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CA Real Estate Exam > Sue CA Real Estate Principles > Flashcards

Sue CA Real Estate Principles Flashcards

Study CA

1
Q

A.D.A.

Americans with Disabilities Act

A

Prohibit housing discrimination

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2
Q

A.P.R.

Annual Percentage Rate

A

Total % rate cost of loan; includes actual interest rate, plus all other fees;

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3
Q

Acceleration Clause

A

Allow lender to call the debt due and payable immediately upon failure to meet the terms of contract

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4
Q

Accession

A

Add

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5
Q

Accession

A

Trade fixture installed by business while under Lease; Removable before lease expires; After lease expires, ownership goes to Lessor

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6
Q

Actual Authority

A
  • specifics of the particular job defined in the contract

- duties may/may not be spelled out, bur are expected

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7
Q

Ad Valorem

A

Add Value; Property Taxes

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8
Q

Add-Ons

A

Amounts added to existing fees, rates, or margins to accommodate file abnormalities

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9
Q

Addendum

A

Addition to an already existing contract

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10
Q

Addendum v. Amendment

to contract

A

Amend=Change
Addendum = Add-On
Novation = New

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11
Q

Adjustable Interest Rate

A

Changes up or down according to the financial climate, at predetermined adjustment dates

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12
Q

Advanced Committment

A

Commit by Mortgage Lender to make or buy loan for a state amount on a property within a specific period of time subject to Borrowers ability to qualify

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13
Q

Affiant

A

Affidavit; Evidence

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14
Q

Agency

A

Relationship between parties to a transaction; Principal/Broker relationship;
Cannot be created by unsolicited offer;

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15
Q

Agency Agreement

A

Contract that creates an agency relationship

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16
Q

Agency Disclosure

A

Form disclosing agency relationships for 1-4 unit residential sales;

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17
Q

Airspace

A

Above earth’s surface for an indefinite distance, as allowed by gov’t controls;
Part of definition of real estate

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18
Q

Alloidal Land System

A

real property;
Individual hold clear Legal Title, but use if or lose it;
Old style land grant used this

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19
Q

Alluvium

A

rocks & soil that slide down side of montain

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20
Q

Alquist-Priolo Equake Fault Act

A

Regulates development of land in earthquake fault zones; Construction requirements are stricter than normal; Full disclosure to potential buyers;

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21
Q

Amortize

A

Periodic payments of principle and interest, reducing the amount of debt

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22
Q

Annual Mortgage Stmt

A

IRS-1099. $ Amt interest, property taxes, and remaining balance

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23
Q

APN

A

Identifying number assigned by Conty Tax Assessor’s OFfice

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24
Q

Apparent Authority

A

Implied Authority to act, even though person does not have authority

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25
Q

Applicant

A

Borrower for loan

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26
Q

Appraisal

A

Estimate value of property, based upon recent sales and current listing of comparable properties

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27
Q

Appraisal

A

Written report providing determnation of vlaue of a specified real property on a given date

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28
Q

Appraisal Process

A

Sales comparison;

Three Comp properties are the norm;

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29
Q

Appraisal Steps

A

Highest/Best use will generate highest value;

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30
Q

Appreciation

A

Increase in value

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31
Q

Appropriate

A

Take

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32
Q

Appropriation

and Prior Appropriation Doctrine

A

Right of government to regulate water;
Prior appropriation doctrine states that water rights are determined by priority of beneficial use. This means that the first person to use water or divert water for a beneficial use or purpose can acquire individual rights to the water.

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33
Q

Appurtenance

A

Follows with the property; Have particular use 9 ie private water co)

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34
Q

Arms-Length-Agreement

A

No favoritism; Assumption that unrelated parties enter into contract on terms given nor more favorably to an average person unknown to them;

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35
Q

Assessment

A

Tax value of property

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36
Q

Assets

A

Anything of value, including money

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37
Q

Assignment

A

Transfer rights and obligations of a contract to another party

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38
Q

Associate Licensee

Agent

A

Representative of a Broker; Broker is the legal rep of the Principal

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39
Q

Assumption

A

Financing arrangement where the Buyer takes over the existing mortgage

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40
Q

Authorization

A

Written statement by a Borrower, giving permission to release information to the Agent of record

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41
Q

Avulsion

A

Fall Off

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42
Q

Award Letter

A

Social Security sends letter to recipient indicating how much $ they will receive annually

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43
Q

Balloon Note

A

Mortgage or loan that is amortized for a long period of time, but becomes due and payable in a shorter period of time

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44
Q

Banruptcy

A

Legal method of dispensing with debts throug court proceedings

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45
Q

Baselines

A

East-West lines that run through a reference point; Rectangular Survey Method (aka Township and Range Survey System aka U>S> Gov Survey System);
Paired w use of North-South Meridian lines.

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46
Q

Baselines

Rectangular Survey Method aka Township, Range, Gov Survey System

A

E-W Baselines;

N-S Meridian lines from specific reference point;

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47
Q

Benchmark

A

Metal places in tofu cities throughout the U.S.;

Basis for elevation heights

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48
Q

Beneficiary

A

Lender in a Trust Deed loan;

Trustee oversees loan payments, notify of default

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49
Q

Bequest

A

Gift of personal property in Will;
Legator - Gives
Legatee - Receiver

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50
Q

Bi-Weekly

A

Every two weeks payments

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51
Q

Bilateral

A

Two-sided agreement, both parties committing to perform an act

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52
Q

Bilateral Contract

A

Both sides exchange promises to perform

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53
Q

Bill Of Sale

A

Used for transfer PERSONAL PROPERTY

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54
Q

Bldg Permit

A

Granted by local gov; Inspections in phases; Fully signed inspections constitutes completion of building

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55
Q

Bonus Income

A

Irregular income based upon production or employer revenue targets

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56
Q

Breach Of Contrect

A

Failure of any party to contract to fulfill obligations

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57
Q

Broker

A

Person acting as Fiduciary on behalf of Principal;

Licensed by State real estate regulatory department

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58
Q

Building Code

A

Protect health and safety of persons in the community; conform to Master Plan: design, construction, size, #units

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59
Q

Bundle of Rights
(of Real Property Ownership)

S.E.E.P.C

A 
Manage/Control
Possess
Exclude
Enjoy
Sell
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60
Q

Buydown

A

Mortgage where interest rate is reduced for a set period of time based upon an up-front fee paid at Close of Escrow

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61
Q

Buyer Representation Agreement

Exclusive

A

Agent will get paid even if another Agent write a Purchase Offer for the Buyer; Buyer liable to pay Agent out of their own pocket,

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62
Q

CA BRE 2780-2782

A

Law that Broker must follow fair housing laws;

Disciplinary action against Broker

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63
Q

CA Civil Code 54-55-1

A

Protect handicapped and disabled against discrimination

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64
Q

CA RE Commissioner

A

Runs CA DRE;
Appointed by Governor;
Sets Administrative policy of the DRE;
Regulate Licensees

