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Real estate > Vocab Words > Flashcards

Vocab Words Flashcards

1
Q

Appurtenances

A

The rights and improvements that are transferred with the land unless reserved or excepted

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2
Q

“Peet”

A

Police power
Eminent domain
Taxation
Escheat

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3
Q

Eminent domain

A

The right to take private property for public use with just compensation

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4
Q

Buffer zone

A

An are separating two incompatibly zoned areas from each other

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5
Q

Setback

A

The minimum distance from street and or lot lines beyond which a structure can be built

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6
Q

Variance

A

A use granted in violation of the zoning ordinance

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7
Q

Non-conforming

AKA. Grandfather use

A

Use which pre-dates the zoning ordinance and therefore may continue

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8
Q

Encumbrance

A

Any claim, right or interest held by one who who is not the legal owner of the land

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9
Q

Easement appurtenant

A

A right across one property for benefit of the adjacent property

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10
Q

Easement in gross

A

A right across one property for the benefit of an outside or 3rd party

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11
Q

Easement personal

A

One party has permission (license) to cross or use another’s property

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12
Q

Easement by necessity

A

Created when land held by a single owner is broken down into 2 or more parcels and one of the parcels is landlocked

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13
Q

Prescriptive easement

A

An easement created by adverse possession

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14
Q

Adverse possession

A

Is a statutory method of taking title to or acquiring an interest in the property of another

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15
Q

“NOCH”

A

Notorious
Open
Continuous
Hostile or adverse

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16
Q

Specific liens

A

Real estate taxes
Government assessments
Mechanics liens
Homeowners association assessment liens

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17
Q

Voluntary liens

A

Mortgage
Trust deeds
Land contracts

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18
Q

Statute of frauds

A

Requires certain contracts to be written to be enforced and to be signed by the parties or their authorized agents

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19
Q

Expressed contract

A

All of the terms have been stated between the parties, either verbally or in writing

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20
Q

Implied contract

A

A contract created from the actions or conduct of the parties

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21
Q

Executed contract

A

All terms have been performed by the parties

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22
Q

Executory contract

A

All the terms have not been fully performed

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23
Q

Valid contract

A

Contract contains all the essential elements

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24
Q

Open listing

A

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

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25
Q

Exclusive agency listing

A

The listing broker will be paid a commission if he/she finds a buyer, or if another broker finds a buyer

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26
Q

Net listing

A

Seller agrees to take specified amount as net proceeds and broker may retain amount of sales price above net amount.

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27
Q

Option listing

A

A listing where the broker has an option

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28
Q

Sherman Anti-trust act

A

Prohibits anti-competitive practices,

Brokers firms from agreeing to fixed commissions or prices

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29
Q

Universal agency

A

Agent has authority to represent the principal (client) in all matters

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30
Q

Special agent

A

The broker has limited authority

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31
Q

General agent

A

The broker has a broader authority

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32
Q

Contingency clause

A

Makes the sale contingent upon a certain event

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33
Q

Liquidated damages

A

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

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34
Q

Indemnification clause

AKA hold harmless clause

A

Provision whereby on party agrees to protect another party from damages or lawsuit

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35
Q

Leverage

A

Increase in rate of return through using borrowed money

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36
Q

Mortgage or trust deed

A

Hypothecated the property as collateral for the dept

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37
Q

Amortized

A

Level or constant payments including principal and interest

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38
Q

Budget

A

Payments made PITI. Taxes and insurance go into escrow account

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39
Q

Straight

A

Interest only during term of loan with principal due at maturity
(Balloon payment)

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40
Q

Negative amortization

A

The monthly payments are less than the interest. It’s added to the unpaid principal and the loan balance increases over the term of the loan

