Flash Card Deck Real Estate

Front 1

Revision

Back 1

Lessors right to take possession of leased property upon the end of lease

Front 2

Sale and lease back

Back 2

Seller restrains occupancy to land by leasing back simultaneously with sale. Generally for a long term lease.

Front 3

Sandwich lease

Back 3

Leasehold which has been sublet by a lessee to another party so the former becomes a lessor.

Front 4

Setback

Back 4

Area from the curb or other set line of demarcation within which no structure can exist

Front 5

A listing

Back 5

Usually reflects the highest price an owner believes they can obtain for the property

Hint 5

Fair market value the most probable price the property would bring if I offered for sale a reasonable period of time in a competitive market we’re both buyer and seller fully informed in either one is acting under duress

Front 6

A deed restriction would be enforced by a

Back 6

Court injunction

Front 7

A veteran qualifying for a cal-vet loan must pay what fees

Back 7

Appraisal

Origination

Front 8

California civil code states what about inspecting an property

Back 8

That the broker must visually inspect the property

Front 9

Blanket trust deed

Back 9

If an individual loan is secured by several parcels of property, it is called a blanket loan

Front 10

According to a deed of trust, the trustor is the person

Back 10

The trust or the funds or the extension of credit for signs of the promissory note is the marker therefore he becomes liable for repaying the loan.

Hint 10

Signs the promissory note

Front 11

Junior loans are usually originated by who

Back 11

Private loans

Front 12

Reconciliation

Back 12

When broker balances his trust account with his bank statement, it is called

Front 13

Trust deed

Back 13

Is not considered an estate in real property

Front 14

What is the Max lease for a farm property

Back 14

51 years

Front 15

A real property seller can recover damages from a real estate broker if the broker

Back 15

Acts in excess of his authority conveyed by the seller

Front 16

Which of the following is responsible for periodic inspection of an apartment building

Back 16

Property manager

Front 17

Joint tenancy

Back 17

Provides the right of survivorship

Front 18

incorporeal property

Back 18

Also known as intangible property.

Not composed of matter

Front 19

Land

Back 19

Legally defined as real estate

Front 20

bundle of rights

Back 20

The bundle of rights gives the owner the right to use, possess, or lease out their property just about any way they see fit, subject to local (public and private), state, and federal zoning and usage laws and rules.

Front 21

Actual authority

Back 21

Authority actually given to an agent by the principal (expressly or by implication).

Front 22

Abandonment

Back 22

Giving up possession or ownership of property by not using it, generally indicated through some affirmative act, like

removing one’s belongings from an apartment.

Front 23

Abstract of judgment:

Back 23

Document that summarizes the result of a legal action, which can be filed in any county where the judgment debtor owns a property.

Front 24

Abstract of title

Back 24

Summation of all recorded transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title to show ownership continuity and signify any possible loss to title.

Front 25

Acceleration clause

Back 25

Provision in a real estate financing instrument allowing the lender to declare the full debt due immediately if the borrower breaches any of the provisions of the loan agreement. Also referred to as a call provision.

Front 26

Acceptance

Back 26

(a) Agree to the terms of an offer and enter into a binding contract.

(b) Receive delivery of a deed from the grantor.

Front 27

Accession

Back 27

The process of manufactured or natural improvement or addition to property.

Front 28

Accretion

Back 28

A steady addition to dry land through the forces of nature, as when waterborne sediments get deposited on waterfront property.

Front 29

What are the two main types of property

Back 29

Real property and personal property

Front 30

Acknowledgment

Back 30

Formal declaration made before an authorized person (generally a notary public) by an individual who has executed a written instrument that it has been done voluntarily.

Front 31

Acquisition cost:

Back 31

Amount of money required to acquire title to a property, it includes the purchase price as well as the closing costs, legal fees, escrow, service charges, title insurance, recording fees and other such expenses.

Front 32

Adjacent

Back 32

Next to, nearby, bordering, or neighboring (not necessarily in real contact).

Front 33

Addendum

Back 33

: A page containing additional provisions attached to a

purchase agreement or any other contract.

Front 34

Adjustable

Back 34

rate mortgage (ARM): Loan in which the interest rate increases or decreases periodically to reflect changes in the cost of money

Front 35

Adjusted basis

Back 35

Purchase price of property plus cost of specified improvements, minus any depreciation deductions taken.

Front 36

Adjustment period

Back 36

Time period between when the interest rate or monthly payment for an adjustable-rate mortgage is changed.

