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Details

Real Estate Course - Pre-Lincense
Bourrough's Real Estate 90 Hr. Pre-Lincense Course
249
Real Estate & Planning
Post-Graduate
04/13/2016

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Abrogate
Definition
To abolish in a public manner or end something when formal steps are needed.
Term
Abstract of Title
Definition
A summary or copy of all recorded transfers, conveyances, legal proceedings, and other facts relied on as evidence of title showing continuity of ownership, together with any other elements of record which may impair title.
Term
Abutting
Definition
Adjoining, reaching or touching adjacent land.
Term
Accelerated Depreciation
Definition
(Tax Term) Depreciation taken at any rate higher then provided by the straight-line depreciation.
Term
Acceleration Clause
Definition
The clause in a mortgage that allows the lender to demand immediate payment of the balance owed upon occurrence of a specific act.
Term
Acceptance
Definition
An indication of willingness to be bound by the term of an offer thereby establishing the 'meeting of the minds'.
Term
Access Rights
Definition
Rights of owners to have ingress an egress to and from their property over adjoining properties.
Term
Accession
Definition
An addition to property through the efforts of man or by natural forces.
Term
Accord and Satisfaction
Definition
A method of discharging a contract whereby the parties agree to give and accept something in settlement of a dispute over the performance of the agreement.
Term
Accretion
Definition
An addition to land from natural causes as, for example, the gradual action of river waters.
Term
Accrued Depreciation
Definition
The difference between replacement cost and market value.
Term
Accrued Items of Expense
Definition
Those incurred expenses which are not yet payable. These are credited to the buyer in a closing statement.
Term
Acknowledgement
Definition
A formal declaration made before an authorized person stating that the execution of an instrument is genuine and voluntary.
Term
Acquisition
Definition
The act or process by which a person procures property.
Term
Acres
Definition
Measurements of lands equal to 43,560 sq ft.
Term
Actual Authority
Definition
Authority given an agent either expressly or impliedly by a principal.
Term
Actual Delivery
Definition
When the deed is placed in the possession of the grantee.
Term
Ad Valorem
Definition
A Latin phrase meaning according to value is usually used in connection with real estate taxation.
Term
Adjustable Rate Mortgage
Definition
ARM; A mortgage note that allows a lender to adjust the interest rate at periodic intervals. Most commonly limited to the movement of published interest indicated by the index (Federal Reserve Rate)
Term
Adjusted Market Value
Definition
the estimated value of a subject of property after adjustments are made for each comparable property.
Term
Adjustments in Appraising
Definition
The process in the market approach of changing dollar or percentage value of similar properties
Term
Administrator/Administratrix
Definition
A person appointed by the probate court to take charge of the estate of a deceased person who died intestate (without a will).
Term
Adverse Possession
Definition
The right by which someone occupying a piece of land might acquire title against the real owner, if the occupant's possession has been actual, continuous, hostile, visible, and distinct for a statutory period (15 years in the state of OK). This is different from squatter's rights, an example would be a fence line on someone property.
Term
Advertising
Definition
Any paid form of non-personal presentation of goods, services, or ideas to a group by an identified sponsor.
Term
Affiant
Definition
One who makes an affidavit (sworn by oath) or gives evidence
Term
Agency
Definition
The relationship between a principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.
Term
Agent
Definition
One who acts for and with authority from another called the principal.
Term
Agents In Production
Definition
The 4 agents in production are labor, capital, coordination (entrepreneurship or management), and land, the last one of which to be paid in land.
Term
Agreement of Sale
Definition
A written agreement or contract between seller and buyer in which they reach a 'meeting of the minds' on the terms and conditions of the sale. The parties concur; are in harmonious opinion.
Term
Air Rights
Definition
the right in real property of reasonable use of the air space above the surface of the land.
Term
Air Space
Definition
The area from the surface of land upward.
Term
Alienation
Definition
The act of transferring ownership, title, or interest in real estate in one property from person to another.
