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264 Cards in this Set
- Front
- Back
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Capitalism
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an economic system in which most of the economy’s resources are privately owned
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net worth
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The value of all assets minus all liabilities.
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appreciation
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the increase in market value of real estate.
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inflation
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the increase in the general price level of goods and services.
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median home price
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The price that is middle value of a sample of sales, with one-half of the sales below and one-half of the sales above.
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demographics
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Information from a variety of sources used to create a broad profile of any community.
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gold rush
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A large migration of people to a newly discovered gold field.
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housing inventory
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Housing units that are available for sale or in the process of being made ready for sale.
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C.A.R.
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a California trade association representing REALTORS® statewide.
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unemployment rate
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the percentage of the people classified as unemployed as compared to the total labor force
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promissory note
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The evidence of the debt.
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negative amortization
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A portion of the interest is not paid each month. The difference between what should be paid and what is actually paid is added to the unpaid principal balance of the loan and the principal increases instead of decreases.
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partial amortization
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A large (balloon) payment will be due at the end of the loan term.
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assumption clause
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"A clause in a document that allows a buyer to take over the existing loan and agree to be liable for the repayment of the loan. "
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blanket loan
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A loan secured by several properties. The security instrument used can be a blanket deed of trust or a blanket mortgage.
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conforming loans.
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have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These loans are called “A” paper loans, or prime loans, and can be made to purchase or refinance homes (one-to-four residential units)
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endorsement
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signature
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vendee
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The buyer under a contract of sale (land contract).
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conventional loan
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Any loan made by lenders without any governmental guarantees.
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discounting a note
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Selling a note for less than the face amount or the current balance.
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mortgagee
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The lender under a mortgage.
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equitable title
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The interest held by the trustor under a trust deed.
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purchase-money loan
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"A clause in a document that allows a buyer to take over the existing loan and agree to be liable for the repayment of the loan. "
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fictitious trust deed
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Recorded trust deed containing details that apply to later loan documents.
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renegotiable rate mortgage
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Loan in which the interest rate is renegotiated periodically.
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takeout loan
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The permanent loan that pays off a construction loan.
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nominal or named rate
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The interest rate stated in the note.
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vendor
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The seller under a contract of sale (land contract).
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acceleration clause mortgage
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A clause in a loan document describing certain events that would cause the entire loan to be due.
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promissory note
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The evidence of the debt.
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alienation clause
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A clause in a loan document that would allow the lender to call the entire loan due upon the sale of the property.
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adjustable-rate
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A note whose interest rate is tied to a movable economic index.
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standby commitment
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A letter that promises to deliver a takeout loan in the future.
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amortization
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The liquidation of a financial obligation.
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mortgagor
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The borrower under a mortgage.
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beneficiary
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The lender under a deed of trust.
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collateral
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Something of value given as security for a debt.
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trust deed
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"A security instrument that conveys naked legal title of real property to a third party (trustee) to hold from a borrower (trustor) to a to be held as security for the lender (beneficiary) for payment of a debt in case of default on the loan. "
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VA loan
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A loan made to qualified veterans for the purchase of real propert y wherein the Department of Veterans Af fairs guarantees the lender payment of the mortgage.
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CAL-VET Program
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A program administered by the State Department of Veterans Affairs for the direct financing of farm and home purchases by eligible California veterans of the armed forces
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interest
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The charge for the use of money.
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installment note
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A note which provides for a series of periodic payments of principal and interest, until amount borrowed is paid in full. This periodic reduction of principal amortizes the loan.
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interest only loan
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"A straight loan or term loan, non-amortizing loan in which the interest rate is generally higher and the lender receives only interest during the term of the loan and principal is repaid in a lump sum at maturity. "
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hypothecation
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A process which allows a borrower to remain in possession of the property while using it to secure a loan.
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construction loan
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An interim loan made to finance the actual construction or improvement on land. Funds are usually disbursed in increments as the construction progresses.
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hard money loan
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"Any loan made on real property in exchange for cash. the borrower gets the entire loan balance at one time. It is a fixed-rate second mortgage with principal and interest payments remaining the same over the life of the loan."
