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Real estate > Real Estate vocab list 6 > Flashcards

Real Estate vocab list 6 Flashcards

1
Q

Summation Approach

A

Also called the cost approach in appraising

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2
Q

Superfund

A

Known as C.E.R.C.L.A - Comprehensive Environmental Response Compensation and Liability Act. Purpose is to focus on cleanup of hazardous substances in given areas as so determined by the E.P.A

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3
Q

Surety Bond

A

A private company that promises to perform if the bonded party fails

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4
Q

Surface Waters

A

The classification of water that includes all natural streams, lakes and ponds

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5
Q

Survey

A

Determining the location of land by measuring the determined lines and angles

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6
Q

Sweat Equity

A

An increase in value to real property due to the owner’s laber

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7
Q

Syndication

A

A combination of parties joined together to undertake an investment as an entity

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8
Q

Tacking

A

Adding successive time periods of continuous usage

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9
Q

Take out loan

A

A permanent financing arrangement that pays off a construction loan

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10
Q

Tangible

A

Personal property that can be moved

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11
Q

Tax Deferment

A

A real estate investment that postpones the paying of taxes

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12
Q

Tax Rate

A

The rate applied to the assessed value of property to establish a tax

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13
Q

Tax Shelter

A

Using investments to postpone the payment of income tax

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14
Q

Tenancy

A

A mode of holding title to real property

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15
Q

Tenancy at Sufferance

A

The quality of the tenancy one has if he remains on the property after the lease has expired. Least possible estate in land.

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16
Q

Tenancy at Will

A

A lease that can be terminated by either party at their will

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17
Q

Tenancy by Entireties

A

A method of joint ownership whereby the remaining portion of the property automatically passes to the surviving spouse

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18
Q

Tenancy for Period to Period

A

A lease that is automatically renewed for the same like time

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19
Q

Tenancy for Years

A

Any lease for a specified period of time

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20
Q

Tenancy in Common

A

Co-ownership in property, interests need not be equal and no right of survivorship exists

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21
Q

Tenancy in Severalty

A

Owned by one person. Sole and Separate

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22
Q

Tenant

A

One who occupies or uses property under a lease

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23
Q

Tenements

A

Real property and those rights that remain, and are attached to the land

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24
Q

Term Loan

A

A mortgage which must be paid off in a specified period of time. Interest only

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25
Q

Testate

A

Have died with a Will

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26
Q

Tier Line

A

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

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27
Q

Time is of the Essence

A

All obligations set forth in the contract must be met on or before the date specified

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28
Q

Title

A

The legal proof of real property ownership

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29
Q

Title Insurance

A

Insurance in a real estate transaction that protects the parties against Title defects

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30
Q

Title Theory State

A

A lender of cash may hold legal title to property

31
Q

Torrens System

A

A registration system that accurately determines ownership and claims to real property

32
Q

Tort

A

A wrongful act against a party in which civil action can be brought

33
Q

Townhouse

A

Individual ownership of a specific structure plus interest in the common area - ownership includes air and subsurface rights

34
Q

Township

A

A parcel of land that is six miles square and contains 36 sections

35
Q

Trade Fixture

A

Items used in business that appears to be real property but remain personal property

36
Q

Treasurer’s Deed

A

The Deed one receives as a result of tax foreclosure sale

37
Q

Trust Account

A

A broker’s bank account used specifically for earnest money or rental deposits

38
Q

Trustee

A

One who holds bare-naked title in a Deed of Trust for the beneficiary until the entire debt is paid

39
Q

Trustee’s Deed

A

A Deed given by the Trustee to convey property out of Trust

40
Q

Trustor

A

The party who signs the Trust Deed. The borrower in a Deed of Trust

41
Q

Trust-In-Lending

A

Covered by Reg Z - Borrowers are to be given truthful and complete information as it relates to the cost of credit

42
Q

Undivided Interest

A

Co-ownership whereby each party has the right to use the entire property

43
Q

Undue influence

A

Taking unfair advantage of one’s position in acquiring an agreement

44
Q

Unearned Increment

A

An increase of property value due to external causes such as inflation

45
Q

Unenforceable Contract

A

A contract that appears to be valid but neither party can be legally forced to perform

46
Q

Uniform Commercial Code

A

A code of law that regulates the security used in personal property transactions

47
Q

Unilateral Contract

A

A contract that is binding only on one party

48
Q

Unit-In-Place Method

A

An estimate of value that computes each unit times the number of units in a given building

49
Q

Unities of Joint Tenancy

A

Time, Title, Interest, Possession

50
Q

Universal Agent

A

One authorized to act for another in every and all actions, such as a Guardian

51
Q

Useful Life

A

The period of time a property will be used for its intended purpose

52
Q

Usury

A

Charging a higher rate of interest that the law allows

53
Q

V.A. Guarantee

A

V.A. will guarantee to the lender of funds a specific amount in case of default

54
Q

Valid

A

A contract that contains all essential legal requirements and is enforceable through a court of law

55
Q

Valuable Consideration

A

Something of monetary value given in exchange for the conveyance of real property

56
Q

Value

A

The amount of consideration an item can command, also the present worth of future benefits

57
Q

Value (Elements of)

A

Demand, Utility, Scarcity, Transferability

58
Q

Variable Rate Mortgage

A

Lender may adjust the interest on a loan based upon an index

59
Q

Variance

A

Permission obtained to act in a way that is contrary to current zoning ordinances

60
Q

Vendee

A

The buyer of real property under an agreement for sale

61
Q

Vendor

A

The seller of real property under an agreement for sale

62
Q

Void

A

A contract that never was legal and has no binding effect

63
Q

Voidable

A

A contract that appears to be valid on its face until action is taken to void it

64
Q

Warranty Forever

A

The grantor guarantees forever the title conveyed. The warranty is found in a General Warranty Deed

65
Q

Warranty of Further Assurance

A

The grantor promises to deliver all necessary documents in order to convey clear title. This warranty is found in a General Warranty Deed

66
Q

Wild Deed

A

An unrecorded document that creates a gap in the chain of title

67
Q

Will

A

A legal testament by which a person disposes of his or her property at the time of death

68
Q

With Recourse

A

The Seller of a negotiable instrument may be held responsible for its future payments

69
Q

Without Recourse

A

The Seller of a negotiable instrument may not be held responsible for its future payments

70
Q

Worth

A

The amount something should sell for in an open and free market

71
Q

Wraparound

A

Creating a new obligation which consists of all underlying debts plus the sellers equity

72
Q

Writ of Execution

A

A decree of the court instructing an officer of the court to carry out the judgement

73
Q

Yield

A

The financial benefits received from an investment

74
Q

Zoning

A

Local Laws that regulate the specific use and character of land

Real estate (14 decks)

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