Vocabulary Flashcards
A minus loan
A type of loan for borrows who may have credit card blemishes
Abstract
The chain of title to a piece of land
Abstract of title
A brief chronological summary of the recorded documents affecting title to a particular parcel of real property
Abutting property
Parcels of land directly contiguous sharing at least one common boundary
Accession
The acquisition of title to land buys addition to real estate already owned, through human actions or natural processes
Accord and Satisfaction
Legal doctrine that allows a court to enforce an oral agreement that should have been in writing when the promisee has taken irrevocable steps to perform his or her side of the bargain, and failure to enforce the contract would result in an unjust benefit to one party. Also called partial performance
Accountability
Duty recognizing that money, or anything of value, received in an agency relationship belongs to the principal, not the agent. Agent has a duty to account strictly to the principal for any amount received
Accretion
A gradual addition to dryland by the forces of nature, as when the tide deposits waterborne Sediment on Shoreline property
Accrued items
Expensive items on a settlement statement for which the cost has been incurred, but the expense has not yet been paid
Acre
A measure of land area that is equal to 43,560 ft.². One square mile contains 640 acres
Actual cash value
The cost to replace a property item at the time of loss, less an allowance for depreciations often used to determine the amount of reimbursement for a loss (replacement cost minus depreciation.
Actual notice
Actual knowledge of a fact, rather than knowledge imputed or inferred by law
Ad valorem
A Latin phrase meaning “according to value “used to refer to taxes assessed on the value of property
Adequate consideration
Consideration that is comparable in value to the consideration the other party to the contract is giving
Adjustable rate mortgage
A mortgage that promotes the lender to periodically adjust the interest rate reflects fluctuations in the cost of money
Adjusted sales price
The amount of money received from the sale from property minus the selling expenses such as broker fees, attorney fees, etc.
Administrator
A person appointed by the probate court to manage and distribute the estate of a deceased person when no executor is named in the will or there is no will.
Adverse possession
Acquiring title to someone else’s real property by possession of it. The possession must be open and notorious, hostile an adverse, exclusive, and continuous, for statutory period of time
Affidavit of title
A statement, sworn in front of a notary public or other authorized official, by the seller or grantor of property that identifies the grantor, identifies the grantors marital status, and certifies that the grantor has no new judgments, liens, divorces, and recorded deeds, or other potential title defects since the title examination was completed. It also certifies that the grantor is indeed in possession of the property, also called a vendors affidavit
Against encumbrances
A guarantee in a deed that the property will not have any encumbrances except for those listed on the deed
Alienation Clause
A clause in a contract that gives the lender certain stated rights when there is a transfer of ownership in the property. Also called Due on Sale Clause
All risk policy
An insurance policy that covers all direct risk f physical loss unless a peril is specifically excluded. Also called an Open Peril Policy
Allocation
Two or more competing brokerages that inspire to divide their customers or markets in any way are guilty of violating antitrust laws against allocation
Allodial System
The system on lad ownership where anyone can own land
Alluvion
The solid material deposited along a shore by accretion. Also called alluvium
Alt-A loan
A loan that holds the borrower with good credit to different documentation standards in the traditional loan. also called alternative documentation loan
American land title Association
A national Association of title companies, abstractors, and attorneys. Members agree to promote uniformity, quality, and professional standards in title insurance policies. Policies issued by ALTA members follow specific guidelines
Amortization
The reduction of the balance of the loan by paying back some of the principal owed on a regular basis
Anticipation
An economic theory that says value is created by expectation of future benefits
Appropriation
Taking private property for public use through the government’s power of eminent domain. Also called condemnation
A sum of money that has been allocated for a particular purpose. A formal request for tax funds
Appropriative rights
Water rights allocated by government permit, according to an appropriation system. It is not necessary to own property beside the body of water in order to apply for an appropriation permit
Appurtenance
They write that goes along with ownership of real property usually transferred with the property but may be sold separately. This is a legal term referring to both physical and nonphysical appurtenances