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home equity line of credit
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(HELOC), the borrower takes money as it is needed—up to the credit limit. It has a low starting interest rate, with a variable monthly rate based on outstanding balance.
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all-inclusive trust deed (AITD)
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A purchase money deed of trust subordinate to but still including the original loan. |
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wraparound mortgage,
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Sometimes called "AITD", where a new loan is placed in a secondary position; the new loan includes the unpaid balance of 1st loan & the sums loaned by the lender of the 2nd loan. . |
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open-end loan
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is essentially a revolving line of credit.
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package loan
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"A loan on real property secured by more than the land and structure. It includes fixtures attached to the building (appliances, carpeting, drapes, air conditioning) and other personal property"
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swing loan
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(1) A short-term loan used to enable the purchaser of a new property to buy that property on the strength of the equity from the property the purchaser is now selling. (2) Also known as a bridge loan.
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subordination clause
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A clause in which the holder of a trust deed permits a subsequent loan to take priority. Is used to change the priority of a financial instrument.
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equity
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The difference between the appraised value and the loan.
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equitable title
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(1) The interest held by the trustor under a trust deed. (2) Selling a note for less than the face amount or the current balance.
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judicial foreclosure
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Foreclosure by court action
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junior loan
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"is a loan secured by a trust deed or mortgage on a property, other than first-trust deed. They take advantage of built-up equity in a property."
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"nontraditional mortgage product"
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is any loan other than a fixed-rate, 30-year, fully amortized loan.
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home equity loan
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"the borrower gets the entire loan balance at one time. It is a fixed-rate second mortgage with principal and interest payments remaining the same over the life of the loan."
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discounting a note
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"is selling a note for less than the face amount or the current balance. "
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"deed of trust"
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"is a financial instrument consisting of a trustor (borrower), trustee (titleholder), and a beneficiary (lender). "
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certificate of reasonable value (CRV)
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"The Federal VA appraisal commitment of property value. "
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certificate of eligibility
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Issued by Department of Veterans Affairs; evidence of individual’s eligibility to obtain VA loan.
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first trust deed
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The trust deed recorded first against a property and all others are junior loans.
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seller financing disclosure statement
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"It gives both the seller and buyer all the information needed to make an informed decision about using seller financing to complete the sale"
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partial reconveyance
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A clause in a trust deed or mortgage permitting the release of a parcel or part of a parcel from the lien of that security instrument. The release usually occurs upon the payment of a specified sum of money.
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partially amortized note
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"A promissory note with a repayment schedule that is not sufficient to amortize the loan over its term. "
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notice of default
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A notice to a defaulting party that there has been a nonpay- ment of a debt.
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deficiency judgment
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A judgment against a borrower for the balance of a debt owed when the security or the loan is not sufficient enough to pay the debt.
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contract of sale
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(1) A contract for the sale of real property where the seller gives up possession but retains title until the total of the purchase price is paid off. (2) Also called installment sales contract, a contract of sale, an agreement of sale, a conditional sales contract, or a land sales contract.
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naked legal title
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Title lacking the rights and privileges commonly associated with ownership may be held by trustee under a trust deed.
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security instrument
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"a legal document given by the borrower to hypothecate the property to the lender as collateral for a loan, creating a security interest."
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qualifying rate
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The initial interest rate determined by the current rate of the chosen index.
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"adjustable-rate mortgage (ARM) "
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"is one whose interest rate is tied to a movable economic index"
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fully amortized fixed-rate note
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"describes a loan with an interest rate that is fixed and payments that are level for the life of the loan. It is characterized by regular, periodic payments of fixed amounts, to include both interest and principal, which pay off the debt completely by the end of the term."
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negotiable instrument
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" is a written unconditional promise or order to pay a certain amount of money at a definite time or on demand."
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credit scoring
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A statistical method lenders use to assess a borrower’s credit risk.
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mortgage companies
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Lender whose principal business is the origination, closing, funding, selling, and servicing of loans secured by real property.
