Vocab: E and F

Question 1

Fair Housing Laws

Answer 1

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)

Question 2

Easement

Answer 2

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

Question 3

Easement in Gross

Answer 3

An easement which belongs to an individual and is not appurtenant to or transferred with a property

Question 4

Economic Life

Answer 4

The period of time over which a property will yield a return on a capital invested to own it

Question 5

Economic Obsolescence

Answer 5

A loss in value of a property due to external factors and not the condition of the property itself

Question 6

fee simple estate

Answer 6

The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferrable and inheritable.

Question 7

Eminent Domain

Answer 7

The right of government to take private property for public use. The government will pay the owner fair market value

Question 8

Encroachment

Answer 8

An improvement on one parcel of real estate which extends onto someone elses property

Question 9

Encumbrance

Answer 9

Any claim or lien on a parcel of real estate, such as trust deeds, CC&R, easements, taxes, or assesments

Question 10

Equal Credit Oppurtunity Act

Answer 10

A 1974 federal enactment prohibiting lenders from discriminating against borrowers from a protected class

Question 11

Equity

Answer 11

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

Question 12

Escheat

Answer 12

The reverting of property to the State when there are no heirs

Question 13

Escrow

Answer 13

The depository process employed to facilitate the gathering of instruments and funds for use to transfer real estate interest between two persons.

Question 14

Estate

Answer 14

The interest a person may hold in real property, as defined by statute

Question 15

Estate for Years

Answer 15

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

Question 16

Federal Housing Administration (FHA)

Answer 16

An agency of the federal government that insures private mortgage loans for financing of new and existing homes and home repairs.

Question 17

Federal National Mortgage Association (FNMA)

Answer 17

Called Fannie Mae, is a quasi-public agency whose primary function is to buy, own and sell mortgages in the secondary market.

Question 18

Federal Reserve

Answer 18

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.

Question 19

fee estate

Answer 19

An indefinite, exclusive and absolute ownership interest in a parcel of real estate, the largest bundle of rights to be held in real estate.

Question 20

fee simple estate

Answer 20

The greatest interest that one can have in real property. An estate that is unqualified, of indefinite duration, freely transferrable and inheritable.

Question 21

Estoppel

Answer 21

A legal theory barring a person from later asserting or denying a condition based on a persons previous acts or statements

Question 22

Exclusive Agency Listing

Answer 22

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

Question 23

Exclusive right-to-sell listing

Answer 23

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

Question 24

Fiduciary duty

Answer 24

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.

Question 25

flashing

Answer 25

Thin pieces of impervious material such as a sheet metal installed to prevent water seepage into a structure from a joint.

Question 26

foreclosure

Answer 26

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

Question 27

for sale by owner

Answer 27

a property owners method of marketing property for sale without the use of a DRE licensed broker or agent to locate a buyer.

Question 28

fraud

Answer 28

the intentional use of deception to induce another person to act against their best interests resulting in the loss of property or money.

Question 29

freehold estate

Answer 29

An estate of indeterminable duration such as a fee simple or life estate.

Question 30

functional obsolescence

Answer 30

A loss of value due to adverse factors within the structure which affect the utility of the structure, and thus its value and marketability.