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66 Cards in this Set
- Front
- Back
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Eminent Domain |
The right of a government to take private property for public use upon payment. Taking of title to real property for use, public or private, that benefits the community's interest. Involuntary alienation of property (1) process of condemnation (2) payment of just compensation |
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Second Mortgage |
a mortgage with a lean position to subordinate the first mortgage |
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Adjustable-Rate Mortgage |
mortgage rate adjust periodically depending on index |
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Cap |
limitation on how much the loan may adjust overtime |
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Equity |
Homeowners financial interest in a company |
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Lock-In |
agreement from a lender guaranteeing a specific interest rate for a specific time at a certain cost |
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The seller |
deed restrictions are created by |
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Loan |
Sum of borrowed money plus intrest |
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Prepayment penalty |
a fee that may be charged to a borrower who pays off a loan before its due |
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Grandfathering |
when a zoning ordinance does not apply to a building the was there before |
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Signs the note/Bond |
The mortgagor |
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Does not automatically receive deed in a land contract |
the buyer |
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Purchase-money mortgage |
Seller financing |
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Fannie Mae |
leading purchaser of mortgages in the secondary market |
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Regulation Z (truth in lending) |
protects from misleading advertising *Requires all borrowers to be fully informed of all finance charges and APR rates |
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Bill of Sale |
written document that transfers personal property from one owner to the other |
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Owner Financing |
when the seller provides all or part of financing |
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Promissory Note |
Written Promise |
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Assumption |
when buyer assumes the seller's mortgage |
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Deed |
legal document conveying title to a property |
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Maturity |
date which the principal balance of a loan, bond or instrument becomes due and payable |
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Exclusive Agency |
owner can gave an exclusive agent but they can still sell the company themselves |
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Consumer Protection Law |
requires a broker to disclose any material information that may affect a sale, regardless if a buyer asks |
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Security dealers |
must be licensed |
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Fully amortized loan |
must frequently used plan requires the mortgager to pay a constant amount |
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Straight Loan |
Payments of interest only |
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Broker Terminated |
Sales persons must immediately stop listing and selling |
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Taking money from Guaranty Fund will result in |
license will be revoked until fund is reimbursed |
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Police Powers |
promotes, protect the public health and safety to promote general welfare |
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Broker charging $25 advance fee |
must provide their principal with accounting of use |
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Who can referral agents refer to |
ONLY their supervising broker |
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General Lein |
affects all of the property |
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Specific Lien |
covers one part of the property (mortgage, property, construction liens) |
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Voluntary Lien |
created by property owner |
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Involuntary Lien |
financial claim against property without owners consent |
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Judgement |
General involuntary lien |
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Mortgage Lien |
Specific voluntary lien |
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Escrow Account ( Earnest Money ) |
-give evidence of the buyers intentions to carry out the terms of a contract -deposit held until closing -if offer isn't accepted, earnest money is returned to buyer immediately |
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Contracts |
-contracts become final and binding unless lawyer cancels in 3 days -if there is no lawyer, party can only cancel if bout parties agree *brokers and total insurance cannot change contracts* |
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Advertising |
-salespersons webpage should be linked to brokers webpage and include the brokers office, telephone number and street adress |
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Advertising |
home telephone numbers, cell-phones etc may include the street address of the broker office and indicate it is a home number |
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Advertising |
No ad should contain warranty unless a warranty is secured for the property being advertised |
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Advertising |
Licensees may include offers of free, discounted or other services in ads if it does not include a lottery, contest or game *Example- Appraisals, random inspects, survey, mortgage fee, coupons for discounted commissions* |
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Seller Agent |
-only works for SELLER *owes seller fiduciary relationship* -can work for buyer, but not represent them |
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Buyer Agent |
-only works for BUYER *owes buyer fiduciary relationship*- can work for seller, but not represent them |
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Farmland Reassessment Act |
reduced taxes on farmland to reduce the number of developers for housing and commercial use |
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Pinelands Protect Act |
-regulated development, setting guidelines for land use to be observed by local government |
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Freshwater wetland protect Act |
protect and preserve drinking water supplies by serving to purify surface water |
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Monuments |
metes & Bounds used to establish natural objects like stones, large trees, lakes, streams |
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Rectangular System |
not used in NJ |
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Survey |
required when a mortgage or new construction is involved |
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Building (housing) codes |
governed by zoning ordinances and outline the local requirements for construction standards |
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Building permits |
required to begin new construction or significant renovations; allows municipality to review the plans for conformity to codes |
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Certificate of occupancy (CO) |
required for residents to move into a newly constructed building or return to a renovated one |
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Zoning ordinances |
municipal regulations governing zoning and land-use requirements |
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Variance |
allows for a use other than the primary zoning category, and may be granted after review by the zoning authorities, and granted a permit and can be revoked. |
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Conditional use |
similar to a variance, but differs primarily in that it's typically more restrictive, and governed by a permit that can be revoked. |
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Taxation |
government power to raise revenue for municipal expenses, like schools and roads; governmental right to set taxes allows a municipality to assess properties, levy taxes, and sell the property if taxes go unpaid. |
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Special assessment tax |
with certain improvements; sidewalk, streetlight |
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Police Power |
state's authority to provide for the general welfare of the community through legislature and range of enabling acts/statutes that authorize agencies to organize, implement, and enforce obligation. |
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Zoning |
primary mechanism for municipalities to implement police power by establishing regulations controlling how land is used. Begins with a master plan, or comprehensive plan, or general plan. |
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General real estate taxes |
"ad valorem", are taxed at value, so those with higher assessed value pay more than those with a lesser value. |
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Terms of addition |
accession, accretion, alluvion, reliction, dereliction |
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Terms of reduction |
erosion, avulsion, deliction |
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Judgmental lien |
results from a court order to pay a certain amount to a creditor |
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Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA; 1980) |
"Superfund Act". Establishes prohibitions, requirements, and liabilities concerning closed and abandoned hazardous waste sites, and establishes a trust fund for cleanup |
