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ahora si es que es > todo junto > Flashcards

todo junto Flashcards

1
Q

Freehold Estate

A

no fixed duration of ownership

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2
Q

Fee Simple Defeasible

A

Possesses the property as a fee simple subject to a condition

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3
Q

Less than Freehold Estate

A

limited period of time

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4
Q

Estate for Years

A

defined period of time

- for example 6 months or july 3rd - september 8th

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5
Q

Percentage Lease

A

based on a percentage of gross receipts

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6
Q

Net Lease

A

tenant pays taxes, insurance and maintenance

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7
Q

Gross Lease

A

tenant pays fixed amount

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8
Q

Sandwich Lease

A

primary party is lessee and a lessor

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9
Q

Subleases

A

Grants possession but not responsibility

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10
Q

Assignment

A

Grants possession and responsibility

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11
Q

Surrender

A

agreement to return the property to the owner (landlord) before the lease ends.

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12
Q

Constructive Eviction

A

landlord fails to do something that he/she has a legal duty to provide.

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13
Q

A Grant Deed

A

transfer of real property from one person or entity to another person or entity. Each
party transferring an interest in the property, or “grantor”, is required to sign it

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14
Q

A Quitclaim Deed

A

Deed releasing a person’s interest with no warranties. Typically in non-sale situations

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15
Q

Warranty deed

A

a deed that guarantees a clear title to the buyer of real property

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16
Q

Special Warranty Deed

A

Seller only warrants or guarantees the title against defects that may have arisen during the period of ownership of the property.

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17
Q

General Warranty Deed

A

Seller warrants or guarantees the title against defects that may have arisen during
the entire life of the property

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18
Q

Title

A

ownership

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19
Q

Chain of Title

A

history of ownership which shows conveyances and encumbrances

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20
Q

Cloud on Title

A

Defect in title ie.. single women married

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21
Q

A Quiet Title Action

A

a lawsuit in order to establish a party’s title

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22
Q

Alienation of Title

A

capacity of property or a property right to be sold or transferred

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23
Q

Title Insurance

A

Ensure clear and marketable title

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24
Q

Standard Policy of Title Insurance

A

Standard coverage includes:

  • Defects that are found in public records
  • Forged documents
  • Incompetent grantors
  • Incorrect marital statements
  • Improper delivery of deeds
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25
Q

ALTA Policy of Title Insurance

A

Protects real property owners and mortgage lenders against losses from defects in
titles.

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26
Q

Extended Policy of Title Insurance

A

Includes everything in a standard policy plus defects found in a property inspection.
Which would include unrecorded rights of parties in possession, examination of survey. unrecorded liens, not known by a policy holde

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27
Q

Concurrent Estate

A

ownership with others

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28
Q

Joint Tenancy

A

TTIP right of survivorship

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29
Q

Severalty

A

sole ownership

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30
Q

Tenancy in Common

A

unity of possession

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31
Q

dominant tenement

A

Gaining the benefit of the easement

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32
Q

servient tenement

A

Suffers the burden of an easement

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33
Q

Appurtenant Easement

A

right to use adjoining property that transfers with the land

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34
Q

Easement in Gross

A

no dominant tenement

Think of it this way: easements in gross attach to a person, easements appurtenant attach to the land (and are most often between two adjoining pieces of property

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35
Q

Grandfather Clause

A

exempt from new rule

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36
Q

Building Codes

A

protect public health, safety and general welfare

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37
Q

Intestate

A

no will

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38
Q

Testate

A

has a will

39
Q

Probate

A

executor for the estate of a deceased person sells property in order to divide the property among the beneficiaries

40
Q

Holographic Will

A

written by hand

41
Q

Marginal tax rate

A

the percentage is taken from your next dollar of taxable income

42
Q

1031 Tax Deferred Exchange

A

Defer taxes

- identify 45 days, acquire within180 days of closing previous property

43
Q

Boot Fair

A

market value of other Property received in an exchange

44
Q

Liens

A

money owned

45
Q

General Liens

A

lien against all personal property

46
Q

Specific Liens

A

lien that is on a single property

47
Q

Voluntary Lien

A

lien that exists because of an action taken by a debtor

48
Q

Involuntary Lien

A

Liens that were imposed on a individual. i.e. .. taxes and judgment liens

49
Q

Mechanics Lien

A

Lien on behalf of those who have supplied labor or materials that improve the property.