Term
Alienation Clause
Definition
(Due-On-Sale) A clause in a contract giving the lender certain rights in the event of a sale or other transfer of mortgaged property.
Term
Alience
Definition
The person to whom the ownership, title or interest in real estate is transferred. They have the same legal rights, grants, and objectives as the grantor.
Term
Allodial System
Definition
The real property ownership system that allows free and full ownership right in land by individuals.
Term
Alluvion
Definition
The soil deposited on a shore or bank of a stream resulting from action of the water through the process of accretion.
Term
Amenities
Definition
Features, both tangible and intangible that add value or desirability to real estate.
Term
Annual Percentage Rate (APR)
Definition
A uniform measure of the cost of credit that includes interim discount points and loan fees.
Term
Principle of Anticipation
Definition
Affirms that value is created by anticipated benefits to be derived in the future.
Term
Apparent Authority
Definition
That authority which the principal, by words or conduct to others, has led those others to believe that the agent has an agency relationship with the principal. Also known as ostensible agency.
Term
Approaches to Value
Definition
The various ways to value determination, the most common being market, cost, and income.
Term
Appurtenance
Definition
Something adapted to the use of the real property to which it is connected or belongs, and which was intended to be a permanent addition to the land. It passes as an incident to said land.
Term
Situs
Definition
Area preference; the choice and preferences of people for a given area within a geographic location.
Term
Arm's Length Transaction
Definition
A transaction in which the parties are dealing from equal bargaining positions. Parties are said to deal 'at an arm's length' when all stand upon the strict letter of their rights and conduct the business in a formal manner without trusting the fairness or integrity of the others and without being subject to the control or dominant influence of the others.
Term
Artifice
Definition
Artful and skillful contriving or trickery, involving deceit or misleading strategy.
Term
Assessed Value
Definition
Value established by the county assessor as the basis for determining Ad Valorem tax levies.
Term
Assignor
Definition
One who assigns or transfers property.
Term
Association of Real Estate License Law Officials (ARELLO)
Definition
An organization of state licensed law officials which promotes uniform policies, standards, and enforcement in the real estate industry.
Term
Assumption
Definition
Where the buyers obligate themselves to repay and existing loan as a condition of the sale.
Term
Attorney-in-Fact
Definition
One who is authorized by another to perform certain acts for another under a power of attorney; power of attorney may be limited to a specific act or acts or be general.
Term
Alvusion
Definition
A sudden and perceptible loss of gain of land by the actions of waters, such as a sudden change in the course of a river.
Term
Bench Marks
Definition
Location indicated on durable markers by surveyors.
Term
Betterment
Definition
An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged.
Term
Bill of Sale
Definition
A written instrument by which one person transfers or conveys right, title or interest in personal property to another.
Term
Binder
Definition
An agreement to consider a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. Also a notation of coverage on an insurance policy, issued by an agent, and given to the insured prior to issuing of the policy,
Term
Bird Dogging Real Estate
Definition
Where a person finds a seller of a piece of property and put them together with a buyer. The seller and buyer make their own contract and pay a fee to the person who introduced them (finder's fee). The OREC considers this licensable activity.
Term
Blanket Mortgage
Definition
A mortgage secured by more than one piece of property.
Term
Blind Ad
Definition
An advertisement that does not include the name and address of the person placing the add.
Term
Blockbusting
Definition
An illegal and discriminatory practice whereby one person induces another to enter into a real estate transaction from which the first person may benefit financially. This is done by representing that a change in the neighborhood with respect to race, religion, sex, ect of the occupants may occur which may result in lowering property value.
Term
Bona Fide Offer
Definition
An offer made in good faith, authentic, and without intent to defraud.
Term
Book Value
Definition
The amount that an asset is carried on the financial books of a person, partnership, association, or corporation. (Capitalized cost of an asset less depreciation taken for accounting purposes; It is the adjusted basis of an asset, and usually differs from appraised or market value).
