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CALBRE > Terms > Flashcards

Terms Flashcards

1
Q

Intestate:

A

Without leaving a will (estate -> kin)

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2
Q

Investment Yield

A

gain from an investment in real property

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3
Q

Joint Note

A

A note signed by two or more persons

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4
Q

Judgment

A

The final determination of a court having jurisdiction over a specific case.

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5
Q

Laches

A

Delay or negligence in asserting one’s legal rights.

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6
Q

Land Sales Contract:

A

An installment contract for the sale of land.

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7
Q

Conventional Loan

A

not obtained under a government program,

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8
Q

Conversion

A

unlawful ap- propriation of another’s property,

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9
Q

Conveyance

A

Transfer of title to land

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10
Q

Cooperating Broker

A

broker who finds the buyer

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11
Q

Cooperative

A

partment build- ing, owned by a corporation and in which tenancy in an apartment unit is obtained by purchase of shares of the stock of the corporation

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12
Q

Correlation / reconciliation

A

appraisal process involving the interpretation of data derided from the three approaches to value

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13
Q

Cost Approach

A

estimating the replacement cost of a structure, less depreciation, plus land value

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14
Q

Covenant

A

An agreement or promise to do or not to do a par- ticular act

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15
Q

Creative Financing

A

financing property going beyond traditional real estate lending

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16
Q

Debtor/Debetee

A

A person who is in debt/owed debt

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17
Q

Decree of Foreclosure

A

Decree by a court ordering the sale of mort- gaged property and the payment of the debt

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18
Q

Dedication

A

giving of land by its owner to a public use

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19
Q

grantor/grantee

A

gives land /accepts land

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20
Q

Deed of Trust:

A

real property is given as security for a debt

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21
Q

Defeasance Clause

A

gives the mort- gagor the right to redeem mort- gagor’s property once payment fullfilled

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22
Q

Defeasible Fee/qualified fee

A

fee simple absolute in- terest in land the is capable of be- ing defeated

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23
Q

Deficiency Judgment

A

judg- ment given by a court when the value of security pledged for a loan is in- sufficient to pay off the debt of the defaulting borrower.

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24
Q

Determinable Fee

A

An estate which may end on the happening of an event

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25
Q

Discount

A

sell a promissory note before maturity at a price less than the outstanding principal balance

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26
Q

Distress Sale

A

property selling for less than market value

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27
Q

Documentary Transfer Tax:

A

allows a county to adopt a documentary transfer tax to apply on all transfers of real prop- erty located in the county

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28
Q

Domicile

A

person’s legal resi- dence.

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29
Q

Donor/Donee

A

gives/receives gift

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30
Q

Due on Sale Clause

A

acceleration clause, lender full payment upon sale

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31
Q

Economic Obsolescence

A

Loss of desirability and useful life of a prop- erty through economic forces, such as zoning changes, traffic pattern changes, etc., rather than deteriora- tion.

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32
Q

Effective Age:

A

Age of a struc- ture as estimated by condition

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33
Q

Effective Interest Rate

A

actual interest paid, not just nominal

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34
Q

Ejectment

A

court action to re- cover real property.

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35
Q

Emblements

A

Growing crops. Are considered personal property.

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36
Q

Endorsement

A

The act of signing one’s name on the back of a check or note,

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37
Q

Equal Credit Opportunity

A

Fed- eral act granting women certain independent status, and preventing lenders from considering such negative credit aspects as the possibil- ity of a woman having children and dropping out of the labor market.

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38
Q

Equity Loan:

A

A loan based upon the equity in a property

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39
Q

Equity of Redemption:

A

right to redeem property during the fore- closure period

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40
Q

Morgatge forclosure redemption period

A

three months (if sale proceeds were enough to pay off debt) or one year (if sale proceeds were not enough to pay off debt in full).

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41
Q

Escalation

A

Lender right to increase interest or payment

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42
Q

Estoppel

A

A legal theory under which a person is barred from assert- ing or denying a fact because of the person’s previous acts or words

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43
Q

Et Ux

A

And wife

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44
Q

Exchange

A

Transfer of property - tax advantage. 1031 exchange.

