

Where Lenders make mortgage loans directly to borrowers

185
Q

Secondary Mortgage Market

A

resale marketplace

186
Q

Insurance companies (as a lender)

A
  • Prefer income producing properties and long term large industrial projects.
  • Frequently demand to be able to do a participation loan
187
Q

savings and loan association

A

A state or federally-chartered financial intermediary that accepts deposits from the public and invests those funds primarily in residential mortgage loans

188
Q

FHA

A
  • Small downpayment required
  • insures the lender, does not make loans.
  • unconventional loan because they are backed by the government.
  • no pre-payment penalty
  • Single family homes, one to four units owner occupied
189
Q

VA Loan

A
  • Does not require a down payment, however the lender can require one.
  • owner occupied house, condominium, or townhouse
190
Q

GNMA

A

A governmental part of the secondary market that deals primarily in recycling VA and FHA mortgages.

191
Q

FNMA

A

federally sponsored private corporation which provides a secondary market for housing mortgages.

TN Real Estate 2021 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions