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72 Cards in this Set
- Front
- Back
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Buyer's points, time-price differential, and finder's fees
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required to be disclosed as a finance charge to the customer under federal truth-in-lending rules
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"Run with the land" |
Appurtenant easements, covenants, stock in a mutual water company |
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Percolation
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Soil Analysis |
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right of rescission-right of rescission
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First Deed Trust |
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Fair Housing Laws |
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Blockbusting
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the practice of persuading owners to sell property cheaply because of the fear of people of another race or class moving into the neighborhood, and thus profiting by reselling at a higher price.
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Closing Disclosure Form |
Free |
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Alienate |
act of transferring or conveying title.
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gross rent multiplier |
Dividing sales price by the gross monthly income.
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Rescind |
annul the contract and restore the parties to the same position they held before they entered into the contract.
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appraisal process
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Leverage |
use borrowed capital for (an investment), expecting the profits made to be greater than the interest payable. |
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Percentage Lease |
Leased based on gross income of he lessee |
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JUDGEMENT Lien |
not specific, a GENERAL lean on all prop of the debtor |
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Deed |
is a written instrument that conveys title to or an interest in real property.
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Rescission
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mutual agreement to release each other from any contract before performance, under which the parties must restore each other to their former positions.
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Ratification
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the approval of an act performed on behalf of a person without previous authorization.
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Acquisition
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act of acquiring |
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anchor tenant
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key tenant in a commercial development
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Functional utility
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is the usefulness of a pr
sum of its (1) attractiveness (e.g., architecture) and (2) usefulness or utility.operty to the needs of the occupant. |
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utility
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have the power to give satisfaction or arouse desire for possession
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Fair Housing Law
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to provide all persons in the United States with fair housing opportunities.
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Questions that deal with discrimination
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should be answered with a color-blind attitude and without bias. Any choice that hints at discrimination is probably the wrong choice
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Economic rent
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California Fiscal Year |
July 1 to June 30, midnight |
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7 reasons why a contract can be voidable |
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Recording a deed |
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condominium project
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notice of 180 days |
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lock in clause |
prohibits the lendee from paying off the indebtedness before the date set forth in the contract. |
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Rider |
Amendment or addition to the original contract |
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Bill of sale |
convey title to PERSONAL property, not real |
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open-end mortgage
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borrow additional money after the loan has been reduced without rewriting the mortgage.
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The company dollar |
Gross income minus commissions
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subordination clause
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states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future. Subordination is the act of yielding priority.
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14th Amendment of the U.S. Constitution
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Restrictions prohibiting the use of property on the basis of race, color, sex, religion, ancestry, or national origin are unenforceable
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raising the discount rate, interest rates increase |
makes money less available |
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Life Estate |
ownership of land for the duration of a person's life. In legal terms it is an estate in real property that ends at death when ownership of the property may revert to the original owner, or it may pass to another person.
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Capitalization Rate
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Net Operating Income / Current Market Value
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ad valorrem |
according to value |
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voidable |
valid until some action is taken to void it.
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assumption fee |
lender's charge for changing over and processing new records for a new owner who is assuming an existing loan.
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Co-signers on a note
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"jointly and severally" liable.
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effective gross income |
income remaining after deducting vacancies and collection losses from gross income |
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statewide enabling act giving local governments authority to control the physical characteristics of subdivisions within their jurisdictions, and outlining map filing procedures on a statewide basis.
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statewide enabling act giving local governments authority to control the physical characteristics of subdivisions within their jurisdictions, and outlining map filing procedures on a statewide basis.
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reversionary interest
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which the possession of the property returns by operation of law to the grantor or lessor.
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accession
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the addition to property through the efforts of man or by natural forces
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FHA |
will not permit secondary financing on the initial purchase of the home |
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trustor |
the owner-borrower of a property mortgaged by the use of a trust deed
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Less-than-freehold
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U.S. Supreme Court barred racial discrimination in the sale of real property
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1968 Jones V Mayer |
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Joint Tenancy |
Upon the death of a co-owner, interest of the deceased is dissolved and goes to the co-owner(s) without probate. Joint tenancy requires the four unities of time, title, interest, and possession.
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Freehold estates
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(1) fee simple estates or (2) life estates
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lis pendens
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a notice recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation, giving constructive notice to the world and thus preserving rights pending litigation. Property identified in a lis pendens would be difficult to sell.
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An ALTA extended coverage policy of title insurance would
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joint tenancy |
The interest of a joint tenant terminates with death
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Laches
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inexcusable delay in asserting a legal right.
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discount rate |
minimum interest rate set by Fed Reserve |
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constructive notice |
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Annual property taxes for a personal residence
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1% of the assessed value plus additional cost for bond indebtedness.
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cost |
means the amount expended (labor, material, and/or money) in acquiring or producing the commodity.
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deed of trust |
security interest not possessory interest |
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easement in gross.
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Depending on the availability of funds and market rates, the rate of interest most likely to be charged is |
fluctuating money market rate |
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standby loan commitment
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A promise by the lender to make a permanent loan on the demand of a borrower
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Tenancy
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is a method or mode of holding title.
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A Change of Ownership Statement
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45 days |
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eminent domain
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the right of a government or its agent to expropriate private property for public use, with payment of compensation.
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Deed of trust
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conveys only a security interest, not a possessory interest
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servient tenement. |
while the party granting the benefit or suffering the burden is the servient estate
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sucession- |
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joint tenancy |
is its right of survivorship. Upon the death of a co-owner, interest of the deceased is dissolved and goes to the co-owner(s) without probate. Joint tenancy requires the four unities of time, title, interest, and possession.
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