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65
Q

CA Real Estate Licensee

A

Working under Broker;

Valid 2 year period;

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66
Q

Cancellation Clause

“Contingencies”

A

Allows either party to cancel contract based upon inability to meet specific conditions;

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67
Q

Cap

A

Max interest rate allowed to be charged on ARM loan

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68
Q

Capacity

A

Legal capacity which allows party to enter into a contract knowinling and with capability to fulfill terms

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69
Q

CCR’s

A

Guidelines and rules set up by HOA to manage the entire property and define rules for use of common spaces

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70
Q

Chain of Title

A

History of documents which transfer Title of real property

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71
Q

Chattel

A

Personal Property, movable; anything not Real Property

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72
Q

Chattel

Personal Property

A

Anything not real property that is movable

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73
Q

Civil Rights Act 1968

Fed Fair Housing Act; TItle VIII

A

Prohibits housing discrimination: race, color, religion, sec, handicap, familial status, national origin

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74
Q

Civil Rights Acts

1966, 1977, 1981, 1982

A

Protec individuals who are denied property

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75
Q

Clauses In Real Property Purchase Contracts

AFRAID LP

A 
Acceleration
Foreclosure
Redemption
Alienation
Impound
Defeasance

Lien
Prepay

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76
Q

Client

Principal

A

Person who hires another to act on thier behalf;

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77
Q

Closing

A

Conclusion of transaction:Settlement; delivery of Deed; Disburse funds; File/Record documents

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78
Q

Closing Agent

A

Escrow Officer or Attorney; Assures all documents signed, properly executed and recorded, and funds disbursed

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79
Q

Closing Costs

A

All Costs to a Buyer, Seller, Borrower associated with trnasaction: Escrow fees, title, appraisal, credit report, taxes, insurance, prorate items; Agent fees.

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80
Q

Cloud

A

Lien, encumbrance against property which is defective Title; must clear to change ownership

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81
Q

CLoud on Title

A

Anything which gives rights to another person other than the owner of Real Property; ie easement or right to cross

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82
Q

Co-Mingling

A

Place funds from clients into personal account; OR using Trust Funds for personal funds

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83
Q

CO-OP

A

Type of CORP ownership, shares allow occupy one unit and common areas.

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84
Q

Co-Op

A 
Corp holds real property;
Owners hold stock, not Title, no Deed;
Each owner receives exclusive Lease for their unit;
Taxes against Corp;
Not real property;
Each owner shares loan, not mortgage;
Blanket Insurance on building;
Owners insure personal property separately;
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85
Q

Codicil

A

Valid change in Will prior to death

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86
Q

Commission

A

Fee paid to Agent for transacting business for another; Usually a % of the total transaction amount

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87
Q

Common Interest Subdivisions

A

Buyer owns individual lot plus shared common interest ownership;

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88
Q

Community Property Laws

A

Defines property acquired during marriage, as well as property owned seperately prior to marriage

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89
Q

Comp Approach, Appraisal

A

Three Comps are the norm;
Bracketing is at least one Comp has greater sq ft and one Comp has lesser sq ft;
Usually on low- to mid priced properties

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90
Q

Comparable Properties

Comps

A

Appraisers use recently sold (or for sale) properties that are similar as a measure to help determine value of real property

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91
Q

Condition

A

Issues or concerns that must be resolved; Underwriter will allow Close of Escrow only upon acceptance of conditions

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92
Q

Condition Precedent

A

Deed restriction, preceding transfer of ownership; must be addressed in order to obtain ownership

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93
Q

Conditional Use

A

Zoning waiver which allows either non-conforming use or exemption;
Grants permission to use land for a purpose other than generally allowed in that district

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94
Q

Condo

A

Owner has s Titles: on for air space inside his condo, one for common areas;
Each owner responsible for property taxes on their unit

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95
Q

Conformity, Appraisal

A

Reasonable degree of economic and social similarity exists in an area, creating maximum value for properties in the area

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96
Q

Consideration

A

Exchange something of value: money, services, love or other property; Confirms an obligation to perform the contract

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97
Q

Consideration

A

Sufficient amount of deposit $ to cover losses in the event of cancellation or default

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98
Q

Construction Loan

A

Mortgage loan obtained for the purpose of borrowing funds to construct or renovate a building

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99
Q

Contract

A

Agreement between parties to perform or not perform an act; Or a promise.

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100
Q

Contract Employee

A

Independent contractor, self-employed working under the direction of Broker

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101
Q

Contract of Sale

A

Binding agreement between Seller, Buyer to transfer property under specific terms;
Seller holds Title until all debt paid;

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102
Q

Contractual Obligation

A

The PROMISE that party to a contact akes when signing a contract

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103
Q

Contribution, Appraisal

A

Value that a particular amenity adds to a property

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104
Q

Control

A

Right to control use of the property as they choose;

One of the BUndle or Rights

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105
Q

Conventional Loan

A

Mortgage loan made throught usual lender channels

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106
Q

Conversation Log

A

Written record of all conversations and communications with all involved ina project, particularly a mortgage-loan application

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107
Q

Conversion

A

Converting client’s funds into personal funds is a FELONY

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108
Q

Conveyance

A

Transfer or property from one party to another

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109
Q

COO

Cert of Occupancy

A

Written authorization by local gov allowing structure to be inhabited; usually new construction

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110
Q

Corporeal Rights

A

Visible;
Possessory;
Touch;
Tangible

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111
Q

Cost Approach, Appraisal

A

Determine value by estimating cost to build improvements NEW;

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112
Q

Cost of Funds Index

COFI

A

Index or mortgage which is based on the amount a bank pays its savings account customers for use of their savings funds

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113
Q

Counter-Offer

A

Original offer is declined (voided); Seller in turn makes an Offer by changing terms; Counter becomes valid only if accepted

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114
Q

Credit Auth

A

Written consent; Needed to compile a complete credit package

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115
Q

Credit History

A

7 Years of credit history; liens and bankruptcy 10 yrs

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116
Q

Credit Score

A

Rating number devised base upon current and past credit history;

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117
Q

Datum

A

Original horizontal plane in NYC Harbor;

Base upon which sea level height is measured

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118
Q

Debt-Ratio

A

% of income monthly income obligated to payment of debt

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119
Q

Deed

A

Document that transfers Real Property;

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120
Q

Deed of Trust

A

Legal instrument, pledging property as security to guarantee debt paid in full; Lender holds Title until debt paid

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121
Q

Deed-In-Lieu-Of-Foreclosure

A

Transfer Deed to Lender, in exchange for elimination of mortgage debt and costs

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122
Q

Default

A

Fail to fulfill contract

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123
Q

Defeasance

A

Borrower gets legal Title after all payments are met

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124
Q

Defeasance Clause

A

Removes Lien when debt is paid in full;

Reconveyance Deed is issued to Mortgagee (Owner)

