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P of R E 2 > Terms > Flashcards

Terms Flashcards

1
Q

The liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value.

A

Amortization

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2
Q

One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal processes.

A

Appraiser

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3
Q

The highest price in terms of money which a property will bring in competitive and open market and under all conditions required for a fair sale, i.e., the buyer and seller acting prudently, knowledgeably and neither affected by undue pressures.

A

Market Value

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4
Q

Present worth of future benefits arising out of ownership to typical users/investors.

A

Value

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5
Q

An estimate of the value of property resulting from an analysis of facts about the property.

A

Appraisal

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6
Q

The desire for possession or ownership backed by the financial means to satisfy that need.

A

Effective Demand

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7
Q

The capacity to satisfy human needs and desires.

A

Utility

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8
Q

The supply of property in relation to effective demand.

A

Scarcity

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9
Q

The relative ease with which ownership rights are transferred from one person to another.

A

Transferability

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10
Q

The highest price in terms of money which a property will bring in competitive and open market and under all conditions required for a fair sale, i.e., the buyer and seller acting prudently, knowledgeably and neither affected by undue pressures.

A

Market Value

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11
Q

The cost of replacing a structure completely destroyed by an insured hazard.

A

Insured Value

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12
Q

The current value for accounting purposes of an asset expressed as original cost plus capital additions minus accumulated depreciation.

A

Book Value

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13
Q

A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property.

A

Assessed Value

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14
Q

The most probable use to which a property is suited that results in its highest value or highest returns to the land.

A

Highest and Best Use

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15
Q

The price paid regardless of pressures, motives or intelligence.

A

Market Price

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16
Q

Affirms that the maximum value of a property tends to be set by the cost of acquiring an equally desirable and value substitute property, assuming no costly delay is encountered in making the substitution.

A

Principle of Substitution

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17
Q

The principle that states the value of a property will increase if the supply decreases and the demand will either increase or remains constant, and visa versa.

A

Supply and Demand

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18
Q

Holds that the maximum value is realized when a reasonable degree of homogeneity of improvements is present.

A

Principle of Conformity

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19
Q

The influences outside of a property can have a positive or negative affect on its value.

A

Principle of Externalities

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20
Q

Affirms that value is created by anticipated benefits to be derived in the future.

A

Principle of Anticipation

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21
Q

A component part of a property is valued in proportion to its contribution to the value of the whole. Holds that maximum values are achieved when the improvements on a site produce the highest (net) return, commensurate with the investment.

A

Principle of Contribution

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22
Q

Holds that profits tend to breed competition and excess profits tend to breed ruinous completion.

A

Principle of Competition

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23
Q

Holds that it is the future, not the past, which is of prime importance in estimating value. Change is largely the result of cause and effect.

A

Principle of Change

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24
Q

One of the three methods in the appraisal process. A means of comparing similar type properties, which have recently sold, to the subject property. Commonly used in comparing residential properties.

A

Sales Comparison Approach (Market Data Approach)

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25
Q

One of the three methods in the appraisal process. An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding the market value of the land.

A

Cost Approach

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26
Q

One of the three methods of the appraisal process generally applied to income producing property, and involves a three-step process

1) Find net annual income
2) Set an appropriate capitalization rate or “present worth” factor
3) Capitalize the income dividing the net income by the capitalization rate

A

Income Approach

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27
Q

The cost of replacing the subject improvement with one that is the exact replica, having the same quality of workmanship, design and layout, or cost to duplicate an asset.

A

Reproduction Cost

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28
Q

The cost to replace a structure with one having utility equivalent to that being appraised, but constructed with modern materials and according to current standards, design and layout.

A

Replacement Cost

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29
Q

Loss of value of property brought about by age, physical deterioration or functional or economic obsolescence.

A

Depreciation

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30
Q

Impairment of condition. Loss in value brought about by wear and tear, disintegration, use and actions of the elements; termed curable and incurable.

A

Physical Deterioration

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31
Q

The period over which a property will yield a return on the investment over and above the economic or ground rent due to land.

A

Economic Life

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32
Q

A loss in value due to factors away from the subject property but adversely affecting the value of the subject property.

A

Economic Obsolescence

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33
Q

A loss of value due to adverse factors from within the structure which affect the utility of the structure, value and marketability.

