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California Real Estate > VOCABS > Flashcards

VOCABS Flashcards

1
Q

Bundle of Rights

A

Legal rights of a title

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2
Q

Easement

A

right to use land of another

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3
Q

Tenant improvement allowances

A

amount landlord is willing to spend so tenant can renovate a commercial space to make it more appropriate tp whatever they are doing

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4
Q

Abandonment

A

voluntarily giving up rights of responsibility of possession of the property

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5
Q

Sale Lease Back

A

sells property, then sells it back. Becomes tenant of new owner

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6
Q

Sandwich Lease

A

(Sub Lease)

Existing tenant leases to a third party

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7
Q

Gross Lease

A

Tenant pays a fix amount to the landlord

Residential

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8
Q

Net Lease

A

Tenant pays for insurance taxes and maintenance

more common on commercial property

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9
Q

Percentage Lease

A

amount of rent payed by the lessee if a percentage of gross income of the lessee’s business
(commercial parking lot)

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10
Q

Leases

A

contract between lessor and lessee which gives possession, not ownership to the lessee.
(personal property)

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11
Q

Chattel Real

A

tangible moveable personal property

Cow moves

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12
Q

Estate at Sufferance

A

tenant continues to occupy after the rental agreement is ended (owner is suffering)

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13
Q

Estate at Will

A

can be ended at anytime by landlord or tenant

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14
Q

Periodic Tenancy

A

tenancy is renewed periodically

week to week, month to month

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15
Q

Estate for years

A

Estate or tenancy lasting for a fixed amount of time

summer rental, two dates attach to it

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16
Q

Less Than Freehold Estate

A

hold for defined length of time

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17
Q

Life Estate pur autre vie

A

interest in real property that last the length of someone’s life who is not the life tenant
(goes back to original owner)

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18
Q

Life Estate

A

interest in real property that last the length of someone’s life

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19
Q

Fee simple defeasible

A

puts condition on use of a property

no alcohol served on property

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20
Q

Fee Simple Estate

A

a “type of freehold estate” can be sold or inherited

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21
Q

Freehold Estate

A

ownership is held of an undefined length of time

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22
Q

Appurtenances

A

Goes with the land (Real Property)

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23
Q

Reliction

A

gradual recession of water leaving land uncovered

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24
Q

Avulsion

A

sudden violent tear of land by water.

if a dam breaks water comes rushing down

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25
Q

Accretion

A

increase in the amount of land due to natural causes

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26
Q

Riparian Rights

A

Rights an owner would have when they live along side a moving body of water. (River)

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27
Q

Littoral Rights

A

Rights an owner would have if they live on a static body of water. (Lake Sea or Ocean)

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28
Q

Trade Fixture

A

type of fixture linked to a business

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29
Q

Fixture

A

personal property that is now considered real property

incorporated into land

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30
Q

Personal Property

A

goes with person when sold

moveable

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31
Q

Real Property

A

cant move

goes with real estate

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32
Q

Subleases

A

Existing tenant leases to a third party

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33
Q

Encroachment

A

building thats on another persons land

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34
Q

Assignment

A

when one party passes responsibility to another

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35
Q

Surrender

A

giving up possession of property

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36
Q

Constructive eviction

A

fail to do something that they are legally obligated to do.

making sure there is no heating when its freezing outside

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37
Q

Estoppel Statement

A

sign statement certifying certain facts are correct

cant contradict by signer

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38
Q

Deeds

A

Evidence of a title transfer

receipt when you buy

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39
Q

Grant Deed

A

A Deed that includes two implied warrantees

1) Grantor didn’t give title
2) estate has no enclose encumbrances

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40
Q

Quitclaim Deed

A

Deed operates as release
(fast, quickly)
transfer ownership

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41
Q

Warranty Deed

A

Property owner transfers title warrants he owns title free and clear of all leins
(No Money is Owed)

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42
Q

Special Warranty Deed

A

grantor warrants against defects the occurred during ownership

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43
Q

General Warrant Deed

A

seller guarantees that he or she holds clear title of real estate and has rights to sell free and clear

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44
Q

Bargain and Sale Deed

A

Conveys real property without conveyances

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45
Q

Reconveyance

A

borrower is release from mortgage debt and transfers the title from the beneficiary to the borrower
(evidence everything is payed off)

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46
Q

Title

A

shows ownership of property

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47
Q

Chain of Title

A

record of all previous owners of a particular land

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48
Q

Abstract of Title

A

provides title deeds and documents a right to dispose the land

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49
Q

Cloud on title

A

shows defects on title

unreleased lein

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50
Q

Quiet title action

A

court action to remove cloud on title

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51
Q

Alienation of Title

A

loss of title

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52
Q

Title Insurance

A

insures against any losses due to defects with title after its been examine.

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53
Q

Standard Policy of Title Insurance

A

most buyers get to protect themselves from defective delivery of deed.