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125
Q

Deficiency Judgement

A

Judgement against person for amount remaining due even after foreclosure and sale of property

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126
Q

Define Valid Deed

A 
Legal Address
Consideration
Granting clause
Grantor signature
Grantee accepts Title
How Title taken by Grantee
Exceptions/Restrictions
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127
Q

Demand

A

Request for Amount due for debt payment

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128
Q

Deposit

A

$ security to show intent to bind a Contract for Sale

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129
Q

Depreciation

A

Decrease in value

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130
Q

Description

A

Legal description not req’d, but must be adequate to positively identify the subject property

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131
Q

Devise

A

Give realty upon death;

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132
Q

Devisee

A

Receiver of real property by Will

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133
Q

Devisor

A

Giver of real property by Will

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134
Q

Discipline Broker/Agent

A

Business & Professions Code;
Calif Civil Code;
RE Commissioner Rules & Regs

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135
Q

Disclosure

A

Statement made revealing information

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136
Q

Disposal

A

Right to dispose or encumber property at will

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137
Q

Distributor
(Distributor/Administrator-Intestate)
(Executor - with Will)

A

Court Appointed person to carry out intestate distribution of real and personal property of Testator/Testatrix

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138
Q

Duress

A

Force or threat

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139
Q

Easement

A

Right of use;

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140
Q

Easement by Prescription

Prescriptive Easement

A

Person uses property of another for access; Open; Notorious; Hostile; Continuous

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141
Q

Easton v Strassburger

A

Agent provide “list of defects, known & what should be known”;

Ca TDS came out of this

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142
Q

Emblements

A

Cultivated crops are personal property, unless spelled out in Listing Agreement to be appurtenant

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143
Q

Eminent Domain

A

Gov take property for public use

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144
Q

Encroachment

A

Physical extension onto another’s property;

Unlawful use of another’s proerty

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145
Q

Encumbrance

A

A lien or claim against a property, which may affect cloud on Title

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146
Q

Enforcement of RE Laws, Rules

A

DA Where violation occurred;
COmmissioner no authority to $ fines;
Commission disputes handled by local Board of Realtors or arbitration;

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147
Q

Eq Credit Opp Act

ECOA

A

Federal Law; Credit avail to all

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148
Q

Equitable Title

A

Use & Enjoy; When there is a loan or mortgage on property, Buyer holds only Equitable TItle; If default, Equitable Title holder gets appreciation; Legal Title after paid in full;

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149
Q

Equity

A

Value property - loane = equity

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150
Q

Escheat

A

Revert to State by order of law;

No Title acquired

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151
Q

Escrow

A

Third party to transaction handles signing docs, accounting and disbursement of funds; in CA Escrow handles transactions

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152
Q

Escrow Account

impound

A

Funds deposited to a third party to pay property taxes and insurance

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153
Q

Estate at Sufference

A

Tenant remains after end of term; If rent is accepted, it becomes Estate-from- Period-To-Period

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154
Q

Estate for Years

A

Lease for specified period of time

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155
Q

Estate from Period-To-Period

A

Renewable agreement to lease for specified terms; Month-To-Month or Year-To-Year.

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156
Q

Estate in Remainder

A

Ownership held by person other than original Granter; May confer Life Estate on One person, and different person Remainderman

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157
Q

Estate in Reversion

A

Held by original Grantor of Life Estate, property returns to original Grantor upon the death of designated person

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158
Q

Estate-At-WIl

A

Lease with no end date

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159
Q

Estoppel Agreement

Implied Agency aka Ostensible Agency

A

Person declares that an Agent is representing them; Agent has perceived authority to act; Principal bound by Agent’s actions

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160
Q

Estover

A

right of tenant to use wood of ower in lease situation for own needs only

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161
Q

Exclusion

A

Right to allow or prohibit access to property; One of the Bundle of RIghts

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162
Q

Exclusive Agency Listing

A

Unilateral contract between Broker and Principal ; Allows Seller to find their own Buyer without being required to pay comission to Broker

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163
Q

Exclusive Auth and Right to Sell

A

*Most common List Agreement; Broker always paid no matter who procures the Buyer; Express Contract can be written or verbal

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164
Q

Exclusive Buyer, Agency Agreement

A

Buyer pays Agent, even if no house found; Bilateral

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165
Q

Executed

A

Signed; Closed

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166
Q

Executed Contract

A

Completed; All contingencies are met.

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167
Q

Executory Contract

A

Bilateral, which has not been fully performed

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168
Q

Express Agreement

Express Contract

A

All parties acknowledge agreement has been reached; Written or verbal intent

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169
Q

Fair Lending Act

A

State of CA anti-discrimination real estate lending law

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170
Q

Fair Market Value

A

willingness of Buyer and Seller; Comparison of recently sold is 9-12months

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171
Q

Fannie Mae/FNMA

A

Fed purchases loans from Lenders to free-up case for additional loans

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172
Q

Federal Anti-Discrimination Laws

A 
Civil Rights Act 1866
Fair Housing Act 1968
Title VIII 1968
Fair Employment & Hous Act (Rumford Act)
Civil Rights Hous Act 2006
Unruh Civil Rights Act
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173
Q

Federal Lending Laws

A

Housing Fin Discrim Act 1977

Holden Act

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174
Q

Fee Simple

A

Ownership rights with no restrictions; **Most common form of real property ownership

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175
Q

Fee Simple

Freehold Estate

A

Ownership rights to real property without restrictions;
Undetermined amount of time;
Most common form of real property ownership

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176
Q

Fee Simple, Defeasible

A

Ownership with conditions or limits which could defeat claim to property; Cloud on TItle

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177
Q

FEMA

A

Fed Agency handles natural disasters; determines flood and hazard zones for Mortgage industry

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178
Q

FHA

A

Federal Housing Admin, div of HUD: Insures and guarantees mortgages made by private Lenders/Banks

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179
Q

FHA Loan

A

Insured by HUD to protect Lender; Buyer protected from foreclosure by HUD ability to assume position of Lender

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180
Q

Fiduciary

A

Act on authority given by Principal; Cal Bre Broker is the agent; Licensee is Sub-Agent

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181
Q

Fiduciary

Agent

A

Party hired to perform service for a fee; Use authority from the Principle;

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182
Q

Fiduciary

Easton v Strassburger

A

Broker responsible to inspect the property; Disclose what is known and what should have been known

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183
Q

FIrst Right of Refusal

A

Agreement that gives Buyer the right to purchase or not purchase the property prior to the property being offered to another party

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184
Q

First Trust Deed

A

First; Primary loan secured by real property

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185
Q

Fixtures

A 
Anything of use permanently  attached to real property;
5 tests:
Method of attachment
Adaptability 
Relationship of Parties
Intent when installing item
Agreement between parties

Trade fixtures: still personal property if removed without substantial damage to premises

