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Real estate > Real Estate Vocab list 4 > Flashcards

Real Estate Vocab list 4 Flashcards

1
Q

Littoral Land

A

A property owners right to use the land abutting a lake or ocean.

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2
Q

Loan to Value Ratio

A

The amount of loan in relationship to property value.

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3
Q

Long Term Capital Gain

A

The taxable gain on the sale of a capital asset held for more than the statutory period of time.

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4
Q

Lot Release

A

Clause in a Blanket Mortgage to release individual lots.

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5
Q

Lot, Block, Subdivision

A

A method of identifying land in a subdivision by referring to a certain lot, block, and a recoded plat of that subdivision.

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6
Q

Love and Affection

A

Consideration that is given to support a gift deed.

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7
Q

M.I.P.

A

Mortgage Insurance Premium-Insurance pertaining to an F.H.A. Insured loan.

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8
Q

Majority

A

A person who is legally competent according to the minimum age law of that state.

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9
Q

Margin

A

In an adjustable rate loan, the amount added to the index to determine the rate.

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10
Q

Market Data Approach

A

An appraisal process that uses comparables to estimate the value of a specified property.

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11
Q

Market Price

A

The price a property actually sells for.

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12
Q

Market Value

A

The price a property should sell for if enough time is allowed and neither Seller nor Buyer is under pressure to act.

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13
Q

Master Plan

A

The long-range guide for orderly growth of a given area.

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14
Q

Mechanic’s Lien

A

The legal right of a contractor to place a lien on real property for work or materials rendered.

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15
Q

Megalopolis

A

A continuous series of ongoing cities all heavily populated.

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16
Q

Megan’s Law

A

A law requiring sex offender registration and notification.

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17
Q

Menace

A

The threat of force in acquiring an agreement.

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18
Q

Meridian

A

In the Government Rectangular Survey System, a reference line that runs North and South and crosses the principal baseline.

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19
Q

Metes and Bounds

A

A legal description of land that uses an identifiable starting point to define the boundaries of real property.

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20
Q

Mill Rate

A

A property tax rate that is equivalent to one tenth of one unit. Expressed as .001 or 1/1000 of a dollar.

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21
Q

Mineral Rights

A

Sub-surface rights to all underground assets.

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22
Q

Misrepresentation

A

To represent falsely or to give untrue statements.

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23
Q

Monolithic Slab

A

A foundation formed by a single pouring of concrete.

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24
Q

Monument

A

A natural object that is given as part of a survey.

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25
Q

Moral Turpitude

A

An act of conduct the is base, vile, depraved.

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26
Q

Moratorium

A

A temporary halting of payments due on a debt.

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27
Q

Mortgage

A

A security document to insure the payment of a Note.

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28
Q

Mortgage Assumption

A

The buyer assumes the Seller’s mortgage and agrees to pay the debt. Original maker is not necessarily free from liability.

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29
Q

Mortgage Broker

A

One who is paid a fee to arrange loans between a Lender and a Borrower.

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30
Q

Mortgage Relief

A

In a tax deferred exchange-the assumption of a mortgage of lesser value than an existing mortgage.

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31
Q

Mortgagee

A

The Lender under a mortgage-type transaction. The receiver of the security instrument.

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32
Q

Mortgagor

A

The party who gives and is the maker of the security.

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33
Q

Mud Sill

A

The lowest horizontal member of a frame house that rests on the foundation.

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34
Q

Multiple Listing Service

A

A general pooling of listing information available to those members of the local Board of Realtors.

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35
Q

Multiple Nuclei Theory

A

Theory of land use development around several central business areas.

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36
Q

Mutual Assent

A

A meeting of the minds between the two parties in a contract.

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37
Q

Narrative Appraisal Report

A

A written appraisal showing in detail the reasoning behind the assigned estimate of value.

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38
Q

Natural Person

A

A person by birth, not by operation of law.

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39
Q

Navigable Stream

A

A designated public highway of water. The stream bed is owned by the government.

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40
Q

Negative Leasehold

A

Contract rent exceeds the economic rent.

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41
Q

Negotiable instrument

A

A written document that , when endorsed, can be assigned to another.

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42
Q

Neighborhood

A

Adjoining areas of land that have common characteristics and similar usage.

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43
Q

Net Lease

A

Tenant pays rent and other costs pertaining to the property.

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44
Q

Net Listing

A

An agreement in which a minimum sales price is set by the Seller. The Broker receives his commission from that amount over and above the minimum sales price.

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45
Q

Net Operating Income

A

The income obtained from property after operating expenses.

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46
Q

Nominee

A

A person who is acting for a party to be named later.

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47
Q

Non disturbance Clause

A

A mortgage clause which states that the lender will not disturb the present tenant’s rights even in the event of a foreclosure.

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48
Q

Non-conforming Use

A

The continuance of a certain use even though the area has been zoned for a different purpose; a property use that is not consistent with current zoning.

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49
Q

Non-Homogeneous

A

No two parcels of real estate are alike or occupy the same geographic location.

