Real Estate Terms

Question 1

Trust Deed

Answer 1

The trust deed, also called deed of trust is used when property serves as security for a debt. The debt typically is the loan used to purchase the property as collateral to guarantee payment of the amount borrowed.

Question 2

Zoning

Answer 2

Zoning is an act of city or county government. Zoning laws or ordinance specify the possible uses of property in a defined area. Zoning is a 20th-century invention intended to promote the public health or general public welfare. It has been the subject of many legal battles involving the extent to which public interest can take priority over private ones.

Question 3

Boot

Answer 3

Property received in an exchange has the same cost basis for the recipient as the property transferred, provided that no money or other additional consideration accompanies the transfer. Additional consideration, or boot, is reportable gain for tax purposes in the amount of the cash value of the boot received.

Question 4

Homestead Exemption

Answer 4

California and other states provide homeowners with special protection from creditors. Some of all of the value of the owners equity in the homestead is exempt from the claims of unsecured creditors.

Question 5

Accession Accretion

Answer 5

Accession refers to an increase in the property owned. Manmade or natural additions to property may extend the owner’s tittle to include those additions - by the construction of improvements.

Land area can be increase by forces of nature. Accretion is the process by which land adjacent to a flowing body of water accumulates new soil.

Question 6

Unilateral Contract

Answer 6

When only one party has an obligation under the contract, a unilateral contract is formed.

Question 7

License

Answer 7

One more way to transfer a right to use land is by a license, the permission given to another to com onto ones land. A license is a nonexclusive right, which means that the person to whom it is given has no right to exclude others from the owner’s land. A license is personal property rather than real property and temporary than permanent. A license may be terminated at any time without prior notice.

Question 8

Intestate

Answer 8

A person who dies without having made a will.

Question 9

Testate

Answer 9

A person who dies testate leave a will

Question 10

Adverse Possession

Answer 10

The concept of taking over someone else’s property and occupying it long enough to acquire ownership of it can be appealing, but the reality s much more complex and rarely accomplished. You can acquire title to real estate by Adverse Possession if you follow these five steps.
1. open 2. notorious 3. continuous 4. hostile 5. adverse to the interest of the real owner for five years (ONCHA).

Question 11

Section of Land

Answer 11

A township is composed of 36 sections. One standard section is one square mile, which contains 640 acres. A section may be further divided.

Question 12

Base lines

Answer 12

Imaginary lines that run east-west and intersect meridians that run north-south to form the starting point for land measurement using the rectangular survey system of land description.

Question 13

Meridians

Answer 13

Imaginary lines that run north to south and intersect base lines that run east to west to form the starting point for land measurement using the rectangular survey system of land description.

Question 14

Metes/Bounds

Answer 14

Method of legal description of land using distances (called metes) measured from a point of beginning and using natural or artificial boundaries (called bounds), as well as single objects (called monuments or markers) as points of reference.

Question 15

Lot and Block system

Answer 15

Subdivision system; method of legal description of land using parcel maps identified by track, block, and lot number

Question 16

Community Property

Answer 16

All property acquired by husband and wife during marriage except that qualifying as separate property.

Question 17

Right of Appropriation

Answer 17

Right of government to take, impound, or divert water flowing on the public domain from its natural course for some beneficial purpose.

Question 18

Section and township system; U.S. government survey system; method of legal description of land using areas called town-ship measured from meridians and base lines.

Answer 18

Rectangular Survey System

Question 19

Latin phrase meaning “Let the buyer beware.”

Answer 19

Caveat Emptor

Question 20

Right to use of water from a lake or other body of still water by adjoining property owners.

Answer 20

Littoral Rights

Question 21

An installment payment on a promissory note - usually the final payment - that is significantly larger than the other installment payments.

Answer 21

Balloon Payment

Question 22

Creditor’s right in identified property of the debtor.

Answer 22

Specific Lien

Question 23

The right of a landowner whose property borders a lake, river, or stream to the use and enjoyment of the water adjacent to or flowing over the property, provided the use does not injure other riparian landowners.

Answer 23

Riparian Rights

Question 24

Right to use of water found at surface of land and underground.

Answer 24

Water Rights

Question 25

Acquiring a specific use of or the right to travel over the land of another by statutory requirements similar to those for adverse possession.

Answer 25

Easement by Prescription

Question 26

An agreement or a promise to do or not to do a particular act, usually imposed by deed.

