real estate definitions Flashcards
lessee leaves without consent of lessor before lease expires; does not break lease or relieve lessee of obligations
abandonment
reduction of property taxes
abatement
a condensed history of legal title, summarizing all instruments in chain of ownership
abstract of title
land with a common boundary (adjacent/adjoining)
abutting
a clause in note, upon default, balance of debt becomes due immediately instead of maturity date
acceleration clause
indication by signature of offeree that she or he is willing to be bound by terms of offer from offeror
acceptance
the gradual addition of land by action of water or wind
accretion
cumulative loss in value; difference between cost of replacing property new and present value
accrued depreciation
a notary public declares signing to be free and voluntary
ackowledgement
43,560 square feet
acre
actual, specific and direct knowledge given to someone as opposed to constructive/public notice
actual notice
americans with disabilities act of 1990
ADA
taxes, rents, fuel, etc. apportioned or prorated between buyer and seller at closing
adjustments
appointed by court to settle estate of person leaving no will
administrator
according to value, tax assessment based on actual value
ad valorem
occupants right to acquire legal title to private property they hold land openly, notoriously, adversely and without permission for 20 years
adverse possession
a sworn statement; written oath such as acknowledgement
affidavit
a contract by which one party undertakes to represent another in certain business situations
agency
voluntary transfer of realty
alienation
clause in mortgage giving lender right to accept or reject new owner of take over mortgage
alienation clause (due on sale or assumption clause)
paying indebtedness by equal or periodic payments; each payment is equal but ratio of principal and interest changes
amortization
value given to realty for property taxation purposed
assessed valuation
court order issued during a lawsuit prohibiting sale of realty
attachment
principal loan amount paid off in lump sum at the end of the term
balloon mortgage
a single mortgage instrument securing more than one parcel of property as security for the loan
blanket mortgage
induces panic selling in a neighborhood based on a member of a protected class entering neighborhood
blockbusting
profit states as a percentage on a yearly basis
capitalization rate
progressive payments to builder during stipulated stages in erection of building
construction loan
clause in a mortgage which defeats mortgagee interest if loan is repaid according to note
defeasance clause
unlawfully forcing someone to do something against their will
duress
deposit or binder given with signing of P&S
earnest money
loss of deposit for failure to perform terms of contract
forfeiture
lower payments leading to negative amortization
graduated loan
owner receives rent and pays out expenses
gross lease
owner receives rent and tenant also pays out expenses
net lease
a lease in which rental is based on a percentage of gross sales
percentage lease
penalty for full pay off of loans before maturity date
prepayment penalty
as part of purchase price, buyer gives note and mortgage to seller
purchase money mortgage
presenting different terms or conditions to prospective borrower based on people residing where collateral is located
redlining
real estate settlement procedures act. a law requiring full disclosure of closing costs to buyer and seller
RESPA
right of one person to pass over estate of another; easement
right of way
also known as discharge, recorded instrument which satisfies debt of mortgagor
satisfaction piece
sole ownership; owned by one person only
severalty
conveys title to property sold to satisfy a judgment
sheriffs deed
choosing property to show prospective buyers/renters based on protected classes
steering
tenant remains in possession after lease expires and without owners permission
tenancy at sufferance
a mortgage that includes a first and second mortgage instead of having two different ones
wraparound mortgage
local government regulations relating to the use of land
zoning