50
Q

Injunctions

A

Court order that compels a party to do or refrain from specific acts.

51
Q

Constructive Notice

A

This signifies that a person should have been known as a reasonable person would have.

52
Q

Actual Notice

A

Personally given to somebody

53
Q

Escrow

A

neutral third party

54
Q

Credit =

A

money received

55
Q

Short Rate

A

A higher periodic rate for a shorter term than what was originally contracted

56
Q

RESPA

A

Eliminating kickbacks and referral fees which add unnecessary costs to settlement
services.

57
Q

TILA -

A

Inform use of consumer credit
- Require disclosures about its terms and cost to standardize the manner in which
costs associated with borrowing are calculated and disclosed.

58
Q

Fair Housing Act 1968

A

act banning refusal to sell or rent a dwelling to any person because of race,
color, religion, sex, or national origin

59
Q

Jones vs. Mayer 1968

A

court case that bared all racial discrimination, private as well as public, in the
sale or rental of property based on the thirteenth amendment.

60
Q

Sherman Anti-Trust Act

A

bans anti competitive behavior such as price fixing

61
Q

Americans with Disabilities
Act
1990

A

1990 act prohibiting discrimination against people with disabilities in employment,
transportation, public accommodation, communications, and governmental activities.

62
Q

Essentials of a Valid Contract

A

Mutual consent, lawful object, consideration, capable parties

63
Q

Actual Authority

A

Expressly conferred by a principal to an agent to act on the principal’s behalf.

64
Q

Protection Period Clause

Safety Clause

A

Compensated after listing expires if you can prove your are the procuring cause

65
Q

Contingency Clause

A

defines a condition or action that must be met in order for a real estate contract to
become binding

66
Q

Essential Elements of Value STUD

A
  • Scarcity Transferability, Utility, Demand
67
Q

Cap rate

A

Higher Cap rate represents higher risk

68
Q

Negative Amortization

A

interest paid but debt increases

69
Q

Leverage

A

borrowed capital to increase the potential return of an investment

70
Q

mortgage banker

A

A direct mortgage lender

71
Q

Subordination Clause

A

Current debts will take priority over debts made in the future.

72
Q

Subordination Clause Current debts will take priority over debts made in the future.
Prepayment Clause

A

provision that permits a borrower to satisfy a debt before it is due date.

73
Q

Prepayment Penalty

A

regulates what the borrower is allowed to pay off and when.

74
Q

Due-on-sale clause

A

Balance of the loan may be called to repay in full upon sale

75
Q

Primary Mortgage Market

A

Where Lenders make mortgage loans directly to borrowers

76
Q

Secondary Mortgage Market

A

resale marketplace

77
Q

GNMA

A

A governmental part of the secondary market that deals primarily in recycling VA and
FHA mortgages.

78
Q

.

FNMA

A

a federally sponsored private corporation that provides a secondary market for
housing mortgages

79
Q

annexation

A

the process of converting personal property into real estate

80
Q

the baseline

A

runs east and west

81
Q

miles

A

5,280

82
Q

one acre or square feet is

A

43,560

83
Q

datum

A

is a horizontal point of reference from which surveyors measure the depth and height of various land elevations

84
Q

benchmarks

A

use as a starting point to measure elevations where the exact elevation is marked

85
Q

erosion

A

gradual loss of land due to the natural force

86
Q

alluvion

A

new deposits of land that are the result of accretion

87
Q

easement termination by merger

A

the owner of either the servient or dominant estate purchase the other property

88
Q

ordinary life estate

A

example Christine gives her son an ordinary life estate in a property, and the estate last until her son’s death

89
Q

pur autre vie

A

for the life of someone other than the holder

90
Q

reminder

A

ownership will be passed to the remainderman instead of the party who established the life estate

91
Q

reversion

A

ownership will revert to the life estate regenerator

92
Q

a timeshare

A

is owned by several joint owners, each of whom has the right to use the property under the specific term of the time-sharing agreement

93
Q

fee simple timeshare

A

it may be sold or inherited

94
Q

right to use a timeshare

A

it is not inheritable since no actual ownership is involved

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