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186
Q

Floor

A

Minimum Amount an adjustable rate can be for the life of the loan

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187
Q

Forebearance

A

Act of Lender extending time for repayment of debt or delay foreclosure action

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188
Q

Foreclosure

A

Act by Lender to claim ownership of property when a Borrower has failed to meet commitment or has defaulted on loan

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189
Q

Fraud

A

intent by the party to deceive the other parties to a contract

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190
Q

Fraud

Actual Fraud

A

Known intent by a party to deceive other parties to a contract

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191
Q

Fraudulent Misrepresentation

A

Intentional Fraud or Negligent Misrepresentation are results of carelessness or negligence, not done with criminal intent

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192
Q

Freddie Mac

FHLMC

A

Federal Home Loan Mortgage Corp; Gov agency to buy mortgages from Lenders to facilitate Lenders using funds for more loans

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193
Q

Full Disclosure

A

Disclose material facts of a real estate transaction; Fair dealing

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194
Q

Future Covenants

A

Guaranty provided by Seller with a Warranty Deed; Promise to correct any problems with Title;

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195
Q

General Agent

A

Broker hired to perform ongoing jobs; A Property Manager is a General Agent

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196
Q

General Plan

Zoning Laws

A

Zoning Laws are primary method used to implement General Plan;
Police Powers enforce zoning;
Goal: protect public health, safety, welfare;
define traffic & transportation routes; estimate & set standards population density & future growth

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197
Q

Gift Deed

A

A Deed that is used to transfer ownership of real property when no $ involved;
“Affection” is the “Good Consideration”

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198
Q

Good Faith Estimate

A

Federal mandated form used to disclose closing costs to Borrowers;
Must be delivered to Borrower within 72 hours of loan App; Cannot exceed 5% of original loan estimate

199
Q

Grant

A

Convey Title

200
Q

Grant Deed

A

Give ownership to another

201
Q

Grantee

A

Recipient

202
Q

Granting Clause

A

I hearby grant

203
Q

Grants Deed

A

Document used to Grant (Give) Title

204
Q

Groundwater

A

Topmost limit of percolating water

205
Q

Hazard Insurance

A

Protection of real property against loss due to fire, storm, natural or accident

206
Q

Heir

Distributee - no will

A

Person who receives property; via intestate succession

207
Q

HOA Cert

A

Form providing info about COndo, PUD or Coop project

208
Q

Holden Act

Housing Finan Discrim Act 1977

A

CA Code; Financial institutions prohibited from discrimination

209
Q

Home Mortgage Disclosure Act

HMDA

A

CA health and safety code;

Lenders must meet specific criteria and report loans made by census tract number

210
Q

How to terminate Easement?

A

Release by Dominant tenant
Obvious intent by Dominant to Abandon Easement
Merge Dom & Servient tenancy
Court Order

211
Q

How to Terminate List Agreement wo Penalty:

A

Death of Broker or Principal;
Joint Agreement to Terminate;
Destruction of Property;

212
Q

HUD 1

A

Final statement of closing costs;

Prepared by Escrow office

213
Q

HUD Assignment

A

Transfer FHA mortgage to HUD to protect Borrower form foreclosure

214
Q

Implied Contract

A

Created throug action, not by writing

215
Q

“IN-Defeasible” Estate

A

No conditions on estate

216
Q

In-File Credit Repor

A

Un-audited credit report; unverified

217
Q

Inchoate

Inchoate Dower

A

Incomplete;
Rights contingent upon an event;
Spouse’s imperfect interest to husband’s real property while both are alive in non-community property state;
Becomes perfect upon his death;

218
Q

Inclusionary oning

A

Agreement between gov agency and developer to provide housing provisions per the agreement

219
Q

Income Averaging

A

Total all income for period of time and divid by number of months;

220
Q

Incorporeal Rights

A

Invisible;
Non-Possessory;
Can’t touch
Intangible

221
Q

Increasing Returns, Appraisal

A

Improvements that add MORE value to the property than the improvement cost;
Opposite is true for Decreasing Returns;

222
Q

Index

A

Basis for deterimining interest rate (actual cost of funds) that investor will pay to the Borrower that will in turn be loaned to consumer

223
Q

Inherent Authority

A

Duties Agent needs to perform even though they are no specified in Employment Contract

224
Q

Innocent Misrepresentation

A

simple mistakes with no intent and little harm;

225
Q

Installment Contract

A

Contract for Deed
Land Contract
Owner Will Carry (OWC)
Bill of Conveyance

226
Q

Intentional Fraud

Fraudulent Misrepresentation

A

Misrepresentation of a material fact which is intended to deceive another, does actually deceive another,and which causes harm to the one deceived.The law allows punitive damages. Most serious type of false statement in contract law

227
Q

Interest Income

Dividend

A

Income from interest such as savings account or investment

228
Q

Interpleader Action

A

Request to BRE for conflict during escrow to be settled

229
Q

Intestate

A

No Will

230
Q

IRS 1065

A

Income of business owned as partnership

231
Q

IRS 1120

A

Fed tax form reporting income from ownership of a Corp

232
Q

IRS 95-01

IRS 4506

A

Form authorizing verification of AGI claimed on Federal tax return

233
Q

IRS Extension

A

beyond April 15 filing deadline

234
Q

IRS Schedule A

A 
Personal expenses itemized:  medical
mortgage interest
property tax
education
donation
work-related expense
235
Q

IRS Schedule B

A

Itemize dividend and interest income

236
Q

IRS Schedule C

A

Income from Sole Proprietorship

237
Q

IRS Schedule D

A

Income: Capital Gain or Loss from investment

238
Q

IRS Schedule E

A

Income; earned from rental or royalty

239
Q

IRS Schedule K-1

A

Individual income: partnership

240
Q

Joint Tenancy, w Survivorship

A

Title pass to heir unencumbered by secured debt;
One Title at same time of 2 or more Owners;
Can sell w/o permisson, new owner Title as Tenant in Common;
Property interests terminate at death;
Corp cannot hold as Joint tenant, bc Corp is a perpetual entity;

241
Q

Joint Tenant

A

property ownership
Two+ persons
Undivided interest
Right of Survivorship

242
Q

Judgement

A

Debt ordered to be paid by court of law

243
Q

Jumbo Loan

A

> max determined by FNMA and FHLMC

244
Q

Junior Lien

A

Debt or obligation against property, subordinate to primary loan/lien and taxes against property

245
Q

Land

A

Soil/earth and all substances below; land extends to center of the earth

246
Q

Landlocked

A

Surrounded by property owned by others; No ingress or egress

247
Q

Law of Descent & Distribution

Intestate

A

Chain of real property intestate inheritance, varies by each state;
Distributor - Giver
Distributee - Receiver

248
Q

Lawful Objective

A

Purpose and terms of contract are legal

249
Q

Laws Relating To Housing Discrimination

Lending Discrimination

A 
TItle VIII
Federal Fair Housing 
                         Act
Unruh
CA Code 54-55
Civil Rights Act
CA Fair Lending Act
CA Equal Credit 
           Opportunity Act
250
Q