A

Functional Obsolescence

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34
Q

A number which, times the gross income of a property, produces an estimate of value of the property.

A

Gross rent multiplier

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35
Q

An analysis of the competition in the marketplace that a property will face upon sale attempts.

A

Comparative Market Analysis

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36
Q

A person whose principal business in the originating, financing, closing, selling and servicing of loans secured by the real property for institutional lenders on a contractual basis.

A

Mortgage Banker

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37
Q

A broker who arranges a mortgage loan between a lender and a borrower for a fee.

A

Mortgage Broker

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38
Q

A mortgage in which the scheduled payment will not amortize the loan over the mortgage term; therefore, for the debt to be fully satisfied, a final payment called a balloon payment, larger than the uniform payments, is required.

A

Balloon Mortgage

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39
Q

A mortgage that requires the mortgagor to pay interest only during the mortgage term, with the principal due at the end of the term.

A

Term Mortgage

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40
Q

Occurs when monthly installment payments are insufficient to pay the interest accruing on the principal balance, so that the unpaid interest must be added to the principal due.

A

Negative Amortization

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41
Q

A mortgage securing a loan made by investors without governmental underwriting, i.e., which is not FHA insured or VA guaranteed. The type customarily made by a bank or savings and loan association.

A

Conventional Loan

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42
Q

An acronym denoting that a mortgage payment includes principal, interest, taxes, and insurance.

A

PITI

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43
Q

The relationship between the amount of a mortgage loan and the lender’s opinion of the value of property pledged to secure payment of the loan.

A

Loan to Value Ratio

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44
Q

Mortgage guaranty insurance available to conventional lenders on the first, high risk portion of a loan (PMI).

A

Private Mortgage Insurance

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45
Q

The interest earned by a bank on the money it has loaned.

A

Yield

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46
Q

The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. The amount is equal to the difference between the principal balance on the note and the lesser amount which a purchaser of the note would pay the original lender for it under market conditions. A point equals one percent of the loan.

A

Discount Points

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47
Q

The financing charge that a lender requires.

A

Loan Origination Fee

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48
Q

A loan made to qualified veterans for the purchase of real property wherein the Department of Veteran’s Affairs guarantees the lender payment of the mortgage.

A

VA Loan

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49
Q

The federal banking system of the United States under the control of central board of governors (Federal Reserve System) involving a central bank in each of twelve geographical districts with broad powers in controlling credit and the amount of money in circulation.

A

Federal Reserve System

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50
Q

The minimum interest rate set by the Federal Reserve for lending to other banks.

A

Discount Rate

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51
Q

Written notice of an obligation given by a corporation or government entity. A surety instrument.

A

Bond

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52
Q

The activity of lenders’ making mortgage loans to individual borrowers.

A

Primary Mortgage Market

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53
Q

The buying and selling of existing deeds of trust and promissory notes.

A

Secondly Mortgage Market

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54
Q

The shortened name for the Federal National Mortgage Association (FNMA), a privately owned corporation that purchases FHA, VA, and conventional mortgages.

A

Fannie Mae

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55
Q

A nickname for the Federal Home Loan Mortgage Corporation (FHLMC), a corporation wholly owned by the Federal Home Loan Bank System that purchases FHA, VA, and Conventional mortgages.

A

Freddie Mac

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56
Q

A nickname for the Government National Mortgage Association (GNMA), a U.S. government agency that purchases FHA and VA mortgages.

A

Ginnie Mae

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57
Q

The name given to the federal statutes and regulations (Regulation Z) which are designed primarily to insure that prospective borrowers and purchasers on credit receive credit cost information before entering into a transaction.

A

Truth in Lending

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58
Q

A federal law requiring the disclosure to borrowers of settlement (closing) procedures and costs by means of a pamphlet and forms prescribed by the United States Department of Housing and Urban Development.

A

Real Estate Settlement Procedures Act (RESPA)

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59
Q

A person to whom a debt is owed.

A

Creditor

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60
Q

The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for implementing the Federal Truth in Lending Act.

A

Annual Percentage Rate

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61
Q

A mortgage loan which bears interest at a rate subject to change during the term of the loan, predetermined or otherwise.