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Truth in Lending Act
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"Consumer-protection law passed to promote the informed use of consumer credit by requiring disclosures about its terms and costs. "
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real estate investment trust
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"A company with a minimum of 100 shareholders that owns operates income-producing real estate or engages in financing real estate. "
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annual percentage rate (APR)
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"The relative cost of credit expressed as a yearly percentage rate. It is the relationship of the total amount financed, expressedas percentage. "
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warehousing
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Revolving line of credit extended to a mortgage company from a warehouse lender.
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primary mortgage market
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Market in which lenders make mortgage loans directly to borrowers.
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mortgage broker
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Real estate licensee who is a third party originator.
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pass-through securities
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Mortgage backed securities that pass through the principal and interest of the underlying loans to investors.
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monetary policy
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Actions taken by the Fed to influence the availability and cost money and credit as a means of promoting national economic goals.
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redlining
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A discriminatory lending practice prohibited by the Holden Act.
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Equal Credit Opportunity Act Federal
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An act ensuring that all consumer have an equal chance to obtain credit.
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finance charge
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The dollar amount the credit will cost the borrower.
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mortgage-backed securities
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Pools of mortgages used as collateral for the issuance of securities in the secondary market.
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tight money
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An economic situation in which the supply of money is limited, and the demand for money is high, as evidenced by high interest rates.
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secondary mortgage market
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A resale marketplace for mortgage loans.
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loan-to-value
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The percentage of appraised value to the loan.
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underwriting
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The process of evaluating a borrower’s risk factors before the lender will make a loan.
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FDIC
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Corporation that insures deposits in all federally chartered banks and savings institutions up to $250,000 per depositor.
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compensating balance
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A minimum credit balance that a bank requires a borrower to keep on deposit as a condition for granting a loan.
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deregulation
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A process whereby regulatory restraints are gradually relaxed.
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credit union
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Lender whose members usually have the same type of occupation.
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mortgage yield
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The total interest, fees, and points earned by the lender expressed as a percentage.
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Loan Estimate
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Document that lists the charges the buyer is likely to pay at settlement.
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Mortgage Loan Disclosure Statement California
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Required statement that disclosed expected maximum costs and expenses of making the loan that are to be paid by the borrower.
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disintermediation
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The process of depositors removing funds from savings.
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commercial bank
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An all purpose institutional lender that commonly makes short-term, or interim loans to finance construction.
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actual age
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Real age of a building.
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amenities
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Features that add value to a property.
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appraisal process
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An orderly systematic method to arrive at an estimate of value.
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appraisal
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An act or process of developing an opinion of value.
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assemblage
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The process of putting several smaller less valuable lots together under one ownership.
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capitalization
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The process that can be employed to convert income to value.
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conformity
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When land uses are compatible and homes are similar in design and size, the maximum value is realized.
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corner influence
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Commercial properties benefit from more exposure on a corner lot.
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cost
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The expenses in money, labor, material, or sacrifices in acquiring or producing something.
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cul-de-sac lot
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A lot found on a dead-end street with same way for ingress and egress.
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depreciation
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Loss in value from any cause.
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economic life
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The estimated period over which a building may be profitably used.
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effective age
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Age of a building determined by its condition and usefulness.
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effective demand
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Desire coupled with purchasing power.
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fair market value
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The price the property would bring if freely offered on the open market with both a willing buyer and a willing seller.
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flag lot
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A lot that looks like a flag on a pole, which represents the access to the site; usually located to the rear of another lot fronting a main street.
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front foot
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The width of a property on the side facing the street. |
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functional utility
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The ability of a property to be useful and perform the function for which it is intended according to current market tastes and standards.
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improvements
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Any buildings or structures on a lot.
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interim use
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Short-term and temporary use of a property until it is ready for a more productive highest and best use.
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key lot
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Lot that is the least desirable due to the lack of privacy because it is surrounded by the back yards of other lots.
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location
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This may be the most important factor influencing value.
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market price
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What a property actually sold for.
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market rent
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The rent a property should bring in the open market.
