Terms D Flashcards
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.
Declaration
Annual amount to be paid by a debtor on an obligation to repay borrowed money.
Debt Service
The amount charged as due or owing.
Debits
An appropriation of land to some public use, made by the owner, and accepted for such use by or on behalf of the public.
Dedication
Land that has been put aside for a public use by a deed which states exactly what the property will be used for.
Dedication by Deed
The amount of expenses that must be paid out of pocket before an insurer will pay any expenses.
Deductible
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.
Deed Restriction
The failure to pay back a loan.
Default
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.
Delivery and Acceptance
The statistical study of human populations.
Demography
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.
Department of Housing and Urban Development (HUD)
A loss of utility and thus value caused by physical deterioration, functional obsolescence or economic obsolescence or any combination thereof.
Depreciation
Consists of the written words which delineate a specific piece of real property.
Description (Schedule A)
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.
Designated Sales Agent
The cost of labor and materials.
Direct Cost
The consequence of an impairment that may be physical, cognitive, mental, sensory, emotional, developmental, or some combination of these.
Disability/ Handicap
The release of relevant information about a property that may influence the final sale, especially if it represents defects or problems.
Disclosure
A form of pre-paid interest where 1 point equals 1 percent of the loan amount.
Discount points
Failure to do something at the proper time, especially such delay as will bar a party from bringing a legal proceeding.
Doctrine of Laches
A parcel of real property that has an easement over another piece of property (the servient estate).
Dominant Tenement
The part of or interest in real estate of a deceased husband given by law to his widow during her life.
Dower
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.
Down Payment
Representing both principals (seller and buyer) to a transaction.
Dual Agency
The review and investigation of a property to evaluate any legal liability.
Due Diligence
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)
“Due on Sale” Clause