Term
Budget Mortgage
Definition
A mortgage with payments set up to cover more than interest and principal reductions, usually taxes and insurance.
Term
Bundle of Rights
Definition
The concept of land ownership that means ownership of all legal rights to the land- for example, possession, control within the law, and enjoyment- rather than ownership of the land itself.
Term
Canvassing
Definition
Going through a neighborhood or to homeowners soliciting listings.
Term
Capitalization
Definition
The process of converting future income from a property into a current value for the property. In appraising, determining value of property by considering net income and percentage reasonable return on the investment. (Value= Annual Net Income/Capitalization Rate)
Term
Capitalization Rate (CAP Rate)
Definition
The rate of return (ROR) that an investor expects to earn on invested money. (Net Operating Income/Value)
Term
Carry-Over Clause
Definition
A clause (sometimes referred to as a safety clause) a listing which provides that a broker is still entitled to a commission for a set period of time after the listing has expired if the property is sold to a former prospect of the broker.
Term
Caveat Emptor
Definition
A latin phrase meaning 'Let the Buyer Beware'. The buyers must examine the goods or the property and buy at their own risk.
Term
CC&R's
Definition
Convenants, conditions, and requirements usually placed on a property by the developer.
Term
Certificate of Reasonable Value
Definition
Certificate issued by the VA indicating the appraisal value of the property and the maximum VA guaranteed loan a private lender may make.
Term
CFBP
Definition
Consumer Financial Protection Bureau. This was established by the Dodd-Frank Act
Term
Chain of Title
Definition
a history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in the current owner.
Term
Principle of Change
Definition
The law of cause and effect is at work; Social economic, government and environmental forces that affect real estate values are constant, inevitable transition.
Term
Characteristics of Value
Definition
Utility, Scarcity, Demand, and Transferability.
Term
Chattel
Definition
Personal property, must be movable, not real property.
Term
Chattel Mortages
Definition
Claims on personal property (instead of real property) used to secure or guarantee promissory notes.
Term
Cimarron Meridian
Definition
The meridian from which the oklahoma panhandle is legally described. It parallels the New Mexico border with Oklahoma. The baseline is the Texas border of the pan handle.
Term
Civil Rights Act
Definition
1866-1964-1968 The Congressional Acts which provide the basis of the fair housing regulations which prohibit discrimination in real estate.
Term
Closed-Ended Mortgage
Definition
A mortgage in which the principal amount may not be increased. Further borrowing us not permitted using the same mortgage as collateral.
Term
Closing Statement
Definition
An accounting of funds to the buyer and seller at the completion of a real estate transaction.
Term
Cloud on Title
Definition
A claim, encumbrance, or condition which impairs the title to real property until disproved or eliminated. Example through a quitclaim deed or a quiet title legal action.
Term
Collusion
Definition
Where 2 or more parties secretly have a joint part in an action regarded as fraudulent or decietful.
Term
Color of Title
Definition
Some plausible, but not completely clear-cut indication of ownership rights.
Term
Commingling
Definition
The mixing of funds of clients with personal or business funds of the broker or licensee.
Term
Common Law
Definition
The body of law that grew from customs and practices developed and used in England.
Term
Community Property
Definition
Property acquired by husband and/or wife during a marriage when not acquired as the separate property of each spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property. (Oklahoma is not a community property state)
Term
Competitive Market Analysis (CMA)
Definition
A method of evaluating real property based on the principle of comparison. The value of property is figured by comparing the prices paid for similar properties, prices being asked for similar properties, and prices for which comparable properties did not sell.
Term
Condemnation
Definition
A judicial or administrative proceeding to exercise the power of eminent domain; the power to take private property for public use. Value is estimated by the market value of the property being purchased.
Term
Principle of Conformity
Definition
The property values of an area maximized when there are reasonable degrees of architectural homogeneity and compatibility of land uses in that area.
Term
Consideration
Definition
Anything of value given or promised by a party to induce another to enter into a contract. It is one of the essential elements of a contract.
