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Real Estate Terminology > Words > Flashcards

Words Flashcards

1
Q

Devise

A

A valid will

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2
Q

Devisee

A

Someone receiving real property by a will

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3
Q

Holographic will

A

Handwritten

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4
Q

Intestate

A

Without a valid will

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5
Q

Nuncupative will

A

Oral will
Not recognized in Maryland

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6
Q

Adverse possession

A

Squatters. Maryland considers it trespassing

Must possess property for 20 years

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7
Q

Rescind

A

To cancel

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8
Q

Usury

A

Charging interest at a higher rate than maximum rate established by state

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9
Q

Mortgagor

A

The borrower in a mortgage, typically a homeowner.

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10
Q

Material fact

A

A fact that can encourage (or discourage) either party in going forward with a transaction

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11
Q

Holding over

A

Retaining possession of the property after the end of the lease term

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12
Q

Legacy

A

Money or personal property dispersed by a will

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13
Q

Legatee

A

Beneficiary receiving personal property

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14
Q

Latent defects

A

Property condition problems that cannot be discovered by a standard visual inspection

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15
Q

Distraint

A

Rights given by the court to a landlord to both seize and sell a tenants personal property

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16
Q

Deed

A

Conveys ownership in real estate

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17
Q

Clients

A

Individuals who have signed an employment agreement with the brokerage firm

18
Q

Common elements

A

Accessible to everyone in the condominium

Ex: hallway and parking lots

19
Q

Buffer

A

200 foot Forreston sound of natural agitation that extends from the mean high water line

For the protection of the critical area

20
Q

Branch office manager

A

At least three years licensed experience
Supervision in addition to the broker

21
Q

Associate brokers

A

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

22
Q

Affiliate

A

Referred to an individual

Licensed associate broker or salesperson representing a broker

23
Q

Blockbusting

A

Panic selling

Violation of the Brokers Act, Code of Ethics, and Fair Housing Act

24
Q

Boundary survey

A

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 

25
Q

Location drawing

A

Provides a plat of the property that shows the location of any improvements

26
Q

Marker

A

Used by surveyors for defining, legal descriptions, and boundary lines

It is a misdemeanor if removed or damaged

Fine no more than $500

27
Q

Title insurance

A

Policy, ensuring a property owner or a lender against loss due to the facts in the title

28
Q

Title search

A

Evidence of title

29
Q

Trust, money

A

Also known as earnest money

And upfront payment to hold for the sake of a real estate transaction

30
Q

Settlement officer (real estate attorney)

A

An individual representing the title company who provides proper care to both parties and executing the closing duties

31
Q

Ground rent

A

Money paid to the land owner by a tenant who possesses the landlord’s land by virtue of a lease

32
Q

Surety bond

A

A promise to be liable for the debt, default, or failure of another

33
Q

Exculpatory clause

A

Where one party waves, or limits the other parties liability

Prohibited in Maryland

34
Q

Sub prime loan

A

For borrowers with lower credit scores that prevent them from being approved for a conventional loan

35
Q

Actual fraud

A

Intentional misrepresentation without any regard of actual facts , straight up lying.

36
Q

Negative fraud

A

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.

37
Q

Constructive fraud

A

Lying without knowing you are lying.

38
Q

Illegal

A

Reselling a property at an excessively high value for considerable profit

39
Q

Subdivision

A

Dividing a single property into smaller parcels.

40
Q

Cooperative unit

A

Each owner owns shares in a corporation that holds title to real estate.

Each receiving a proprietary lease

Real Estate Terminology (3 decks)

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