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41
Q

Arrears

A

Payment on real estate loans

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42
Q

FHA loans insured by who

A

Federal Housing Administration, HUD

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43
Q

VA is funded by

A

Department of Veterans Affairs

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44
Q

Purchase money loan

A

Seller carryback financing

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45
Q

Graduated payment loan

A

Payments are lower in the beginning but increase over the term of the loan

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46
Q

Open end loan

A

Allows borrower to borrow more funds within the same loan

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47
Q

Alienation clause

A

Allows the lender to declare debt due and payable if property is sold

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48
Q

Prepayment clause

A

Allows the lender to charge prepayment penalty for paying loan off early

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49
Q

Defeasance clause

A

Note and mortgage is null and void when debt is paid off

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50
Q

Users

A

Charging more then the set rate by law

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51
Q

Contract rate/ note rate

A

The rate specified in the note or contract

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52
Q

MIP

A

Mortgage insurance premium

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53
Q

Escape clause

A

The appraisal value must be equal to or greater than the purchase price.
Buyer must see appraisal

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54
Q

MGIC

A

Mortgage Guarantee insurance corporation

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55
Q

Loan assumption

A

Buyer does not originates a new loan but takes over payments and assumes personal liability on an existing loan

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56
Q

Novation

A

The process of the lender rewriting the terms of an existing loan

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57
Q

Warehousing

A

Gathering together many loans to sell in the second market

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58
Q

Assignment

A

Selling a loan to another lender

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59
Q

Estoppel certificate

A

Used when a lender in assigning the loan.

Verify the lease terms when the property is sold or refinanced

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60
Q

FNMA

A

Federal National Mortgage Association

Fannie Mae

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61
Q

FHLMC

A

Federal Home Loan Mortgage Corporation

Freddie Mac

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62
Q

GNMA

A

Government National Mortgage Association

Ginnie Mae

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63
Q

Consumer financial protection bureau

CFPB

A

Agency that administers and enforces many federal laws and rules relating to financing

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64
Q

Truth in lending act

Regulation Z

A

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

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65
Q

RESPA

A

Real estate settlement and procedures act

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66
Q

Fair credit reporting act

FCRA

A

Protects the public from the reporting of inaccurate information by credit bureaus

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67
Q

Americans with disabilities act

ADA

A

Prohibits discrimination against persons with disabilities by requiring equal access to public accommodations

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68
Q

Civil rights act of 1866

A

Prohibits discrimination based on race or color

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69
Q

Federal fair housing act of 1968

A

Prohibits discrimination on basis of race, color, religion, National Origen,or sex

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70
Q

Fair housing amendments act of 1988

A

Handicap (disability) status and familial status

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71
Q

D.U.S.T.

A

Demand
Utility
Scarcity
Transferability

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72
Q

Market value

A

The amount a willing buyer would pay and seller would accept in an arms length transaction

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73
Q

Principle of supply and demand

A

Value is affected by scarcity of a product and the desire for that item

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74
Q

Principal of highest and best use

A

Use of the property which will produce the greatest NET RETURN

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75
Q

Excess land

A

Land that is not needed to support the highest and best use

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76
Q

Principal 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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77
Q

Principal of regression

A

The presence of lesser properties adversely affected the value of greater properties

78
Q

Principal of contribution

A

The value of a component part is determined by how much it adds to or detracts from the value of the hole

79
Q

Principal of chance

A

Real estate values do not remain constant

80
Q

Principal of Development, Equilibrium and Disintegration

A

Property goes through phases of growth, stability and decline

81
Q

Principal of competition

A

Profit tends to breed competition which can reduce the profit

82
Q

Principal of anticipation

A

Value is affected by the expectation of future events

83
Q

Apprection

A

Is the increase in value for any reason

84
Q

Depreciation

A

Is a loss in value for any reason

85
Q

Functional obsolescence

A

Loss due to out dated features technological advances or poor design

86
Q

Economic obsolescence

A

Loss due to factors outside of property and usually incurable

87
Q

Cost approach

A

An appraisal approach in which the cost of building the structure is calculated depreciation is subtracted and the land value is added

88
Q

Depreciation

A

Loss in value for any reason

89
Q

Capitalization

A

Process of converting net income into value

90
Q

Economic life

A

Period of time over which the property will produce income and be economically beneficial to the owner

91
Q

Environmental protection agency abbreviation

A

EPA

92
Q

Arizona department of environmental quality abbr.

A

ADEQ

93
Q

Arizona department of water resources abbr.

A

ADWR

94
Q

Arizona department of real estate abbr.