Term
Constructive Delivery
Definition
If a deed is recorded, it is presumed to have been delivered.
Term
Constructive Notice
Definition
Notice of certain facts which may be discovered by diligence or inquiry into the public record; a legal presumption that a person is responsible got knowing these facts.
Term
Contiguous
Definition
In close proximity; adjoining or abutting; near.
Term
Commingling
Definition
When a broker uses a buyer's earnest money fort personal use.
Term
Conveyance
Definition
A written instrument that transfers interest or title in real property from one person to another, such as a deed.
Term
Cooperative Ownership
Definition
Individuals own share in an association that controls the property end each individual leases dwelling space from the association or corporation.
Term
Corporeal Rights
Definition
Possessory rights in real property.
Term
Data Plants
Definition
An appraisers files or information on real estate.
Term
Double Declining Balance Method
Definition
A procedure used to calculate depreciation deductions at accelerated rates such as 150% or 200% times the straight-line rate.
Term
Dedication
Definition
The transfer of privately owned property to the public, with the intent that the land will be accepted and used for public purposes.
Term
Deed
Definition
A document that when properly executed and delivered by a grantor, conveys title to land.
Term
Quitclaim Deed
Definition
A deed of conveyance which operates in effect as a release of whatever interest the grantor has in the property.
Term
Deed Restrictions
Definition
Provisions in the deed controlling or limiting the use of land.
Term
Defeasible Estates
Definition
Sometimes called base fee estates or qualified fee estates; fee simple absolute interest in land that are capable of being defeated or terminated upon the happening of specified events.
Term
Deferred Income
Definition
Income received but not earned.
Term
Devise
Definition
Transfer of real property under a will.
Term
Documentary Tax Stamps
Definition
A tax on deeds, payable at the time of recordation.
Term
Dominant/Servient Parcels
Definition
Parcels of land which benefit from an easement across other parcels of land; parcels of land which are burdened by an easement for the benefit of other parcels.
Term
Earnest Deposit
Definition
Down payment made by the purchaser of real estate as evidence of good faith.
Term
Easement
Definition
A right to use another's real property or a portion thereof.
Term
Easement Appurtenant
Definition
An easement expressly granted in a deed conveying the property; an easement that attaches to and runs with the land for its benefit.
Term
Easement by Implication
Definition
An implied easement, created by necessity, in some cases having on obvious prior usage.
Term
Economic Characteristics of Land
Definition
Scarcity, improvements, area preference, and prominence of investment.
Term
Economic Life
Definition
The period which a property will yield a return on the investment over and above the economic or ground rent due to land.
Term
Economic Obscelence
Definition
Loss of value due to influences external to the subject property.
Term
Effective Interest Rate
Definition
The percentage of interest that is actually being paid by the borrower for the use of money, distinct from nominal interest.
Term
Egress
Definition
A way to exit or leave from property.
Term
Emblements
Definition
Crops produced annually by labor and industry as distinguished from crops that grow naturally on the land.
Term
Encumberance
Definition
Anything which affects, limits, or burdens the fee simple title to, or value of property. (i.e. mortgages, easements, liens, ect.)
Term
Equitable Title
Definition
The interest held by a contract buyer. The concept stems from the fact that the buyer can sue in equity to get specific performance if the seller refuses to sell after a contract for sale is signed and is signed and the buyer tenders performance.
Term
Escheat
Definition
The reverting of property to the state when the heirs capable of inheriting are lacking.
Term
Estate
Definition
the degree or quantity of interest that a person has in land; the nature of the right, its duration, and its relation to the rights of others.
Term
Estate for Years
Definition
an estate in real property granted for a definite and certain term of years under the condition of a lease, terminating only by agreement of the parties, conditions in the lease, operation of law or merger.
Term
Estoppel Clause
Definition
Provision barring a person from asserting or denying a fact because of the person's acts or words.