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45
Q

Exculpatory Clause:

A

A clause in a lease that relieves an owner of lia- bility.

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46
Q

Executor/executrix

A

man named in a will to carry out its provisions as to the disposition of the estate of a deceased person.

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47
Q

Executory Contract:

A

A contract in which something remains to be done by one or both parties

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48
Q

F.H.A

A

Federal Housing Ad- ministration.

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49
Q

F.H.A. Escape Clause

A

the borrower shall not be obligated to buy nor shall any de- posit be lost if the appraisal is less than purchase price.

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50
Q

Fair Credit Reporting Act

A

A federal law giving one the right to see his or her credit report, among other rights.

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51
Q

Fair Housing Law

A

Title VIII of the Civil Rights Act, which forbids discrimination in the sale or rental of residential property because of race, color, sex, religion, or national origin.

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52
Q

FANNIE MAE:

A

Federal National Mortgage Association (FNMA)

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53
Q

Farmers Home Administration:

A

An agency of the Department of Agriculture. Primary responsibil- ity is to provide financial assistance to farmers and other living in rural areas

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54
Q

FDIC

A

Federal Deposit Insurance Corporation:

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55
Q

FHA

A

Federal Housing Administration. insures private mortgage loans for financing of new and existing homes and home re- pairs.

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56
Q

FNMA

A

Federal National Mortgage Association. Fannie Mae. Is a quasi-public agency converted into a private corporation whose primary function is to buy and sell FHA and VA mortgages in the secondary market.

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57
Q

Federal Reserve System

A

Controlled by Federal Reserve Board. Control intrest and money circulation.

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58
Q

Fee

A

An estate of inheritance in real property

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59
Q

Financing Statement:

A

gives public notice of morgatge

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60
Q

Forfeiture

A

Loss of money or any- thing of value, due to failure to per- form.

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61
Q

Freehold Estate

A

An estate of in- terminable duration,

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62
Q

Front Foot Cost:

A

The determi- nation of the value of real property based on a value per foot as mea- sured along the frontage of a par- cel

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63
Q

Front Footage:

A

Linear measure- ment along the front of a parcel,

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64
Q

Functional Obsolescence

A

Obsolescence because of improvements since discovered or invented.

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65
Q

Future Advance Clause:

A

A clause in a mortgage or deed of trust which allows the borrower to borrow addi- tional sums at a future time

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66
Q

Gable Roof

A

A pitched roof with sloping sides.

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67
Q

Gambrel Roof:

A

A curb roof, hav- ing a steep lower slope with a flatter upper slope above.

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68
Q

General Lien

A

A lien on all the property of the debtor

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69
Q

Gift Deed:

A

A deed for which there is no consideration.

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70
Q

Government National Mortgage Association:

A

An agency of HUD, which functions in the secondary mortgage market. Ginnie Mae

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71
Q

Government Patent

A

Deed of title transferred by the Government to a grantee.

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72
Q

Government Survey System

A

parcel of land using prime meridians, base lines, standard parallels, guide meridians townships and sections

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73
Q

Grade

A

Ground level at the founda- tion.

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74
Q

Graduated Lease

A

A lease calling for a varying rental,

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75
Q

Grant

A

A technical legal term in a deed of conveyance bestowing an in- terest in real property to another.

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76
Q

Grant Deed

A

grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.

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77
Q

Grantor/Grantee

A

gives/receives deed

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78
Q

Gross Acre:

A

43,560 square feet

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79
Q

Gross Income Multiplier:

A

X* income = rental home value

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80
Q

Gross Lease:

A

lessor to pay all or part of the expenses of the leased property (taxes, insurance, utilities)

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81
Q

Gross Rent Multiplier:

A

X * annual rents = sale price

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82
Q

Ground Lease

A

vacant land lease

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83
Q

Growing Equity Mortgage:

A

graduated payments, fixed interest rate

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84
Q

H.U.D:

A

Department of Hous- ing & Urban Development. A fed- eral cabinet department responsible for the major housing programs in the United States

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85
Q

Habendum Clause

A

to have and to hold”

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86
Q

Hazard Insurance

A

Real estate insurance protecting against loss caused by fire, some natural causes, vandalism, etc.,

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87
Q

Hectare

A

10,000 square meters (2.471 acres).

