Term
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Definition
| use of another's land without permission, court awards OWNERSHIP |
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Term
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Definition
| use of another's land without permission, court awards CONTINUED USE |
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Term
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Definition
| highest ownership, complete bundle of rights |
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Term
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Definition
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Term
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Definition
| reverts back to grantor at death of life tenant |
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Term
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Definition
| transfers to anyone BUT the grantor at death of life tenant |
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Term
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Definition
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Term
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Definition
-equal interest
-right of survivorship (survivors gain the dead ones interest) - NOT INHERITABLE!
-Posession, interest, title, and time |
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Term
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Definition
-unequal interest
-no right of survivorship (survivors DO NOT gain the dead ones interest) - INHERITABLE |
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Term
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Definition
| married, right of survivorship (survivor gains the dead ones interest) |
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Term
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Definition
| mortgage default, full balance due |
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Term
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Definition
| sold property, full balance due |
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Term
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Definition
| can prepay with or without penalty |
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Term
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Definition
| mortgage payments complete, lien removed |
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Term
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Definition
| allowed to make up payments PRIOR to foreclosure |
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Term
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Definition
| allowed to make up payments so many days AFTER foreclosure |
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Term
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Definition
| definite end date, no notice required |
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Term
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Definition
| term to term, notice required |
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Term
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Definition
| open ended, terminates by notice or death |
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Term
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Definition
| tenant stays after lease without landlords consent |
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Term
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Definition
| complete substitution of lessee - old lessee has no liability anymore |
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Term
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Definition
| sublease, not a complete substitution - old lessee still liable |
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Term
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Definition
| rent = tenant, expenses = landlord |
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Term
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Definition
| rent and part of expense = tenant |
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Term
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Definition
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Term
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Definition
| one property - servient estate |
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Term
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Definition
| estate being used in easement |
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Term
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Definition
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Term
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Definition
-dominant and servient estates
-runs with the land
-2 side by side properties |
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Term
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Definition
| right to and from landlocked property |
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Term
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Definition
| use of another's land without permission, court awards CONTINUED USE |
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Term
| lines that run East and West |
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Definition
| base lines/ township lines |
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Term
| lines that run North and South |
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Definition
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Term
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Definition
| 6 miles square, 36 sections |
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Term
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Definition
| 1 mile square = 640 acres |
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Term
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Definition
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Term
| market/sales comparison approach |
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Definition
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Term
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Definition
used for new homes, depreciation
-used for special use properties |
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Term
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Definition
| used for income producing properties |
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Term
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Definition
- low down pmt
- owner occupied, no prepayment penalty
- insured against default |
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Term
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Definition
-guaranteed against default
-no down payment
-certificate of eligibility
-CRV
-owner occupied, no prepayment penalty |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
| hired to do a series of acts |
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Term
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Definition
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Term
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Definition
| race, color, religion, origin |
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Term
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Definition
| adds gender- poster must be displayed |
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Term
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Definition
| adds familial status, handicap |
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Term
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Definition
| settlement statement, HUD 1 |
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Term
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Definition
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Term
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Definition
| intermediary handles, exchange realty for like realty |
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Term
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Definition
| principal, interest, taxes, insurance |
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Term
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Definition
constant payment of principal and interest until paid off
-steady |
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Term
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Definition
| constant payment of principal and interest but ends with lump sum |
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Term
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Definition
| begins interest only, ends with lump sum |
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Term
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Definition
| gross rent multiplier = sales price divided by rent/month |
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