Answer 26

Covenant

Question 27

A real estate salesperson or broker who works as the employee of a real estate broker

Answer 27

Associate Licensee

Question 28

The transferring of property to another; an involuntary transfer of title

Answer 28

Alienation

Question 29

A listing agreement that gives the listing broker the right to purchase the listed property; because of the potential for the appearance of impropriety, if the option is exercised the principal should be informed of the broker’s profit in the transaction and agree to it in writing.

Answer 29

Option Listing

Question 30

A bar against future conduct. By acting as if an agency relationship exists, a principal is prevented by estoppel from denying it in future.

Example: Person S tells Person J that Broker B is selling the Person S home. Person J brings an offer to Broker B, who prepares a written offer to purchase, listing Broker B as the broker and stipulating a commission rate. Person S can accept the offer by signing it. If Person S does so, will an agency be created?

Yes, if Person S accepts the offer, which lists Broker B as the selling agent entitled to the sales commission. Person S’s acceptance by signing the agreement would satisfy the requirement for a writing.

Answer 30

Estoppel

Question 31

Real estate license on which one or more conditions are imposed by the Real Estate Commissioner as the result of a disciplinary action.

Answer 31

Restricted License

Question 32

An involuntary lien that arises from a taxpayer’s obligation to pay real property taxes, state income and estate taxes, or federal income, gift, and estate taxes.

Answer 32

Tax lien

Question 33

Deed given to the purchaser at a court-ordered sale to satisfy a judgment, without warranties.

Answer 33

Sheriff’s deed

Question 34

Any transfer of a substantial part of the materials, supplies, merchandise, equipment, or other inventory of a business that is not in the ordinary course of the business’s activities

Answer 34

Bulk transfer of goods

Question 35

Anything that benifits an agent’s self-interest or that of someone related to the agent, which would interfere with the objective fulfillment of an agent’s obligation to a principal.

Answer 35

Conflict of interest

Question 36

A listing agreement providing that the agent may retain as compensation for her services all sums received over and above a net price to the owner. The broker’s compensation is whatever amount the property sells for over a previously agreed (net) amount.

Answer 36

Net listing

Question 37

An easement in gross is a personal right to use land. The right belongs to an individual (a person or business corporation) and is not appurtenant to any ownership interest in land. The instrument creating the easement in gross can be made binding on future owners of land, in which case it will “run with the land.” Sometimes, a railroad right-of-way is an easement in gross. the railroad does not own any adjacent land but has the right to travel over the land on which the easement lies. Pipeline and power line easements are other examples.

An easement right with no accompanying property ownership right.

Answer 37

Easement gross

Question 38

Is used to help secure payment for any labor, service, equipment, or materials used in the construction of improvements to real estate.

A statutory lien against real property in favor of persons who have performed work or furnished materials for the improvement of the property

Answer 38

Mechanics’s lien

Question 39

An agent who has been granted a power of attorney by a principal.

Answer 39

Attorney-in-fact

Question 40

An open listing, also called a nonexclusive listing, provides for a commission to the broker if the broker is the procuring cause of sale. It provides no compensation if another broker fulfills that task or if the owner does. To be the procuring cause of a sale, the agent must be the one who brings the parties together or at least must initiate the contact that leads to a sale

Answer 40

Open listing

Question 41

In a dual agency, the same agent represents two principals in the same transaction. A dual agency thus places the agent in the precarious position of carrying out agency responsibilities to two principals whose interest are in opposition.this can occur when a listing broker finds a buyer for the listed property. A dual agency can also occur when two associate licensees in the same brokerage work on behalf of the employing broker to represent both buyer and seller. A real estate broker in a dual agency relationship must make sure that both clients know of and consent to the dual representation.

Answer 41

Dual agency

Question 42

A voluntary lien is one agreed to by the property owner. A mortgage or deed of trust that an owner of real estate gives to obtain financing is an example of a voluntary lien

Answer 42

Voluntary lien

Question 43

The cause originating a series of events that lead directly to the intended objective; in a real estate transaction the procuring cause is the real estate agent who first procures a ready, willing, and able buyer.

Answer 43

Procuring cause

Question 44

A quitclaim deed conveys any interest the grantor may have in the property at the time the deed is executed. No implied warranties are made by a quitclaim deed, and there is no express or implied warranty that the grantor owns any interest at all in the property. A quitclaim deed should never be used when a grant deed can be used.

