Real Estate Terms, Set 1B Flashcards
Grantee
The person receiving the property or to whom it is conveyed.
Quitclaim Deed
Transfer any interest the grantor may have at the time the deed is signed with no warranties of clear title.
Acknowledgement
A signed statement, made before a notary public by a named person; confirming the signature and that it was made of free will.
Love and Affection
The consideration used in a gift deed
Graduated Lease
A lease calling for periodic increases in the rental payment; sometimes called a stair-step lease.
Retaliatory Eviction
An act whereby a landlord evicts a tenant in response to a complaint made by the tenant.
Sandwich Lease
A lease created when a tenant sublets the property to another person, thus creating a sublessor-sublessee relationship. The person in the “sandwich” is a lessee to one party and a lessor to another.
Writ of Possession
A court order directing the sheriff to remove the tenant and his or her possessions within five days.
Straight Note
A promissory note in which payments of interest only are made during the term of the note, with the principal payment due as a lump sum upon maturity; may also be a note with no payment on either the principal or interest until the entire sum is due.
Adjustable-rate mortgage
A note whose interest rate is tied to a flexible index.
Beneficiary
The lender under a deed of trust.
Assignment of rents
An agreement between the property owner and the holder of the trust deed or mortgage by which the holder receives, as security, the right to collect rents from tenants of the property in the event of default by the borrower.
Book Depreciation
An accounting concept which refers to the allowance taken to provide for the recovery of invested capital
Actual Depreciation
That depreciation occurring as a result of physical, functional, or economic forces that cause a loss in value to a building.
Actual Age
The real age of a building