Legal Description

A

Description of property filed with County Recorder’s Office

251
Q

Legal Impossibility

A

Contract or portion which cannot be met because it requires an illegal act

252
Q

Legal Non-Conforming

A

Property does not fit the zoning, but is allowed because of special allowance or grandfathered bc of prior use

253
Q

Lender Req’d Disclosures

A 
Equal Credit Opp Act (ECOA)
Auth to acquire Borrower Credit Report
CR disclose to consumers
Right to receive copy of appraisal
Patriot Act - track money
Servicing Disclosure Stmt from Lender
Privacy Policy Disclosure (Graham-Leach-Bliley Act)
Mortgage Loan Origination  Agreement
Mortgage Loan Origination Agreement 
PMI/Adjustable Rate Disclosure
HUD pamphlets:
  Settlement Cost
  Equity Line
  ARM's
254
Q

Less-than-Freehold

A

Lease;

Specified period of time

255
Q

LIBOR

London Interbank Offered Rate

A

Index often used for ARM mortgages, which adjust every 6 months

256
Q

License to Land

A

Permission to use land and protect from liability;
Not an easement;
can cancel at any time

257
Q

Lien

A

Claim against property for payment of debt;
Mortgage most common lien
Priority of Liens: tax, judgement, assessment, sewer, other

258
Q

Lien Theory

A

Mortgage/Note creates a lien on property to secure payment of debt

259
Q

Life Estate

A

Right to Use and Possess the property for the durations of life of designated person or persons;

260
Q

Life Tenant

A

Holder of Life Estate

261
Q

Life–Cycle, Appraisal

A

Neighborhoods change between cycles of Regression and Progression

262
Q

Limitations

A

Used to create Fee Simple Defeasible ownership;
Limits automatically transfer ownership upon an Event: two types
Special Limitations and Executory Limitations;
Will not revert to Grantor

263
Q

Lis Pendens

A

Legal action Pending

264
Q

Littoral

A

Standing or Still body of water;

Bordering owners property

265
Q

Lot And Block

aka Subdivision System

A

Method of property description;

Lot, block and tract

266
Q

LTV

Loan to Value

A

% of total value owed

267
Q

Margin

A

Used in ARM loan;

Limit how much an interest rate may adjust

268
Q

Mechanics Lien (CA)

A

Must be filed within 60 days from filing of Notice of Completion or Cessation, or if neither are filed, within 90 days from completion of the work. Action to enforce due 90 days after recording of claim.

269
Q

Median Income

A

Average income for established area

270
Q

Mello-Roos

A

Buyer can sue Seller for failure to disclose; Seller can file suit against Listing Agent; 3-day right of Reccission, after notice

271
Q

Meridians

Rectangular Survey Method aka Township, Range, Gov Survey System

A

N-S lines from specific reference point;

E-W Baselines

272
Q

Metes and Bounds

A

Metes: distances
Bounds: natural or artificial boundaries

273
Q

Mineral Rights

A

Found beneath surface that have fugitive or fluid nature;

Oil, gas, gold, coal, iron, gems

274
Q

Mortgage Loan Disclosure Stmt

MLDS

A

Similar to Good Faith Estimate of CLose Costs; It is very detailed and preferred in CA

275
Q

Mortgage Pricing

A

Determine interest rate and other costs and add-ons

276
Q

Mortgagee

A

Lender becomes Payee

277
Q

Mortgagor

A

Trustor
Borrower
Payor

278
Q

Mutual Agreement

Consent

A

Meeting-Of-The-Minds;

Parties Must Agree to All Terms

279
Q

Mutual Agreement
(Meeting of the Minds)
(Consent)

A

Parties to contract must agree to all terms

280
Q

Mutual Recission

A

Agreement by all to cancel transaction;

Bilateral

281
Q

Mutual Water Co

A

Common source of water in Subdivision; Individual property owners each own equal share of stack, equal right to use of water

282
Q

Negative Amortization

Neg Am

A

ARM loan when at some period, the payment is insufficient to cover monthly interest payment due; Shortage is applied to balance of loan

283
Q

Negligent Misrepresentation

A

False statement of fact due to ignorance;

that has the effect of inducing someone into a contract.

284
Q

Net Listing

A

Brokers commission to be any amount in excess of Sellers sale price

285
Q

No-Income No-Assets

NINA

A

Loan program that determines credit based on Borrower credit history and subject property only.

286
Q

Non-Arms-Length Transaction

A

All partied related

287
Q

Note

TrustDeed

A

Loan, which holds Title in Trust;

Trustee can take legal action for non-compliance of terms

288
Q

Novation

A

New Contract

289
Q

Nuncupative Will

A

Deathbed will; Not valid

290
Q

Offer and Acceptance

A

In CA, counter offer constitutes new offer and previous offer is null;
Can’t go back to previous offer;
Date of Final Acceptance, will be date of Purchase Agreement

291
Q

Offer To Purchase

A

Written offer the (unilateral) purchase real property.

Becomes contract one accepted by both parties (bilateral)

292
Q

Open Listing

Non-Exclusive

A

Open to any Broker who procures a Buyer,

Seller pays only the procuring Broker

293
Q

Option Listing

A

Listing Agreement allows Broker to purchase the property;

Full disclosure of anticipated profit is required

294
Q

Origination Fee

A

One time charge made as commission for securing mortgage loan

295
Q

Owner Will Carry
(OWC)
(All Inclusive Trust Deed)
(A.I.T.D.)

A

Deed owned by seller until Buyer pays mortgage in full; Seller carries the load as Lender

296
Q

P&L

Profit & Loss

A

Gross income and expenses of business

297
Q

Payment Shock

A

When new PITI payment amount increases by 60%

298
Q

Perc Test

A

Test to measure water absorption rate of soil

299
Q

Percolating Water

A

Underground water not classified as a stream

300
Q

Personal Property handled by Will

A

Legator - Giver

Legatee - Receiver

301
Q

PITI

A

Principle
Interest
Taxs
Insurance

302
Q

Plat Map

A

Subdivision Map, outlines measurement of each parcel

303
Q

Point

A

% interest rate, or other charges;

Payment made by Borrower to the Lender in exchange for a reduced interest rate

304
Q

Possession

A

Right to possess/use the property at will

One of “Bundle or RIghts”

305
Q

Power of Attorney

A

Authorize another to sign on one’s behalf; Specific POA for one transaction only; General POA for most other transactions

306
Q

PRELIM

A

Prelim Title Report; Prior to obtaining TItle Insurance on sbujec tproperty

307
Q

Prepaid Rental Listing Service License

A

Issued by CA DRE;

Renewable every 2 years

308
Q

Prepay Penalty

A

Charge due to Lender if Borrower pays loan off prior to due date

309
Q

Prepayment Clause

A

Terms which set out fees if Borrower wants to pay debt prior to maturity date

310
Q

Prescription
(Easement by Prescription)
(Easement by Necessity)

