vocab! Flashcards
natural deposits of soil increase the amount of land
accretion
an addendum forcing the borrower to pay the remaining balance of the loan
acceleration clause
The additional costs outstanding at the end of a real estate deal including taxes, HOAs, and interest
accrued items
an acre is ………sf and …………square yards
43560 sf & 4840 sy
a clause used to provide more specific information to clarify a contract
addendum
The final cost of a property after improvements and any deductions (reduced value) is called
adjusted basis
the date agreed upon by seller and buyer for financial changes
adjustment date
a court appointed individual who executes a persons estate if there is no will
administrator
property tax on the current value of the land
ad valorem tax
The ways a person may acquire property including purchase, squatting, and inheritance
adverse possession
placing ownership of property from one person/ company to another “”””
alienation
an addendum to the mortgage contract which keeps the borrowing from reselling without paying the lender
alienation clause
paying off the principal and interest on a debt with equal payments until repaid; the time frame of which the debt is repaid
amortization, amortization schedule
a statute that stops the lender from pursuing the buyer for a loss on a property after a foreclosure sale
anti-deficiency law
national laws that encourage free market trade and practices and prohibit the restriction of such
anti-trust laws
The division of costs such as fees and HOA responsibilities, between the seller and purchaser
apportionments
An attachment to land of edifices that now conveys with the property
appurtenance
dispute resolution through the use of a third party
arbitration
An online company that encourages the cooperation of decision makers in the real estate business
ARELLO
the tax related value of a property
assessment
The worth of land or property, assessed by a professional, usually licensed
appraisal
the transfer of mortgage from one agency to another
assignment
The process of a buyer taking over the sellers mortgage
assumption
Placing a legal hold on a property to pay for a judgement
attachment
To agree to the truth of a document by signing it
attest
A person who acts as a legal rep to another; does not need to be a professional lawyer.
attorney-in-fact
transfer of land because water (such as a stream or brook) changes course
avulsion
A mortgage of small payments for a specified period, such as 3-5 years, with a lump sum-or, balloon- due at the end of the mortgage.
balloon mortgage
a document transferring property from seller to buyer without guaranteeing validity of the transfer
bargain and sale deed
A line in surveying that runs east to west and acts as a point of reference for corresponding lines that run N to S
baseline
A fixed point of reference by which elevation is marked
benchmark
a transfer of personal property through a will
bequest
an upgrade to property
betterment
A contract such as a rent agreement where both parties agree or don’t agree to comply with certain terms.
bilateral agreement
Money paid to hold a property for set terms
binder
payments made to real estate every 2 weeks instead of once a month. in some cases this can lower time needed to pay off the loan.
biweekly mortgage
A mortgage owned by the same person on at least two properties
blanket mortgage
An illegal process that involves scaring residents of an area into selling their property at reduced prices so that an agent can take advantage of them.
blockbusting
a legal adjective that describes faithful, trustworthy, actions or people
bona fide
a type of insurance money that protects an agent against loss
bond
a sum of cash in a buyer/seller agreement to even out exchange.
boot
a satellite or other office that is in a separate place from headquarters
branch office
breaking a binding agreement illegally
breach of contract
An estimate, on the worth of real estate, by a professional in the industry
Brokers Price Opinion> BPO
An invisible boundary line around the property,the building must remain in this boundary
building line
Privileges associated with property ownership, such as residency or use
bundle of rights
payment by the buyer of added fees or points to the seller orr lender for lower interest rate
buy down
the procedural guidelines used to conduct business at an organization such as a homeowners association
bylaws
a section of a contract that permits parties to nullify the obligations of the contract
cancellation clause
Surveying or soliciting an area to see if people are interested in selling their homes
canvassing
the max increase in interest for a mortgage with changing rates
cap
the total yearly potential earnings on a property, such as rental
capitalization
a percentage that can be used to compare investment opportunities. Divide the capitalization by the cost of a property.
