Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Test Prep > Real Estate Vocab > Flashcards

Real Estate Vocab Flashcards

1
Q

Bundle of rights

A

Rights that are inherent in ownerships

Acronym: DEEPC

Enjoyment
Exclusion
Disposition 
Possession
Control
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Reliction

A

Water recedes… new land acquired

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Holder of life seat

A

Entitled to use property that is held in life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Estate in reversion

A

Held by the grantor of the original conveyance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Estate in remainder

A

Would be a reversion, but is instead transferred to someone other than the grantor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Percentage lease

A

Percentage of gross receipts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Net lease

A

Have to pay Triple net lease… taxes, insurance, maintenance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Gross lease

A

Set fee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Sandwich Lease

A

AKA… “sublet” Lessor is also the lessee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Subleases

A

Lessor is also lessee, aka Sandwich lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Tenant improvement allowance

A

Landlord will compensate tenant for all or portion of funds required to construct the commercial space

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Abandonment

A

Release of responsibility and/or ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Assignment

A

Giving responsibility and/or ownership to another

Transfer of contract rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Surrender

A

Release of responsibility and/or ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Constructive eviction

A

Landlord either does something or fails to do something that he has a legal duty to provide

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Estoppel statement

A

A signed statement by a party certifying for the others benefit that certain facts are correct. It determines party’s responsibilities in a commercial lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Deed

A

Evidence of transfer of title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Quitclaim deed

A

Immediate transfer of ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Fixture

A

Runs with the Land… MARIA

Method of attachment 
Adaptability (necessary for home?)
Relationship (seller vs landlord)
Intent (why was it attached?)
Agreement (supersedes everything)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Appurtenances

A

Things that run with the land… real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Easement appurtenances

A

Goes with property… real property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Estate

A

Duration of ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Freehold estate

A

Infinite time and and ownership

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Less than free hold estates

A

Designated time of ownership ex. LEASE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Fee simple estate

A

Absolute ownership except taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Fee simple defeasible/determinable

A

Can loose property based on a condition or condition subsequent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Life estate

A

Ownership based on someone’s life

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Estate for years

A

Defined specific times. Start and end.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Periodic tenancy

A

Month to month/ week to week

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Estate at will

A

End at anytime. (Not legal in many states)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Estate at sufferance

A

Tenant will never leave

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Percentage lease

A

Percentage of gross receipts or sales

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Net lease

A

Triple line, tenant pays for taxes insurance and maintenance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Gross lease

A

Set fee. Standard residential lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Real property

A

Runs with the land… generally immovable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Personal property

A

Runs with the person… generally movable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Chattel real

A

Personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Trade fixture

A

Business related personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Riparian rights

A

Moving water

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Littoral rights

A

Not moving water

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Accretion

A

Increase size of porperty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Avulsion

A

Sudden tearing away of property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Reliction

A

Water recedes and new land is acquired

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Fee simple defeasible

A

Can lose property from a subsequent condition… condition can lose title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Holder of life estate

A

Entitled to use property that is held in life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Estate in reversion

A

Held by the grantor of the original conveyance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

A lease

A

Is personal property

Leasehold estate can be bought and sold on open market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Percentage Lease

A

Commercial type lease. Base rent plus a percentage of revenue from property. Percentage of gross receipts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Sandwich lease

A

Lessor is also Lessee, AKA sublet

50
Q

Lease option

A

Tenants option to purchase property during the term or at the end of the lease.

Owner is optionor
Tenant is optionee

Consideration can be monthly payments, consisting of rent and overage, money upfront that can be applied towards down payment on an already established amount.

If optionee exercises the option title will revert back to when the contract began not when option was exercised.

51
Q

Tenant improvement allowance

A

Landlord will compensate tenant for all or portion of funds required to construct the commercial space

52
Q

Abandonment

A

Release of liability or ownership

53
Q

Assignment

A

Giving responsibility or ownership to another

54
Q

Surrender

A

Release of responsibility and/or ownership

55
Q

Constructive eviction

A

Landlord fails to provide legal services

56
Q

Estoppel statement

A

Signed statement by a party certifying for the other’s benefit, that certain facts or responsibilities are correct