Term
Estoppel Certificate
Definition
A document by which mortgagor's verify amount owed and the rate of interest. Once mortgagors sign the document they are 'estopped' or prevented from claiming they did not owe the amount stated on the certificate; certificate of no defense.
Term
Exculpatory Clauses
Definition
Lease clauses by which landlord attempt to excuse themselves from liability in maintaining the leasehold premises.
Term
Executory Contract
Definition
Contract in which something remains to be done.
Term
Fannie Mae
Definition
An acronym nickname for Federal National Mortgage Association.
Term
Federal Antitrust Laws
Definition
Federal laws designed to maintain and preserve business competition.
Term
Federal Consumer Credit Protection Act of 1969
Definition
Requires creditors to clearly show how much borrowers are paying for their credit in both dollar terms and percentage terms before committing to the loan. (Truth-in-Lending)
Term
Federal Home Loan Bank Board (FHLBB)
Definition
The agency which control federal charted savings and loan associations.
Term
Federal Home Loan Mortgage Association (FHLMA;Freddie Mac)
Definition
A federal agency providing a secondary mortgage market facility for savings and loan associations.
Term
Fee Simple Absolute
Definition
The greatest and most complete ownership in land.
Term
Fee Simple Defeasible
Definition
An estate similar to fee simple absolute, limited only by the happening of an event or condition.
Term
Fee Simplet Determinable
Definition
The fee simple in real estate that may be determined by the grantor if the grantee violates the term of the conveyance, the estate reverting back to the grantor.
Term
Fiduciary
Definition
A relationship of trust , responsibility, and confidence for another such as a broker for a client.
Term
Finder's Fee
Definition
A fee paid by a real estate broker to another for procuring a buyer or seller; also called a referral or bird dog fee.
Term
Fiscal Policy
Definition
The general principles by which a government is guided in monetary control end regulation.
Term
Fixtures
Definition
Appurtenances attached to land or improvements, which cannot usually be removed without agreement because they become real property.
Term
Form Reports
Definition
A uniform residential appraisal report in which the information used in determining value is reported in a standard FNMA Form No 1004.
Term
Freddie Mac
Definition
A nickname for the Federal Home Loan Mortgage Association (FHLMA).
Term
Federal National Mortgage Association
Definition
A private agency which provides a secondary mortgage market for mortgage loans.
Term
Freehold Estate
Definition
A possessory estate of indeterminate length in real property, held by one who owns title.
Term
Functional Obsolescence
Definition
Depreciation that results from improvements that are inadequate, overly adequate, or improperly designed for present needs.
Term
Ginnie Mae
Definition
An acronymic nickname for for the government.
Term
Good Faith Estimate
Definition
A preliminary accounting of expected closing costs for both parties based on the offered price and terms of the contract.
Term
Government Lots
Definition
Portions of fractional sections that are less than one quarter section in size.
Term
Government National Mortgage Association (GNMA)
Definition
Ginnie Mae; A federal agency that sponsors a mortgage-backed securities program and provides subsidies for residential loans.
Term
Graduated Payment Mortgage
Definition
A mortgage with a fixed interest rate rate loan wherein the monthly payment starts low and then increases.
Term
Grand Incident of Joint Tenancy
Definition
Right of survivorship in joint tenancy and tenancy by the entirety whereby the remaining co-owners acquire the deceased's undivided interest.
Term
Habendum Clause
Definition
The "to have and to hold" clause which may be held in a deed.
Term
Hereditaments
Definition
Every sort of inheritable property, such as real, personal, corporeal, and incorporeal.
Term
Heterogeneity
Definition
A physical characteristic of land which implies that no two parcels of land are exactly alike.
Term
Holographic
Definition
Handwritten will signed by the grantor or testator, but not witnessed.
Term
Homogeneity
Definition
Made of same or similar kind.
Term
The Department of Housing and Urban Development (HUD)
Definition
U.S. cabinet level agency created in 1965 and is responsible for the major housing programs in the United States, such as FHA and Fair Housing Laws.