Ex; Person K bought Whiteacre after marrying Person L, but Person K used money from the sale of Persons K’s separate property to do so. When Person K sold Whiteacre, Person K signed the deed as Person K, a married person. Person K’s spouse did not sign the deed. The grantee of Whiteacre questioned the validity of that conveyance when years later a would-be purchaser was unable to acquire title insurance.

The cloud on the title of the present owner of Whiteacre was cleared by having Person L sign a quitclaim deed, relinquishing whatever claim Person L might have in the property.

Answer 44

Quitclaim deed

Question 45

A will written entirely by hand, signed, and dated by the testator. It does not need to be witnessed, but it must be entirely handwritten. There can be no printed or typewritten parts of a holographic will

Answer 45

Holographic will

Question 46

Any form of restriction is a limitation on the use of land. The most common private restriction are the “covenants, conditions, and restrictions” found in a deed. The most common public (government) restriction is the zoning ordinance.

Answer 46

Restrictions

Question 47

Water of any moving body of water may permanently recede, uncovering new land that was once under the water. This process, called reliction, increases the adjacent owner’s property.

Answer 47

Reliction

Question 48

Cultivated crops are called emblements. They are considered part of the land until they are harvested. Then, they become personal property. If grown by a tenant on leased land, however, they are considered personal property both while growing and after harvest. The sale of growing crops is governed by the provisions of the Uniform Commercial Code.

Crops produced by human labor (lettuce, cotton, grapes, and so on) are also referred to by the legal term, fructus industriales. They are distinguished from naturally occurring plant growth (such as grasses), which are termed fructus naturales.

Answer 48

Emblements

Question 49

A multiple listing service (MLS) is an organization of real estate agents that receives information from individual members on their property listings and make that information available to participating members. MLS members agree to abide y the rules of the MLS. the MLS benefits sellers by making more agents aware of the availability of their property. Buyers benefit from a wide choice of properties from which an agent can present those that meet the buyers’ needs.

Answer 49

Multiple listing service (MLS)

Question 50

California law presumes that every person who dies has an heir who could take title to the decedents property. Sometimes, however, it is impossible to locate an heir. The attorney general acts on behalf of the state to bring a claim against the estate and, if no claimant comes forward within five years, title two the property vests in the state. This process is called escheat.

Answer 50

Escheat

Question 51

A legal action brought by the owner of land when government puts nearby land to a use that diminishes that value of the owner’s property.

Answer 51

Inverse condemnation

Question 52

The assets of an existing business enterprise, including its goodwill.

Answer 52

Business opportunity

Question 53

When properly drawn, a will names an executor to act as the decedent’s representative in ensuring that the terms of the will are carried out. Probate is the name of the courts process that determine the decedent’s heirs and creditors, pays debts owed by the estate, and transfers title to any remaining property from the decedents to the decedent’s heirs.

If theres a will, the decedent’s representative presents the will to the probate court and receives permission to carry out its provisions. Sometimes, the deceased leaves no will or fails to name a representative, or the named representative refuses to serve in that capacity. In any of those cases, the court may appoint an administrator to handle the estate.

Answer 53

Probate

Question 54

Sharing of the compensation (usually, a commission) received by the listing brokers with the broker who brings the buyer to the transactions.

Answer 54

Cooperating split

Question 55

A listing agreement employing a broker as agent for a seller of real property under the terms of which the broker is entitled to compensation if the listed property is sold during the duration of the listing, whether by the listing agent, another agent, or the owner acting without the services of an agent.

Answer 55

Exclusive authorization and right-to-sell listing

Question 56

A person employed by another who has almost complete freedom to accomplish the purpose of the employment.

Answer 56

Independent contractor

Question 57

Agreement in which both parties make a promise to do something or to refrain from doing something and both are obligated to fulfill the promise.

Answer 57

Bilateral contract

Question 58

Compensation in any form received by a real estate licensee without the knowledge of the licensee’s client.

Answer 58

Secret profit

Question 59

The tearing or washing away of land along the bank of body of water by natural forces.

Answer 59

Avulsion

Question 60

Person who is hired by someone else to perform work; for purposes of the Real Estate Law, a real estate salesperson is always considered an employee under the supervision of the employing broker; for tax purposes, a real estate salesperson working for a real estate broker can be hired as an employee or an independent contractor, if the requirements of the Internal Revenue Service are met.

Answer 60

Employee

Question 61

Person who hires someone else to perform work.

