vocabulary Flashcards
Mixing escrow funds with personal funds
Commingling
Using escrow funds for unauthorized purposes
Conversion
established citizenship for African Americans, prohibited discrimination against them, and protected their rights to property and due process
Civil Rights Act of 1866
this act added gender to the list of protected classes.
The Housing and Community Development Act
the denial of loans or other credit services to people who live in certain neighborhoods because they are “risky”.
Redlining
a real estate practice where a buyer intentionally scares homeowners into selling their properties at low prices
Blockbusting
a real estate practice that involves influencing a buyer’s choice of neighborhood based on their race, religion, or other protected characteristic.
steering
what is the abbreviation for Office of Fair Housing and Equal Opportunity
FHEO
a shared database of real estate data and information. Not only can you list properties for sale, you can view property details, historical sales data, tax records, demographic information, maps to property locations, statistical data for property sales over time, and other valuable information.
MLS (multiple listing service)
The largest, most popular site for online video viewing and sharing is
YouTube
what is puffing
the exaggeration of material facts to increase the perceived value of a property
what is Negligent misrepresentation
Making a statement the licensee should have known was false
what is omission
when important information is left out or not disclosed
what is a ad that is misleading, deceptive, or discriminates against protected groups
unfair ad
The Earth’s surface extending downward to the center of the earth and upward to infinity, including permanently attached natural objects
land
Land, plus all things permanently attached to it naturally or artificially
real estate
Real estate, plus the interests, benefits, and rights automatically included with real estate ownership
real property
Permanent, man-made attachments that include things such as fencing, buildings, and walkways
improvements
As you know, the definition of real property includes interests, benefits, and rights. Can you identify what the rights are?
Enjoyment
Disposition
Possession
Control
Exclusion
Right to occupy the property
possession
Right to determine how others may use the property
control
Right to (legally) use the property however the owner desires
enjoyment
Right to refuse others access to your property
exclusion
Right to determine how, when, and whether the property is to be sold, leased, mortgaged, or transferred
Disposition
Another word for personal property
chattel
Growing crops, such as decorative trees or corn, which are produced annually; usually not considered fixtures, but are the personal property of the person who planted them
emblements
what dose M.A.R.I.A stand for
Method of annexation
Adaptability of item to land’s use
Relationship of the parties
Intention in placing them on land
Agreement of the parties
(also known as attachment) refers to whether the item is attached to the property and how permanent the attachment is
annexation
nonhomogeneity
Uniqueness, the inability to exactly replicate something.
what is a professional on-site measurement of a property’s lot lines and dimensions, including the location of any improvements (such as a house) on the lot, any encroachments that may exist, and any easements of public record.
A survey
what is it that describes property boundaries using precise locations, distances, and compass directions.
Metes and bounds
what is A legal description that refers to a lot and block number within a subdivision as indicated on a recorded subdivision plat
Ex. When April looked up her tax record, it included the lot-and-block legal description of her property, which read in part: “Lawndale, Block 4, Lot 6.”
Lot and blocks
A limitation on a property title, such as a lien or easement
encumbrance
The illegal intrusion of some structure or object across a property boundary line
encroachment
The authorized use of another’s property for a specific purpose;
easement
Are CC&Rs put in place by a Homeowner’s Association are a form of encumbrance.
yes
