Vocab: H, I, J, K Flashcards
Habendum Clause
The “to have and to hold” clause in a deed
Heir
One who inherits property on the death of an owner
Highest and Best Use
An appraisal phrase addressing the use of a property which is most likely to produce the greatest net return on the land and/or buildings over a given period of time.
Hold Harmless Clause
A provision in an agreement that shifts liability between parties
Home Owner Mortgage Disclosure Act
A regulatory scheme requiring lenders to publically release loan data
Homeowners Association (HOA)
An organization made up of owners of units within a common interest development (CID) which manages and operates the project through enforcement of CC&R’s
Homestead
The dollar amount of equity in a homeowners principal dwelling the homeowner qualifies to exempt from creditor seizure
Hypothecate
To pledge a thing as security without the necessity of giving up possession of it. (Collateral)
Implicit Discrimination
Actions which are not openly discriminatory but yield discriminatory results
implied warranty of habitabilty
An unwritten provision included by statute in all residential lease agreements requiring the landlord to provide safe and sanitary conditions in the rental unit
Impound Account
A money reserve of a mortgage borrowers funds held by a lender or carryback seller to pay for annual property obligations owed by the owner to others
Income Approach
One of the three methods of the appraisal process applied to income producing property to develop the appraiser opinion of value
Independent Contractor
A salesperson employed by a broker under an employment arrangement which avoids income tax withholding and unemployment benefit payments by the broker
Inflation
THe price change in consumer goods and services, stated in the consumer price index (CPI) as a figure which is reported as a percentage change over one year ago
Ingress and Egress
Access to a property by its owner directly from publicly dedicated streets or by using their right to traverse a portion of anothers land using an easment
Interest Rate
The percentage rate charged for the use or the delay in payment of money. Rent or charge paid for use of money, expressed as an annual percentage of the sum borrowed
Interpleader
A court proceeding initiated by the holder of money or other property, often an escrow company, who claims no proprietary interest in it, for the purpose of deciding who among claimants is legally entitled to the property
Intestate
A person who dies having made no will, or whose will is defective in form, is said to have died intestate in which case the estate descends to the heirs
Joint Tenancy
Ownership of an interest in property concurrently conveyed to two or more individuals who share equally and have the right of survivorship
Joist
A horizontal support running between a property’s foundations, walls, or beams to support its ceiling or floor
Kickback
A fee improperly paid to an transaction agent who rendered no service beyond the act of referring in exchange for a referral fee when the agent is already providing another service in the transaction for a fee
