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| A provision in a loan giving the lender the right to declare the entire amount immediately due and payable upon the violation of a different loan provision, such as failure to make payments on time. |
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| The act of agreeing to accept an offer |
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| Additions to property as a result of annexing fixtures or alluvial deposits. |
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| The right of an owner to get and from his/her property |
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| Addition to land through processes of nature, such as deposits of soil carried by streams. |
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| a measure of land: 43,560 sq ft |
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| Americans with Disabilities Act |
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| A mortgage loan with an interest rate that is allowed to vary during the life of the loan. |
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| A person appointed by a court to adminster the estate of a deceased individual who left no will. |
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| A deed conveying the property of a person who died without a will (inestated) |
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| A person who has attained the age of majority |
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| According to valuation: used in describing a property tax rate |
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| A tax based on the value of the thing being taxed |
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| A means of acquiring title to real estate when an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of the property for the period required by state law |
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| A statement or declaration in writting, sworn to or affirmed before some officer who is authorized to administer an oath or affirmation. |
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| The legal relationship between a principal and his/her agent arising from a contract in which the principal employs the agent to perform certain acts on the principals behalf |
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Definition
| A written explanation, to be signed by a prospective buyer or seller of real estate, explaining to the client the role that the broker plays in the transaction. |
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Definition
| A person who undertakes to transact some business ot to manage some affair for another, with the authority of the latter: an owner employs a broker to act as his agent in sellingreal property; the broker in turn employs salepersons to act as her agents to sell the same property |
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Definition
| A written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate, and the seller agrees to sell, upon the terms and conditions of the agreement. Also called offer and acceptance; contract of sale |
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Definition
| The right to use, control, or occupy the space above a designated property |
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| Tranferring property to another, as the transfer of property and possession of lands, by gift or by sale, from one person to another |
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| Soil deposited by accrection; usually considered to belong to the owner of the land to which it is added |
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| In appraising, the nonmonetary benefits derived from property ownership |
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Definition
| A gradual paying off of a debt by periodic installments. |
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| The time required to retire a debt through periodic payments; also known as the full amortization term. |
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| The cost of credit, expressed as an annual interest rate, which must be shown in consumer loan documents, as specified by the Federal Reserve's Regulation Z that implements the federal Truth-in-Lending Act. |
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| Federal and state acts to protect trade and commerce from monopolies and restrictions. |
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| 1-Prorating property expenses, such as taxes ans insurence, between buyer and seller. 2-The partitioning of property into individual parcels by tenants in common. |
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Definition
| An opinion or estimate of the value of a property. |
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Definition
| One of three methods used in estimating the value of property; income approach, sales comparsion approach, and cost approach. |
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| Aperson qualified to estimate the value of real property. |
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Definition
| an increase in the value of property: Gains from inflation as well as real income are included. |
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Definition
| Something that is outside the property itself but is considered a part of the property and adds to its greater enjoyment, such as the right to cross another's land; example a right-of-way or easement |
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| Without guarantees as to condition, as in a sale. |
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Definition
| A valuation placed upon property by a public officer or a board, as a basis for taxation. |
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Definition
| A charge against real estate made by a government to cover the cost of an improvement, such as a street or sewer line. |
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Definition
| The method or manner by which a right or contract is tranferred from one person to another |
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Definition
| A mortage loan that allows a new home purchaser to unertake the obligation of the existing loan with no charge in loan term |
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Definition
| The purchase of mortgaged property whereby the buyer accepts liability for the debt that continues to exist. the seller remains liable to the lender unless the lender agrees to release him/her |
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Definition
| Legal seizure of property to force payment of a debt. |
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Definition
| A person who is authorized to act for another under a power of attorney, which may be general or limited in scope. |
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Term
| Automated Valuation Model |
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Definition
| Computerized method for estimating the value of a property. often used for mass appraisal purposes, such as reassessment of a city's property tax base. |
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Definition
| The sudden removal of land from one owner to another that occurs when a river abruptly changes its channel |
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Term
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Definition
| The final payment on a loan, when that payment is greater than the preceding installment payments and satisfies the note in full |
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Definition
| A deed that conveys real estate, generally lacking a warranty. The grantor will thus claim to have ownership but will not defend against all claims. |
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Definition
| Imaginary lines used by surveyors to find and describe the location of land. These lines are similar to latitude and longitude |
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Definition
| Part of the government rectangular survey method of land description. |
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Definition
| The person who receives or is to receive the benefits resulting from certain acts. |
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Definition
| A contract under which each party promises performance. |
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Definition
| A single mortgage that includes more than one parcel of real estate as security |
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Definition
| People selected by stockholders to control the business of the corporation. |
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Term
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Definition
| A person who is licensed by a state to act for property owners in real estate transactions, within the scope of state law. |
