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Real estate > Real Estate Vocab List 3 > Flashcards

Real Estate Vocab List 3 Flashcards

1
Q

F.H.A. -Title II

A

F. H.A. insures home “203B” loans

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2
Q

F.H.L.M.C.

A

Federal Home Loan Mortgage Corporation (Freddie Mac), active in the secondary mortgage market.

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3
Q

F.N.M.A.

A

Federal National Mortgage Association (Fannie Mae), purchases paper from primary lenders.

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4
Q

Facade

A

The front of a building; the part seen from the street.

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5
Q

Familial Status

A

A protected class under the Federal Fair Housing Law-A family is one or more persons under the age of 18 years, living with a parent or guardian.

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6
Q

Federal Fair Housing Act

A

Law enacted by Congress that prohibits discrimination by race, color, religion, national origin, sex, familial status, and handicap. The law relates primarily to the sale or lease of a residential real estate.

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7
Q

Federal Fair Housing Act 1968

A

Prohibits discrimination based on race, religion, color, creed, national origin and sex.

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8
Q

Federal Fair Housing Act 1988

A

Prohibits discrimination based on handicap and familial status-these items were add to the 1968 act.

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9
Q

Federal Housing Administration (F.H.A.)

A

F.H.A. -insures lenders against loss by requiring the borrower to pay a mortgage insurance premium.

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10
Q

Federal Reserve System

A

Regulatory agency for Federally chartered commercial banks.

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11
Q

Fee Simple

A

The highest form of ownership under the allodial system.

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12
Q

Fee Simple Conditional

A

If previously agreed conditions are violated, the Grantor must take action to terminate the Grantee’s interest in property (Not automatic termination)

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13
Q

Fee Simple Determinable

A

A fee interest in real estate that may be automatically terminated if certain circumstances are violated.

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14
Q

Fee Tail

A

A freehold estate that may terminate when and if the Grantor’s specified heirs die. “Unlawful in most states.”

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15
Q

FEMA

A

A federal agency that coordinates disaster relief, also designates flood areas and creates flood maps.

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16
Q

Feudal System

A

All rights of land ownership remain with the king.

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17
Q

FICO Score

A

Fair Isaac Company-calculates credit scores.

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18
Q

Fiduciary

A

The trust and confidence an agent owes a principal in an agency relationship.

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19
Q

Financing Statement

A

A document recorded to protect a creditor’s interest in personal property.

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20
Q

FIRPTA

A

Foreign Investment Real Property Tax Act

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21
Q

First Right of Refusal

A

A party who has the first opportunity to meet an offer to either buy or lease a property.

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22
Q

Fissure

A

A long narrow crack in the earths surface.

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23
Q

Fixture

A

Personal property that is now affixed and is considered real property.

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24
Q

Flexible Payments

A

A loan payment plan in which the payments increase over a set number of years.

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25
Q

Flood Plain

A

An area of low-lying ground adjacent to a stream this subject to flooding.

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26
Q

Flood Way

A

A channel for diverting flood water.

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27
Q

Floor Value

A

An appraisal concept which states that the sales price of comparable properties set the lowest market price.

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28
Q

Forcible Detainer

A

A legal action that a landlord can take if the existing occupant refuses to leave.

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29
Q

Foreclosure

A

An action by which property used as security is sold to pay the debt.

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30
Q

Forfeiture

A

The losing of equity one has in a property due to nonperformance of an obligation-such as in an Agreement for Sale. The process by which a Vendor retakes the property from the Vendee due to default by the Vendee.

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31
Q

Formal Will

A

A written Will that is written, signed and witnessed.

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32
Q

Foundation

A

The supporting portion of a structure on which all else rests.

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33
Q

Fractional Sections

A

Irregular sections due to the curvature of the Earth. There are 11 fractional and 25 full sections n a township.

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34
Q

Fraud

A

Intentional deception that, when relied upon, causes financial loss or personal injury.

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35
Q

Freehold

A

An estate held in fee simple or for life-no predetermined time for termination.

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36
Q

Friable

A

When asbestos particles become air-born.

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37
Q

Front End Ratio

A

A ratio that indicates what portion of an individuals income is used to make mortgage payments.

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38
Q

Frozen Assets

A

An asset that cannot be easily converted into cash without taking a loss.

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39
Q

FTC

A

Federal Trade Commission-regulates the “CAN-SPAM ACT”

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40
Q

Functional Depreciation

A

Physical features within the property lines that are obsolete and no longer desirable. May be curable or incurable.

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41
Q

Funding Fee

A

A fee paid to the V.A. to guarantee a V.A. loan.

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42
Q

G.N.M.A.

A

Governmental National Mortgage Association (Ginnie Mae) active in the secondary mortgage market.

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43
Q

Gable Roof

A

A pitched roof with two sloping sides.

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44
Q

Garnishment

A

A court directive to the party who is holding the assets of another to freeze said assets.