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market value
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Sometimes called the objective value.
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orientation
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The placement of a building on its lot in relation to exposure to sun, prevailing wind, traffic, and privacy from the street.
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plottage increment
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The increase in the value when several smaller parcels are combined together into one larger parcel.
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reconciliation
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The final step in an appraisal is to examine the values derived by the various approaches.
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replacement cost
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The cost of replacing improvements with modern materials and techniques.
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scarcity
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The availability or lack of availability of a commodity in the marketplace.
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T-lot
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A lot that is fronted head-on by a street; noise and glare from headlights may be detractors from this type of lot.
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Transferability
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Title to property must be marketable with an unclouded title.
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utility value
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The usefulness of the property to its owner. This is subjective value orthe value given for personal reasons.
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utility
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The ability of a property to satisfy a need or desire, such as shelter, income, or amenities.
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vacancy factor
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loss of income because of a vacant unit is known
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vacancy rate
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is the number of vacant units expressed as a percentage.
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value
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The power of goods or services to command other goods in exchange for the present worth of future brnefits arising from property ownership
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appraisal report
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A written statement where an appraiser gives his or her opinion of the property value, as of the date of appraisal
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contract rent
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The rent established by agreement or contract.
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economic rent
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What a leased property would be expected to rent for under current market conditions if the property were vacant and available for rent.
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property
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Anything that may be owned and gained lawfully.
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backfill
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Soil that is used to fill in holes or support a foundation-bearing wall.
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bearing wall
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A wall that supports a vertical load as well as its own weight.
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board foot
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Measurement of lumber equal to the volume of a board 12"x12"x1" (144 cubic inches).
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BTU
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Measurement that calculates heat; the amount of heat needed to raise one pound of water one degree Fahrenheit.
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CID
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Common-interest development combining the individual ownership of private dwellings with the shared ownership of common facilities of the entire project.
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condemnation
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The proceeding to exercise the power of eminent domain.
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conduit
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Flexible pipe in which electrical wiring is installed.
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deciduous
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Plants and trees that lose their leaves seasonally in the fall.
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drywall
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Gypsum panels used in place of wet plaster to finish the inside of buildings.
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EER
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Measurement of the efficiency of energy; used to determine the effectiveness of appliances.
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EIR
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Study of how development will affect the ecology of its surroundings.
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eminent domain
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The right of the government to take private property from an owner, for public use, paying fair market value.
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final tract map
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A map indicating any changes required by the planning commission and is recorded in the county where the property is located.
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General Plan
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" It is the basis of and sets the direction for a community’s future and long-term physical development and must cover the development issues in the following seven major categories: land use, circulation, housing, conservation, open space, noise, and safety. Cities or counties located on the coast must also address coastal development and protection of natural resources and wetlands. "
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linear foot
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A measurement of length, rather than area (square foot) or volume (cubic foot).
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parcel map
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Map showing a parcel of land that will be subdivided into less than five parcels or units and shows land boundaries, streets, and parcel number.
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party wall
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Wall erected on the line between two adjoining properties, which are under different ownership, for the use of both parties.
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percolating water
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Underground water not flowing in a defined channel.
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percolation test
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Test used to determine the ability of the land to absorb and drain water and is frequently used when installing septic systems
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planned development
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(1) A planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning. (2) Sometimes called a planned unit development (PUD).
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police power
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The power of the state to enact laws within constitutional limits to promote the order, safety, health, morals and general welfare of our society.
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potable
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Fresh water that is safe and agreeable for drinking.
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R-value
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Rating that measures how well insulation resists heat.
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schematics
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Preliminary drawings and sketches by an architect, such as site plans and elevations.
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setback
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The distance a building must be set back from the street; usually determined by local building code.
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Subdivided Lands Law
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State law protecting purchasers of property in new subdivisions from fraud, misrepresentation, or deceit in the marketing of subdivided property.
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subdivision
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The division of land into five or more lots for the purpose of sale, lease, or financing.
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Subdivision Map Act
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The law that authorizes a city or county to control the orderly and proper development of the community.