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50
Q

Non-Inheritable Estate

A

An estate which cannot be passed to one’s heirs.

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51
Q

Non-Navigable Stream

A

A stream not designated as a public highway; the stream bed is owned privately.

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52
Q

Notary Public

A

A public officer who is able to attest and certify legal documents by a signature and seal.

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53
Q

Note

A

A document that is evidence of debt-an obligation.

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54
Q

Notice of Completion

A

A legal notice that indicates a completed and mechanic’s lien must be filed within a certain time period.

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55
Q

Novation

A

The original obligor is relieved of any further loan obligation due to the substitution of a new party.

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56
Q

Nuncupative Will

A

An oral Will that is witnessed.

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57
Q

Objective Value

A

The value in the object itself.

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58
Q

Obligatory Advances

A

An open-ended loan has lien priority as per recondition regardless of future draws.

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59
Q

Obsolescence

A

A loss in property value due to outmoded functional economic changes.

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60
Q

Offer

A

A proposal freely made by one party to another.

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61
Q

“Or More” Clause

A

A clause in a note or security device that indicates no pre-payment penalty. The debt can be paid in full at any time by the debtor.

62
Q

Open End Loan

A

A loan in which draws are available up to a set limit.

63
Q

Open Listing

A

A listing between the principal and numerous agents simultaneously.

64
Q

Option

A

A future right of a party to buy or lease property at a specified price.

65
Q

Optionee

A

The party who receives an option.

66
Q

Optionor

A

The party who gives an option.

67
Q

Orientation

A

Placing a house on property so that it brings the best advantages to the occupant.

68
Q

Origination Fee

A

A fee charged by the Lender for processing a new loan.

69
Q

Ostensible Authority

A

Authority arising when a principal has intentionally caused a third party to rely upon the apparent authority even through it has not been given.

70
Q

Owner’s Policy

A

A title Insurance purchased for the benefit of the Buyer in a real estate transaction.

71
Q

P.I.T.I

A

Principal, Interest, Taxes, Insurance

72
Q

Paper

A

A lending term referring to a note and a security instrument.

73
Q

Parol Evidence Rule

A

A rule stating that oral evidence may not be added to a written agreement.

74
Q

Partition

A

The dividing of co-ownership in property so that each holds his or her interest sole and separate. A legal process terminating a co-tenancy.

75
Q

Partnership

A

Consists of two or more people conducting business as co-owners.

76
Q

Patent Deed

A

The instrument used by a Sovereign Power to transfer real property to an individual.

77
Q

Percentage Lease

A

A rental payment which is based on a percentage of the gross sales.

78
Q

Percolation Test

A

A soil test which determines drainage and absorption.

79
Q

Perpetuity

A

With no end-to go on forever.

80
Q

Personal Property

A

Items that are tangible and movable, not real property.

81
Q

Personal Representative

A

An appointed individual authorized to settle an estate.

82
Q

Phase I Audit

A

An evaluation of a site to determine environmental problems. Phase 1 inspects public records and adjacent properties.

83
Q

Phase II Audit

A

An environmental survey that requires soil sampling to determine the level of hazardous substances.

84
Q

Physical Depreciation

A

A loss of value due to the physical deterioration of the property.

85
Q

Plat Map

A

A recorded map that shows the smaller parcels in a subdivision by book and page number.

86
Q

Plate

A

A horizontal piece that supports the trusses or rafters of a roof.

87
Q

Plessy V Ferguson

A

A court case established the doctrine of “Separate but Equal”

88
Q

Plottage

A

The process of combining two or more parcels of land so that together they have a greater total value.

89
Q

Point of Beginning

A

The starting pint at one corner of the surveyed land in a Metes and Bounds description.

90
Q

Police Power

A

The right of the government to enact laws for the protection, health, and welfare of the general public.

91
Q

Positive Leasehold

A

Economic rent exceeds the contract rent.

92
Q

Power of Attorney

A

A written document that authorizes one party to act for another.

93
Q

Preliminary Title Report

A

A document provided in escrow which shows all claims

affecting title.

94
Q

Prepayment Penalty

A

An additional charge for paying off a debt before its time.

95
Q

Primary Lenders

A

Those Lenders that originate loans, thereby creating “paper”

96
Q

Principal

A

The party represented in an agency relationship.

97
Q

Principal Balance

A

The original loan amount. The current remaining unpaid debt on the loan.

98
Q

Prior Appropriation

A

Water rights that are based on a government permit system. The rights to use the water in a river or stream adjacent to the land.

99
Q

Private Mortgage Insurance

A

A form of insurance required on conventional loans that exceed a loan value-ration of 80%,

100
Q

Pro Rata Share

A

Per front foot a specific portion allocated to a property owner-usually used in an assessment calculation.

101
Q

Probate

A

A court action to prove the validity of a will, or settle an estate.

102
Q

Procuring Cause

A

The actions of a Broker that bring about the desired results.

103
Q

Progression

A

Lesser value properties will be increased by locating near more expensive properties.