A

Adjustable Rate Mortgage (ARM)

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62
Q

Funds provided usually by the builder or seller to temporarily reduce the borrower’s monthly principal and interest payment.

A

Subsidy Buydown

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63
Q

A loan against the equity in a home.

A

Home Equity Loan

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64
Q

A financing device whereby a lender assumes payments on existing trust deeds of a borrower and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deed and the additional amount of money borrowed.

A

Wrap Around Mortgage

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65
Q

A loan made to finance the actual construction or improvement on land. Funds are usually dispersed in increments as the construction progresses.

A

Construction Loan

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66
Q

A financial arrangement where at the time of sale the seller retains occupancy by concurrently agreeing to lease the property from the purchaser. The seller receives cash while the buyer is assured a tenant and a fixed return on buyer’s investment.

A

Sale and Leaseback

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67
Q

The right of the State to enact laws and enforce them for the order, safety, health, morals and general welfare of the public.

A

Police Power

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68
Q

Act of city or county authorities specifying type of use to which property may be put in specific areas.

A

Zoning

69
Q

A planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning.

A

Planned Urban Development (PUD)

70
Q

The illegal rezoning of a certain property in a zoned area to permit a different type of use than that authorized for the rest of the area.

A

Spot Zoning

71
Q

A property use that doesn’t conform to current zoning requirements, but is allowed because the property was being used in that way before present zoning ordinance was enacted.

A

Non-Conforming Use

72
Q

A permitted deviation from specific requirements of a zoning ordinance because of the special hardship to a property owner.

A

Variance

73
Q

A systematic regulation of construction of buildings within a municipality established by ordinance or law.

A

Building Code

74
Q

A document issued by a local government agency after satisfactory inspection of a structure authorizing that the structure can be occupied.

A

Certificate of Occupancy

75
Q

Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.

A

Deed Restriction

76
Q

Delay or negligence is asserting one’s legal rights.

A

Laches

77
Q

A fibrous mineral found in many building materials that when improperly disturbed, can cause serious lung diseases.

A

Asbestos

78
Q

A quality of some asbestos that causes it to crumble, allowing toxic particles to escape into the air and lodge in people’s lungs.

A

Friable

79
Q

A colorless, odorless, radioactive gas present in the soil that enters a home through small spaces and openings.

A

Radon

80
Q

A type of foam containing formaldehyde, a gaseous compound used for home insulating until the early 1980’s.

A

Urea-Formaldehyde Foam Insulation (UFFI)

81
Q

A branch of real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.

A

Property Management

82
Q

A person who manages properties for an owner as the owner’s agent.

A

Property Manager

83
Q

A class of property owned by a lender, typically a bank, government agency, or government loan insurer, after an unsuccessful sale at a foreclosure auction.

A

Real Estate Owned (REO)

84
Q

A transaction in which the sale proceeds fall short of the balance owed on the property.

A

Short Sale

85
Q

A procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.

A

Foreclosure

86
Q

An increase in value.

A

Appreciation

87
Q

The total amount of money remaining after all expenditures have been paid, including the taxes, operating costs, and mortgage payments.

A

Cash flow

88
Q

The use of debt financing of an investment to maximize the return per dollar of equity invested.

A

Leverage

89
Q

The property’s market value minus any debts.

A

Equity

90
Q

The profit realized from the sale of real estate or other investment. Capital loss occurs when an investment property or another type of investment is sold at a loss.

A

Capital gain

91
Q

A section of the internal U.S. Internal Revenue Service Code that allows investors to defer capital gains taxes on any exchange of like-kind properties for business or investment purposes.

A

Section 1031 Exchange

92
Q

Cash received in a tax-deferred exchange.

A

Boot

93
Q

The amount of decrease in value of an asset that is allowed in computing the value of the property for tax purposes.

A

Depreciation

94
Q

A method of depreciation under which improvements are depreciated at a constant rate throughout the estimated useful life of the improvement.

A

Straight Line Depreciation

95
Q

An organization of investors usually in the form of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests

A

Real Estate Syndicate

96
Q

A business trust which deals principally with interest in land, generally organized to conform to the Internal Revenue Code.

A

Real Estate Investment Trust (REIT)

97
Q

An owner who enters into a lease agreement with a tenant; a landlord.