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88
Q

Hip Roof

A

A pitched roof with slop- ing sides and ends.

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89
Q

Holdback

A

Portion of a loan held back by the lender until a certain contingency is met.

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90
Q

Holding Period

A

time period used by the I.R.S. to determine a long or short term capital gain

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91
Q

Holdover Tenant:

A

Tenant who re- mains in possession of leased prop- erty after the expiration of the lease term.

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92
Q

Homestead

A

The dwelling of the head of a family.

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93
Q

Housing Financial Discrimina- tion Act of 1977 (Holden Act):

A

designed pri- marily to eliminate discrimination in lending practices based upon the character of the neighborhood (Redlining)

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94
Q

Hypothecate

A

To mortgage or pledge without delivery of the secu- rity to the lender.

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95
Q

Latent Defect

A

A hidden or con- cealed defect,

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96
Q

Leasehold Estate:

A

An estate held under a lease for the term of the lease

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97
Q

Lessee/Lessor

A

rentee/renter

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98
Q

Level Payment Mortgage

A

same payment every month

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99
Q

Levy

A

seizure of property by judi- cial process

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100
Q

Lien

A

An encumbrance against a property. Type of encumberance, A lien affects title.

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101
Q

Lien Theory

A

mortgagor has legal title.

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102
Q

Lintel

A

A horizontal board that sup- ports the load over an opening such as a door or window.

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103
Q

Liquidated Damages

A

A sum agreeded to (ex. buy pulls out)

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104
Q

Lis Pendes

A

A legal notice recorded to show pending litigation related to real property,

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105
Q

Loan Commitment

A

Lender’s con- tractual commitment to make a loan based on the appraisal and under- writing.

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106
Q

Market Data Approach

A

Ap- praising the value of property by comparing the price of similar prop- erties (comparables)

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107
Q

Marketable Title

A

Title which can be readily marketed (sold) to a rea- sonably prudent purchaser aware of the facts

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108
Q

Master Lease

A

A lease controlling subsequent leases

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109
Q

Master Plan

A

A zoning plan for an entire governmental entity

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110
Q

Master Policy

A

An insurance policy to a lender covering property in more than one location.

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111
Q

Maturity

A

ermination period of a note.

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112
Q

Meridians

A

north-south lines

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113
Q

base lines

A

east-west lines

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114
Q

Metes and Bounds

A

Description of land by boundary lines, with their terminal points and angles

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115
Q

Mile

A

5280 feet

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116
Q

Mobilehome

A

transportable, 2 or fewer units, with or without foundation

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117
Q

Monetary Controls

A

Federal Re- serve tools for regulating the avail- ability of money and credit

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118
Q

Month to Month Tenancy:

A

no written lease is required, rent being paid monthly

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119
Q

Mortgage

A

instrument by which real estate is hypothecated as security for the repayment of a loan.

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120
Q

Mortgage Banker

A

A company providing mortgage financing with its own funds

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121
Q

Mortgage Broker:

A

brings together borrower and lender, and handles the necessary ap- plication

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122
Q

Mortgage Loan Disclosure Statement:

A

show all fees and charges associated with obtaining and closing or settling the loan, including commissions, taxes and insurance

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123
Q

RESPA

A

requires mortgage lenders to give homebuyers information about costs and fees associated with their loan

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124
Q

Mortgage Servicing/loan servicing

A

provides all loan service

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125
Q

Mortgagee/Mortgagor

A

Lender/borrower

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126
Q

Multiple Listing

A

ex- clusive right to sell listing submitted to all members of an association, so that each may have the opportunity to sell the property.

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127
Q

N.A.R. - National Association of REALTORS

A

An association of people dedicated to the betterment of the real estate industry

128
Q

Narrative Appraisal

A

A summary comprehensive appraisal report of all factual materials, techniques and ap- praisal methods

129
Q

Negative Amortization

A

loan payment is less than interest alone

130
Q

Negative Cash Flow

A

income from an investment property does not equal the usual expenses.

