Words Flashcards
Devise
A valid will
Devisee
Someone receiving real property by a will
Holographic will
Handwritten
Intestate
Without a valid will
Nuncupative will
Oral will
Not recognized in Maryland
Adverse possession
Squatters. Maryland considers it trespassing
Must possess property for 20 years
Rescind
To cancel
Usury
Charging interest at a higher rate than maximum rate established by state
Mortgagor
The borrower in a mortgage, typically a homeowner.
Material fact
A fact that can encourage (or discourage) either party in going forward with a transaction
Holding over
Retaining possession of the property after the end of the lease term
Legacy
Money or personal property dispersed by a will
Legatee
Beneficiary receiving personal property
Latent defects
Property condition problems that cannot be discovered by a standard visual inspection
Distraint
Rights given by the court to a landlord to both seize and sell a tenants personal property
Deed
Conveys ownership in real estate
Clients
Individuals who have signed an employment agreement with the brokerage firm
Common elements
Accessible to everyone in the condominium
Ex: hallway and parking lots
Buffer
200 foot Forreston sound of natural agitation that extends from the mean high water line
For the protection of the critical area
Branch office manager
At least three years licensed experience
Supervision in addition to the broker
Associate brokers
3 years of licensed experience
135 hours of education
Passed both portions of broker’s exam
Chooses to have the same authority as a salesperson
Affiliate
Referred to an individual
Licensed associate broker or salesperson representing a broker
Blockbusting
Panic selling
Violation of the Brokers Act, Code of Ethics, and Fair Housing Act
Boundary survey
identifies property, boundary lines, and corners sufficiently well to establish the physical position and extent of the boundaries
Purpose is needed to build a fence 
Location drawing
Provides a plat of the property that shows the location of any improvements
Marker
Used by surveyors for defining, legal descriptions, and boundary lines
It is a misdemeanor if removed or damaged
Fine no more than $500
Title insurance
Policy, ensuring a property owner or a lender against loss due to the facts in the title
Title search
Evidence of title
Trust, money
Also known as earnest money
And upfront payment to hold for the sake of a real estate transaction
Settlement officer (real estate attorney)
An individual representing the title company who provides proper care to both parties and executing the closing duties
Ground rent
Money paid to the land owner by a tenant who possesses the landlord’s land by virtue of a lease
Surety bond
A promise to be liable for the debt, default, or failure of another
Exculpatory clause
Where one party waves, or limits the other parties liability
Prohibited in Maryland
Sub prime loan
For borrowers with lower credit scores that prevent them from being approved for a conventional loan
Actual fraud
Intentional misrepresentation without any regard of actual facts , straight up lying.
Negative fraud
Not disclosing a material fact to somebody in an effort to get them to enter into a contract. I will put that person in a bad situation.
Constructive fraud
Lying without knowing you are lying.
Illegal
Reselling a property at an excessively high value for considerable profit
Subdivision
Dividing a single property into smaller parcels.
Cooperative unit
Each owner owns shares in a corporation that holds title to real estate.
Each receiving a proprietary lease