A

ADRE

95
Q

Brownfield

A

Defect, derelict, or abandoned commercial or industrial site contaminated with hazardous and toxic waste

96
Q

Discovery aka due diligence

A

The process of investigating the property to determine if hazardous substances or pollution exist on the property

97
Q

Super fund

A

A fund set up by the federal comprehensive environmental response compensation and liability act (CERCLA) to bear the cost of cleaning up polluted properties

98
Q

Water quality assurance revolving fund (WQARF)

A

To bear the cost of cleanup for sites not covered by CERCLA

99
Q

Life estate

A

Owner ship interest created for the life of a certain person

100
Q

The holder of a life estate

A

Life tenant

101
Q

Conventional life estate

A

A life estate created by one person for another

102
Q

Estate (tenancy) for years

A

Rent is paid for a specified and definite period of time

103
Q

Estate at will

A

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

104
Q

Gross lease

A

Rent is a fixed payment amount for tenant

105
Q

Net lease (triple net lease)

A

Tenant pays a fixed amount plus the property expenses

106
Q

Sale leaseback

A

Owner sells the property to an investor and at the same time leases the property back from the investor

107
Q

Index lease

A

Rent is tied to an index

108
Q

Anchor lease

A

Lease with a major tenant such as a department store or supermarket

109
Q

Propriety lease

A

Lease in a co-op in which the tenant has the right to rent a particular unit

110
Q

Surrender and acceptance

A

Mutual agreement to end the lease

111
Q

Quiet enjoyment

A

Use of property without interference by lessor or others claiming a superior title

112
Q

Probate

A

Court proceeding that validates the will, totals the assets of the deceased and distributes them to the heirs

113
Q

Testate

A

Decedent dies with a will

114
Q

Intestate

A

Decedent does with out a will

115
Q

Holographic will

A

Completely hand written

116
Q

Nuncupative will

A

Oral will

117
Q

Devise

A

Transfer of real property through a will

118
Q

Descent

A

Transfer of real property from a persons who dies intestate

119
Q

Severalty ownership

A

Ownership by one person

120
Q

Joint tenancy (with right of survivorship)

A

Shared ownership by 2 or more people having the right of survivorship

121
Q

Automatic right of survivorship

A

At death on one joint tenant their interest passes to the other joint tenant automatically without probate

122
Q

Tenancy in common

A

Co-ownership by 2 or more persons with no right of survivorship

123
Q

Suit for partition

A

Legal action used to terminate a tenancy in common or joint tenancy

124
Q

Tenancy by the entireties

A

Ownership interest between husband and wife only with the right of survivorship

125
Q

Warranty deed

A

Conveys the grantor’s interest and warrants title against all claims

126
Q

Special warranty deed

A

Convey’s the grantors interest and warrants titles against claims arising only from the grantors actions

127
Q

Bargain and sale deed

A

Conveys the grantors interest but has no expressed warranty

128
Q

Quit claim deed

A

Release all of the grantors interests

129
Q

Habendum clause

A

Explains or defines the total being transferred

130
Q

Constructive notice

A

Notice given when a document is recorded in the county in which the property exists

131
Q

Actual notice

A

Obtained by an inspection of the property other records or by actual knowledge of a fact

132
Q

Affidavit of value replaced……

A

Transfer tax stamps

133
Q

Merchantable(marketable) title

A

Is without cloud or defect

134
Q

Abstract of title

A

A summery of the chain of title

135
Q

Chain of title

A

Is a complete history of the property

136
Q

Owner title policy

A

Protects the buyer against certain defects

137
Q

Page of exceptions

A

A list of items not covered

138
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

139
Q

Title plant

A

Duplicate set of public records

140
Q

Preliminary title report

A

Issued prior to closing of the sale

141
Q

Subrogation

A

The substitution of a third person in place of another in relation to a claim or dept