104
Q

Promissory Note

A

A written promise by a person to pay a debt under terms specified in the note.

105
Q

Property Tax

A

Tax levied by the local governments to meet the needs of the community-Real estate taxes are primary liens and are usually based on Ad Valorem.

106
Q

Proration

A

To divide or assess proportionately between Buyers and Seller the obligations that have been paid or due. The close of escrow is the buyer’s day.

107
Q

Public Report

A

A report required before a subdivision can be offered for sale or lease-Discloses all facts about the property for the buyer’s protection.

108
Q

Puffing the Goods

A

Over exaggeration of one’s opinion.

109
Q

Punitive Damages

A

Damages extending far beyond the actual loss.

110
Q

Pur Autre Vie

A

A life estate that is based on a life another.

111
Q

Purchase Money Mortgage

A

A mortgage given by a buyer as part of the consideration for the price-one usually carried by the seller in a credit transaction.

112
Q

Qualified Mortgage

A

A home loan that meets certain standards set forth by the federal government. The loan is presumed to have met the “ ablility to repay rule” per the Dodd-Frank Act.

113
Q

Quantity Survey Method

A

An appraisal method which takes into account all the component parts along with the installation costs.

114
Q

Quarter Section

A

One fourth of a township that contains 160 acres.

115
Q

Quiet Title Suit

A

A court action to remove a cloud on title and create marketable title.

116
Q

Quit Claim Deed

A

A Deed which releases any or all interest one may have in real property.

117
Q

R.E.I. T.

A

Real Estate Investment Trust-A corporation with a minimum of 100 investors and 95% of the profit passes to the shareholder.

118
Q

R. E. S. P. A

A

Real Estate Settlement Procedures Act. Requires disclosures of closing costs to buyers and sellers. Required within 72 hours of a loan application-required on residential loans, one, three or four-plex.

119
Q

Radon Gas

A

A colorless, odorless gas from decaying minerals in high concentrations that is known to cause lung cancer.

120
Q

Rafters

A

Sloping boards that extend from the top of the exterior wall to the ridge board.

121
Q

Range Lines

A

Survey lines that are six miles apart and run parallel to the principal meridian.

122
Q

Pare of Return

A

The percentage earned on an investment.

123
Q

Realtor

A

A term used to identify members of the National association of Realtors.

124
Q

Recapture

A

The amount of depreciation taken for tax purposes is now taxable.

125
Q

Recording

A

Entering a document in the Recorder’s office at the prescribed country.

126
Q

Recovery Fund

A

A state fund that monetarily reimburses the aggrieved public due to dishonest acts of the licensee.

127
Q

Redemption Period

A

The statutory period of time the borrower has to redeem in a mortgage foreclosure, usually six months after the sheriff sale.

128
Q

Redlining

A

An illegal practice that restricts loans by geographical area.

129
Q

Reduction Certificate

A

A document issued by lender for buyer’s beefit stating the existing loan balance.

130
Q

Regression

A

An appraisal principle which states that the worth of an expensive property is lessened by the presence of less expensive properties.

131
Q

Regulation Z

A

Truth in Lending Laws apply to residential financing-full disclosure of all financing charges. Interest rates are expressed in A.P. R.

132
Q

Reinstatement Period

A

The period of time the trustor has to make all delinquent payments prior to the trustee foreclosure sale in a Deed of Trust.

133
Q

Release Clause

A

A clause in a blanket security instrument that allows for individual release of secured lots from the lien.

134
Q

Reliction

A

The gaining of land due to the subsidence of water of a non-navigable stream.

135
Q

Relief Map

A

A map indicating by lines, shading, or color, different elevations of land.

136
Q

Remainder (Vested)

A

One who is entitled to an estate upon termination of a life estate.

137
Q

Remainder Estate

A

A future interest in real estate after a life estate.

138
Q

Rent

A

Consideration given for the use of property.

139
Q

Replacement Cost

A

The cost of replacing a property using today’s materials.

140
Q

Reproduction Cost

A

The cost of rebuilding an exact replica.

141
Q

Reservations

A

Rights retained by the grantor when property is conveyed. Frequently call Deed Restrictions.

142
Q

Residual Value

A

The value that remains after a property’s economic life.

143
Q

Reversionary Estate

A

An estate returned to the original grantor. Usually at the end of a life estate or lease.

144
Q

Ridge board

A

A large horizontal beam placed at the peak of a roof to which rafters are attached.

145
Q

Right of Way

A

The right one has to cross the land of another.

146
Q

Rights of Survivorship

A

An incident whereby the surviving joint tenant automatically receives the interest and rights of the deceased joint tenant.

147
Q

Riparian Rights

A

The property owner’s right to enjoy or use the water abutting his land.

148
Q

Rod

A

A unit of measurement that consists of 16.5 feet.

149
Q

Run With The Land

A

A right that remains with the land even upon transfer such as easement appurtenant.

150
Q

S Corporation

A

A regular corporation that has elected to be treated as a partnership for tax purposes-restrictions do apply.

Real estate (14 decks)

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