131
Q

Net Acre

A

usable for building

132
Q

Net Income

A

difference between AGI and operating expenses

133
Q

Net Lease:

A

tenant pays taxes and insurance in addition to rent

134
Q

Net Listing:

A

real estate broker receives any amount over a given net amount

135
Q

Nominal Interest Rate:

A

Interest rate (before APR)

136
Q

Non recurring Expense:

A

Fire, natural disaster, etc.

137
Q

Non-recourse Loan:

A

A loan not allowing for a deficiency judgment (property only security)

138
Q

Notice of Cessation

A

Notice - work stoped on construction

139
Q

Notice completion

A

notice - construction completed

140
Q

Notice of Nonresponsibility:

A

Filed by homeowner - states not responsible for work done

141
Q

Notice to Quit

A

tenant must vacate

142
Q

Novation

A

substitution of contract, debt, or obligation

143
Q

Null and Void

A

no leagal validity

144
Q

Observed Condition

A

used to estimate property value by eye

145
Q

Obsolescence

A

function (outdated kitchen) or economic (poor economy) obsolescence.

146
Q

Open Listing

A

a commission will be paid to the broker upon presentation of an offer which meets a specified price and terms.

147
Q

Open Mortgage

A

Can be pre-paid

148
Q

Open Space Ratio

A

Ratio of land area to floor area of building

149
Q

Open-End Mortgage

A

mortgagor can borrow additional money

150
Q

Ostensible Authority

A

principal is bound by the agent’s actions

151
Q

P.I.T.I:

A

Principal, Interest, Taxes, Insurance

152
Q

Package Mortgage

A

real property, improvements and moveable equipment

153
Q

Partial Release

A

release of a portion of property covered by a mortgage.

154
Q

Participation

A

Lender involvement in a development for a percentage

155
Q

Partition:

A

division of real property between co-owners

156
Q

land Patent

A

used to convey government land to someone

157
Q

Patent Defect

A

obvious defect

158
Q

Payment Cap

A

maximum payment under adjustable rate loan

159
Q

Percentage Lease

A

leased based on precentage of gross or net sales

160
Q

Performance Bond

A

Bond posted by builder to insure completion of project

161
Q

Permanent Mortgage

A

A mortgage on completed construction

162
Q

Planned Development

A

subdivision consisting of separately owned parcels of land with HOA and common space

163
Q

Planning Commission

A

agency, planning the development, re- development or preservation of an area.

164
Q

Pledge

A

security for a debt.

165
Q

Plottage Increment:

A

increase in value created by joining smaller adjacent properties

166
Q

Police Power

A

State enforce laws for order, safety, health, morals and general welfare of the public.

167
Q

Power of Attorney:

A

principal gives authority to an agent. principal’s attorney-in-fact.

168
Q

Power of Sale

A

mort- gagee or trustee the power to sell the property in the event of default.

169
Q

Prescription

A

acquir- ing incorporeal interests in land, usu- ally an easement, by notorious, open and long or continued use.

170
Q

Prescriptive Easement:

A

granted by court, based on the presumption that a written easement was given

171
Q

Prima Facie

A

a fact presumed to be true until disproved

172
Q

Prime Lending Rate

A

most favorable interest rates

173
Q

Prime Tenant:

A

major tenant in an oce building or shopping cen- ter

174
Q

Progression, Principle of:

A

home vale increases because of neighborhood

175
Q

Promisorry Note:

A

The promissory note estab- lished person liability for it s pay- ment and is the evidence of the debt created.

176
Q

Puffing

A

not fact, but intended to enhance the value of property

177
Q

Purchase Money Mortgage or Trust Deed

A

mortgage or trust deed given from buyer to seller to se- cure all or a portion of the purchase price.

178
Q

Quiet Title

A

A court action brought to establish title. To remove a cloud on the title.