A

Right to use or travel (Easement) across property that belongs to another person;
Usually unrecorded, unless court determines it should be recorded to give Constructive Notice; Becomes accepted use after 5 yr continuous, open use;
Cloud on Title

311
Q

Primary Residence

A

Person’s home where they live more than 6 months per year

312
Q

Principal

A

Person that hires another to act on their behalf

313
Q

Prior-To-Funding

A

Conditions and Docs that must be approved/accepted by Lender before they FUND mortgage

314
Q

Prior-To_Docs

A

Conditions and Docs that must be approved/accepted by Lender before they provide loan documents

315
Q

Process Loan

A

Assembling entire mortgage loan file in order to obtain loan

316
Q

Progression

A

Property of lesser value increases in value, strictly based upon the location being surrounded by improved properties

317
Q

Property Manager

A

Broker hired to manage property; Employment contract manager working under Broker

318
Q

Public Recording System

A

County Recorders Office receives documents for purpose of giving public notice and maintain original form of the document; Information is PUBLIC; Recorded claim is more secure for th owner

319
Q

PUD

A

Planned Unit Development; Common areas owned by all homeowners

320
Q

Puffing

A

Act of stating property is more desirable than it is

321
Q

Purchase Offer

Deposit Receipt

A

Contract between Buyer and Seller, defines terms of transaction

322
Q

Qualifying Ratios

A

% of income for housing expense is the front-end debt ration and % obligated to housing; All other consumer debt is the back-end debt ration

323
Q

Quiet Enjoyment

A

Enjoy or live on property without disturbance from others

One of Bundle Of Rights

324
Q

Quit Claim

A

Deed that forfeits or releases ownership claim

325
Q

Quit Claim Deed

A

Deed that quit any claim; Constructive notice that the Grantor no longer has any claim to property; Can QuitClaim an Easement

326
Q

Rate & Term

A

Refi loan: used to change interst rate or other terms, without taking cash out of equity; Up to $2000 cash remaining for Borrower

327
Q

Rate Sheets

A

Defines Lender loan programs avail

328
Q

Real Property

Real Estate

A

Interest in land and appurtenant fixtures;

329
Q

Rebate

A

credit granted to a borrower by a lender that can be used to pay third party settlement charges and/or to fund the borrower’s escrow account. Rebates are the opposite of points, which are payments made by the borrower to the lender

330
Q

Recission

A

Repeal

331
Q

Reconveyance Deed

A

Lender Reconveys the Title of property back to the Borrower, when the loan has been paid in full

332
Q

Recording

A

Record a Deed; Constructive Notice

333
Q

Rectangular Survey

Township and Range Survey; US Gov Survey

A

Descriptions of land:

E-W Baselines and N-S Meridians, from specified reference point

334
Q

Redlining

A

Denying loans on properties located in low income and otherwise unfavorable areas;;
FHA, VA, Conventional loans

335
Q

RegZ: Fed “Truth In Lending”

A

Fed: entire costs of a mortgage loan stated as APR and Total Cost over life of loan

336
Q

Relection

A

Addition of land by receeding water

337
Q

Remainderman

A

person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. A remainderman holds an interest in the remainder and will become its possessor at some future time.

338
Q

Residential Mortgage Credit Report
(RMCR)
(Standard Factual Credit Report)

A

An audited credit report, which has been fully verified to be correct

339
Q

RESPA

RE Settlement Procedures Act

A

Fed Law requires Lenders to provide full disclosure of estimated settlement costs to mortgage Borrower; Easy to directly compare different mortgage products

340
Q

Restricted RE Licensee

A

BRE receives a complaint against a real estate licensee who is alleged to have violated the real estate law or the commissioners regulations;
Licensee basically loses their “due process” rights (right to a hearing for example) if another complaint or violation arises;

341
Q

Restrictive Covenants

A

CCR’s: Limit use of Property for benefit of community:

342
Q

Reversionay Holder

A

Holder of Estate in Reversion

343
Q

Right of Recission

A

Fed mandate consumer protection that allows Borrower to cancel mortgage within 3 days of signing loan only REFI docs

344
Q

Right of Survivorship

A

Passes ownership to the Surviving Co-Owner; Joint Tenancy or Community Property, with Survivorship

345
Q

Riparian Rights

A

Rights of property bordergin flowing water (rivers and streams)

346
Q

Road Maintenance Agreement

A

Document with terms defining responsibilities of all parties that share private road or driveway

347
Q

Rumford Act

Ca Fair Employ/Housing Act

A

Prohibit housing employment discrimination; Age, sex, race, color, religion, ancestry, national origin

348
Q

Safety Clause

A

Clause in Listing Agreement which allows Listing Broker to reserve any potential Buyers they has been working with at the time the listing expires; Seller still owes the Broker a commission

349
Q

Schedule of Real Estate Owned

Sch REO

A

Disclosure form that lists all property owned by a Borrower and details costs, income and current status

350
Q

Section

A

1 sq mile = 640 acres
5280 ‘ x 5280 ‘
208.2’ x 208.x ‘
36 Sec = 1 Township = 6 sq mi

351
Q

Section 32

A

Gov regulation that requires disclosure if loan costs >8% of loan amount

352
Q

Self-Employed Income Analysis

A

FNMA form to assist in analysis of self-employment income

353
Q

Seller

A

Must hold LEGAL TITLE to sell

354
Q

Seller Guarantees under Warranty Deed

A

Present Covenants: Right of Ownership, Right to Convey, and No Encumbrances

355
Q

Servicer

A

Entity who manages and maintains all records of a loan

356
Q

Settlement

Closing

A

Complete all docs and exchange funds to complete transaction. CA closing handled by Escrow Officer

357
Q

Severance

A

turn real property into personal property

358
Q

Sheriff’s Deed

A

Deed provided to Buyer of property sold through Execution Sale to satisfy a Judgement; Used when Mortgage instrument was Lender;
Similar to Trustee’s Deed;

359
Q

Standard Subdivision

A

Individual Buyers of lots do not share a common interest

360
Q

Stated Income

A

Application that allows income to be stated and not verified

361
Q

Steps of Subdivision

A

Development submit application to DRE w Financial status of project
Commissioner prepares:
Prelim Public Report
*Conditional PR
Public Hearing
Final PR, one lot at a time, valid 5 yrs from date of issue;

  • Developer can begin advertising and taking Reservations for lots upon release of CPR; Receipt of evidence that Buyer received copy of the CPR must be kept by Developer for 3 years
362
Q

Sub-Agent

A

Usually Buyer’s Agent is Sub-Agent to the Listing Agent

363
Q

Subdivision Land Law

A

Administered by Dept of Real Estate, under RE Commissioner;

Applies to 5 parcels or more, up to 160 acres;

