Vocabulary Words 1

Question 0

What is the meaning of mortgage insurance?

Answer 0

Private mortgage insurance, required by lenders when mortgage indebtedness exceeds 80% of property value, also refers to a term life insurance policy that may be purchased by a borrower in a amount equal to the remaining mortgage indebtedness.

Question 1

What does mortgage mean?

Answer 1

A legal instrument by which property is pledge by a borrower the mortgagor has security for the payment of the debt or an obligation owed to a lender the mortgage.

Question 2

What is the meaning of mortgage loan disclosure statement?

Answer 2

The statement on a form approved by the real estate commissioner that is required by law to be furnished by a mortgage loan broker to the prospective borrower of a loan of a statutorily prescribed amount before the borrower becomes obligated to complete the loan.

Question 3

What is the meaning of mortgage revenue bonds?

Answer 3

A method of financing community redevelopment projects through issuance of bonds that are repaid by property assessments.

Question 4

What is multiple listing clause?

Answer 4

A clause in a listing agreement, usually part of an exclusive authorization and right to sell listing, taken by a member of a multiple-listing service MLS, providing that the property will be made available through the MLS, in accordance with the MLS rules.

Question 5

What is multiple-listing service MLS?

Answer 5

An organization of real estate agents providing for a pooling of listings and the sharing of commissions on transactions involving more than one agent.

Question 6

What is narrative appraisal report?

Answer 6

The longest and most through appraisal report, containing a summary of all factual materials, techniques, and appraisal methods used in setting forth the appraisers conclusion of value.

Question 7

What is the meaning of negative declaration.

Answer 7

Statement that a proposed property used is not expected to have a significant impact on the environment and therefore does not require preparation an environmental impact report.

Question 8

What is the meaning of negotiable instrument?

Answer 8

An instrument, such as a promissory note, that is capable of being assigned or transferred in the ordinary course of business.

Question 9

net, net, net lease. see triple net lease.

Answer 9

Guarantees a specified net income to the landlord, with the tenant paying that amount plus all operating and other property expenses, such as taxes, assessments, and insurance.

Question 10

What is the meaning of net listing?

Answer 10

A listing agreement providing that the agent may retain as compensation for his or her services all sums received over and above a net price to the owner.

Question 11

Net operating income.

Answer 11

Profit; the money remaining after expenses are deducted from income.

Question 12

Nominal rate.

Answer 12

The stated interest rate of a loan before taking into account loan fees, points, and other costs that make up the annual percentage rate APR.

Question 13

Non-con firming use.

Answer 13

A property use that is not allowed by the current zoning ordinance.

Question 14

New non-exclusive listing. See open listing.

Answer 14

And non-exclusive listing the nonexclusive right to secure a purchaser, given by a property owner to a real estate agent; more than one aged may be given such authorization, and only the first two procure a ready, willing, and able buyer or an offer acceptable to the seller will be entitled to compensation .

Question 15

Notice.

Answer 15

Knowledge of a fact; actual notice is expressed or implied knowledge of a fact; constructive notice is knowledge of a fact that is imputed to a person by law because of the persons actual notice of circumstances and that inquiry that a prudent person would have been expected to make; legal notice is information required to be given by law.

Question 16

Novation.

Answer 16

The substitution or exchange of a new obligation or contract for an old one by mutual agreement of the parties.

Question 17

Null and void.

Answer 17

Of no legal validity or effect

Question 18

Observed condition method.

Answer 18

Breakdown method; depreciation computed by estimating the loss in value caused by every item of depreciation, Whether curable or incurable.

Question 19

Offeree.

Answer 19

The party to whom an offer is made.

Question 20

Offeror.

Answer 20

The party who makes an offer.

Question 21

Open listing.

Answer 21

Nonexclusive listing; the nonexclusive right to secure a purchaser, given by a property owner to real estate agent; more than one agent may be given such authorization, and only the first to procure a ready, willing, and able buyer or an offer acceptable to the seller will be entitled to compensation.

Question 22

Opinion of title.

Answer 22

And attorney’s written evaluation of the condition of the title to a parcel of land after examination of the abstract of title.

Question 23

Option.

Answer 23

A right given for the consideration to purchase or lease property on specified terms within a specified time, with no obligation on the part of the person receiving the right to exercise it.

Question 24

Ordinance.

Answer 24

Law established by the governing body of a municipal or county jurisdiction.

Question 25

Ordinary income.

Answer 25

Income that does not qualify for capital gains treatment.

Question 26

Ostensible agency.

Answer 26

Holding out an agency relationship on which another relies.

Question 27

Overriding trust deed. See wraparound mortgage or trust deed.

Answer 27

Overriding or all inclusive trust deed; A financing device in which in a lender assumes payments on an existing debt and takes from the borrower a junior lien with a face value in an amount equal to the amount outstanding on the loan instrument and the additional amount of money borrower .

Question 28

Ownership in severalty.

Answer 28

Separate ownership; and ownership of property by one person only.

Question 29

Parcel map.

Answer 29

Map that shown all property boundaries within a subdivision.

Question 30

Partition action.

Answer 30

Court proceeding by which co-owners may force a division of the property or its sale, with co-owners reimbursed for their individual shares.

Question 31

Partnership. See general partnership.

Answer 31

An association of two or more persons to carry on a business as co-owners for-profit.

Question 32

Percentage lease.

Answer 32

Provides for rent as a percentage of the tenants gross income, usually with a minimum base amount; the percentage may decrease as the tenant’s income increases.

Question 33

Periodic tenancy. See estate from period to period.

Answer 33

Periodic Tenancy ; a tenancy for a fixed term, automatically renewed for the same term unless owner or tenant gives the owner written notice of the intention to terminate the tenancy.

Question 34

Personal property.

Answer 34

Property that is not real property.

Question 35

Physical deterioration.

Answer 35

Loss in value brought about by wear and tear, just disintegration, use, and action of the elements.

Question 36

Plaintiff .

Answer 36

The person who sues in a court action.

Question 37

Plan development. See planned unit development

Answer 37

A land use design that provides intensive utilization of the land through a combination of private and common areas with prearranged sharing of responsibilities for the common areas; individual lots are owned in be with joint ownership of open areas; primarily residential but may include commercial and or industrial uses.