Term
Hypothecation
Definition
Pledging things as security without delivery possession.
Term
Implied Contract
Definition
A contract in which promises are inferred by actions of the parties. (Oral)
Term
Improvements
Definition
That which is erected or constructed upon land to release the income-earned potential of the land; buildings or appurtenances on land.
Term
Income Approach
Definition
An appraiser's evaluation process that places emphasis on the future stream of income that property is expected to produce.
Term
Incorporeal Rights
Definition
Nonpossessory rights in real estate, arising out of ownership, such as rent.
Term
Ingress
Definition
The act of entering, Power of entrance; access; opposite of egress.
Term
Installment Sales Contract
Definition
Commonly called contract of sale or 'land contract'. Purchase of real estate wherein the purchase price is paid in installments over a long period of time, title is retained by seller and upon default by buyer the payment may be forfeited.
Term
Insured Value
Definition
The cost to reproduce a structure only; does not include the value of the land.
Term
Interest
Definition
A portion, share or right in something. Partial not complete ownership.
Term
Interest Extra Loan
Definition
A loan in which a fixed amount of principal is repaid in installments along with interest accrued each period on the amount of the then outstanding principal only.
Term
Interim Loans
Definition
Short-Term, temporary loans used until permanent financing is available (i.e. construction loans)
Term
Interpleader
Definition
Should the parties become involved in a dispute as to the ownership or correct distribution of the escrow funds, the escrow agent has court action available as an option. The escrow agent pays the funds into the registry of the court and the court decides who is entitled to the funds.
Term
Involuntary Alienation
Definition
The act of transferring title or some interest in real property against the owner's will; opposite of voluntary alienation. Examples are adverse possession, condemnation, and tax sales.
Term
Judgement Creditor
Definition
One who has received a decree or judgement of court for money owed.
Term
Junior Mortgage
Definition
A mortgage recorded subsequently to another mortgage on the same property or made subordinate by agreement to a later recorded mortgage.
Term
Jurisdiction
Definition
The authority by which judicial officers take cognizance of and decide causes; the power to hear and determine a cause; the right and power which a judicial officer has to enter upon the inquiry.
Term
Legal Description
Definition
A land description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded plats.
Term
Lien Theory
Definition
The mortgagee does not acquire any form of title to the mortgaged property; title remains with the mortgagor.
Term
Liquidated Damages Clause
Definition
A clause in a contract by which the parties by agreement fix the damages for a breach of contract.
Term
Les Pendens
Definition
A notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation.
Term
Littoral Rights
Definition
The rights to the water and ownership of the land up to the high-water mark of land abutting or bordering navigable waters.
Term
Loan-to-Value Ratio
Definition
The relationship between the amount of the mortgage loan and the appraised value of the security, expressed as a percentage of the appraised value.
Term
Marginal Land
Definition
Land which barely pays the cost of working or using.
Term
Market Data Approach
Definition
(Direct Sales Comparison) The evaluation procedures based on value in exchange, making a comparison with similar properties.
Term
Marketable Title
Definition
a perfect title free and clear.
Term
Mechanic's Lien
Definition
A lien in favor of one who furnishes labor or materials for the improvement of real property.
Term
Moral Turptitude
Definition
Acts of conduct contrary to justice, honesty, modesty, or good morals.
Term
Mutual Mortgage Insurance
Definition
Insurance required on all FHA loans for the protection of the mortgage in case of default.
Term
Narrative Report
Definition
An appraisal report which includes all pertinent information about the area and the subject property, as well as the reasons and computations for the value conclusion; gives the complete reasoning of the appraiser as well as the value conclusions.
Term
Nolo Contendre
Definition
A plea by the defendant in a criminal prosecution, which without admitting guilt, subjects him to conviction.
Term
Nonconforming Use
Definition
A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.
Term
Novation
Definition
The substitute or exchange of a new obligation or contract for an old on by the agreement of the parties.