A

Lessor

98
Q

One who contracts to rent, occupy, and use property under a lease agreement; a tenant.

A

Lessee

99
Q

A contract between owner and tenant, setting forth conditions upon which tenant may occupy and use the property and the term of the occupancy. Sometimes used as an alternative to purchasing property outright, as a method of financing right to occupy and use real property.

A

Lease

100
Q

A tenant’s right to occupy real estate during the term of the lease. This is a personal property interest.

A

Leasehold Estate

101
Q

An interest in land by virtue of a contract for the possession of them for a definite and limited period of time. May be for a year or less. A lease may be said to be an estate for years.

A

Estate for Years

102
Q

A lease that automatically renews for successive periods unless terminated by either party; also called estate from year to year.

A

Periodic Tenancy

103
Q

A property tenure that can be terminated at any time by either the tenant or the owner (landlord). It exists without a contract or lease, and is unspecific in duration or the exchange of payment.

A

Tenancy at will

104
Q

A gross lease is a type of commercial lease where the landlord pays for the building’s property taxes, insurance and maintenance.

A

Gross Lease

105
Q

A lease requiring a lessee to pay charges against the property such as taxes, insurance and maintenance costs in addition to rental payments.

A

Net Lease

106
Q

Lease on the property, the rental for which is determined by amount of business done by the lessee; usually a percentage of gross receipts from the business with provisions for a minimum rental.

A

Percentage Lease

107
Q

Lease which provides for a varying rental rate, often based upon future determination; sometimes rent is based upon result of periodical appraisals; used largely in long-term leases.

A

Graduated Lease

108
Q

An agreement for the use of land only, sometimes secured by improvements placed on the land by the user.

A

Ground Lease

109
Q

A branch of real estate business involving the marketing, operation, maintenance and day-to-day financing of rental properties.

A

Property Management

110
Q

A person who manages properties for an owner as the owner’s agent.

A

Property Manager

111
Q

An annual budget that includes only the items of income and expense expected for week-to-week operation.

A

Operating Budget

112
Q

Requires a periodic check of mechanical equipment on the premises to minimize wear and tear; for example, changing air filters on air conditioners and furnaces.

A

Preventative Maintenance

113
Q

A maintenance task performed to identify, isolate, and rectify a fault so that the failed equipment, machine, or system can be restored to an operational condition within the tolerances or limits established for in-service operations.

A

Corrective Maintenance

114
Q

A written document by which ownership of land is transferred from one party to another.

A

Deed

115
Q

A person who acquires an interest in land by deed, grant, or other written instrument.

A

Grantee

116
Q

A person, who by a written instrument, transfers to another the interest in land.

A

Grantor

117
Q

A age at which a person is entitled to handle his/her own affairs.

A

Majority

118
Q

Anything given or promised by a party to include another to enter into a contract, e.g., personal services or even love and affection. It may be a benefit conferred upon one party or a detriment suffered by the other.

A

Consideration

119
Q

The “to have and to hold” clause which may be found in a deed.

A

Habendum Clause

120
Q

An instrument authorizing an another to act on one’s behalf as his/her agent or attorney.

A

Power of Attorney

121
Q

A deed used to convey real property which contains warranties of title and quiet possession, and the grantor thus agrees to defend the premises against the lawful claims of third persons.

A

General Warranty Deed

122
Q

A deed in which the seller warrants or guarantees the title only against defects arising during the period of his or her tenure or ownership of the property.

A

Special Warranty Deed

123
Q

A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.

A

Quitclaim Deed

124
Q

A promise by the grantor of real property that they are the owner and will be responsible to the buyer if title is other than what they represent.

A

Warranty

125
Q

The final and absolute transfer of a deed from a seller to a buyer in such a manner that it cannot be recalled by the seller.

A

Delivery

126
Q

Any deed that recites a consideration and purports to convey the real estate; a bargain and sale deed with a covenant against the grantor’s act is one in which the grantor warrants that grantor has done nothing to harm or cloud the title.

A

Bargain and Sale Deed

127
Q

The evidence of right which a person has to the ownership and possession of land, commonly considered as a history of rights.

A

Title

128
Q

An examination of public records, laws, and court decisions to disclose the current facts regarding the ownership of real estate.