364
Q

Subdivision Map Act

CA Code

A

Rules for Subdivision of 2 or more contiguous parcels; Follow Master Plan; Developer puts in utilities, streets, sewers; Coordinate design with Mater Plan;
Ensure public use areas are part of each new Subdivision

365
Q

Subsequent Ratification

Authorization

A

Agreement that is subsequent to, after the action

366
Q

Substitution, Appraisal

A

Property which is similar is used to determine value/price of a property; Comp must have Closed Escrow within a reasonable time prior to establish usable market value;;

367
Q

Successor-In-Interest

A

Primary Residence;

Successor resided in home 6 months prior, currently resides in home

368
Q

Sufficient Consideration

A

Enough consideration to make contract binding

369
Q

Survey

A

Measure of real property to determine property lines; Plat Map is the result of a survey

370
Q

Suspense

A

Loan app put on hold by Underwriter; Insufficient docs or info to determination is loan app approved or declined

371
Q

T-Bill

A

Index for loans that adjusts annually

372
Q

Tacking

A

Use of Prescriptive Easement or Adverse Possession to acquire TItle

373
Q

Take-Out Loan

A

Term used for automatic transition to long term mortgage, after use of short-term construction loan

374
Q

Tax Deed

A

Deed used to transfer ownership to successful bidder of a Tax Default Sale

375
Q

Tenant In Common

A

Owners have seperate ownership, which each can convey;
Interest can be unequal;
Sell w/o permission;

376
Q

Terminate Power of Attorney

A

Death of Principal;
Attorney in fact refusal to comply;
Inability or incompetence to complete agency;

377
Q

Third Party

A

Usually refers to potential Buyer; One with whom the Broker-Agent conducts business on behalf of the Principal

378
Q

Time is of the Essence

A

All time frames allowed for in the contract must be given consideration and adhered to

379
Q

Timeshare

A

One unit/one week/year;

Leasehold or fee simple;

380
Q

Title

A

Ownership of the property which is done through a conveyance called a Grant

381
Q

Title Abstract

A

history of ownership, conveyances, liens, encumbrances

382
Q

Title Theory

A

Trustee holds title of property to secure payment of debt

383
Q

Township

A

6 mi x 2

36 sq miles

384
Q

Transfer Disclosure Statement

TDS

A

CA for required by law;

Notify of defects with property; Soon as practical; Before close of Title

385
Q

Transmittal Summary

1008

A

Form used to summarize the loan transaction

386
Q

Treaty Guadalupe Hidalgo

A

US/Mexico treaty at end of Mex-Am War 1848; Gives Mexican Citizens property rights already held by them in American lands; Added some Mexican laws such as Community Property

387
Q

Trust Deed

A

Lender holds Title until debt paid in full; TD is primary form of real estate financing in CA; Trust Deed is given from the Trustor(Borrower) to the Beneficiary(Lender); Real property held as security for loan

388
Q

Trust Fund Account

A

Neutral checking account reserved for funds of clients only;

389
Q

Trustee

A

Third party hired to maintain Trust accounts; Oversee loan payments and notify Lender of any defaults

390
Q

Trustee’s Deed

A

Deed used to transfer ownership to successful Buyer at Foreclosure Sale or Bankruptcy Sale

391
Q

Two types of Title for full ownership

A

Equitable Title

Legal Title

392
Q

Underground Water RIghts

A

Same as mineral rights; Right to use water beneath their own land, only for their use on their property

393
Q

Underwriter

A

Person employed th Lender to determine creditworthiness of a loan file according to Lenders requirements

394
Q

Undivided Interest Subdivision

A

Tenants in Common all have non-exclusive right to use the entire property by all of the owners (ie vacation sire with shared amenities)

395
Q

Undue Influence

Unfair Advantage

A

One party to RE transaction has knowledge of the property that the other does not have

396
Q

Unenforceable Contract

A

Contract illegal, cannot be enforced

397
Q

Unilateral Contract

A

One side makes a promise; Listing Agreement is Unilateral, until offer acceptance changes it to Bilateral

398
Q

Unruh Civil RIghts Act

CA code 51-52

A

Protects from discrimination; Same classes as Fed Fair Housing Act

399
Q

Valid Contract

A

Mutual Consent
Legal Capacity
Consideration
Lawful Objective

400
Q

Valid Contract

A 
Written
Consideration
Description of Land
Date/Place
Terms/Clauses
401
Q

Variance

A

Permit allowing exception or inconsistency to zoning laws, which cause hardship

402
Q

Vendor

A

Seller

403
Q

Void Contract

A

Illegal; No legal effect

404
Q

Voidable

A

Contract that may be voidable if it has been violated by fraud, misrepresentation or breach

405
Q

Warranty Deed

A

Guarantee by Seller that there is Clear TItle and Right TO Sell;
Present Covenants and Future COvenants, which give the Seller’s promise.

406
Q

Warranty Deed

A

Convey Title;
Guarantee against outside ownership claims;
Free and clear of any outstanding liens, mortgages, or other encumbrances

407
Q

Water

A

Part of real property, water classified as littoral (standing) or riparian (stream)

408
Q

Water Table

A

Topmost limit of percolating water from below the surface of the ground;

409
Q

Acre

A

43,560 sq ft
160 sq rods
4,840 sq ud
208.71 x 208.71’

410
Q

Acre foot

A

VOlume of material needed to cover an acre of land one foot deep

411
Q

Acreage Zoming

A

Zoning that reduces residential density by requiring large lots

412
Q

Act of God

A

Act attributed to nature without human interference

413
Q

Action in REM

A

Action seeking a judgment against a property to determine its status

414
Q

Abatement

A

Decrease in worth or amount;

Usually applies to taxes or rent

415
Q

Abrogation

A

Recission, revocation ro annull of contract by mutual consent of parties, or for cause

416
Q

Absolute Net Lease

A

Tenant pays all expenses including capital expenses and ajor repairs

417
Q

Absorption Analysis

A

Study of # units that can be sold or leased over a period of time in a defined location

418
Q

Absorption Bed

A

aka Leach field

419
Q

Absorption Period

A

Time required to put in use property at prevailing rates

420
Q

Absorption Rate

A

Rate at which a type of property is put to use in the market

421
Q

Abstraction, Appraisal

A

Method of valuing land, where the improvement is deduction from sale price

422
Q

Abutter’s Rights

A

Reasonable right to light, air and visibility that a property enjoys from another

423
Q

Acclerated Depreciation

A

A method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of capital and a faster tax write-off of an asset; For property put into service after 1/1/81.

424
Q

Accord and Satisfaction

A

discharge of an existing obligation by acceptance of a substitute agreement in which the creditor accepts less than the full amount owed as satisfaction of the debt.