Front 37

What is real property

Back 37

Is usually fixed or apportent to the property

Front 38

What is personal property

Back 38

Is movable

Front 39

What’s another name for personal property

Back 39

Personality or chattel

Front 40

How can personal property be described as

Back 40

Tangible or intangible

Front 41

What is tangible property

Back 41

It can be touched

Front 42

Intangible

Back 42

Not composed of matter

Front 43

What is incorporeal property

Back 43

Is also called intangible property not composed of matter

Front 44

Real property

Back 44

Can include minerals

Front 45

Administrative agency:

Back 45

Government agency administering a complicated area of law and policy, implementing and enforcing detailed regulations that have the force of law. For example, the Department of Real Estate is the administrative agency charged with regulating the real estate business.

Front 46

Agency, Exclusive:

Back 46

Listing agreement that employs a broker as sole agent for a seller of real property for which the broker is entitled to compensation if the property is sold via any other broker, but not if a sale is negotiated by the owner without the services of an agent.

Front 47

Agency, Ostensible:

Back 47

(Refer: Agency, Apparent).

Front 48

Agency Confirmation Statement:

Back 48

Written statement indicating the representation of a real estate agent of a party. It should be signed by both the buyer and the seller before they enter into a residential purchase agreement.

Front 49

Agency Disclosure Form

Back 49

Agency Disclosure Form: Form explaining the duties of a seller’s agent, a buyer’s agent, and a dual agent, required to be signed by both the buyer and the seller before they enter into a residential purchase agreement.

Front 50

Agency law:

Back 50

Body of legal rules governing the relationship between agent and principal by imposing fiduciary duties on the agent as well as liability for the actions of the agent on the principal.

Front 51

Agent:

Back 51

Individual authorized to represent another (known as the principal) in dealings with third parties.

Front 52

Agents in production:

Back 52

Agents in production: The elements necessary to generate income and establish a value in real estate: labor, coordination, capital, and land.

Front 53

Age of Majority

Back 53

Age of a person when he/she becomes legally competent (usually the age is 18 years).

Front 54

Agreement

Back 54

Contract between two or more persons to do or not do a certain thing, for consideration.

4

Front 55

The right to unobstructed use and possession of the air space over a parcel of land. This right may be transferred separately from the land.

Back 55

Air rights

Front 56

Ad valorem:

Back 56

Latin phrase meaning “according to value,” referring to taxes assessed on the value of property.

Front 57

The transfer of ownership or an interest in property from one person to another, in any way.

Back 57

Alienation

Front 58

Transfer of an interest in property against the will of the owner, or without any action by the owner (ensuing through operation of law, natural processes, or adverse possession).

Back 58

Alienation, Involuntary

Front 59

When an interest in property is voluntarily transferred by the owner to someone else (generally by deed or will).

Back 59

Alienation, Voluntary:

Front 60

A security instrument provision giving the lender the right to declare the full loan balance due immediately if the borrower sells or else transfers the security property; also termed as due-on-sale clause.

Back 60

Alienation clause:

Front 61

All-inclusive Deed of Trust:

Back 61

Refer: Mortgage, Wraparound.

Front 62

Alluvion:

Back 62

Or Alluvium is the increase of soil along the bank of a

body of water by natural forces.

Front 63

Alquist-Priolo Act:

Back 63

A law in California that requires applications for development of property in an earthquake fault zone to include a geologic report.

Front 64

or American Land Title Association is a nationwide organization of title insurance companies. An extended coverage title policy is also referred to as an ALTA policy.

Back 64

Atla

Front 65

Amendment:

Back 65

A supplementary agreement that changes one or more terms of a contract is called a contract amendment or contract modification. It needs to be signed by all the parties to the original contract.

Front 66

The adding of interest-not-paid to the principal balance of a loan.

Back 66

Amortization, Negative

Front 67

Adverse possession

Back 67

A way of acquiring title to real property belonging to someone else by occupying it without permission, and fulfilling other statutory requirements.

Front 68

Affidavit

Back 68

Acknowledged sworn statement in writing made before a notary public (or any other official authorized to administer an oath).

Front 69

Affiliated licensee

Back 69

A real estate salesperson or associate broker employed by a broker is known as an affiliated licensee.

Front 70

Affirm:

Back 70

(a) To confirm or approve.

b) To make a sincere declaration that is not under oath.

Front 71

After-acquired title:.

Back 71

If a title is acquired by a grantor only after a conveyance to a grantee, the deed to the grantee becomes effective at the time the grantor actually receives title

Front 72

Agency:

Back 72

The association between a principal and the agent of the principal that is formed by way of a contract, that may be oral or written, express or implied, by which the agent is employed by the principal to do certain acts dealing with a third party.

Front 73

Agency, Apparent:

Back 73

When the impression given to a third party is that someone who hasn’t been approved to represent another is that person’s agent, or are given the idea that an agent has been approved to perform acts which are actually beyond the capacity of his authority; also called ostensible agency.

Front 74

Agency, Dual:

Back 74

An agency relationship where the agent represents two principals in their dealings with each other.

Front 75

Bundle rights

Back 75

Including the land and Everything on the land.