A

Title Search

129
Q

Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.

A

Marketable Title

130
Q

A term applied to the past series of transactions and documents affecting the title to a given parcel of land.

A

Chain of Title

131
Q

Title that is encumbered or burdened with defects.

A

Clouded Title

132
Q

Title which is not encumbered or burdened with defects.

A

Clear Title

133
Q

A provision in a deed that upon happening, or failure to happen, of a certain event, limits, enlarges, changes, or terminates the title of the purchaser.

A

Conditions in Title

134
Q

Any legal right held by others to claim property or to make demands upon the owner.

A

Title Defect

135
Q

A provision in a deed creating a condition which will cause the title to be passed to another should certain circumstances occur.

A

Forfeiture of Title

136
Q

The act by which a party executing a legal document goes before an authorized officer (a notary public), and declares the same to be his/her voluntary act and deed.

A

Acknowledgement

137
Q

The process of placing a document on file with a designated public official for public notice.

A

Recording

138
Q

A fact, imputed to a person by law, which should have been discovered because of the person’s actual notice of circumstances and the inquiry that a prudent person would have been expected to make.

A

Constructive Notice

139
Q

Express or implied knowledge of a fact.

A

Actual Notice

140
Q

Notice the law presumes a reasonable person would obtain by inquiring into a property.

A

Inquiry Notice

141
Q

The investigation and interpretation of the record title to real property based on the title search or abstract.

A

Examination of Title

142
Q

One who is authorized to take acknowledgements.

A

Notary

143
Q

A condensed history, or summary of all transactions affecting a particular tract of land.

A

Abstract of Title

144
Q

Insurance against loss or damage resulting from defects or failure of title to a given parcel of real estate.

A

Title Insurance

145
Q

A sworn statement in writing.

A

Affidavit

146
Q

A person’s possessions; the extent of a person’s interest in real property.

A

Estate

147
Q

A grant, or reservation of the right of use, occupancy and ownership for the life of an individual.

A

Life Estate

148
Q

Ownership by married persons where each owns the entire estate with the survivor taking the whole estate upon the death of the other.

A

Tenancy by Entirety

149
Q

An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners.

A

Tenancy in Common

150
Q

Another term for a will; commonly referred to as a last will and testament.

A

Testament

151
Q

The state or condition of leaving a will at death.

A

Testate

152
Q

One who makes a will.

A

Testator

153
Q

The disposition of real property by a will.

A

Devise

154
Q

Designates the estate or condition of failing to leave a will at death.

A

Intestate

155
Q

A written document outlining the distribution of property previously owned by a person who dies.

A

Will

156
Q

A person appointed by the court to settle affairs of an individual dying without a will.

A

Administrator

157
Q

A person named in a will to carry out the terms of a will.

A

Executor

158
Q

One who holds a power of attorney for another, allowing him to execute legal documents such as deeds, mortgages, etc, on behalf of person granting the power.

A

Attorney In-fact

159
Q

Transfer of title freely by the owner.

A

Voluntary Alienation

160
Q

Transfer of title to real property as a result of a lien foreclosure sale, adverse possession, the filing of a petition in bankruptcy, or condemnation under power of eminent domain or upon the death of the titleholder, to the State when there are no heirs.

A

Involuntary Alienation

161
Q

A claim made against the lands of another by virtue of open and notorious possession of the lands by the claimant.

A

Adverse Possession

162
Q

Taking private property for public use through court proceedings.

A

Condemnation

163
Q

A reversion of property to the State when heirs capable of inheriting are lacking.

A

Escheat

164
Q

The process by which all the parties to a real estate transaction conclude the details of a sale or mortgage. The process includes the signing and transfer of documents and distribution of funds.

A

Closing

165
Q

The miscellaneous expenses buyers and sellers normally incur in the transfer of ownership of real property over and above the cost of the property.

A

Closing Costs

166
Q

The division of certain settlement costs between a buyer and seller.

A

Proration

167
Q

In a closing statement, an expense or money received against a credit.

A

Debit

168
Q

In a closing statement, money to be received or credit given for money or an obligation given.

A

Credit

169
Q

A standard settlement form required by RESPA.

A

HUD Form No. 1

P of R E 2 (2 decks)

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