Answer 61

Employer

Question 62

The history of the conveyances and encumbrances affecting the present owner’s title to property, as far back as records are available.

Answer 62

Chain of title

Question 63

Anything that affects or limits the fee simple title to or affects the condition or use of real estate.

Answer 63

Encumbrance

Question 64

Another form of easement by implication of law is the easement by necessity. A tract of land may be landlocked-that is, there may not be a road adjacent to any part of it. The owner of such a tract has an easement by necessity implied by law over any land of the seller that is adjacent and provides access to a roadway. If the sellers owns no land adjacent to the landlocked parcel, there will b an implied easement over the lan that provides the most efficient road access, even though that land now belongs to a “stranger” to the transaction, provided both parcels were once owned by the same person.

Answer 64

Easement by necessity

Question 65

Is anything, including improvements, that is attached, or affixed, to land. A fixture can be attached by its roots (trees or shrubs) or imbedded in the land (walls). A fixture might also be something permanently resting on the land, such as a building. A building would include all things customarily considered permanently attached to it, such as siding, plaster, nails, doors, and windows.

Answer 65

Fixture

Question 66

The federal and state government have the right to acquire title to property by eminent domain. If property is for a public purpose such as highway construction, it is first subject to condemnation, a process that gives notice to the property owner that the property is being taken. The property owner receives compensation based on an appraisal, which usually is the property’s fair market value. Fair maker value is the price a property should bring on the open market.

Answer 66

Eminent domain

Question 67

One on whose behalf a trustee holds property conveyed by a trustor; the lender under a deed of trust.

Answer 67

Beneficiary

Question 68

A tenant in common may want to dissolve the shared ownership. This can be accomplished by agreement of all covenants or, if there is a dispute, by a lawsuit know as a partition action. If it is possible to divide the property among the owners in equitable shares, the court will do so. Otherwise, the property will be sold. If a sale is ordered by the court, the proceeds of the sale will be distributed to the covenants in the same shares as their ownership interests, less a proportionate part of any expenses owed.

Answer 68

Partition action

Question 69

The Recovery Account is another fund financed by license fees. It is available to aid victims of licensee fraud, misrepresentation, deceit, or conversion (theft) of trust fund, who are awarded money damages by a court or as a result of a DRE administrative proceeding that are noncollectable. A maximum of $50,000 per transaction or $250,000 per licensee can be paid from the Recovery Account. Reimbursement to the fund by the offender will be required as part of the disciplinary process.

Answer 69

Recovery account

Question 70

Portion of the California Business and Professions Code regarding licensing of real estate brokers and salespeople and activities of the California Department of Real Estate; also includes Subdivided Lands Law.

Answer 70

Real Estate Law

Question 71

False advertising. This knowingly authorizing, directing, conniving at, or aiding in the publication, advertisement, distribution, or circulation of any material false statement or representation concerning any business, business opportunity, or land or subdivision offered for sale. When advertising a property, a licensee must disclose that the property is offered through a licensed real estate agent. Failure to disclose this fact and provide the name of the licensee is called blind advertising and is illegal.

Answer 71

Blind ad

Question 72

California legislation has been complied into series of books called codes. What is commonly referred to as the Real Estate Law is Division 4 of the Business and Professions Code. The Real Estate Law has two parts:
1. Part 1 covers licensing.
2. Part 2 covers transactions and includes the Subdivided Lands Law.
The complete text of all 29 volumes of the California codes, as well as information on bills pending before the California legislature, can be found at http://leginfo.legislature.ca.gov.

Answer 72

Business and Professions Law (code)

Question 73

A standard land area of six miles square, divided into 36 sections of one mile square each, used in the rectangular survey system of land description.

Answer 73

Township

Question 74

Property listing that the listing agent markets privately before entering it in the multiple listing service (MLS); usually a violation of MLS rules.

Answer 74

Pocket listing

Question 75

A joint tenancy is a special form of co-ownership. It requires that all co-owners take title to the property at the same time, by the same document. In addition, each must have an equal share of the property and the right of survivorship. These four unities of a joint tenancy, which can be remembered by the acronym TTIP, are as follows:
1. T - Unity of time (each takes title at the same time)
2. T - Unity of title (each receives title through the same deed)
3. T - Unity of interest (each owns an equal share)
4. T - Unity of possession (each has the right to use all of the property)

Answer 75

Joint tenancy

Question 76

California has adopted the Uniform Commercial Code. The Uniform Commercial Code governs the sale or transfer of goods ordinarily held for sale in the course of business. Goods held for sale by a business probably were obtained on credit from a supplier or manufacturer.