179
Q

Quitclaim Deed:

A

A deed operat- ing as a release, intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty

180
Q

Range

A

six mile wide row of townships, run- ning North and South,

181
Q

Range Lines:

A

A series of gov- ernment survey lines running north and south at six-mile intervals

182
Q

Real Property Loan Law

A

CA law. real estate licensee negotiating loans se- cured by real property within a spec- ified range is required to give the borrower a statement disclosing the cots and terms of the loan

183
Q

REALTOR

A

broker or agent who is a member of a board associated with the National Association of REAL- TORS.

184
Q

Reclamation

A

bring- ing economically unusable land to a higher value

185
Q

Reconditioning

A

estoring a prop- erty to good condition without changing its plan or character,

186
Q

Reconveyance Deed

A

transfer title from a trustee to the equitable owner of real estate,

187
Q

Recordation

A

recording and giving notice

188
Q

Redlining

A

High risk area where lending is not given

189
Q

Regulation Z

A

Truth-In-Lending Law - lender must give all costs associated with a loan

190
Q

Title Reissue Rate

A

Reduced rate for re-pulling title

191
Q

Lien Release

A

Used to release property from a lien

192
Q

Replevin

A

To repossess or a court action to repossess

193
Q

Rescission

A

cancellation of a contact and restoration of the parties to the same position they held before the contract was entered into.

194
Q

Revenue Stamps/ state tax stamps

A

Formerly fed- eral tax on the sale of real estate. Replaced by state tax stamps, they are aðxed to the deed to show the amount of the tax.

195
Q

Right of Anticipation

A

The right to prepay without penalty.

196
Q

Sash

A

wood frame with window

197
Q

Seisin (Seizin)

A

Possession of real estate

198
Q

Set Back Ordinance

A

egulates the distance from the lot line

199
Q

Shared Appreciation

A

gain- ing or retaining of equity in a prop- erty by someone other than the buyer

200
Q

SheriÕs Deed

A

Deed given at sher- iÕs sale in foreclosure of mortgage.

201
Q

Short Term Lease:

A
202
Q

Square (roofing)

A

10x10 square

203
Q

Standard Coverage Policy

A

Title insurance policy used in some states, not having as broad of coverage as A.L.T.A. policy.

204
Q

Standard lot Depth:

A

Tradition- ally, 100 feet for a residential lot

205
Q

Statute of Frauds

A

real property sale and lease > 1 year in writting

206
Q

Statutory Lien:

A

created by law rather than by contract, including tax liens, judg- ment liens, mechanicÕs liens, etc.

207
Q

subagent

A

granted anget powers by agent

208
Q

Statutory Warranty Deed

A

short term warranty deed - seller has right to sell property

209
Q

Subrogation

A

Replacing one person with another in regard to a legal right or obligation.

210
Q

Principal Of Substitution

A

value of property set by comparables

211
Q

Surety

A

One who guarantees the performance of another

212
Q

Survivorship

A

Gaining an interest in property by outliving another who had the interest

213
Q

Sweat Equity

A

program which allows a purchaser to do work on the property in place of all or part of the down payment

214
Q

Tax Roll:

A

contains the descriptions of all parcels within the county, owner, and tax bill

215
Q

Tax Sale

A

Sale of property after the non-payment of taxes

216
Q

Tenancy by the Entirety / joint with right of suviorship

A

husband wife ownership. In the event of the death of one, the survivor owns the property with- out probate.

217
Q

Tenant at Suerance:

A

hold over tenant

218
Q

Tenant for Life

A

tenantacy for life of someone

219
Q

Tender

A

give an offer

220
Q

Tentative Map

A

Subdivision Map Act requires subdividers to sub- mit initially a tentative map of their tract to the local planning commis- sion for study

221
Q

Testate

A

Having a will

222
Q

Testator

A

One who makes a will.

223
Q

Threshold

A

under door, thin strip of wood

224
Q

Time is of the Essence

A

A denti- tion of a contract expressing the es- sential nature of performance of the contract by a party in a specified period of time

225
Q

Title

A

Evidence one has of right to land possession

226
Q

Title Insurance

A

Insurance against loss resulting from defects of title

227
Q

Title Theory (not lien theory)

A

mortgagee has legal title to the mortgaged property and the mortgagor has equitable ti- tle.

