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Real estate > Vocab To Focus On > Flashcards

Vocab To Focus On Flashcards

1
Q

Condemnation

A

The process of taking property through eminent domain

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2
Q

Right to eminent domain

A

To take private property for public use with just compensation paid

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3
Q

Zoning variance

A

A use granted in violation of the zoning ordinance

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4
Q

Special agency

A

The broker has limited authority

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5
Q

Exclusive right to sell listing

A

Listing broker will be paid if he or any one else finds a buyer

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6
Q

Liquidated damages

A

The amount pre determined by the parties as the total amount of compensation an injured party should receive if the other party breaches contract

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7
Q

Executors contract

A

All the terms have not been fully performed. Prior to closing a signed purchase contract is executory

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8
Q

Earnest money

A

Money given by the buyer to show the seller the buyers good faith intention to complicate the contract

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9
Q

Defeasance clause

A

States that the not and mortgage are null and void when the borrower pays off the debt

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10
Q

Principle of conformity

A

Value will tend to be more stable in an area where there is a reasonable degree of conformity

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11
Q

Direct sales comparison approach

A

Estimating the value of the subject property by comparing the subject property with similar properties that have recently sold

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12
Q

Cost

A

The amount of money required to produce an item at today’s price

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13
Q

Plottage (assemblage)

A

Increase in value by bringing small parcels under one ownership

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14
Q

Highest and best use

A

The use of the property which will produce the greatest Net Return

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15
Q

Functional obsolescence

A

Loss due to outdated features technological advances or poor design

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16
Q

Market data

A

Relies on a large number of buyers and sellers acting in the market place

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17
Q

Capitalization rate (cap rate)

A

The rate of return an investor wants to receive or that the property is producing

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18
Q

Fee simple absolute

A

Highest form of ownership and the common form of ownership

All of the bundle rights forever

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19
Q

Index lease

A

Rent is tied to an index, such as consumer price index. Can go up or down

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20
Q

Option lease

A

Lease with option to buy or re-lease

21
Q

Percentage lease

A

Base rent is paid plus a percentage of leesee’s gross sales volume

22
Q

Estate at will

A

A less formal type of tenancy where the lessor gives permission to the lessee to use the property

23
Q

Tenancy in common

A

Co-ownership by two or more persons with no right of survivorship

24
Q

Bequest

A

A gift of personal property through a will

25
Q

Devise

A

Transfer of real property through a will

26
Q

Voluntary alienation

A

An uncoerced transfer by gift or deed

27
Q

Joint tenancy

A

Shared ownership by two or more people having the right of survivorship

28
Q

Co-op (cooperative)

A

A corporation holds title to the building and the unit buyer purchases shares in the corporation

29
Q

Abstract of title

A

A summary of the chain of title

30
Q

ALTA title policy

A

An insurance policy that protects the lender against defects which could be determined by an inspection of the public records

31
Q

Reservation and exception clause

A

The grantor may reserve a right, such as an easement across the property or life estate

32
Q

Quit claim deed

A

Releases all of the grantor’s interest

33
Q

Option

A

The right to buy or lease a property within a specified period for a specified price and terms

34
Q

Open listing

A

The listing broker will be paid a commission only if he/she finds a buyer for the property

35
Q

Redlining

A

Altering the terms or conditions for home loans in specific geographic areas as a means of discrimination

36
Q

Involuntary alienation

A

Forced transfer through any of the following
Eminent domain
Adverse possession
Foreclosure proceedings

37
Q

Easement

A

The right to use another’s property for a specific purpose

38
Q

Tenants in common

A

Co-ownership by two or more persons with no right of survivorship

39
Q

Unilateral contract

A

One party makes a promise to induce other party into action

40
Q

Primary function of FNMA

A

Buy conventional loans

41
Q

Truth in lending act

A

Federal law that requires lenders to disclose all the terms and costs in obtaining a consumer loan

42
Q

Central Arizona project (CAP)

A

100 year water supply

43
Q

Subdivision

A

Land which is divided into six or more lots, parcels or fractional interests created for sale or lease

44
Q

Trust deed (deed of trust)

A

Will allow the lender to foreclose without a court action (secures the lenders interests)

45
Q

Arizona ground water management codes

A

Irrigation non-expansion areas (INA’S)

Active management areas (AMA’S)

46
Q

AMA’S

A

An area where excessive overdraft is occurring

47
Q

INA’S

A

Area where irrigation uses threaten to exceed limited water supplies

48
Q

Distraint

A

Holding a tenants personal property for back rent. Abolished in AZ.

Real estate (5 decks)

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