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Vocab
real estate test
115
Real Estate & Planning
Graduate
03/28/2012

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
Abstract of Title
Definition
Complete history of the title of a piece of property.
Term
Accretion
Definition
Addition to the land by the action of water
Term
Actual Authority
Definition
When an agent has been appointed rither in writing or orally by the principal.
Term
Adjustable rate mortgage
Definition
An ARM has payment of principal and interest, but at specified time the interest rate adjust to some readily available market index.
Term
Administrator
Definition
A party appointted by the court to handle the property of an indicidua, who dies without will
Term
Adverse possession
Definition
When an individual acquires title from the rightful owner
through hostile, actual, continuous occupation of the land for
the statutory period.
Term
Agency
Definition
A relationship in which one party acts for another.
Term
Agent
Definition
The one who acts for the principal.
Term
Alienation
Definition
Any change in the ownership of real property is known as…
Term
Alluvion
Definition
The soil added to the land by the accretion
Term
Amortized loan
Definition
A loan with equal regular payments over the life of the loan.
Term
Appraisal
Definition
An estimate or opinion of value.
Term
Appurtenance
Definition
A right or privilege or improvement that belongs to and passes
with land but is not necessarily a part of the land.
Term
Assignment
Definition
Total transfer of rights and liabilities under a contract.
Term
Avulsion
Definition
Water washes away the land from one property and deposits it
on another.
Term
Beneficiary
Definition
One who receives property through a will.
Term
Bequest
Definition
Personal property that is inherited.
Term
Bill of Sale
Definition
Used for transfer of personal property.
Term
Blanket loan
Definition
A loan which covers two or more pieces of property
Term
Breach of contract
Definition
When one party fails to perform as promised in a contract
Term
Codicil
Definition
An addition or an amendment to an existing will
Term
Condemnation
Definition
The government, under its power of eminent domain, takes an
easement.
Term
Constructive notice
Definition
Notice to the world.
Term
Contract
Definition
A legally enforceable agreement to do or refrain from doing a
particular thing.
Term
Cost approach
Definition
Mathematical formula for calculating the replacement value
of unique, one-of-a-kind properties, where there are no
comparable.
Term
Cost approach Formula
Definition
Land + Building Replacement Cost - Depreciation.
Term
Curtesy
Definition
Interest a husband has in the property of his wife.
Term
Dedication
Definition
An individual who wishes to transfer title to the government
will use this method.
Term
Deed of trust
Definition
A three party mortgage.
Term
Dower
Definition
Interest a wife has in the property of her husband
Term
Duties of the Agent
Definition
Care, obedience, accounting, loyalty and disclosure
Term
Duties of the Principal
Definition
Compensation, reimbursement, indemnification and
performance.
Term
Easement appurtenant
Definition
A right for the benefit of a piece of land
Term
Easement in gross
Definition
This belongs to a person or corporation and does not belong to
the land.
Term
Easements
Definition
Can be terminated by merger, release, abandonment (end of
need), or death in the case of a personal easement.
Term
Eminent Domain
Definition
The right of the government to take private land for public use.
Term
Encroachment
Definition
The unauthorized intrusion of another’s property onto an
adjoining property.
Term
Encumbrance
Definition
A claim, lien, charge, or liability attached to and binding real
property.
Term
Escheat
Definition
If a person dies intestate (without a will) and without heirs, the
government will take title to his real property under the right of
escheat.
Term
Estate at Will
Definition
Either the landlord or tenant may agree to terminate the lease
“at will”.
Term
Estate for Years
Definition
Any lease with a specific starting and ending date.
Term
Estates in Land
Definition
Freehold Estates, Leasehold Estates, Statutory Estates,
Equitable Estate.
Term
Fee Simple Absolute
OR Fee Simple
Definition
The type of ownership in which a person has the most rights in
his/her property.
Term
FHA (Fed. Housing Admin.)
Definition
Insures loans.
Term
Fiduciary
Definition
The relationship between the principal and agent.
Term
Fixture
Definition
A piece of personal property that has become attached to the
land in such a way as to become real property is called…
Term
Formal or witnessed will
Definition
A will prepared by an attorney.
Term
General agency
Definition
Exists when an agent is authorized to carry out the affairs of a
business for his employer, sometimes within a certain area.
Term
General lien
Definition
A lien against all the property of a debtor
Term
Government Survey System or
Rectangular Survey System
Definition
A description of property using base lines and meridians,
ranges, townships, and sections.
Term
Gross lease
Definition
One in which the landlord pays all the expenses of the property.
Term
Hereditament
Definition
Any property, whether real or personal, which is capable of
being inherited.
Term
Holdover tenant
Definition
...no longer has any right to remain on the property
Term
Holographic
Definition
Handwritten will.
Term
Homestead laws
Definition
Prevent forced sale of the home by creditors, and provide a
surviving spouse with shelter.
Term
Improvements
Definition
Buildings, landscaping, fences, patios, decks, roads, curbs, etc.
Term
Income approach
Definition
Converting an income stream into an indication of value.
Term
Intestate
Definition
An individual who dies without a will is said to have died…
Term
Leasehold Estate
Definition
Gives one possession and use of a property without ownership.