Answer 76

Uniform commercial code

Question 77

A condition generally is enforceable by the person imposing the condition. In a sale transaction, that would be the seller. A Condition Subsequent, if performed, will enable the seller to regain title to the land. Because a condition limits the estate granted, it should appear on the far of the deed.
A qualification of an estate granted that can be imposed only in a conveyance; it can be a condition precedent or a condition subsequent.

Answer 77

Condition

Question 78

Form of business ownership in California that offers owners the limited liability of a corporation while still having the ability to take part in running the company.
Taxes and fees are higher for an LLC than for a partnership.

Answer 78

Limited liability

Question 79

The solo proprietorship is the simplest form of business ownership, because it has only one owner. The sole proprietor:
- conducts business in his own name or under a trade name,
- reports business income on his individual income tax return, and
- is responsible for the business’s debts.
The sole proprietor may or may not have employees, such as personal assistants.

Answer 79

Sole proprietor

Question 80

The owner of a life estate has the right to possession and use of property, but the estate last only as long as the life of a person (or persons) identified in the deed or will that creates the estate. Usually, the measuring life is that of the holder of the life estate.
If the right go possession returns to the original property owner when the life estate ends, the original owner has a reversion. If the right of possession goes to a third person when the life estate ends, that person has a remainder. The remainderman holds an estate in remainder during the existence of the life estate and a fee simple estate on termination of the life estate.

Answer 80

Life estate

Question 81

The right of future possession and use that will go to someone other than the grantor or termination of a life estate.

Answer 81

Remainderman

Question 82

The right of future possession and use retained by the grantor of a life estate

Answer 82

Reversion

Question 83

A writ of execution is a court order directing the county sheriff or another officer to satisfy a judgment out of the debtor’s property. The property available to satisfy the judgment includes any nonexempt real property owned by the debtor. The property is sold at public auction, and the proceeds are used to pay the judgment. When personal property is sold at auction, the buyer receives a certificate of sale. When real property is sold at auction, the buyer receives a sheriff’s deed. The officer who conducts the same must record a duplicate of the sheriff’s deed in the office of the county recorder.

Answer 83

Writ of execution

Question 84

A metes and bounds description starts at a designated point, called the point of beginning. It then follows each boundary for a given distance, in a clockwise direction, and at a precise angle from the last point. The simplest type of description using metes and bounds would be to follow the dimensions of a tract.

Answer 84

Point of beginning

Question 85

One of the most important duties the agent owes the principal is the duty of loyalty. The agent in a real estate transaction acts as a fiduciary, a person to whom property or the power to act is entrusted on behalf of someone else. The agent’s role in the transaction is to consider the interests of the principle first and foremost.

Answer 85

Fiduciary

Question 86

A fee simple estate with no restrictions on its use.

Answer 86

Fee simple absolute

Question 87

That which appears to be good tittle but which is not tittle in fact. Example: title under a forget deed.

Answer 87

Color of Title

Question 88

A term applied to the remainder of an acre of a newly subdivided land after the area devoted to street, sidewalk, curbs, etc, has been deducted from the acre.

Answer 88

Commercial Acre

Question 89

An agent’s compensation for performing the duties of his agency; in real estate practice, a percentage of the selling price of property, percentage of rentals, etc.

Answer 89

Commission

Question 90

A pledge, promise, or firm agreement

Answer 90

Commitment

Question 91

The body of law that grew from custom and practices developed and used in England “since the memory of man runneth not to the contrary”. (based on court decisions, not statutes).

Answer 91

Common Law

Question 92

A part of metropolitan area that has a number of neighborhoods that have a tendency toward common interest and problems

Answer 92

Community

Question 93

Property accumulated during marriage that is owned equally by husband and wife

Answer 93

Community Property

Question 94

Sales which have similar characteristics as the subject property and are used for analysis in the appraisal process.

Answer 94

Comparable Sales

Question 95

Damages to reimburse an injured party for the actual loss suffered.

Answer 95

Compensator Damages

Question 96

Legally qualified.

Answer 96

Competent

Question 97

Business profits encourage competition, which ultimately may reduce profits for any one business.

Answer 97

Competition, Principle of

Question 98

One of the features making up the whole property.