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Definition
| The business of being a broker. Parties are brought together in a real estate transaction; sale, lease, rental, or exchange |
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Definition
| Regulations established by local governments and describing the minimum structure requirements for buildings, including foundation, roofing, plumbing, electrical and other specifications for safety and sanitation |
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Definition
| The theory that ownership of realty implies rights, such as occupancy, use and enjoyment, and the right to sell, bequeath,give, or lease al or part of these rights. |
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Definition
| Payment of discount points at loan origination in order to secure a lower interest rate; the rate may be bought down for only a few years or for the life of the loan. |
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Term
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Definition
| An agent hired by a propective purchaser to find an acceptable property for purchase. |
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Term
| Duties of a Buyer's Broker |
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Definition
| The broker then represents the buyer and negotiates with the seller in the purchaser's best interest. |
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Term
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Definition
| A provision in a contract that gives the right to terminate obligations upon the occurrence of certain specified conditions or events. |
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Term
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Definition
| A process whereby anticipated future income is converted to one lump sum capital value |
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Term
| Capitalization Rate (Cap Rate) |
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Definition
| A rate of return used to convert anticipated future income into a capital value. The capitalization rate includes interest and principal recovery. |
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Term
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Definition
| The value estimated by the process of converting an income stream into a lump-sum amount; also called capitalized value. |
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Definition
| Comprehensive Environmental Response Compensation and Liability Act |
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Definition
| A document issued by a local government to a developer permitting the structure to be occupied by members of the public. Issuance of the certificate generally indicates the the building is in compliance with public health and building codes. |
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Term
| Certificate of Reasonable Value (CRV) |
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Definition
| Required for a VA-guaranteed home loan, the CRV is based on an appraiser's estimate of value of the property to be purchased. |
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Term
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Definition
| A unit of land measurement, 66 feet in lenght. In surveying, land descriptions sometimes use the chain. |
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Definition
| A history of conveyances and encumbrances affecting a title from the time the original patent was granted, or as far back as records are available. |
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Definition
| Personal property, including autos and household goods and fixtures. |
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Term
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Definition
| A title free and clear of all encumbrances. |
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Term
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Definition
| The person who employs a broker, lawyer, accountant, appraiser and so on. |
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Term
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Definition
| The act of transferring ownership of a property from seller to buyer in accordance with a slaes contract. 2- The time when a closing takes place. |
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Term
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Definition
| The date on which the seller delivers the deed and the buyer pays for the property; also called settlement date |
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Term
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Definition
| An accounting of funds from a real estate sale, made to both the seller and the buyer separtely. |
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Term
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Definition
| An outstanding claim or encumbrance that if valid, will affect or impair the owners title. |
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Term
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Definition
| Property pledged as security for a debt. |
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Definition
| That which appears to be good title but is not |
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Term
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Definition
| Property designed for use by retail wholesale, office, hotel and service users. |
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Term
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Definition
| To mingle or mix, as by the deposit of another's money in a boker's personal account. |
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Term
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Definition
| 1)The amount earned by real estate brokers for their services. 2)the official body that enforces real estate license laws. |
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Term
| Comparative Market Analysis (CMA) |
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Definition
| An estimate of the value of property using only a few indicators taken from sales of comparable properties, such as price per sq ft. |
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Term
| Comperhensive Environmental Response Compensation and Liability Act (CERCLA) |
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Definition
| Federal law, know as SUPERFUND, passed in 1980 and reauthorized by SARA in 1986. The law imposes strict joint and several liability for cleaning up environmentally contaiminated land. |
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Term
| Computerized Loan Origination (CLO) |
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Definition
| Origination of a mortgage loan, usually by someone who is not a loan officer, with the assistance of specialized computer software that ties the originator to one or more mortgage lenders. |
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Term
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Definition
| 1)The takeing of private property for public use, with just compensation to the owner, under eminent domain; used by governments to aquire land for streets, parks, schools ans by utilities to aquire necessary property. 2)declaring a structure unfit for use. |
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Definition
| Provision(s) in a contract that some or all terms of the contract must be met or the contract need not be consummated. |
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Term
| Conditional Sales Contract |
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Definition
| A contract for the sale of property stating that the seller retains title until the conditions of the contract have been fulfilled. |
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Definition
| A system of ownership of individual units in a multuint structure, combined with joint ownership of commonly used property. |
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Term
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Definition
| A_______________ can be mortgaged by its individual owner, who must pay assessments for common area maintenance. |
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Term
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Definition
| A home mortgage loan in which both borrower and property conform to the guidelines of FNMA and FHLMC. |
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Term
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Definition
| A ____________ will carry a lower interest rate than a nonconforming loan because of its quality and marketability. |
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Definition
| Anything of value given to induce entering into a contract; it may be money, personal services, love and affection. |
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Definition