Term
Obsolescence
Definition
Loss in value due to reduced desirability and usefulness of a structure because its design and construction is becoming obsolete.
Term
Oklahoma Association of REALTORS (OAR)
Definition
The state-wide association of local real estate boards affiliated with NAR for the advancement of the real estate profession.
Term
Oklahoma Fair Housing Law
Definition
1985 legislature extending the coverage of discrimination prohibition to include age and handicap.
Term
Open-End Mortgage
Definition
A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has been reduced without renewing the mortgage.
Term
Open Housing Law
Definition
A federal law which prohibits discrimination in the sale of real estate because of race, color, or religion of buyers. Also known as the Federal Fair Housing Law, Title VIII, Civil Rights Act of 1968.
Term
Option
Definition
A right given for a consideration to purchase or lease a property upon specified terms within a specified times, without obligating the party who received the right to exercise the right.
Term
Ostensible Agent
Definition
A form of implied relationship created by the actions of the parties involved rather than by written agreement or document.
Term
Ownership in Severalty
Definition
Owned by one person only. Sole ownership, severed from all others.
Term
Parol Evidence Rule
Definition
A rule of evidence designed to achieve a degree of certainty in a transaction and to prevent fraudulent and perjured claims. If the parties have reduced the contract to writing, the writing is the best evidence of the terms of their agreement; and neither party, in the even of a suit, will be permitted to offer parol (oral) evidence to alter or vary the terms of the writing.
Term
Partition Action
Definition
Court proceedings by which co-owners seek to sever their joint ownership. A legal procedure in which an estate held by tenants in common is divided and title in severalty to a designated portion passed to each of the previous tenants in common.
Term
Patent
Definition
A grant or a franchise of land from the United States Government.
Term
Pension Funds
Definition
A major source of money for real estate come from savings for retirement.
Term
Periodic Estate
Definition
An interest in leased property that continues from period to period, week to week, month to month, or year to year.
Term
Police Power
Definition
the capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants.
Term
Possessory Interests
Definition
distinguished from an interest in the title to property, which may not include the right to immediately occupy the property. Example: a long-term lease.
Term
Possibility of Reverter
Definition
if he conveys a fee simple determinable, which is a fee simple subject to some condition. For instance, if the grantor conveys land to be used to build a church, and the grantee does not build a church, then the land will revert back to the grantor automatically.
Term
Pour Autre Vie
Definition
An estate that occurs during the life time of another. While it is similar to a life estate, it differs in that a person's life interest will last for the life of another person instead of their own.
Term
Prescription
Definition
Obtaining title to property by adverse possession by occupying it for the period determined by law to bar action for recovery.
Term
Privity of Estate
Definition
is a "mutual or successive relation to the same right in property" such as the relationship between a landlord and tenant. Thus, refers to the legal relationship that two parties bear when their estates constitute one estate in law.
Term
Probate
Definition
The process of verifying the legality of a will and carrying out its' instructions.
Term
Quantity Survey Method
Definition
The evaluation technique wherein the different quantities of material needed to replace the structure are calculated and multiplied by the price of each to estimate material cost.
Term
Quitclaim Deed
Definition
contains no warranties of title at all. The quitclaim deed only operates to convey to the seller's interest in the property to the buyer. This means that if a seller owns a building, he can give a quitclaim deed to the buyer and the seller's entire interest has been transferred.
Term
Race Notice
Definition
'First to record is first in right'. A legal principle stating the the first person to record and instrument is reasonably protected. The person must be innocent of prior conveyance.
Term
Ratify
Definition
formally approving something.
Term
Real Estate Settlement Procedures Act (RESPA)
Definition
A consumer protection statute, first passed in 1974. It ensures that consumers throughout the nation are provided with more helpful information about the cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices.
Term
Redlining
Definition
A practice by some lending institutions which restricts the number of loans or the loan-to-value ratio in certain areas of a community.