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45
Q

General Agent

A

An agent having the power to perform any and all acts on behalf of a Principal expressed in a legal document.

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46
Q

General Lien

A

A lien that encumbers both real and personal property.

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47
Q

General Partnership

A

Each partner is responsible and liable for the total profit or loss of the operation regardless of the initial investment.

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48
Q

General Warranty Deed

A

A conveying deed in which the grantor states that he or she will forever guarantee the title of real property.

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49
Q

Gift Deed

A

A deed conveyed with love and affection as the consideration.

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50
Q

Good Consideration

A

Love and affection given in exchange for real property.

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51
Q

Good Faith Estimate

A

An estimate of all anticipated closing costs regarding a residential transaction. This estimate is required to be given to all buyers by the lender under R.E.S.P.A guidelines.

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52
Q

Good Will

A

The intangible value of a business due to the habit of patronage. Goodwill may be depreciated for accounting purposes.

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53
Q

Government Lot

A

In a Government Rectangular Survey System, those irregular sections due to curvature of the Earth or acts of nature.

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54
Q

Government Rights

A

Taxation, Escheat, Eminent Domain, Police Power

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55
Q

Govt Rectangular Survey System

A

A governmental method of surveying land located by using a principal base line and principal meridian.

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56
Q

Graduated Lease

A

A lease that will go up in rent at specified intervals.

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57
Q

Grandfather Clause

A

A clause that indicates something was once allowed and may still continue despite changes in the law.

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58
Q

Grant

A

The transferring of real property by a deed.

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59
Q

Grantee

A

The person who receives an interest in real property via a deed.

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60
Q

Granting Clause

A

The words in a deed that state. “I hereby grant and convey…”

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61
Q

Grantor

A

The person who conveys an interest in real property via a deed.

62
Q

Gross Lease

A

A lease where the lessor is responsible for all expenses.

63
Q

Gross Rent Multiplier

A

A figure used that, when multiplied by the annual gross rent, will estimate the property value.

64
Q

Gross Schedule Income

A

The total potential of all income that can be derived from investment property.

65
Q

Ground Lease

A

A lease for land only.

66
Q

Ground Water

A

The classification of all underground water except for underground streams.

67
Q

Guardian

A

One appointed by the court to handle the affairs of an incompetent party.

68
Q

H.U.D.

A

Department of Housing and Urban Development

69
Q

Habendum Clause

A

The degree, quantity or quality of the estate conveyed.

70
Q

Handicap

A

A protected class under the Fair Housing Law; a handicap is considered an impairment that substantially limits life’s activities.

71
Q

Hard Money Mortgage

A

A mortgage that is given for direct cash.

72
Q

Hereditament

A

The right to will to another personal and real property.

73
Q

High Water Mark

A

Highest place on shoreline reached by rising water.

74
Q

Highest and Best Use

A

Land usage at the time of an appraisal which would create the highest net return.

75
Q

Hold Harmless Clause

A

A contract clause stating one party agrees to protect another from losses.

76
Q

Holder in Due Course

A

The party who is holding a note for value and has the protection of law for its enforcement.

77
Q

Holdover Tenant

A

A tenant who remains in possession of the property after lease expiration.

78
Q

Holographic Will

A

Hand-written Will that is signed by the maker but does not require witnessing.

79
Q

Homestead

A

A legal right of a homeowner to protect a portion of his equity against a force sale.

80
Q

Homogeneous

A

A word used in appraising that describes similar or like properties.

81
Q

Horizontal Property Regime

A

Condominium-The owner of the unit only has cubage rights; rights and sub-surface rights are not included.

82
Q

Hypothecate

A

To pledge property as collateral and still retain possession of the pledged property.

83
Q

Illusory Contract

A

An expression of intent to do something, not a binding agreement.

84
Q

Implied Agency

A

An agency create by the actions or words of the parties involved.

85
Q

Impound Account

A

An amount held by the lender to pay the taxes and insurance.

86
Q

INA

A

Irrigation Non Expansive Area

87
Q

Inchoate

A

Incomplete (not perfected)-additional steps must be taken to strengthen the claim.

88
Q

Income Approach

A

An appraisal process that estimates the value of income property by converting annual net income into value.

89
Q

Incompetent Party

A

One who is not legally qualified to manage his or her own affairs due to age, mental capabilities, or legal action.

90
Q

Incorporeal

A

The rights accompanying ownership of property.

91
Q

Indemnify

A

an agreement to hold harmless another from damages.

92
Q

Index Lease

A

A lease that is based on a certain price index such as the Consumer Price Index found in commercial leases.

93
Q

Index Rate

A

A rate in a variable rate loan that is tied to a T-Bill, 11th District or U.S. Cost of Funds.

94
Q

Industrial Fruit

A

Fruits or Crops that are produced on a property for income-personal property.

95
Q

Infancy

A

A person who is under the legal age (usually under 18 years).

96
Q

Ingress and Egress

A

The right to enter and exit a parcel of land.