| A loan on which equal payments are made periodically so that the debt is paid off when the last payment is made. |
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Definition
| A loan used to build on real estate. |
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Definition
| An eviction existing when, through the fault of the landlord, physical conditions of the property render it unfit for the purpose for which it was leased. |
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Term
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Definition
| An agreement between competent parties to do or not to do certain things for a consideration. |
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Definition
| A mortgage loan other than one guaranteed by the VA or insured by the federal housing administration. |
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Term
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Definition
| 1)The transfer of the title of real estate from one to another. 2)the means of medium by which title of real estate is transferred. |
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Term
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Definition
| To deed or transfer title to another. |
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Definition
| A type of corporate ownership of real property whereby stockholders of the corporation are entitled to use a certain dwelling unit of other units of space |
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Term
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Definition
| Special income tax laws allow the tenant stockholders to deduct on their tax returns the housing interest and property taxes paid by the corporation. |
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Term
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Definition
| One of the three appraisal methods of estimating value. Is useful for proposed construction or for estimating the amount of insurance needed. |
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Term
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Definition
| Special income tax laws allow the tenant stockholders to deduct on their tax returns the housing interest and property taxes paid by the corporation. |
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Definition
| One of the three appraisal methods of estimating value. Is useful for proposed construction or for estimating the amount of insurance needed. |
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Term
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Definition
| Rejection of an offer to buy or sell, with a simultaneous substitute offer. |
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Term
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Definition
| Promises written into deeds and other instruments and agreeing to do or not to do certain acts, or requiring or preventing certain uses of the property. |
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Definition
| Depreciation or deterioration that can be corrected at a cost less than the value that will be added. It is economically profitable to corect. |
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Definition
| A written document properly signed and delivered that conveys title to real property. |
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Term
| Deed in Lieu of Foreclosure |
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Definition
| A deed that conveys a defaulting borrower's realty to a lender thus avoiding forclosure proceedings. |
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Definition
| A clause in a deed that limits the use of land. |
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Definition
| A clause in a mortgage that gives the borrower the right to redeem his/her property after he/she has defaulted, usually by paying the full indebtedness and fees incurred. |
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Term
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Definition
| A court order stating that the borrower still owes money when the security for a loan does not entirely satisfy a defaulted debt. |
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Definition
| Transfer f the possession of a thing from one person to another. |
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Definition
| 1)In appraisal a loss of value in real property due to age, physical deterioration, or functional or economic obsolescence; 2)in accounting the allocation of the cost of an asset over its economic useful life. |
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Term
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Definition
| The difference between the FACE AMOUNT of an obligation and the amount advanced or received. |
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Term
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Definition
| One that is offered or traded for less than its face value. |
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Definition
| The process of estimating the present value of an income stream by reducing expected cash flow to reflect the time value of money. |
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Definition
| Amount paid to the lender (usually by seller)at the time of origination of a loan, to account for the difference between the market interest rate and lower face rate of the note(often required when FHA/VA financing is used). |
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Definition
| An agent who represents more than one party to a treanaction. |
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Definition
| Unlawful constraint exercised upon a person whereby he/she is forced to do some act against his/her will. |
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Definition
| Deposit made by a purchaser of real estate as evidence of his/her good faith |
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Definition
| The right, privilege or interest that one party has in the land of another. |
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Definition
| The right of the government or a public utility to aquire property for necessary public use by condemnation; the owner must be fairly compensated. |
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Definition
| A building, a part of a building, or an obstruction that physically intrudes upon, overlaps or trespasses upon the property of another. |
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Term
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Definition
| A building, a part of a building, or an obstruction that physically intrudes upon, overlaps or trespasses upon the property of another. |
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Definition
| Any right to or interest in land that diminishes its value. |
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Definition
| The interest held by one who has agreeed to purchase but has not yet closed the transation. |
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Definition
| The gradual wearing away of land through process of nature, as by streams and winds. |
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Definition
| The reversion of property to the state in the event that the owner dies without leaving a will and has no legal heirs. |
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Definition
| The wrongful occupancy of property by a tenant after his/her lease has expired |
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Definition
| The occupation of real estate by a tenant for an indefinite period, terminable by one or both parties at will. |
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Definition
| An interest in property that terminates upon the death of a specified person. |
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Definition
| An interest in land that allows possession for a definite and limited time. |
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Term
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Definition
| includes studies as to the market for and the marketability of a property, feasibility, highest and best use, land use and supply and demand. |
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Definition
| A legal procedure whereby property pledged as security for a debt is sold to pay a defaulted debt. |
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Definition
| The intentional use of deception to purposely cheat or deceive another person, causing him/her to suffer loss. |
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Definition
| Loss of value from all causes within the property, except those due to physical deterioration. |
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Definition
| A defect that cannot be cured or is not financially practical to cure; a defect in the "bone structure" of a building. |
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