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tentative tract map
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Map of the proposed subdivision that is submitted to a planning commission for approval or disapproval.
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variance
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Exception granted to existing zoning regulations for special reasons.
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wainscoting
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The bottom portion of a wall that is covered with wood siding; the top part is treated with another material
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water-pressure test
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Water pressure can be tested by turning on all faucets and flushing all toilets at the same time.
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water table
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The natural level at which water will be found, either above or below the surface of the ground.
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wetlands
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Areas where water covers the soil, or is present either at or near the surface of the soil all year or for varying periods of time during the year, including during the growing season.
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zoning
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The regulation of structures and uses of property within selected districts.
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Americans with Disabilities Act
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Federal law passed in 1990 that prohibits discrimination against individuals with disabilities.
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blockbusting
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The illegal practice of telling people that property values in a neighborhood will decline because minorities purchase the homes
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brokerage
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The business, activity or service of an individual or firm acting as a broker or trusting agent involving the sale of something through an inter-mediary who negotiates the transaction for payment and recieves a commission for such services.
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California Fair Employment and Housing Act
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State law that prohibits discrimination in the sale, rental or financing of practically all types of housing.
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CAN-SPAM laws
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Federal and state law regulating commercial e-mail messages.
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cold calling
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Making unsolicited calls to unknown people to get new business.
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commercial e-mail message
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electronic mail message whose primary purpose is the commercial advertisement or promotion of a commercial product or service.
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commingle
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The illegal practice of depositing client’s funds in a broker’s personal or general business account.602California Real Estate Principles
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commission
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A fee for services rendered usually based on a certain percentage of the sales price of a property.
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company dollar
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The amount a broker has left after all commissions have been paid.
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corporation
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A legal entity whose rights in business are similar to that of an individual.
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DBA
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Another name for a fictitious business or trade name.
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desk cost
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Profitability measure calculated by dividing the total operating expenses of the firm by the number of licensed sales associates.
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do-not-call
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Federal and state regulations regarding unsolicited phone calls.
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employee
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Someone who is under the control and direction of a broker.
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ethics
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A set of principles or values by which an individual guides his or her own behavior and judges that of others
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fictitious business name
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Business name that does not include the last name of the owner.
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Housing Financial Discrimination Act of 1977.
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(1) A law designed primarily to eliminate discrimination in leading practices based upon the character of the neighborhood in which real property in located. (2) Also known as "Holden Act" (See redlining).
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independent contractor
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A person who is hired to do work for another person but who is not an employee of that person.
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joint and several liability
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A legal term used in reference to a debt or a judgment for negligence, in which each debtor or each judgment defendant is responsible for the entire amount of the debt or judgment.
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Jones v. Mayer
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A case prohibiting racial discrimination by upholding the 1866 Civil Rights Act and the 13th Amendment to the U.S. Constitution
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limited liability company
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An alternative business entity that has characteristics of both corporations and limited partnerships.
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partnership
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A form of business in which two or more persons join their money and skills in conducting the business.
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prospecting
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The process of identifying potential customers.
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redlining
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The illegal use of a property’s location to deny financing.
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S corporation
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A corporation that operates like a corporation but is treated like a partnership for tax purposes.
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sole proprietorship
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A business that is owned and operated by one person.
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steering
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The illegal practice of only showing clients property in certain areas.
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trust funds
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Money received by a broker to be used in a real estate transaction.
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Unruh Civil Rights Act
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State law that prohibits discrimination by businesses.
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mobile home
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A factory-built home manufactured prior to June 15, 1976, constructed on a chassis and wheels.
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1031 Exchange
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Tax-deferred exchange used to defer tax liability.
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agricultural property
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Property zoned for use in farming.
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appreciation
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An increase in property value with the passage of time.
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boot
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Extra cash or non like-kind property put into an exchange.
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brownfield
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An abandoned commercial or industrial site or under-utilized neighborhood where redevelopment is complicated by actual or perceived contamination.
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building manager
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Person employed by a property manager or directly by an owner, and who usually manages a single, large building or office complex.
