real estate definitions

Question 1

lessee leaves without consent of lessor before lease expires; does not break lease or relieve lessee of obligations

Answer 1

abandonment

Question 2

reduction of property taxes

Answer 2

abatement

Question 3

a condensed history of legal title, summarizing all instruments in chain of ownership

Answer 3

abstract of title

Question 4

land with a common boundary (adjacent/adjoining)

Answer 4

abutting

Question 5

a clause in note, upon default, balance of debt becomes due immediately instead of maturity date

Answer 5

acceleration clause

Question 6

indication by signature of offeree that she or he is willing to be bound by terms of offer from offeror

Answer 6

acceptance

Question 7

the gradual addition of land by action of water or wind

Answer 7

accretion

Question 8

cumulative loss in value; difference between cost of replacing property new and present value

Answer 8

accrued depreciation

Question 9

a notary public declares signing to be free and voluntary

Answer 9

ackowledgement

Question 10

43,560 square feet

Answer 10

acre

Question 11

actual, specific and direct knowledge given to someone as opposed to constructive/public notice

Answer 11

actual notice

Question 12

americans with disabilities act of 1990

Answer 12

ADA

Question 13

taxes, rents, fuel, etc. apportioned or prorated between buyer and seller at closing

Answer 13

adjustments

Question 14

appointed by court to settle estate of person leaving no will

Answer 14

administrator

Question 15

according to value, tax assessment based on actual value

Answer 15

ad valorem

Question 16

occupants right to acquire legal title to private property they hold land openly, notoriously, adversely and without permission for 20 years

Answer 16

adverse possession

Question 17

a sworn statement; written oath such as acknowledgement

Answer 17

affidavit

Question 18

a contract by which one party undertakes to represent another in certain business situations

Answer 18

agency

Question 19

voluntary transfer of realty

Answer 19

alienation

Question 20

clause in mortgage giving lender right to accept or reject new owner of take over mortgage

Answer 20

alienation clause (due on sale or assumption clause)

Question 21

paying indebtedness by equal or periodic payments; each payment is equal but ratio of principal and interest changes

Answer 21

amortization

Question 22

value given to realty for property taxation purposed

Answer 22

assessed valuation

Question 23

court order issued during a lawsuit prohibiting sale of realty

Answer 23

attachment

Question 24

principal loan amount paid off in lump sum at the end of the term

Answer 24

balloon mortgage

Question 25

a single mortgage instrument securing more than one parcel of property as security for the loan

Answer 25

blanket mortgage

Question 26

induces panic selling in a neighborhood based on a member of a protected class entering neighborhood

Answer 26

blockbusting

Question 27

profit states as a percentage on a yearly basis

Answer 27

capitalization rate

Question 28

progressive payments to builder during stipulated stages in erection of building

Answer 28

construction loan

Question 29

clause in a mortgage which defeats mortgagee interest if loan is repaid according to note

Answer 29

defeasance clause

Question 30

unlawfully forcing someone to do something against their will

Answer 30

duress

Question 31

deposit or binder given with signing of P&S

Answer 31

earnest money

Question 32

loss of deposit for failure to perform terms of contract

Answer 32

forfeiture

Question 33

lower payments leading to negative amortization

Answer 33

graduated loan

Question 34

owner receives rent and pays out expenses

Answer 34

gross lease

Question 35

owner receives rent and tenant also pays out expenses

Answer 35

net lease

Question 36

a lease in which rental is based on a percentage of gross sales

Answer 36

percentage lease

Question 37

penalty for full pay off of loans before maturity date

Answer 37

prepayment penalty

Question 38

as part of purchase price, buyer gives note and mortgage to seller

Answer 38

purchase money mortgage

Question 39

presenting different terms or conditions to prospective borrower based on people residing where collateral is located

Answer 39

redlining

Question 40

real estate settlement procedures act. a law requiring full disclosure of closing costs to buyer and seller

Answer 40

RESPA

Question 41

right of one person to pass over estate of another; easement

Answer 41

right of way

Question 42

also known as discharge, recorded instrument which satisfies debt of mortgagor

Answer 42

satisfaction piece

Question 43

sole ownership; owned by one person only

Answer 43

severalty

Question 44

conveys title to property sold to satisfy a judgment

Answer 44

sheriffs deed

Question 45

choosing property to show prospective buyers/renters based on protected classes

Answer 45

steering

Question 46

tenant remains in possession after lease expires and without owners permission

Answer 46

tenancy at sufferance

Question 47

a mortgage that includes a first and second mortgage instead of having two different ones

Answer 47

wraparound mortgage

Question 48

local government regulations relating to the use of land

Answer 48

zoning