Real Estate Vocab Flashcards
HUD stand for what ?
Housing & Urban Development
Who appoints Director of Department for Licensing and Regulatory Affairs (LARA)
The Governor
How many members in the department of LARA have a License
6 out of 9
Equitable Title
Buyer has interest in land without a title, until transfer of deed from seller
Estoppel
aka a certificate of no defense, estoppel is made to prevent someone from arguing something that contradicts what they have already said.
Revenue Stamp
Tax on conveyance (transfer) of title. $1.10 per $1,000 is the County portion, $7.50 per $1,000 is the states portions. DON’T FORGET ROUND SELLING PRICE OF HOUSE TO NEAREST $500.00.
2 days
The broker has 2 days to transfer earnest money into escrow account. Agent has to give that to broker right away.
Value determination of house
D emand
U tility
S carcity
T ransferablity
5,280
Feet per Mile
Caveat Emptor
Let the buyer beware
Censure
Formal Disapproval
Title Theory and Lien Theory
Title Theory is not obtaining the Title of property until the mortgage is payed.
Lien Theory is being able to obtain the Title even if mortgage is due.
Survivorship
Part owner absorbs dead post owners share. Last Person Standing
Chattel or Personality
Personal property
Curtesy vs Dower
“Kurtesy”, the widower; Dower, W for woman, the widow
NAR
National Association of Realtors
Fiber is
Asbestos
Radon
Odorless and Colorless gas
PUD
Planned Unit Development
43,560
How many square feet in one acre
Subordination
Lower in priority
72/120
How many hours a buyer can back out after sellers disclosure
10 days
How many days a buyer can exit a purchase of property upon finding Lead
Commingle
Mixing personal money with business money in the escrow account. $2,000 Limit
5 Days
How long the Broker has to give the state the agents license after they quit.
$10,000
Maximum fine given from LARA
Punishment for Operating without License
90 days imprisonment, $500 fine
When are 2 bonus splits given ?
When a new road is put in !
7 days
4 days
7 days is how long the old tenant has to return the landlords checklist. 4 days is when you need to FOURward your new address for your safety deposit.
2,6,18
2 is the legal requirement for how much legal continued education hour you get in 1 year, 6 is recommended per year, and 18 is all education in 3 years.
October 31
When all licences need to be renewed by. Recently outdated rule
20 days
That is how long the landlord needs to make corrections to the lease.
Promulgate means ?
To Publish
Fiduciary
Loyal financier/representative
1978
Lead in paint outlawed. Any house built before 1978 needs to be disclosed to the buyer
Exclusive Right-to-Sell
You are contracted to sell the property if there was a recognized agreement.
1866
Civil Rights Act
640
Acres in 1 section
Capital Gains, Universal Exclusion
The Section 121 Exclusion is your protection of a chunk of money that is free from tax if property has been held for 5 years and you lived in the property for 2. Single file is $250,000 and married is $500,000.
Percentage Lease
Cost of lease is base lease plus percentage of income from lessee’s gross sales
Package Mortgage
Both Personal and Real property is pledged to secure payment of mortgage
DTI
Debt to Income is your percentage of your monthly gross income to your monthly debt payments
Paid tax is credit to ??
Seller
Easement
Non-Possessory right to use or enter real property without possessing it.
Encroachment
Piece of property is intruding onto another’s without legal consent
Encumbrance
Claim or other liability against a property by a party other than the owner.
LTV
Loan to value
Lis pendens
Lien/Lawsuit pending
Blanket Mortgage
With 2 properties or more, a blanket mortgage covers all
Notary
A person authorized by state to take oath and acknowledgements.
Novation
Substitute of a new contract for an old contract.
Laches
Loss of legal rights because of failure to assert them on a timely basis
Perc
Water test to see how the soil retains and absorbs water.
14 days
2 weeks is how long the landlord has to tell you where the security deposit is held.
30 days
The landlord has 30 days to return your security deposit.
45 days
45 days is how long the landlord can take legal action for damages done.
Parole Evidence Rule
“Judge Judy rule”, the words you speak have to match what has been written and recorded.
Carryover Provision Protection Period
Protection from a Client waiting until contract closure to sell property for personal reasons.
What do you do if you are spending more than 10,000 dollars for business ?
Fill out IRS form 8300
Do Not Call Registry Exemptions
18 Month Relationship if you showed a house to them. 3 Month protection if they called you.
Dodd-Frank act
The act that merged TILA and RESPA
REG Z/Truth in Lending Act
Protects the consumers from Credit advertisements being misleading
Quit Claim
No Warrenty, Removes clouds and claim on the Title.
Ad Valorem
“According to Value”
Usury
11 % is maximum interest rate in Michigan. Any rate above 25% is considered criminal.
Fee Simple Defeasible
Limit to property Rights
Fee Simple Absolute
Form of freehold estate where you have ABSOLUTELY all the rights to the property.
ARM
Adjustable Rate Mortgage.
Life Estate in Reversion
When the property owner passes, the property goes to the previous person.
Sellers Agency
Allows broker to market property for a given time.
Brownfield
A reuse or reconstruction of typically underused property which is thought to be contaminated, whether it be a dry cleaner or an old gas station.
Buffer Zone
The separation of Commercial and Residential property.
Accession
Process of adding to real property.
Emblement
Personal Property growing in soil.
Special Warranty
Deed with Limited Warranty of title.
Spot Zoning
Rezoning in an area for different use. Example would be an old restaurant in a now residential area.
Reverse Mortgage
Typically done with older folks, this method is used to get some value of your property while you are still living inside of it.
Primary Market
Where bonds, securities and notes are first created.
Secondary Market
This is the market where investors trade securities.
Deed in Lieu
Giving property back (Lucy Lieu is very nice)