142
Q

Bulk sales affidavit

A

Provides buyer of a business with a list of seller’s creditors

143
Q

Gross scheduled income

A

Projected rent if property is 100% occupied

144
Q

Credit losses

A

Rent which was owed by a tenant but unable to be collected

145
Q

Article XXVI of the Arizona constitution

A

Give licensees the authority to prepare all types of real estate contracts

146
Q

Statute of frauds

A

Requires real estate contracts to be in writing to be enforceable

147
Q

Commissioners rules

A

Not a law but have the force and effect of law on licensees

148
Q

Real estate commissioner

A

Appointed by the governor

149
Q

Commissioners duties

A 
PAMI
promulgate
Audit
Manage
Investigate
150
Q

Real estate advisory board

A

Ten members
Appointed by the governor and meet quarterly
Receive no compensation

151
Q

Real estate broker

A

Someone who for another and for compensation performs real estate services

152
Q

Real estate salesperson

A

A person engaged to represent a real estate broker

153
Q

Attorney-in-facts

A

Holding a specific power of attorney acting in an isolated transaction

154
Q

Subdivision

A

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

155
Q

Public report

A

A statement of important facts relating to a subdivision which allows the purchaser to make an informed decision regarding the property

156
Q

Right to rescind

A

Buyer has a 7 calendar day right

157
Q

Affidavit of disclosure

A

Applies to any property that is in the unincorporated area of a county and not in a recorded subdivision

158
Q

Real estate timeshare

A

Is a share or interest in real property with a right to use the facility for a certain period of time

159
Q

Hypothecation

A

Is a pledge of real property as security without giving possession of the property to the lender

160
Q

Default

A

Failure to comply with ANY terms of the note or mortgage

161
Q

Lis pendens

A

States that litigation is pending against the property owners

162
Q

Deed of reconveyance

A

Is the document that evidences the release of a deed of trust

163
Q

Right of reinstatement

A

Trustor (borrower) can cure default by paying back payments at any time before the forced sale

164
Q

Lien theory

A

States the mortgage or trust deed does not convey any ownership to the lender

165
Q

Title theory

A

States legal title is conveyed to the lender

166
Q

Deficiency judgment

A

A judgment obtained by a lender when a foreclosure sale brings less then the amount owed

167
Q

Ad valorem

A

According to value

168
Q

Affidavit of value

A

Shows the sale price and is required to record the deed upon property transfer

169
Q

Full cash value

A

Is determined using standard appraisal techniques at the beginning of each calendar year for the next year

170
Q

Limited property value

A

All real property taxes are calculated based on the LPV

171
Q

Assessed value ratio

A

Set by state law

172
Q

Treasurer’s sale

A

Treasurer sells tax lien at auction and issues a certificate of purchase to the bidder

173
Q

Assessment

A

Lien against property for public improvements

174
Q

Mechanics liens

A

Liens for labor or material supplied to a property

175
Q

Ad valorem tax

A

Real property taxes are based on value

176
Q

Distraint

A

Holding a tenants personal property for back rent is abolished in az

177
Q

Doctrine of prior appropriation ( first in time- first in right)

A

The state regulates surface water rights through

178
Q

Overdraft

A

The over pumping of groundwater faster than it can be replaced by nature

179
Q

INA’s

Irrigation Non-expansion areas

A

Are areas where irrigation uses threaten to exceed limited water supplies

180
Q

AMA’s

Active management areas

A

Is an area where excessive overdraft is occurring

181
Q

Certificate of assured water supply

A

100 year supply guarantee of water

182
Q

Type 1 non-irrigation right

A

Water use has been retired from irrigation

183
Q

Type 2 non-irrigation right

A

Based on historical groundwater pumping for a non-irrigation use such as livestock watering, industry or golf course

184
Q

Metes and bounds

A

A method of describing property boundaries using distances and compass directions from point to point

185
Q

Recorded plat or lot & block

A

A subdivision map that shows the location and boundaries of individual parcels and is recorded with the county recorders

186
Q

Government survey aka public land survey system (PLSS)

A

A method of land description based on survey lines that run north to south and east to west

187
Q

Ranges

A

Lines run north and south every 6miles from the principal meridian

188
Q

Townships

A

Six miles by six miles square parcels of land formed by the intersection of range and township lines

189
Q

Section

A

A parcel of land 1 mile by 1 mile

190
Q

Check

A

Is a parcel which is 24 miles square and contains 16 townships

191
Q

Correction township

A

Are distorted to correct for the earths curvature.

Real estate (5 decks)

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