Answer 98

Component

Question 99

Interest paid on original principal and also on the accrued and paid interest which has accumulated.

Answer 99

Compound Interest

Question 100

The final estimate of value, realized from facts, data, experience, and judgment.

Answer 100

Conclusion

Question 101

The act of taking private property for public use; also a declaration that a structure is unfit for use.

Answer 101

Condemnation

Question 102

A qualification of an estate granted which can be imposed only in conveyances. They are classified as conditions precedents and conditions subsequent.

Answer 102

Condition

Question 103

A condition that requires certain action or the happening of a specified event before the estate granted can take effect. Example: Most installment real estate sale contracts require all payments to be made at the time specified before the buyer may demand transfer of title.

Answer 103

Condition Precedent

Question 104

When there is a condition subsequent in a deed, the title vesets immediately in the grantee, but upon breach of the condition the grantor has the power to terminate the estate if he wished to do so. Example: A condition in the deed prohibiting the grantee from using the premises as a liquor store.

Answer 104

Condition Subsequent

Question 105

A commitment of a definite load amount for some future unknown purchaser of satisfactory credit standing.

Answer 105

Conditional Commitment

Question 106

A system of dividual fee ownership of units in a multifamily structure, combined with joint ownership of common areas of the structure and the land. (Sometimes referred to as a vertical subdivision).

Answer 106

Condominium

Question 107

Individuals of firms that purchase loans from originators to resell to investors

Answer 107

Conduits (REMIC’s - real estate mortgage investment conduits)

Question 108

An entry of judgment upon the debtors voluntary admission or confession.

Answer 108

Confession of judgment

Question 109

A court approval of the sale of property by an executor, administrator, guardian, or conservator.

Answer 109

Confirmation of Sale

Question 110

Loans that meet the purchase requirements of Fannie Mae and Freddie Mac.

Answer 110

Conforming Loans

Question 111

Holds that property values are maximized when buildings are similar in design, construction, and age, particularly in residential neighborhoods.

Answer 111

Conformity, principle of

Question 112

Anything of value given to induce entering into a contract; it may be money, personal services, or anything having value.

Answer 112

Consideration

Question 113

A remainder interest that can be defeated by the happening of an event.

Answer 113

Contigent Remainder

Question 114

Loans made for the construction of home or commercial buildings. Usually funds are disbursed to the contractor-builder during construction and after periodic inspections. Disbursement are base on an agreement between borrower and lender.

Answer 114

Construction Loans

Question 115

Breach of a covenant of warranty or quiet enjoyment; e.g., the inability of a lease to obtain possession because of a paramount defect in title, or a condition making occupancy hazardous. A lessee can treat it as cause to void a lease.

Answer 115

Constructive Eviction

Question 116

Notice given by the public records.

Answer 116

Constructive Notice

Question 117

The surface configuration of land.

Answer 117

Contour

Question 118

Lines on a map that indicate elevation. When lines are close together, it indicates a steep stoop, but if the lines are far apart, it indicates the land is relatively level.

Answer 118

Contour lines

Question 119

An agreement, either written or oral, to do or not to do certain things.

Answer 119

Contract

Question 120

A component part of a property is valued in proportion to its contribution to the value of the entire property, regardless of its separate actual cost.

Answer 120

Contribution, principle of:

Question 121

These are goods used or bought for use primarily for personal, family, or household purposes.

Answer 121

Consumer goods

Question 122

A loan secured by a mortgage or trust deed that is made without governmental underwriting (FHA-insured or VA-guaranteed)

Answer 122

Conventional Mortgage

Question 123

This has two meanings. One meaning refers to the process of transferring title to property from one person to another. In this sense it is used as a verb. The other meaning refers to the document used to effect the transfer of title (usually some kind of deed). In this last sense, is is used a noun.

Answer 123

Conveyance

Question 124

A form of apartment ownership. Ownership of shares in a cooperative venture that entitles the owner to use, rent, or sell a specific apartment unit. The corporation usually reserves the right to approve certain actions such as a sale or improvement.

Answer 124

Cooperative Ownership

Question 125

A group or body of persons established and treated by law as an individual or unit with rights and liabilities or both, distinct and apart from those of the persons composing it. A corporation is a creature of law having certain powers and duties of a natural person. Being created by law, it may continue for any length of time the law prescribes.

