Vocabulary Flashcards
Recorded notice stating a lawsuit is pending that may affect title to the defendant’s real estate.
Lis Pendens
A lien against all property of
a debtor, instead of just one particular property.
General Lien
A judicial proceeding in which the validity of a will is established and the executor is authorized to distribute the estate property; or, when there is no valid will, a judicial proceeding in which an administrator is appointed to distribute the estate to heirs according to the laws of intestate succession.
Probate
for the life of another —used of an estate the tenancy of which is measured by the life of a person other than the tenant — compare life estate
pur autre vie
A freehold estate lasting only as long
as a specified person does lives. That person
is referred to as the measuring life.
Life Estate
A lien that attaches only to a particular property.
Specific Lien
Deed that contains no covenants or warranties although ownership is implied.
Referee’s Deed
The actual lawful ownership of real property and refers to holding the bundle of rights conveyed. Title is not a document, but rather a theory pertaining to ownership.
Title
A person with easement
rights on another’s property; either the owner of a dominant tenement, or someone who has an easement in gross.
Dominant Tenant
Property that receives the benefit of an appurtenant easement.
Dominant Tenement
The ratio of total assessed
value to the municipality’s total market
value
Level of Assessment (LOA)
The amount of money borrowed, compared to the value (or price) of the property.
Loan-to-Value Ratio (LTV)
When a real estate agent buys the principal’s property (or sells it to a relative, friend, etc., or to a business the agent has an interest), without disclosing that fact to the principal, then sells it for a profit.
Self-dealing
- Entering and exiting; usually refers to a road or other means of access to a property. 2. An easement that gives the dominant tenant access to the dominant tenement.
Ingress and Egress
Claim, encumbrance, or defect that makes title to real property unmarketable.
Cloud on Title
When a loan balance decreases because of periodic installments that pay down both principal and interest.
Amortization
When monthly payments retire the debt over the life of the loan instead of leaving the borrower with a large balloon payment at the end of the loan term.
Amortized Loans
Permission to use land in a way typically not allowed by current zoning laws.
Area Variance
Extra, non-like-kind property that can be a part of a like-kind exchange to make up for pricing disparity between like-kind properties.
Boot
A legal action is pending
Lis Pendens
Legal term for transfer of property
The toxic liquid organic compounds used as an insulating medium for electrical transformers
PCBs
And insulation that contains formaldehyde
UFFI
A chemical that is dangerous to our ozone layer
Chlorofluorocarbons
Income approach
sales approach
cost approach
comparative market analysis
Which one of these is not an appraisal approaches to value?
Income, sales, and cost approach all appraisals to value the comparative market analysis is not.