228
Q

Tort

A

Any wrongful act (not involv- ing a breach of contact) for which a civil action may be brought

229
Q

Transfer Tax

A

state tax on the transfer of real property.

230
Q

Trust Deed

A

Property is transferred to a trustee by the borrower (trustor), in favor of a lender (beneficiary)

231
Q

Trustor/Trustee

A

receives money/holds title

232
Q

TrusteeÕs Deed

A

A deed by a trustee under a deed of trust, pur- suant to foreclosure

233
Q

Truth in Lending

A

Regulation Z) which are designed primarily in insure that prospective borrowers and pur- chasers on credit receive credit cost information

234
Q

Underlying Financing

A

A mort- gage, deed of trust, or contract prior to new security instruments on the same property

235
Q

Unencumbered

A

Free of liens and other encumbrances

236
Q

Unearned Increment

A

gradual rise in home prices beause area is more desirable

237
Q

Unit Cost-in-Place Method:

A

estimate cost by determining cost of each buiding part

238
Q

Utility

A

An element of value.

239
Q

V.A. Escape Clause

A

borrower shall not be obligated to buy nor shall any de- posit be lost if appraisal is less than the agreed upon price.

240
Q

Valid

A

Having force or binding force, legally sucient and authorized by law.

241
Q

Variance

A

Change of a portion of zoning requirements for a specific property, without changing the zon- ing.

242
Q

Vendee/vendor

A

purchaser/seller

243
Q

Wainscoting

A

Wood lining of an in- terior wall

244
Q

Waive

A

To relinquish or abandon

245
Q

Warehousing

A

depositing of loans by a lender such as a mortgage company, in a bank, for sale at a later date. The mortgage company then borrows against these loans.

246
Q

Warranty Deed

A

A deed used in many states to convey fee title to real property.

247
Q

Water Table

A

Distance from the surface of the ground to a depth at which natural groundwater is found.

248
Q

Writ of Ejectment

A

action for the recovery of real property.

249
Q

Writ of Execution

A

An action to carry out the judgment or decree of a court.

250
Q

Real Property Loan Law

A

CA law. real estate licensee negotiating loans se- cured by real property within a spec- ified range is required to give the borrower a statement disclosing the cots and terms of the loan

251
Q

REALTOR

A

broker or agent who is a member of a board associated with the National Association of REAL- TORS.

252
Q

Reclamation

A

bring- ing economically unusable land to a higher value

253
Q

Reconditioning

A

estoring a prop- erty to good condition without changing its plan or character,

254
Q

Reconveyance Deed

A

transfer title from a trustee to the equitable owner of real estate,

255
Q

Recordation

A

recording and giving notice

256
Q

Redlining

A

High risk area where lending is not given

257
Q

Regulation Z

A

Truth-In-Lending Law - lender must give all costs associated with a loan

258
Q

Title Reissue Rate

A

Reduced rate for re-pulling title

259
Q

Lien Release

A

Used to release property from a lien

260
Q

Replevin

A

To repossess or a court action to repossess

261
Q

Rescission

A

cancellation of a contact and restoration of the parties to the same position they held before the contract was entered into.

262
Q

Revenue Stamps/ state tax stamps

A

Formerly fed- eral tax on the sale of real estate. Replaced by state tax stamps, they are aðxed to the deed to show the amount of the tax.

263
Q

Right of Anticipation

A

The right to prepay without penalty.

264
Q

Sash

A

wood frame with window

265
Q

Seisin (Seizin)

A

Possession of real estate

266
Q

Set Back Ordinance

A

egulates the distance from the lot line

267
Q

Shared Appreciation

A

gain- ing or retaining of equity in a prop- erty by someone other than the buyer

268
Q

SheriÕs Deed

A

Deed given at sher- iÕs sale in foreclosure of mortgage.

269
Q

Short Term Lease:

A
270
Q

Square (roofing)

A

10x10 square

271
Q

Standard Coverage Policy

A

Title insurance policy used in some states, not having as broad of coverage as A.L.T.A. policy.