57
Q

Deeds

A

Evidence of transfer

58
Q

A quitclaim deed

A

Immediate transfer of ownership

59
Q

Warranty deed

A

Grantor guarantees the he holds clear title and right to sell

60
Q

Special warranty Deed

A

Guarantees clear title for duration of previous owner

61
Q

General warranty deed

A

Guarantees clear title for the life of the property

62
Q

Title

A

Ownership

63
Q

Legal title

A

Right to sell

64
Q

Equitable title

A

Right of possession and the right to gain equity

65
Q

Chain title

A

History of of ownership, conveyances, and encumbrances

66
Q

Abstract of title

A

Summary of title

67
Q

Cloud on title

A

Defect in title

68
Q

A quiet title action

A

Removes cloud on title

69
Q

Alienation of title

A

Voluntary act of an owner disposing of property

70
Q

Title insurance

A

Insures any defects on title to real property besides…

71
Q

Satisfaction

A

Records and acknowledges a paid of mortgage.

72
Q

Severalty

A

Sole ownership

73
Q

Concurrent estate

A

More than one person Owns

74
Q

Joint tenancy

A

Unity of time title interest and possession members has rights of survivorship

TTIP

75
Q

Tenancy in common

A

Unity of possession know right of survivorship

76
Q

Encumbrances

A

Anything that limits the property

77
Q

Easement

A

The right to cross another’s land

78
Q

Dominant tenement

A

The property with the right of crossing

79
Q

Servient tenement

A

The property that is being crossed the property that is encumbered they cannot revoke easement

80
Q

Easement by prescription

A

Implied easements granted after the dominant estate has used the property in a hostile continuous open manner for a statutorily prescribed number of years

81
Q

Appurtenant easement

A

Easement that transfers with the transfer of title

82
Q

Easement in gross

A

No dominant tenement

83
Q

Police power

A

Regulations implemented for public health safety and general welfare

84
Q

Building codes

A

They are form of police power

85
Q

Variance

A

Granted exception to the rule

86
Q

Down zoning

A

Commercial to residential

87
Q

Non-conforming use

A

Use that was allowed under prior zoning regulations

88
Q

Holographic will

A

Entirely hand written

89
Q

Probate

A

Process of allocating assets of the deceased

90
Q

1031

A

45 days to identify and 180 days to close

91
Q

Boot

A

Cash or other property added to an exchange to make the value equal

92
Q

Inverse condemnation

A

Suing the government for lack just compensation

93
Q

Encroachment

A

One property crosses the line of another property

94
Q

Liens

A

Owe money. Warning easements and private restrictions are not liens

95
Q

General liens

A

Can take all property ex. Income tax, judgement Liens

96
Q

Specific liens

A

Can take a specific property for example mortgages and property taxes

97
Q

Injunctions

A

Court

98
Q

Constructive notice

A

A person or entity should have known as a reasonable person would have

99
Q

Actual notice

A

To give legally sufficient assurance that actual knowledge of the matter has been conveyed

100
Q

A debit

A

Money owed

101
Q

A credit

A

Money received

102
Q

Short rate

A

Penalty method of calculating return premium of an insurance policy

103
Q

Impounds

A

Method of collecting debts that take priority over the loan

104
Q

RESPA

A

Disclosure of settlement costs and to elongate abusive practices

105
Q

TILA

A

Provide complete disclosure of lending fees and practices

106
Q

Material fact

A

Some thing a reasonable person would recognize. Caution a buyers Race is never a material fact

107
Q

Steering

A

Buyers

108
Q

Block busting

A

Induce sellers

109
Q

Panic selling

A

Induce sellers

110
Q

Panic peddling

A

Induce sellers

111
Q

Red lining

A

Deals with financing and LoansChoosing financing based on race.

112
Q

Misrepresentation

A

Legal right to rescind

113
Q

Rescind

A

Revoke,cancel, or repeal

114
Q

Misleading

A

Misleading with intent

115
Q

Constructive fraud

A

Misleading without intention

116
Q

Negative fraud

A

Lying by omission

117
Q

Conversion

A

Using clients money (sometimes earnest money)

118
Q

Contract essentials

A 
LACC
Lawful object 
Agreement
Consideration
Capable parties
119
Q

Void contract

A

Lacks one of LACC

120
Q

Voidable contract

A

Option to rescind

121
Q

Bilateral contract

A

Two promises

122
Q

Unilateral contract

A

One promos

Real Estate Test Prep (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions