vocabularies

Question 1

Appurtenance

Answer 1

That which has been added to a property, which becomes an inherent part of the property, and will pass with it when conveyed; includes improvements.

Question 2

Tenements

Answer 2

All rights in land that pass with a conveyance of the land.

Question 3

Chattel

Answer 3

占有権：Personal property that is tangible and movable; personalty

Question 4

Seisin

Answer 4

Possession of real property by on entitled thereto; a warranty that at the time of delivery of a deed, the grantor actually has the right and capacity to convey good legal title; also called “Seizen”.

Question 5

Reversionary Interest

Answer 5

A present right to future possession of an estate.

Question 6

Condition Precedent

Answer 6

where a condition needs to happen prior to the transfer of property.

Question 7

Condition Subsequent

Answer 7

A condition where if something happens of doesn’t happen title will not transfer.

Question 8

Life Estate

Answer 8

An estate or interest in real property held for the duration of the life of a certain person. Upon the expiration of that life, the estate will automatically be vested in a remainderman or reversioner.

A person holding a life estate is free to lease, mortgate, or sell the property to someone else, but this lease, mortgage, or sale, is subject to the lifetime limiation of that life tenant. (t cannot DEVISE)

Remainderman - The one in whom an estate vestes after termination of a prior estate.

Question 9

Leasehold Estates

Answer 9

These are (q) tenancy for years; (b) periodic tenancy; (c) tenancy at will; and (d) tenancy at sufferance. It is also called “less-than-freehold”

Question 10

escheat

Answer 10

which is the right of the State after 15 years to claim land abandoned or left by a person having neither a will nor next kin.

Question 11

Dedication

Answer 11

An appropriation of land by its owner for some public use, and acceptance for such use by authorized public officials on behalf of the public. In certain cases 5 years of uninterrupted public use will be considered an acceptance.

Question 12

Easement appurtenanct

Answer 12

an easement that is attached to and runs with the land, and is usually given to a quasi-public corporation, such as the electric or phone company.

Question 13

Prescription

Answer 13

an easement or title obtained by possession for a prescribed period; prescriptive rights. Prescriptive period is for 20 years or more.

Question 14

Easement in Gross

Answer 14

An easement which encumbers the land, and is usually given to a quasi-public corporation, such as the electric or phone company.

Question 15

Restrictive Covenant

Answer 15

A limitation on the use of a property placed in a deed; a private restriction.

Question 16

Community property

Answer 16

Property accumulated and owned in common through join efforts of husband and wife during their marriage.

Question 17

FHA

Answer 17

FEDERAL HOUSING ADMINISTRATION (FHA)
An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.

Question 18

FNMA

Answer 18

FANNIE MAE (FNMA)
The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds.

Question 19

GINNIE MAE

Answer 19

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GINNIE MAE)
A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA)

Question 20

VA

Answer 20

VETERANS ADMINISTRATION (VA)
An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.

Question 21

TRUTH-IN-LENDING

Answer 21

A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

Question 22

RESPA

Answer 22

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)

A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Question 23

PITI

Answer 23

PRINCIPAL, INTEREST, TAXES, AND INSURANCE (PITI)
The four components of a monthly mortgage payment on impounded loans. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.

Question 24

LOAN-TO-VALUE (LTV)

Answer 24

The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).