Vocab: H, I, J, K

Question 1

Habendum Clause

Answer 1

The “to have and to hold” clause in a deed

Question 2

Heir

Answer 2

One who inherits property on the death of an owner

Question 3

Highest and Best Use

Answer 3

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.

Question 4

Hold Harmless Clause

Answer 4

A provision in an agreement that shifts liability between parties

Question 5

Home Owner Mortgage Disclosure Act

Answer 5

A regulatory scheme requiring lenders to publically release loan data

Question 6

Homeowners Association (HOA)

Answer 6

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

Question 7

Homestead

Answer 7

The dollar amount of equity in a homeowners principal dwelling the homeowner qualifies to exempt from creditor seizure

Question 8

Hypothecate

Answer 8

To pledge a thing as security without the necessity of giving up possession of it. (Collateral)

Question 9

Implicit Discrimination

Answer 9

Actions which are not openly discriminatory but yield discriminatory results

Question 10

implied warranty of habitabilty

Answer 10

An unwritten provision included by statute in all residential lease agreements requiring the landlord to provide safe and sanitary conditions in the rental unit

Question 11

Impound Account

Answer 11

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

Question 12

Income Approach

Answer 12

One of the three methods of the appraisal process applied to income producing property to develop the appraiser opinion of value

Question 13

Independent Contractor

Answer 13

A salesperson employed by a broker under an employment arrangement which avoids income tax withholding and unemployment benefit payments by the broker

Question 14

Inflation

Answer 14

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

Question 15

Ingress and Egress

Answer 15

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

Question 16

Interest Rate

Answer 16

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

Question 17

Interpleader

Answer 17

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

Question 18

Intestate

Answer 18

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

Question 19

Joint Tenancy

Answer 19

Ownership of an interest in property concurrently conveyed to two or more individuals who share equally and have the right of survivorship

Question 20

Joist

Answer 20

A horizontal support running between a property’s foundations, walls, or beams to support its ceiling or floor

Question 21

Kickback

Answer 21

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