97
Q

Installment Sale

A

A tax method of reporting only the amount of income actually received as it is received.

98
Q

Intangible

A

The rights that accompany personal property.

99
Q

Inter-State land Disclosure Act

A

A federal registration system when 25 or more lots are offered for sale or lease inter-state.

100
Q

Interest

A

Rent paid for the use of money.

101
Q

Interest Only

A

Payment consists of interest only and no repayment of principal.

102
Q

Interim Financing

A

A short term loan sometimes called a gap or bridge loan.

103
Q

Internal Rate of Return

A

A rate of discount that is calculated on the basis of projected cash flows from the initial investment.

104
Q

Interpleader

A

A third party (court) who is called upon to settle a dispute, usually in an escrow situation.

105
Q

Interstate

A

A person who dies without a Will.

106
Q

Involuntary Alienation

A

The transferring of ownership against one’s will.

107
Q

Involuntary Lien

A

Alien placed on property without the owner’s permission or by act of law.

108
Q

Joint and Several Liability

A

One party only or all parties together can be held liable for the debt.

109
Q

Joint Tenancy

A

Co-ownership that features the right of survivorship and requires the unities: Possession, Interest, Time, Title.

110
Q

Joist

A

The horizontal supports that hold up a floor or ceiling.

111
Q

Jones V Mayer

A

A court case that prohibits discrimination by race both in private and governmental properties.

112
Q

Judgment Lien

A

An involuntary lien on both real and personal property-a general lien.

113
Q

Junior Mortgage

A

Any security agreement having a priority after the first mortgage.

114
Q

K1

A

A form to report income or loss in a business, partnership, or trust.

115
Q

Laches

A

The legal time has expired to file a valid claim.

116
Q

Land Contract

A

Contract where the Seller finances the Buyer’s purchases of realty and retains legal title. Vendee has Equitable Title.

117
Q

Landlocked

A

A parcel of land having no ingress or egress without crossing over another’s property.

118
Q

Landlord

A

One who owns real property but transfers a leasehold interest to another with the reversion right.

119
Q

Law of Agency

A

A legal relationship in which one is hired to represent another with trust and confidence. The party hired is referred to as the Agent.

120
Q

Law of Situs

A

Real Estate is subject to the laws of the state in which is located.

121
Q

Lawful Object

A

A contract requirement stating that a valid contract must be for an item or purpose that is legal in the eyes of the law.

122
Q

Lease

A

An agreement giving possession and use of property in return for a specified consideration.

123
Q

Leasehold

A

The Lessee’s right to use property for a specified period of time.

124
Q

Legacy

A

Money or personal property left to another through will.

125
Q

Legal Description

A

A formal description that defines the boundaries of real property. This description is sufficient to locate the property and may be enforced through a court of law.

126
Q

Legal Description (Informal)

A

Identifying a parcel of land by a street address or local terminology.

127
Q

Legal Life Estate

A

A non-Inheritable right provided by law.

128
Q

Legal Person

A

A person created by law such as a corporation.

129
Q

Legal Rate

A

The interest rate the court assigns to those documents that have no specified interest rate.

130
Q

Legal Title

A

The lawful claim to ownership.

131
Q

Legatee

A

One who receives money or personal property through a Will.

132
Q

Lender’s Policy

A

An extended coverage Title Insurance policy purchased for the Lender.

133
Q

Less than Freehold

A

An estate of possession but not ownership-a lease.

134
Q

Lessee

A

The tenant in a lease

135
Q

Lessor

A

A landlord in a lease.

136
Q

Level Payment Mortgage

A

A repayment plan that includes principal and interest. The total of which is the same amount each payment.

137
Q

Leverage

A

Using borrowed funds to finance investments with little or no personal cash invested.

138
Q

License

A

A personal privilege one has to use the land of another. (Privilege revocable)

139
Q

Lien

A

A money claim against property.

140
Q

Lien Theory State

A

States in which the Lender of cash does not hold legal title, but only a lien as security against title.

141
Q

Life Estate

A

An interest in property that is limited to the life grantee-or the life of some specified person.

142
Q

Life Tenant

A

One who possesses a life estate.

143
Q

Like-Kind Property

A

Property held for an investment when qualifying for a real estate tax deferred exchange.

144
Q

Limited Agent

A

An agent having the power to perform only in those areas expressed in a legal document.

145
Q

Limited Partnership

A

Parties who contribute capital to an investment and are responsible for the amount invested.

146
Q

Liquid Asset

A

An asset that can easily be converted into cash.

147
Q

Liquidated Damages

A

The dollar amount stated in the contract paid to the injured party if a breach occurs. The dolla amount is usually pre-agreed.

148
Q

Lis Pendens

A

Lawsuit pending.

149
Q

Listing Agreement

A

A written agreement between a principal and Broker to sell or lease property for compensation.

150
Q

Listing Broker

A

The agent who act for the owner of property in either leasing or selling.

Real estate (14 decks)

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