Term
Regulation Z
Definition
prohibits certain practices relating to payments made to compensate mortgage brokers and other loan originators. The goal of the amendments is to protect consumers in the mortgage market from unfair practices involving compensation paid to loan originators.
Term
Reliction
Definition
The gradual recession of water from the usual water level resulting in an increase in land.
Term
Remainderman
Definition
The person to whom the remainder of an estate passes at the termination of a life estate; the remainder is the estate that is left over at the termination of a life estate.
Term
Reverse Annuity Mortgage (RAM)
Definition
A mortgage where the lender makes a monthly payment to the homeowner who later repays in a lump sum.
Term
Reversionary Interest
Definition
The person to whom the remainder of an estate reverts at the termination of a preceding estate.
Term
Right of Survivorship
Definition
The legal right of the remaining co-owners to acquire the deceased's undivided interest.
Term
Riparian Rights
Definition
The right of ownership on non-navigable waters is to its midpoint. Title is only to the river bed at midstream.
Term
Satisfaction Piece
Definition
A document indicating that the provisions of a mortgage have been satisfied.
Term
Seizen
Definition
Possession of real estate by one entitled thereto.
Term
Severance
Definition
Deed given by court in connection with sale of property to satisfy a judgement.
Term
Sheriffs Deed
Definition
Deed given by court order in connection with sale of property to satisfy a judgement.
Term
Statutory Year
Definition
360 days, 12 months, and 30 days in a month.
Term
Statutes of Frauds
Definition
A state law, based on an old English statute, requiring certain contracts to be in writing and signed before they will be enforceable at law.
Term
Steering
Definition
Channeling potential buyers of one race into one area and potential buyers of another race into a second area.
Term
Subrogation
Definition
The right for an insurer to pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid to the insured for the loss.
Term
Suvivorship
Definition
The chief characteristic of a joint tenancy which automatically passes the interest of the deceased to the surviving tenant(s).
Term
SWAG
Definition
A guess that is scientific but wild.
Term
Syndicate
Definition
An organization of investors usually in the form a of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests.
Term
Tacking
Definition
Term
Tenancy by the Entireties
Definition
An estate held by husband and wife which cannot be terminated without the consent of both parties.
Term
Tenancy in Common
Definition
Two or more persons own undivided interests in one parcel of land, without right of survivorship.
Term
Term Mortgages
Definition
Mortgages requiring interest only payments until the maturity date at which times the entire principal is due.
Term
Testate
Definition
Die leaving a will.
Term
Title Theory
Definition
The mortgagee acquires some form of title to the mortgaged property in order to secure a debt.
Term
Torrens System
Definition
A method of registering land title that is similar to that of automobile ownership registration.
Term
Tort
Definition
A civil wrong committed against person or property, independent of any contractual agreement.
Term
Trade Break Down Method
Definition
An appraisal method which estimates replacements costs by breaking the building down into major functional parts or units.
Term
Transfer Clauses
Definition
Clauses in typical conventional mortgages governing interest in property if it is sold or transferred without paying off the existing debt.
Term
Trust Deed
Definition
A deed which conveys real estate to a 3rd person to be held for the benefit of a beneficiary.
Term
Uniform Vendor and Purchaser Risk Act
Definition
The statute which places the burden of loss on the seller until legal title is transferred or until possession by the purchaser, whichever is first.
Term
Usury
Definition
Charging a interest rate higher than is permitted by law.
Term
Utility
Definition
the power to satisfy human wants and needs.
Term
Unilateral Contract
Definition
A contract that can be formed by an express offer stating that the offer can only be accepted through performance.
Term
Valuable Consideration
Definition
The granting of some beneficial right, interest, profit, or the suffering of some legal detriment or default by one party in return for the performance of another, usually as an inducement for a contract.
Term
Vicarious Liability
Definition
Sometimes called imputed liability, attachment of responsibility to a person for harm or damages caused by another person in either a negligence lawsuit or criminal prosecution.
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