425
Q

Acquisition Appraisal

A

Estimate of value due to Owner for property taken by Emminent Domain

426
Q

Actual Cash Value

A

$ current cost of an improvement, less depreciation

427
Q

Actual Damages

A

Damages a court of law recognizes, as result of a wrong

428
Q

Actual Depreciation

A

Loss in value to a structure;

Due to physical, functional, econimic forces

429
Q

Terminate Easement

ADAM E

A 
Abandonment
Destruction
Adverse Posession
Merger
Express Agreement
Lawsuit
Estoppel
Excessive Use
430
Q

Add-On Interest

A

Interest Borrower pays on the principal for duration of loan

431
Q

Adjustable-Rate Loan

A

Interest rate tied to Index

432
Q

ARM

A

Mortgage loan with interest rate subject to change

433
Q

Adjusted Cost Basis

A

Deducting cost of capital improvements from original sales price

434
Q

Adjusted Sales Price

A

Sales price of comparable property if it possessed all the characteristics of subject property

435
Q

Adjustment Period

A

Time between interest rate adjustments in an ARM

436
Q

Administrator/ - atrix

A

Person appointed by court to administer estate of person who died intestate

437
Q

Administrator’s Deed

A

Used by Administrator of intestate to transfer property

438
Q

Advance Commitment

A

“Take-Outloan commitment

439
Q

Adverse Use

A

Access and Use of proerty without consent

440
Q

Advisory Opinions

A

Appraisal Standards Board offers advice for resolution of appraisal issues

441
Q

Aeolian Soil

A

Soil composedof materials deposited by wind

442
Q

Affidavit of Title

A

Same as Warranty Deed;

Affidavit dy Seller

443
Q

Afforestation

A

establish a forest, stand, or tree crop on an area not previously forested

444
Q

After-Acquired title

A

Title accepted by a grantor after his or her previous conveyance

445
Q

After-Tax Cash Flow

ATCF

A

cash flow remaining from the net operating income after paying income taxes, debt service, and loan repayments

446
Q

Age-Life Depreciation Rate

Straight-Line

A

Appraisal of building depreciates at a fixed rate over its life;
Total economic Life/Divided by Current Age

447
Q

Agency by Estoppel

A

By Words or Actions

448
Q

Agency By Ratification

A

Principal agrees with act, after the fact

449
Q

AIDA Formula

Marketing

A 
Advertising:
Attention
Interest
Desire
Action
450
Q

Alienation Clause

A

requires the borrower to pay the balance of the loan in a lump sum after the property is sold

451
Q

All-Inclusive Trust Deed

AITD

A

deed of trust securing payment of an obligation owing under a prior deed of trust. See Wrap-Around Mortgage

452
Q

Allocation Method, Appraisal

A

Allocation made by using a ratio comparing building value to the total price (or value)

453
Q

Alloidal Tenure

A

ownership may be complete except for those rights held by government; Contrast: Feudal tenure

454
Q

Feudal Tenure

A

Req’d performance of a service to live on the land; Landlord still owns the land; Land returned to use of Lord, when there was no heir

455
Q

Allowance, Vacancy and Collection Loss

A

% of gross lost due to vacant unit and collection loss

456
Q

ALTA

A

Buyer’s Title insurance, extended from Lenders Alta policy.

457
Q

ALTA

A

title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy to include unrecorded mechanic’s liens; unrecorded physical easements; facts a physical survey would show; water and mineral rights; and rights of parties in possession, such as tenants and buyers under unrecorded instruments.

458
Q

Amenities

A

tangible and intangible benefits attributable to the property; Not easy to measure in monetary terms

459
Q

AMERICAN LAND TITLE ASSOCIATION (ALTA)

A

An association of land title companies that promotes the safe and efficient transfer of ownership and interest in real property and provides information to consumers, while maintaining professional standards and ethics.

460
Q

AMERICANS WITH DISABILITIES ACT

A

1990 law that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications

461
Q

AMORTIZATION

A

liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value;
Level payment loan

462
Q

Assemblage

A

Process of putting several smaller lots together under one owner to increase total value

463
Q

Assessment Ratio

A

Assessed Value / divided by Market Value

464
Q

Attachment

A

Real or personal property seized by court (lawsuit) in order to: acquire jurisdiction, compel appearance, or secure payment of a debt

465
Q

Attorney in Fact

A

Person operating under Power of Attorney

466
Q

Attornment

A

Tenant acceptance of new Owner or Landlord

467
Q

Attractive Nuisance

A

Object or condition which will attract and harm children (ie unfenced pool)

468
Q

Aviation Easement

A

Near airport, limits the height or structures anad trees

469
Q

Back-End Ratio

A

Ratio of all fixed debt/ divided by Gross Income

470
Q

Back Title Letter

A

Letter from Title Insurance company to an attorney, who examines the Title for insurance purposes

471
Q

Back-to-Back Escrow

A

Concurrent sale of one property, while purchasing another

472
Q

Baltimore Method

A

Early appraisal method used to determine value of a corner lot

473
Q

Bankers Rule

A

Standard 30 calendar days is used to calculate prorated items

474
Q

Bare Title

A

Title conveyed using Deed of trust, in which Trustee holds Title without rights to ownership

475
Q

Bargain and Sale Deed

A

grantor warrants that grantor has done nothing to harm or cloud the title.

476
Q

Bargain Sale

A

Sale of propert for less the market value

477
Q

Base Rent

A

Minimum rent due ina % lease arrangement

478
Q

Basic Industry

A

An Industry that attracts income from outside the community

479
Q

Basis

Adjusted Cost Basis

A

Cost Basis. Dollar amount assigned at time of acquisition;

Adj Basis: after applying capital improvements, depreciation, etc

480
Q

Before-And-After Method

A

Amount of compensation due to owners of land partially taken through condemnation;
Value of remaining property is the difference between before and after.

481
Q

Before-Tax- Cash Flow

BTCF, Pre-Tax Cash Flow

A

Net Op Income less debt service, prior to income tax deduction

482
Q

Bench Mark

A

Local survey monument used to establish elevation to Mean Sea Level

483
Q

Betterment

A

Capital improvement on property which is a desirable

asset, compared to repairs where the original character is unchanged

484
Q

Bilateral Instructions

A

One set of escrow instructions signed by both Selelr and Buyer

485
Q

Binder

A

Two meanings:
Down payment for purchase of real estate;
Notice of coverage on an insurance policy

486
Q

Bitumen

A

Asphalt residue

487
Q

Black Liquor

A

Byproduct of paper production process, can be used as source of energy

488
Q

Blended Rate

A

Interest rate of newly refinanced loan, greater than old loan rate, but less than current market rate

489
Q

Blighted Area

A

Serious decline in real property values in an area

490
Q

Blind Advertising

A

Advertising that does not disclose that the party is a licensee acting as an agent

491
Q

Board Foot

A

Volume measure of lumber, equal 144 inch cubed

492
Q

Board of Equalization

A

State Tax board, ensures local property tax is uniformly assessed

493
Q

Board of Governors

A

Created by Fed Reserve to regulate banking system

CA Real Estate Exam (2 decks)

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