Term
Lien
Definition
A claim against property to secure payment for a debt.
Term
Life Estate
Definition
Ownership for the duration of someone’s life.
Term
Loan to value
Definition
The percent of market value that a lender is willing to lend.
Term
Lot and Block
Definition
A description of property by lot and block numbers that refer to
a recorded map or plat.
Term
Market data approach
Definition
Based on the comparison of the subject property to similar
properties in the area.
Term
Market value
Definition
As the price a willing buyer will pay and a willing seller will sell
for, if neither is under undue pressure.
Term
Metes and Bounds
Definition
A description using terminal points and angles to describe a
piece of property.
Term
Mortgage
Definition
An instrument that pledges real property as security for debt.
Term
Mortgage bankers
Definition
Originate loans, lend money, sell loans and continue to service
loans they have sold.
Term
Mortgage brokers
Definition
Specialists in bringing together borrowers and lenders.
Term
Necessity
Definition
The court requires the easement or states it is necessary for the
benefit of the owner.
Term
Net lease
Definition
The tenant pays rent plus a portion of the expenses of the
property, such as taxes, maintenance, or utilities
Term
Note
Definition
Actual evidence of the debt and the personal promise to repay.
Term
Nuncupative will
Definition
An oral or deathbed will.
Term
Ostensible authority
Definition
An agent acts as if he has the right to represent a principal, even
if he does not.
Term
Package loan
Definition
A loan that includes both real and personal property as security.
Term
Patent
Definition
Title can be conveyed from the state to an individual by the use
of…
Term
Percentage lease
Definition
The tenant’s rent is based in whole or in part on the receipts of
his business.
Term
Periodic Estate
Definition
A lease that automatically renews itself for like periods.
Term
Personal Property or Chattel
Definition
Things of a temporary, or movable nature.
Term
Police Power
Definition
The right of the government to regulate and control the way
you use your land.
Term
Prescription
Definition
Continuous use of the land over a period of time establishes the
right to use the land.
Term
Primary market
Definition
Where individuals go to borrow money.
Term
Principal
Definition
ne who empowers another to act for him.
Term
The Principle of Conformity
Definition
ximum value is achieved when there is homogeneity or
similarity in an area.
Term
The Principle of Highest and
Best Use
Definition
The use of a property that gives the greatest return in money or
amenities.
Term
The Principle of Increasing and
Decreasing Returns
Definition
Continue to invest in improvements as long as for each dollar
spent, value increases a dollar or more.
Term
The Principle of Regression
Definition
The presence of lower priced properties in the area will cause a
decline in the value of the subject property.
Term
Quitclaim deed
Definition
Deed with no guarantees, warranties, or covenants
Term
Requirements of a Valid
Contract
Definition
Competent parties, mutual agreement, consideration, legal
objective and in writing, where required by law.
Term
RESPA
Definition
Prohibits kickbacks or fees for services not performed during
the closing.
Term
Riparian Rights
Definition
Rights to use water from a river or a stream on or next to your
property
Term
Secondary market
Definition
Where lenders go to borrow money.
Term
Section
Definition
One square mile or 640 acres.
Term
Severalty
Definition
Ownership by one person or one legal entity is called an estate
in...
Term
Situs
Definition
The location of the property or land from an economic, not a
geographic, viewpoint
Term
Special agency
Definition
An agent has a limited authority to act for his principal in a
particular situation.
Term
Specific lien
Definition
A lien that attaches to one or more specific or listed properties.
Term
Statute of Frauds
Definition
Requires the transfer of ownership of real property to be
accomplished in writing and signed in order to be enforceable in
a court of law.
Term
Suit for specific performance
Definition
The injured party sues the defaulting party.
Term
Taxation
Definition
The government retains the right to tax your land.
Term
A Tenancy at Sufferance
Definition
Created when a lease expires and the tenant remains on the
premises.
Term
Testate
Definition
An individual who dies leaving a valid will is said to have
died…
Term
Time is of the essence
Definition
Means that all agreements in the contract must be performed or
carried out exactly on time.
Term
Title
Definition
The evidence an individual has of his right to possess land.
Term
Title by descent
Definition
Real property is inherited without a will.
Term
Title commitment
Definition
A statement of the condition of title at a moment of time.
Term
Title insurance
Definition
A policy of insurance that protects the insured against the loss
resulting from defects of title to a specifically described parcel of
real property
Term
Trade Fixtures
Definition
Items necessary for an individual to carry out his trade or
profession.
Term
Unenforceable contract
Definition
One that will not hold up in a court of law.
Term
Universal agency
Definition
Exists when a principal has granted an agent unlimited
authority to act for him.
Term
VA Loan
Definition
Loan guaranteed by the Veteran’s Administration.
Valid contract
Term
Valid contract
Definition
One that meets all the requirements of the law.
Term
Void contract
Definition
One that has no effect on the parties signing it.
Term
Voidable contract
Definition
One that can be canceled or voided by one of the parties.
Term
Will
Definition
A written expression of the desire of a person as to the
disposition of that person’s property after death.”
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