Terms Pt.7

Question 1

Covenant

Answer 1

(2) A restriction in a lease or deed which specifies that the property will or will not be used in a certain manner.An example is a subdivision restriction Covenants must be enforced by seeking an injunction or damages. Covenants have a time limit after which they are no longer effective.

Question 2

Credit Report

Answer 2

(4) A written report detailing the credit history of a prospective borrower, used by a lender to help determine credit worthiness.

Question 3

Covenants of Title

Answer 3

(4) Either expressed or implied deed provisions in which the grantor promises that certain conditions of title exist. If it is later proven that those conditions do not exist, the grantor is obligated to compensate the grantee for any actual damages which result.

Question 4

Curable Depreciation

Answer 4

(12) Items of physical deterioration and functional obsolescence within the owner’s control, which are economically feasible to repair or replace.

Question 5

Customer

Answer 5

(6) Someone who is working with a broker concerning real estate matters but has not entered into a brokerage engagement with the broker. In a situation where the broker works with a “customer” this law allows the broker to perform “ministerial acts” for the customer while working with them in a specific real estate transaction.

Question 6

Damages

Answer 6

(8) Loss or injury to a person or property caused by breach of content. Also, the compensation paid for such loss.

Question 7

Datum

Answer 7

(1) A point of surface of known location from which heights and depths are measured. The basic point from which vertical land (air rights and mineral rights) is described.

Question 8

Debt Service

Answer 8

(12) A deceased person

Question 9

Declaration of Restrictions

Answer 9

(2) An instrument which contains all the restrictive covenants affecting the lot in a subdivison. By recording the instrument, the subdivision restrictions are incorporated by reference into the deeds to each individual lot.

Question 10

Declaratory Ruling

Answer 10

(19) An official statement from the Commission which is intended to clarify the position and intent relating to a particular rule or part of the License Law.

Question 11

Deed

Answer 11

(4) A written instrument which, when properly executed and delivered by the grantor during the grantor’s lifetime, conveys the grantor’s interest to the person who accepts it, known as a grantee.

Question 12

Dedication

Answer 12

(4) The act of giving to a gov’t. real property which is designated for public use.

Question 13

Deed in Lieu of Foreclosure

Answer 13

(14) A deed given to a lender by a defaulting borrower who wishes to avoid foreclosure proceedings. The lender may or may not accept the deed.

Question 14

Deed in Partition

Answer 14

(4) A deed issued by the court when property is sold at a partition sale for the purpose of dividing a joint tenancy or tenancy in common ownership.

Question 15

Deed of Teformation

Answer 15

(4) A deed which corrects an error in another deed.

Question 16

Deed of Trust

Answer 16

(4) A deed used in many states in lieu of a mortgage. This is held by a trustee on behalf of a lender (beneficiary) until the borrower (trustor) repays the loan.

Question 17

Defeasance Clause

Answer 17

(14) A mortgage provision which allows the borrower to default the mortgage by repaying the loan according to the terms of the note. When the debt is paid, this provision causes the mortgage to become null and void, allowing the borrower to regain full rights of ownership.

Question 18

Deficiency Judgment

Answer 18

(14) A judgment ordered by the court against the borrower when the proceeds from a foreclosure sale are insufficient to satisfy the debt. The defaulting borrower’s other assets may be sold to satisfy the judgment.

Question 19

Demand Deposits

Answer 19

(14) A bank’s deposits which are available to the depositor with no advance withdrawal notice required.

Question 20

Depreciation

Answer 20

(12) Lost in value due to physical deterioration, functional obsolescence, or economic obsolescence.

Question 21

Depth Tables

Answer 21

(12) Method of estimating the value of the added depth of a lot, as compared to a standard size lot.

Question 22

Dereliction

Answer 22

(4) A process of accretion whereby usable land is gradually exposed when a body of water receded and remains below its normal waterline.

Question 23

Designated Agent

Answer 23

(6) An agent representing either buyer or seller in a transaction where both parties have agents who are with the same broker, and are delegated by the broker to continue serving their clients.

Question 24

Devise

Answer 24

(4) A gift of real property by will.

Question 25

Devisor

Answer 25

(4) A person who disposes of real property by will.

Question 26

Devisee

Answer 26

(4) A person named to receive real property by will.