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54
Q

Extended policy of title Insurance

A

insurance policy with increase coverage

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55
Q

Estate in Severalty

A

property owned by one individual or corporation

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56
Q

Concurrent Estate

A

property owned by more than one person

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57
Q

Joint Tenancy

A

the right of survivorship

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58
Q

Tenancy in Common

A

if tenant dies, it goes to heirs

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59
Q

Encumbrances

A

burden of property

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60
Q

Easement

A

right to use someone else is land for special purpose

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61
Q

Dominent Tenement

A

land enjoined the easement

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62
Q

Servient Tenement

A

land burden by the easement

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63
Q

Easement by prescription

A

easement granted after someone entered for a period of time that’s given a right to do so.

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64
Q

Zoning

A

Police power that divides and into area for designated use

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65
Q

Variance

A

Exception to the rule

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66
Q

Down Zoning

A

Commercial to Residential

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67
Q

Grandfather Clause

A

exempt from new rule

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68
Q

Nonconforming Use

A

A type of zoning variance where a parcel of land may be given an exception from current zoning ordinance due to improvements made by prior owner or before the current zoning ordinances made the desired use non-conforming under local law.

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69
Q

Building Codes

A

Protect public health, safety and general welfare

70
Q

Interstate

A

No will

71
Q

Testate

A

Has a will

72
Q

Probate

A

executor for the estate of deceased person sells property in order to divide the property among the beneficiaries

73
Q

Holographic Will

A

written by hand

74
Q

Marginal Tax Rate

A

percentage taken from your next dollar of taxable income.

75
Q

1031 Tax Deferred Exchange

A
  • Defer Taxes

- Identify 45 days, acquire within 180 days of closing pervious property.

76
Q

Boot

A

Fair housing value of other property received in an exchange

77
Q

Ad Valorem

A

Latin for according to value

78
Q

Condemnation

A

Process of Compensation a person gets when property is taken by eminent domain.

79
Q

Inverse Comdemnation

A

Suing government for compensation when property is taken.

80
Q

Encroachment

A

when a structure is built in part in a neighbors property

81
Q

General Liens

A

lien against all personal property

82
Q

Voluntary Lien

A

lien that exist of an action taken by a debtor

83
Q

Involuntary Lien

A

Lien that were imposed on an individual

i.e. tax judgment lien

84
Q

Mechanic Lien

A

Lien on behalf who have supplied labor or materials that improve property

85
Q

Judgment Lien

A

Lien placed by the court

86
Q

Lis Pendis

A

lawsuit pending involving either the title to the property or a claimed ownership interest in it.

87
Q

Injunction

A

Court order that compels a party to do or refrain from specific acts

88
Q

Constructive Notice

A

Signifies that a person should have known as a reasonable person would have

89
Q

Actual Notice

A

Personally given to somebody

90
Q

Escrow

A

Neutral third party

91
Q

Debit

A

Money owned

92
Q

Credit

A

Money received

93
Q

Short Rate

A

A higher periodic rate for short term than what was originally contracted.

94
Q

Impounds

A

Money set aside by lender to pay for recurring cost that take priority over loan such as taxes and insurances

95
Q

RESPA

A

Eliminating kickbacks and referral fees which add unnecessary to settlement services

96
Q

TILA

A
  • Inform use of consumer credit
  • Require disclosures about its terms and cost to standardize the manner in which cost associated with borrowing are calculated and disclosed.
97
Q

Fair Housing Act

A

1968 act banning refusal to sell or rent a dwelling to any person because of race, color, religion, sex or national origin

98
Q

Jones vs Mayer

A

1968 court case that banned all racial recrimination, private as well as public, in the sale or rental of property based on the thirteenth amendment

99
Q

Sherman Anti-Trust Act

A

Bans anti competitive behavior such as price fixing

100
Q

Americans with Disabilities Act

A

1990 act prohibiting discriminations against people with disabilities in employment, transportation, public accommodation, communication and government activities.

101
Q

Misrepresentation

A

The action or offense of giving a false or misleading account of the nature of something.

102
Q

Material Fact

A

A fact that if known, might have caused a buyer or seller of real estate to make a different decision

103
Q

Actual Fraud

A

Fraud committed with the actual intent tp deceive and thereby injur another

104
Q

Constructive Fraud

A
  • Person gained an unfair advantage over another by unfair methods.
  • Intent does not need to be shown.
105
Q

Commingling

A

mixing of funds

106
Q

Puffing

A

Gross exaggeration of facts

107
Q

Caveat Emptor

A

Latin for buyers beware

108
Q

Essential of Valid Contract

A

Mutual consent
Lawful object
Consideration
capable party

109
Q

Void Contract

A

Lack one one of the 4 essential elements

110
Q

Voidable Contract

A

Option to rescind

111
Q

Bilateral Contract

A

Promise for a promise

example would be a exclusive listing

112
Q

Unilateral Contract

A

Promise for an act

example would be a open listing or a option contract

113
Q

Executed Contract

A

A contract that has been fully preformed

114
Q

The Statute of Frauds

A

States what contract must be in writing

115
Q

Stature of Limitation

A

States time frames for certain contracts

116
Q

Novation

A

Latin for new as in relates to contracts

117
Q

Codicil

A

Amendment

118
Q

Agency

A 
A.C.O.L.D.
Accountability
Care
Obedience
Loyalty
Disclosure
119
Q

Fiduciary

A

A position of trust, good faith and honesty

120
Q

Actual Authority

A

Expressly conferred by a principal to and agent to act on the principals behalf

121
Q

Ostensible Authoity

A

Authority granted by acceptance of action on the principals behalf

122
Q

Dual Agent

A

Buyer and Seller have the same broker

123
Q

General Agent

A
  • Authorized to preform any and all acts associated with the job
  • A real estate licensee acting in the capacity of a property manager
124
Q