Answer 125

Corporation

Question 126

A system compensating for inaccuracies in the Government Rectangular Survey System due to the curvature of the earth. Every fourth township line, 24-mile intervals, is used as a correction line on which the intervals between the north and south range lines are re-measured and corrected to a full 6 miles.

Answer 126

Correction lines

Question 127

The interpretation of date and value estimates to bring them together to a final conclusion of value.

Answer 127

Correlate the Findings

Question 128

To bring the indicates values developed by the three approaches into mutual relationship with each other.

Answer 128

Correlation

Question 129

Rights of an owner to reasonable use of non-flowing underground water.

Answer 129

Correlative Use

Question 130

A historical record of past expenditures, or an amount which would be given in exchange for other things.

Answer 130

Cost

Question 131

One of three methods in the appraisal process. An analysis in which a value estimates of a property is derived by estimating the replacement cost of the improvements, deducting the estimated accrued depreciation, and then adding the market value of the land.

Answer 131

Cost Approach

Question 132

Agreements written into deeds and other instruments promising performance or nonperformance of certain acts, or stipulating certain uses or non-uses of the property.

Answer 132

Covenant

Question 133

Certified Property Manager. IREM’s highest designation.

Answer 133

CPM

Question 134

Exterior or interiors opening permitting access underneath a building, as required by building codes.

Answer 134

Crawl space

Question 135

Counselor or Real Estate. Members of American Society or Real Estate Counselors

Answer 135

CRE

Question 136

Certified Residential Specialist (A NAR designation).

Answer 136

CRS

Question 137

The number or product resulting by multiplying the width of a thing by its height and by its depth or length.

Answer 137

Cubage

Question 138

Items of physical deterioration and functional obsolescence which are customarily repaired or replace by a prudent property owner.

Answer 138

Curable Depreciation

Question 139

The right which a husband has in a wife’s estate upon her death.

Answer 139

Curtesy

Question 140

The indemnity recoverable by a person who has sustained an injury, either in his person, property, or relative rights, through the act or default of another.

Answer 140

Damages

Question 141

An appraiser’s file of information on real estate.

Answer 141

Data Plant

Question 142

Bonds issued without specific security

Answer 142

Debenture

Question 143

This is the party who “owns” the property which is subject to to the Security Interest.

Answer 143

Debtor

Question 144

Lose their leaves in the autumn and winter (regarded as hardwoods)

Answer 144

Deciduous Trees

Question 145

Usually an open porch on the roof of a ground or lower floor, porch, or wing.

Answer 145

Deck

Question 146

A conveyance of land by its owner for some public use, accepted for such use by authorized public officials on behalf of the public

Answer 146

Dedication

Question 147

Written instrument which, when properly executed and delivered, conveys title.

Answer 147

Deed

Question 148

A deed to real property accepted by a lender from a defaulting borrower to avoid the necessity of foreclosure proceedings by the lender.

Answer 148

Deed in Lieu of Foreclosure

Question 149

Real Property is the right of interest that a person has in the land or anything attached to the land.
Real property is legally defined as:
1. Land
2. Anything permanently attached or affixed to the land.
3. Anything incidental or appurtenant to the land.
4. Immovable by law.

Answer 149

Real Property

Question 150

Land ownership: is commonly thought of as owning the surface of the earth. In other words, the ground we walk and build upon. But ownership also give us rights to the space that is above our land and extends below our feet to the center of the earth.

Answer 150

Land

Question 151

When buying personal property, your receipt is called a BILL OF SALE.
- the bill of sale states that the goods have been paid for and that no outstanding loans exist on the personal property. It is always considered good practice to obtain a bill of sale.
- the ownership of personal property is transferred with a “bill of sale”. An instrument used to secure a loan on personal property is called a “security agreement”

Answer 151

Bill of Sale

Question 152

Fixtures are items of personal property that are attached to, or incorporated into, the land in such a manner as to become real property.
- the courts use this five test to determine if an item is a fixture.
M 1. Method of attachment
A 2. Adaptability.
R 3. Relationship of the parties
I 4. Intention
A 5. Agreement

Answer 152

Fixtures

Question 153

An area of land that contains 43,560 square feet.

Answer 153

One acre

Question 154

208.71 feet on each side, but his number is generally rounded off to 209 feet.

Answer 154

One Square acre

Question 155

5,280 Feet long

Answer 155

One MILE

Question 156

Contains 640 acres

Answer 156

One SQUARE MILE