Terms D

Question 1

Also known as a Master Deed, is a fundamental document that establishes the existence of and further governs the use and maintenance of a condominium property.

Answer 1

Declaration

Question 2

Annual amount to be paid by a debtor on an obligation to repay borrowed money.

Answer 2

Debt Service

Question 3

The amount charged as due or owing.

Answer 3

Debits

Question 4

An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public.

Answer 4

Dedication

Question 5

Land that has been put aside for a public use by a deed which states exactly what the property will be used for.

Answer 5

Dedication by Deed

Question 6

The amount of expenses that must be paid out of pocket before an insurer will pay any expenses.

Answer 6

Deductible

Question 7

A imposed restriction in a deed for the purpose of limiting the use of the land such as:

1) A restriction against the sale of liquor thereon.
2) A restriction as to the size, type, value or placement of improvements that may be erected thereon.

Answer 7

Deed Restriction

Question 8

The failure to pay back a loan.

Answer 8

Default

Question 9

Legal policy mandates that a deed to real property be a matter of public record; therefore, subsequent to delivery and acceptance, a deed must be properly recorded.

Answer 9

Delivery and Acceptance

Question 10

The statistical study of human populations.

Answer 10

Demography

Question 11

Established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.

Answer 11

Department of Housing and Urban Development (HUD)

Question 12

A loss of utility and thus value caused by physical deterioration, functional obsolescence or economic obsolescence or any combination thereof.

Answer 12

Depreciation

Question 13

Consists of the written words which delineate a specific piece of real property.

Answer 13

Description (Schedule A)

Question 14

Appointing one or more individual agents in a firm to represent only the interest of the seller and one ore more different individual agents in the firm to represent only the interests of the buyer when a firm has an “in-house” dual agency situation.

Answer 14

Designated Sales Agent

Question 15

The cost of labor and materials.

Answer 15

Direct Cost

Question 16

The consequence of an impairment that may be physical, cognitive, mental, sensory, emotional, developmental, or some combination of these.

Answer 16

Disability/ Handicap

Question 17

The release of relevant information about a property that may influence the final sale, especially if it represents defects or problems.

Answer 17

Disclosure

Question 18

A form of pre-paid interest where 1 point equals 1 percent of the loan amount.

Answer 18

Discount points

Question 19

Failure to do something at the proper time, especially such delay as will bar a party from bringing a legal proceeding.

Answer 19

Doctrine of Laches

Question 20

A parcel of real property that has an easement over another piece of property (the servient estate).

Answer 20

Dominant Tenement

Question 21

The part of or interest in real estate of a deceased husband given by law to his widow during her life.

Answer 21

Dower

Question 22

The portion of a home’s purchase price that is paid in cash and is not part of the mortgage loan. This amount varies based on the loan type, but is determined by taking the difference of the sale price and the actual mortgage loan amount. Mortgage insurance is required when a down payment less than 20 percent is made.

Answer 22

Down Payment

Question 23

Representing both principals (seller and buyer) to a transaction.

Answer 23

Dual Agency

Question 24

The review and investigation of a property to evaluate any legal liability.

Answer 24

Due Diligence

Question 25

Allows lender to require the balance of a loan to be paid in full if the collateral is sold (also known as an Alienation Clause)

Answer 25

“Due on Sale” Clause