Vocab: E and F Flashcards
Fair Housing Laws
A collection of laws designed to prevent discrimination in the access to housing based on an occupants inclusion in a protected class. (Title VIII of the 1968 Civil Rights Act)
Easement
A right held by one property owner to use the land of another for specific purpose, such as ingress and egress to the owners property
Easement in Gross
An easement which belongs to an individual and is not appurtenant to or transferred with a property
Economic Life
The period of time over which a property will yield a return on a capital invested to own it
Economic Obsolescence
A loss in value of a property due to external factors and not the condition of the property itself
fee simple estate
The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferrable and inheritable.
Eminent Domain
The right of government to take private property for public use. The government will pay the owner fair market value
Encroachment
An improvement on one parcel of real estate which extends onto someone elses property
Encumbrance
Any claim or lien on a parcel of real estate, such as trust deeds, CC&R, easements, taxes, or assesments
Equal Credit Oppurtunity Act
A 1974 federal enactment prohibiting lenders from discriminating against borrowers from a protected class
Equity
1)The interest or value an owner has in real estate over and above the liens against it 2) Branch of remedial justice providing relief to litigants in courts of equity
Escheat
The reverting of property to the State when there are no heirs
Escrow
The depository process employed to facilitate the gathering of instruments and funds for use to transfer real estate interest between two persons.
Estate
The interest a person may hold in real property, as defined by statute
Estate for Years
An interest in property granting possession for a limited period of time such as a periodic tenancy or a lease agreement for a fixed term
Federal Housing Administration (FHA)
An agency of the federal government that insures private mortgage loans for financing of new and existing homes and home repairs.
Federal National Mortgage Association (FNMA)
Called Fannie Mae, is a quasi-public agency whose primary function is to buy, own and sell mortgages in the secondary market.
Federal Reserve
The federal banking system of the United States managed by a central board of governors and comprising a bank n eac twelve geographical districts with broad powers for setting monetary policy to control the level of price inflation and employment, primarily accomplished through the setting of short term interest rates.
fee estate
An indefinite, exclusive and absolute ownership interest in a parcel of real estate, the largest bundle of rights to be held in real estate.
fee simple estate
The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferrable and inheritable.
Estoppel
A legal theory barring a person from later asserting or denying a condition based on a persons previous acts or statements
Exclusive Agency Listing
An agreement employing a broker as the sole agent for the seller of real property in which the seller promises to pay the broker a fee if the property is sold unless he sale is by the owner acting without services of any agent
Exclusive right-to-sell listing
An agreement employing a broker to act as agent for the seller of real property in which the seller promises to pay the broker a fee if the property is sold during the period of the employment, whether by the broker, through another broker or by the efforts of the owner
Fiduciary duty
That duty owed by an agent or trustee to act in the highest good faith toward the principle and not to obtain any advantage over their principal by the slightest misrepresentation, concealment, duress, or undue influence.
flashing
Thin pieces of impervious material such as a sheet metal installed to prevent water seepage into a structure from a joint.
foreclosure
A mortgage holders remedy on a default in their mortgage by initiating a procedure noticing the sale of the mortgaged property to pay the debt
for sale by owner
a property owners method of marketing property for sale without the use of a DRE licensed broker or agent to locate a buyer.
fraud
the intentional use of deception to induce another person to act against their best interests resulting in the loss of property or money.
freehold estate
An estate of indeterminable duration such as a fee simple or life estate.
functional obsolescence
A loss of value due to adverse factors within the structure which affect the utility of the structure, and thus its value and marketability.
