Term
|
Definition
| The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all abusequent conveyances and encumbran es affecting the property and a certification by the abstractor that the history is complete and accurate |
|
|
Term
|
Definition
| The clause in a mortgage or deed of trust that can be enforced to make the enitre debt due immediately if the borrower defaults on an installment payment or other covenant |
|
|
Term
|
Definition
| acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams |
|
|
Term
|
Definition
| The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea |
|
|
Term
|
Definition
| Loss in vaue resulting from the property's physial deterioration, external depresciation (decrease in price), and functional obsolescence |
|
|
Term
|
Definition
| On a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property |
|
|
Term
|
Definition
| a formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document |
|
|
Term
|
Definition
| a measure of land equal to 43,560 sq. feet |
|
|
Term
|
Definition
| the legal process that results in the tenants being physically removed from the leased premises |
|
|
Term
|
Definition
| express information or fact;that which is know; direct knowledge |
|
|
Term
|
Definition
| a tax levied according to value, generally used to refer to real estate tax. aka general tax |
|
|
Term
|
Definition
| any provision aded to an existing contract without altering the content of the original; must be signed by all parties |
|
|
Term
| adjustable-rate mortgage (ARM) |
|
Definition
| A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index |
|
|
Term
| administrator/administratrix |
|
Definition
| a court-selected person who assists with the settlement of an estate of a person who died without leaving a will |
|
|
Term
|
Definition
| the actual, open, notorious, hostile, and continuous possession of another's land under a claim of title. possession for a statutory period may be a means of acquiring title |
|
|
Term
|
Definition
| a written statement, made under oath by a seller/grantor of real property and acknowledged by a notary public, in which the grantor identifies themself and indicates marital status , certifies that since the examination of the tietle on the date of the contract no defects have occurred in the title, and certifies the they are in possession of the property |
|
|
Term
|
Definition
| the relationship b/t a principal and an agent wherein the agent is authorized to represent the principal in certain transactions |
|
|
Term
|
Definition
| an agency relationship created after the fact |
|
|
Term
|
Definition
| one who ts or has the power to act for another; a fiduciary relationship is created under the law of agency when a property owner, as the principal, eexecutes a listing agreement or management contract authorizing a licensed real estate broker to be their agent |
|
|
Term
|
Definition
| designated over a piece of land; like a surface property, may be transferred |
|
|
Term
|
Definition
| the right to use the open space above a property, usually allowing the surface to be used for another purpose |
|
|
Term
|
Definition
| the act of transferring property to another; may be voluntary such as by gift or sale; or involuntary as through eminent domain or adverse possession |
|
|
Term
|
Definition
| the clause in a mortgage or deed of trust that states the balance of the secured debt becomes immediately due and payable at the lender's option if the property is sold by the borrower; in effect, this clause prevents the borrower from assigning the debt without the lender's approval |
|
|
Term
|
Definition
| a system of land ownership in which land is held free and clear of any rent or sevice due to the gov't; commonly contrasted to the feudal system; land is held under this system in the U.S. |
|
|
Term
|
Definition
| a change to the existing content of a contract (words or provisions are added to or deleted from the body of the contract); must be initialed by all parties |
|
|
Term
| American Land Title Assoc. (ALTA) |
|
Definition
| a title insurance policy that protects the interest in a collateral property of a mortgage lender who originates a new real estate loan |
|
|
Term
| Americans w/ Disabilities Act (ADA) |
|
Definition
| addresses rights of individuals w/ disabilities in employment and public accomodations |
|
|
Term
|
Definition
| a loan in which the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan |
|
|
Term
|
Definition
| process of converting personal property into real property |
|
|
Term
| annual percentage rate (APR) |
|
Definition
| relationship of the total finance charges associated with a loan' must be disclosed to borrowers by lenders under the Truth in Lending Act |
|
|
Term
|
Definition
| appraisal principle that holds that value can increase or decrease based on the expectations of some future benefit or detriment produced by the property |
|
|
Term
|
Definition
| laws desined to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition; violations include price-fixing (brokers conspiring to set fixed compensation rates) or allocation of customers/markets (brokers agreeing to limit their areas of trade or dealling to certain areas/properties) |
|
|
Term
|
Definition
| an estimate of the quantity, quality, or value of something the process throgh which conclusions of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value |
|
|
Term
|
Definition
| an independent person trained to provide an unbiased estimate of value |
|
|
Term
|
Definition
| an increase in the worth or value of a property due to economic or related causes, which may prove to be either temporary or permanent; opposite of depreciation |
|
|
Term
|
Definition
| a right, privlege, or improvement belonging to, and passing with, the land; "runs with the land" |
|
|
Term
|
Definition
| an easement that is annexed to the ownershp of one parcel and allows the owner the use of the neighbor's land |
|
|
Term
|
Definition
| a level surgace or piece of ground; the size of a surface; the amount of a two-dimensional object |
|
|
Term
|
Definition
| people's desire for one area over another, based on a number of factors such as history, repuation, convenienc, scenic beauty, and location |
|
|
Term
|
Definition
| a mineral once used in insulation and other materials that can cause respiratory diseases |
|
|
Term
|
Definition
| the combining of two or more adjoining lots into one larger tract to increase their total value |
|
|
Term
|
Definition
| the value set on property for taxation purposes |
|
|
Term
|
Definition
| the imposition of a tax, charge, or levy, usually according to established rates |
|
|
Term
|
Definition
| the transfer in writing of interest in a bond, mortage, lease, or other instrument |
|
|
Term
|
Definition
| a buyer is personally obligated for the payment of the entire debt of a seller; that is, the buyer assumes the debt; the original seller is not liable for the debt if the property is foreclosed on |
|
|
Term
|
Definition
| acquiring title to property on which there is an exciting mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments |
|
|
Term
|
Definition
| the act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor |
|
|
Term
| attorney's opinion of title |
|
Definition
| an abstract of title that an attorney has examined and has certified to be, in his or her opinion, an accurate statement of the facts concerning the property's ownership |
|
|
Term
|
Definition
| computer systems that permit lenders to expedite the loan approval process and reduce lending costs |
|
|
Term
|
Definition
| a listing agreement clause stating that the agreement will continue automatically for a certain period of time after its expiration date; in many states, use of this clause is discouraged or prohibited |
|
|
Term
|
Definition
| the sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream |
|
|
Term
|
Definition
| the appraisal principle that states that the greatest value in a property will occur when the type and size of the improvements are proportional to each other as well as the land |
|
|
Term
|
Definition
| a final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized |
|
|
Term
|
Definition
| a deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title; the grantor may add warranties to the deed at his or her discretion |
|
|
Term
|
Definition
| the main imaginary line running east and west crossing a principal meridian at a definite point; used by surveyors for reference in locating and describing land under the rectangular (government) survey system of legal description |
|
|