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bulk sales
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The sale of a substantial part of the inventory of a business.
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business opportunity
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Any type of business that is for lease or sale.
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clearance of tax liability
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Certificate signed by the county tax collector in mobile home sales.
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depreciation
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Tax advantage of ownership of income property.
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equity buildup
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The gradual increase of a borrower’s equity in a property caused by amortization of loan principal.
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estate tax
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Federal tax on the “taxable estate” of a decedent’s assets at the time of death.
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financing statement
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The document used to record the debt; it is not actual evidence of the debt.
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goodwill
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The expectation of the continued patronage of an existing business.
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hedge against inflation
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Real property appreciation keeps pace or exceeds inflation rates.
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houseboat
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A barge that is designed and equipped for use as a dwelling.
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infill development
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The development of vacant parcels in existing urban and suburban areas.
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installment sale
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Sale in which payments are made, by the buyer, to the seller, over a period of more than one year.
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leverage
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The use of borrowed capital to buy real estate.
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management contract
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Contract between the owner and the property manager.
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mansionization
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Building larger, more extravagant homes older neighborhoods with small to medium-sized homes.
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manufactured home
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Home built in a factory after June 15, 1976 that conforms to the federal Manufactured Home Construction and Safety Standards.
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mobile home park
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Any area or tract of land where two or more lots are rented to accommodate manufactured homes or mobile homes used for human habitation.
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probate sale
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A court-approved sale of the property of a person who is deceased.522 California Real Estate Principles
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resident manager
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Person employed to manage an apartment building.
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sales tax
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Tax collected as a percentage of the retail sales of a product, by a retailer.
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security agreement
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The document commonly used to secure a loan on personal property.
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seller’s permit
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Permit used to collect sales tax from customers.
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straight-line method
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Depreciation method where the same amount is deducted every year over the depreciable life of a property.
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timeshare
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Common ownership of a single piece of property by an association with each owner having the exclusive right to occupy a unit for a specified period each year.
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turnkey project
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Projects that are ready for occupancy.
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unearned increment
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The increase in value of a mortgaged property generally accrues to the benefit of the trustor.
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Uniform Commercial Code
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Code regulating security interests in personal property of businesses.
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urban sprawl
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The unplanned growth of an urban area into adjoining areas.
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45 hours
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Hours needed for subsequent renewal of broker or salesperson license.
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Advocacy Program
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CalBRE enforcement program that handles simple disputes.
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conversion
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Misappropriating and using principal’s funds.
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false promise
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A false statement about what someone is going to do in the future.
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license law
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Another term for the Real Estate Law.
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misrepresentation
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A false statement of fact
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obligors
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A person listed by Child Support Services as delinquent in paying child support
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REALTOR®
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Designation used by active member of NAR
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Real Estate Commissioner
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Person appointed by the governor to enforce the provisions of the Real Estate Law and the Subdivided Lands Law.
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Real Estate Law
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Another name for the Business and Professions Code, Part 1 entitled Licensing of Persons.
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Real Estate Recovery Fund
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A separate account funded through collection of a fixed amount from each license fee.
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real estate salesperson
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Someone with real estate license who must be employed by a real estate broker in order to perform any of the activities that require a license.
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restricted license
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Type of probationary license issued when a license has been suspended, revoked, or denied after a hearing.
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secret profit
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Undisclosed profit made by a broker at his or her principal’s expense.
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two-year grace period
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The period of time after a license that renewal is allowed, as long as all real estate activity has ceased during that time and a late fee is paid at the time of renewal.
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accusation
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when a complaint is filed that appears to be of a serious nature and that a violation of law has occurred.
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branch offices
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more than one place of business
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fictitious business name
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DBA-doing business as.
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panic peddling
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Licensee solicited or induced the sale, lease, or the listing for sale or lease of residential property on the grounds of loss of value, increase in crime, or decline in the quality of schools due to the present or prospective entry into the neighborhood of people of another race, color, religion, ancestry, or national origin.
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real estate broker
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someone who holds a broker license issued by the Bureau of Real Estate.
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