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31 Cards in this Set
- Front
- Back
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Definition 2 Affidavit – sworn statement |
Caveat emptor - buyer beware |
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Closing disclosure - statement of payments |
Escrow closing – closing by third-party |
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Evidence of title – proof of ownership |
Proration – divided payments |
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Legal description - identify parcel |
Seisin - possession of land |
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Warranty deed - protection |
Consideration - value |
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Impact fees – charges to Developers |
Planning board – overseas development |
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Construction permit - authorization for building |
Environmental impact statement - engineer report |
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Bulk transfer act - protects creditors |
Capital gains - profits off assets |
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Leverage - borrowed money (O. P. P.) |
Basis - initial cost |
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Incurable - undesirable design |
Gross rent multiplier - price/rent |
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Portfolio loan - not for sale, flexible |
Non conforming mortgage - not for sale, flexible |
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Real estate settlement procedures Act - RESPA |
Amortized loan - pay off slowly, self-liquidating loan |
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Assumable - can be taken over |
Broker price options B. P. O. - estimate by licensee |
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Loan-to-value ratio - percentage of property that may be borrowed |
Private mortgage insurance P.M.I - protection for lender |
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Straight loan - pay interest 1st, principal last |
Amortized loan - pay interest 1st, principal last |
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Amendatory Clause - resend appraisal lower than purchase |
Estoppel certificate - statement of what remains |
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Reduction certificate - lenders statement of what remains |
R. E. O. Real estate owned pic 4 Bank |
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Satisfaction of mortgage – paid in full |
Sheriff's deed - document 4 foreclose |
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Sheriff sales – public auction foreclosure |
Subordinate agreement - gives up priority |
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Constructive eviction - bad landlord/tenant leaves |
Periodic estate - automatic renewal no expiration. |
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Gross lease - landlord pays all |
Land lease - lease of land only |
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Summary Proceedings - landlord regain possession |
Dispossessed proceedings– landlord regain possession |
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Suit for possession - Court action to evict |
Parol evidence rule – written overrides spoken |
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Time is of the essence - punctual performance |
Statute of Frauds - must be in writing |
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Equity - current value, minus mortgage indebtedness |
Gross rent multiplier - sales divided by rental |
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Department of Environmental Protection D. E. P - Oversees natural Resources |
Nonconforming use - does not meet current zoning standard |
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Building Permit - Permission for Construction |
Reliction - Dryland by withdrawal of water |
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Moratorium – halt |
Boot - Makeup difference |
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Equity - current value minus mortgage indebtedness. |
Curable - feasible to repair |
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Universal agent - Authority in all matters |
General Agent - broad range Definition 2 |
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Revision - Landlord gets back |
How much does a salesperson contribute to the Guaranty be fun? $10 |