capitalization rate
The final amount of income generated from a rental property after income and expenses.
cash flow
Latin expression meaning “let the buyer beware”
caveat emptor
covenants, conditions, and restrictions- the bylaws for a group of homeowners
CC&R
An IRS document that allows the government to waive taxes on a property
certificate of discharge
formal doc from the VA proving that person qualifies for a VA loan.
certificate of eligibility
The max value permitted for a VA mortgage
certificate of reasonable value> CRV
Permits buyer to receive title for purchase of a property
certificate of sale
The legal title that tells the history of a piece of real estate
chain of title
property someone owns, except real estate
chattel
The use of personal property as security for debt repayment
chattel mortgage
a questionable title as to the availability of sale
cloud on the title
a group of residential buildings used to maximize land use
clustering
an addendum to the will that explains additions or deletions to the doc.
codicil
a clause in an insurance policy that divides financial responsibilities for a loss between 2 parties
coinsurance clause
a title that is invalid even though it appeared to be valid initially
color of title
a doc from the mortgage company that informs the borrower regarding approval and terms
commitment letter
real estate and chattel owned by 2 parties, usually husband and wife
community property
taking over ownership of a property,usually by the government, and paying the owner for the real estate
condemnation
the belief that similar pieces of real estate will keep their value
conformity
the transfer of ownership in a condo from one owner to many for each residence
condo conversion
when a tenant moves out of a residence because of the poor quality of the residence without being liable for rent
constructive eviction
public notice, common info to all
constructive notice
a deferment of the price of a property for a specific time frame
contract for deed
an agreement that the buyer can change an Adjustable interest rate to a fix; there is a cost associate with this option
conversion option
an agreement that the buyer can change an adjustable interest rate to a fixed one; there is a cost associated with this option
convertible ARM
the legal transfer of property from one party to another
conveyance
specifications included in the deed requiring obligations or restrictions on real estate use.
covenant
a legal verification that the owner has the right to the property
covenant of seisin
a mans ownership of some or all of his spouses property even if she will deny him such ownership
curtesy
a horizontal reference point used to make vertical measurements
datum
a person who passed away, usually to discuss their estate, will, inheritance, or other financial matters
decedent
Used instead of foreclosure when the property owner returns the deed to lender to avoid public record of foreclosure in some cases
deed in lieu
The legal option that the lender has to repossess delinquent payments or the property from the borrower in case of default
defeasance clause
a legal doc ordering the collection of the difference between what the borrower owes to the bank and the sale price of the home
deficiency judgement
regulations prohibiting more than a certain number of homes in the area
density zoning
the passing down of property to an heir if the deceased has not left specific provisions
descent
a gift of real estate to an heir through a will
devise
the direction in which a city is expanding
directional growth
Money paid to the mortgage holder to reduce the interest payment. The more paid, the more the interest will fall.
discount point
the interest rate a bank will pay to the federal reserve to borrow cash for short-term loans
discount rate
legal process of eviction
disposses
property that benefits from the shared use of land on a neighboring property
dominant estate (tenement)
a woman’s ownership of all or some of her husbands property even if his will denies her such
dower
The clause that requires the loan to be repaid to the lender when the real estate is sold
due-on-sale clause.
a person feels threatened into doing something, such as selling a property
duress
money to prove the buyers serious intent to purchase the home
earnest money
accepted use of property that remains with the individual and does not convey with the property
easement in gross
the length of time when real estate will continue to earn money
economic life
the age of the building based on the condition
effective age
different types of farming crops considered part of the property
emblements
the purchase of private property by the government for public purposes
eminent domain
assessments against a property such as delinquent HOA fee, any mortgages or easements that impact the value
encumbrance
the right someone has to a property when they commit to buy it although the deal is not yet finalized
equitable title
The worth of the property above mortgage or other debts on the property
equity
the reclaiming of real estate by the mortgage holder because of foreclosure
equity of redemption