272
Q

Standard lot Depth:

A

Tradition- ally, 100 feet for a residential lot

273
Q

Statute of Frauds

A

real property sale and lease > 1 year in writting

274
Q

Statutory Lien:

A

created by law rather than by contract, including tax liens, judg- ment liens, mechanicÕs liens, etc.

275
Q

subagent

A

granted anget powers by agent

276
Q

Statutory Warranty Deed

A

short term warranty deed - seller has right to sell property

277
Q

Subrogation

A

Replacing one person with another in regard to a legal right or obligation.

278
Q

Principal Of Substitution

A

value of property set by comparables

279
Q

Surety

A

One who guarantees the performance of another

280
Q

Survivorship

A

Gaining an interest in property by outliving another who had the interest

281
Q

Sweat Equity

A

program which allows a purchaser to do work on the property in place of all or part of the down payment

282
Q

Tax Roll:

A

contains the descriptions of all parcels within the county, owner, and tax bill

283
Q

Tax Sale

A

Sale of property after the non-payment of taxes

284
Q

Tenancy by the Entirety / joint with right of suviorship

A

husband wife ownership. In the event of the death of one, the survivor owns the property with- out probate.

285
Q

Tenant at Suerance:

A

hold over tenant

286
Q

Tenant for Life

A

tenantacy for life of someone

287
Q

Tender

A

give an offer

288
Q

Tentative Map

A

Subdivision Map Act requires subdividers to sub- mit initially a tentative map of their tract to the local planning commis- sion for study

289
Q

Testate

A

Having a will

290
Q

Testator

A

One who makes a will.

291
Q

Threshold

A

under door, thin strip of wood

292
Q

Time is of the Essence

A

A denti- tion of a contract expressing the es- sential nature of performance of the contract by a party in a specified period of time

293
Q

Title

A

Evidence one has of right to land possession

294
Q

Title Insurance

A

Insurance against loss resulting from defects of title

295
Q

Title Theory (not lien theory)

A

mortgagee has legal title to the mortgaged property and the mortgagor has equitable ti- tle.

296
Q

Tort

A

Any wrongful act (not involv- ing a breach of contact) for which a civil action may be brought

297
Q

Transfer Tax

A

state tax on the transfer of real property.

298
Q

Trust Deed

A

Property is transferred to a trustee by the borrower (trustor), in favor of a lender (beneficiary)

299
Q

Trustor/Trustee

A

receives money/holds title

300
Q

TrusteeÕs Deed

A

A deed by a trustee under a deed of trust, pur- suant to foreclosure

301
Q

Truth in Lending

A

Regulation Z) which are designed primarily in insure that prospective borrowers and pur- chasers on credit receive credit cost information

302
Q

Underlying Financing

A

A mort- gage, deed of trust, or contract prior to new security instruments on the same property

303
Q

Unencumbered

A

Free of liens and other encumbrances

304
Q

Unearned Increment

A

gradual rise in home prices beause area is more desirable

305
Q

Unit Cost-in-Place Method:

A

estimate cost by determining cost of each buiding part

306
Q

Utility

A

An element of value.

307
Q

V.A. Escape Clause

A

borrower shall not be obligated to buy nor shall any de- posit be lost if appraisal is less than the agreed upon price.

308
Q

Valid

A

Having force or binding force, legally sucient and authorized by law.

309
Q

Variance

A

Change of a portion of zoning requirements for a specific property, without changing the zon- ing.

310
Q

Vendee/vendor

A

purchaser/seller

311
Q

Wainscoting

A

Wood lining of an in- terior wall

312
Q

Waive

A

To relinquish or abandon

313
Q

Warehousing

A

depositing of loans by a lender such as a mortgage company, in a bank, for sale at a later date. The mortgage company then borrows against these loans.

314
Q

Warranty Deed

A

A deed used in many states to convey fee title to real property.

315
Q

Water Table

A

Distance from the surface of the ground to a depth at which natural groundwater is found.

316
Q

Writ of Ejectment

A

action for the recovery of real property.

317
Q

Writ of Execution

A

An action to carry out the judgment or decree of a court.

CALBRE (5 decks)

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