Term
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Definition
A BAR SALE
Advertise
Buy
Appraise
Rent or provide rental info
Sell
Auction
Lease
Exchange |
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Term
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Definition
IRMA
Intent of the parties
Relationship between the parties
Method of annexation
Adaptation of the article |
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Term
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Definition
DUPE
Disposition (Sell or give away)
Use (control)
Possession (Occupy)
Exclusion (quite enjoyment) |
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Term
| Conditions for alienation by adverse possession |
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Definition
HOTCAN
Hostile Possession of the property (without owners permission)
Open possession with no attempt to conceal
Taxes paid on the property by the adverse possessor
Claim of title, even an imperfect one
Adverse possession must continue for 7 years
Notorious and flagrant public possession of property |
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Term
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Definition
CEDDING
Consideration (valuable or good)
Execution (signed by a competent grantor and two witnesses)
Description of Property
Delivery and acceptance (Voluntary)
Interest or estate being conveyed (habendum clause)
Names of a grantee and grantor
Granting and other appropriate clauses |
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Term
| Four Unities of Joint Tenance |
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Definition
PITT
Possession JT have the same rights of undivided possession
Interest JT have equal ownership interest
Title JT acquire title on the same instrument (deed)
Time JT acquire their interests in property at same time |
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Term
| Government restrictions on ownership |
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Definition
PET
Police Power
Eminent Domain
Taxation |
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Term
| Four Escrow Settlement Procedures |
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Definition
MALE
Mediation (nonbinding)
Arbitration (binding)
Litigation
Escrow Disbursement Order |
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Term
| Elements of a valid and enforceable real estate contract |
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Definition
COLIC
Competent Parties
Offer and acceptance (meeting of the minds)
Legal Purpose
In writing and signed (statue of frauds)
Consideration (valuable or good) |
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Term
| Ways an offer is terminated |
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Definition
WILD CARD
Withdrawl by offeror
Insanity
Lapse of time
Death
Counteroffer
Acceptance
Rejection
Destruction of property |
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Term
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Definition
CBS vs CIA
Comp Better Subtract
Comp Inferior Add |
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Term
| Private restrictions on ownership |
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Definition
DELL
Deed Restrictions
Easements
Leases
Liens |
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Term
Characteristics of Value
DUST |
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Definition
DUST
Demand - need or desire combined with means
Utility - ability to provide useful services and benefits
Scarcity - availability of goods in relation to demand
Transferability - ability to convey title and possession of goods |
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Term
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Definition
Cost - Create - Expenditure to create an improvement including material, labor and land
Price - Paid - Amount paid in a particular transaction
Value - Worth - The worth of something between many market participants |
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Term
| Income Capitalization Approach |
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Definition
I=RV
Effective Gross Income = Potential Gross less Vacancy and collection + other income
Net Operating Income = EGI less operating expenses (Fixed, prop taxes, hazard insurance, variable, utilities, maint, management, supplies and reserve. The annual income before mortgage or income tax payments |
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Term
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Definition
Federal Housing Administration
Insures loans made by FHA approved lenders on homes that meet standards |
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Term
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Definition
SNI
Stamp on deeds $.70/$100
Notes Stamp $.35/$100
Intangible on new mortgages $.002/$1 |
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