Special Agent

A
  • Limited authority granted to him or her through principal
  • Relationship with the principal is not expected to be continuous
  • Listing contract creates a special agency
125
Q

Listing

A

Bilateral employment contract

126
Q

Exclusive Listing

A
  • One broker can be paid

- no need to show you are procuring cause in order to be compensated

127
Q

Exclusive Authorization and Right to Sell Listing

A

Broker gets paid if property sold regardless of procurance cause

128
Q

Open listing

A
  • Seller can hire multiple brokers

- Broker that proves procuring cause would be compensated.

129
Q

Net Listing

A

Money revived above and beyond a designated amount

130
Q

Protection Period Cause

Safety Clause

A

Compensated after listing expires if you can prove you are the procuring cause

131
Q

Contingency Clause

A

Defines a condition or action that must be met in order for a real estate contract to become binding.

132
Q

Hold Harmless Clause

A
  • AKA a liability waiver
  • agreement whereby parties agree not to hold the other party responsible for any loss, damage or legal liability that may arise under the agreement.
133
Q

Interim Occupancy Agreement

A

Staying after sale

134
Q

Deposit

A

Placing something of value to show that you are serious about your offer

135
Q

Value

A

What a willing buyer is willing to pay on the open market

136
Q

Essential Element of Value

A

STUD

Scarcity
Transferability
Utility
Demand

137
Q

Principle of Substitution

A

no prudent person would pay for a property when another one readily available that has the same use, and income for less

138
Q

Principle of Contribution

A

How much does an item contribute to the net income of a property

139
Q

Principle of Regression

A

The value of a more expensive home placed in a neighborhood of less expensive homes will drop in value

140
Q

Principle of Progession

A

Value of less expensive properties will increase when placed in the area of more expensive properties

141
Q

Principle of Highest and Best Use

A
  • How much of a net returen you can get by building on the property
  • If the use is temporary, it would then be considered the Interim use
142
Q

Plottage

A

Combine land to make one

143
Q

Appraisal

A

Estimate of value

144
Q

Narrative Appraisal

A

A comprehensive appraisal report is a “complete” appraisal

145
Q

Market Data Apprpach

A
  • Examination and comparison of actual sale of comparable properties.
  • Bust used to find values of houses and vacant lots
146
Q

Cost Approach

A
  • Finding out how much would it cost to replace the building brand new
  • Better for new building not old
147
Q

Capitalization Approach

A
  • Converts income into value
  • A property that can prove to bring in more income will increase the value
  • Most appropriate for a shopping center
148
Q

Gross Multipliers

A

Price divided by rent

149
Q

Cap Rate

A

Higher Cap rate represents higher risk

150
Q

Acre

A

43,560 sq ft

151
Q

Depreciation

A

Loss in value to any cause

152
Q

Mortgage

A

A voluntary, specific lien

153
Q

Mortgage Brokers

A
  • Intermediary between consumers and lenders

- Mortgage broker originates loans while the mortgage lender funds loans.

154
Q

Interest

A

Rent on money

155
Q

Leverage

A

Borrowed capital to increase the potential return of an investment

156
Q

Amortization

A

Paying off of debt

157
Q

Negative Amortization

A

Interest paid but debt increases

158
Q

Balloon Loan

A

Loan that does not fully amortize over its term

159
Q

Appreciation

A

increase in value over time

160
Q

Construction Loan

A

Short term loan use to finance the building or a property

161
Q

Obligatory Advances

A

Money given during a construction loan at agreed upon stages

162
Q

Participation Loan

A

A loan that requires interest plus a portion of the profits as payments

163
Q

Interim Loan

A

Short term financing

164
Q

Take-Out-Loan

A
  • Long term loans replaced interim
  • Financing, such as a short-term construction loan
  • Usually mortgages with fixed payment that are amortizing
165
Q

Subject To

A

seller liable, buyers not liable

166
Q

Assume

A

relieves seller, buyer is liable

167
Q

Hypothecate

A

Pledging an assets as collateral for a loan while retaining ownership

168
Q

Subordination Clause

A

Current debts will take priority over debts made in future

169
Q

Prepayment Clause

A

Pays down or pays off mortgage

170
Q

Prepayment Penalty

A

Regulates what the borrower is allowed to pay off and when.

171
Q

Due-on-sale Clause

A

Balance of the loan may be called to repay in full upon sale

California Real Estate (2 decks)

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