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276 Cards in this Set

  • Front
  • Back
General lien
A lien which affects all property of a person.
Grant deed
A deed conveying the title. It has two implied warranties.
The purchaser; a person to whom a grant is made.
Granting clause
The action clause of a grant deed.
Seller of a property; one who signs a deed.
Gross income
Total income before any expenses are deducted.
Gross rent multiplier
The sale price of a property divided by the gross rent from that property.
Highest and best use
An appraisal phrase meaning that use which, at the time of an appraisal, is most likely to produce the greatest net rate of return to the land and/or buildings over a given period of time; that use which produces the greatest amount of amenites or profit.
Holder in due course
One who has taken a note, check or bill of exchange in due course (1) Before it was overdue; (2) In good faith and for value; (3) Without knowledge that it has been previously dishonored and without notice of any defect at the time it was negotiated.
A home upon which the owner or owners have recorded a Declaration of Homestead, which protects the homeowner against judgments up to specified amounts.
To give a thing as security without the necessity of giving up possession of it.
A trust-type account established by lenders for the accumulation of funds to meet taxes, FHA mortgage insurance premiums, and/or future insurance policy premiums required to protect their security. Impounds are usually collected with the note payment.
Things built on land which become a part of the real property.
Income property
A property that produces rent.
A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding.
Installment note
A note which provides that payments of a certain sum or amount to be paid on the dates specified in the instrument.
Installment sales contract
See Land Contract.
Joint and several note
A note signed by two or more persons in which they are liable jointly and individually for the full amount of the loan.
Joint tenancy
Joint ownership by two or more persons with right of survivorship; all joint tenants own equal interest and have equal rights in the property.
The final determination of a court of competent jurisdiction of a matter presented to it; money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc.
Junior lien
A lien that does not have first priority, such as a second trust deed.
A small, usually wooden structure, often cylindrical in shape and open on one or more sides. Often used as an information booth.
Land contract
A contract ordinarily used in connection with the sale of a property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer, often used when property is sold with a small down payment
A contract between the owner and tenant setting forth conditions upon which tenant may occupy and use the property, and the term of the occupancy.
The interest of one who leases property. A less-than-freehold estate.
Legal description
A description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded maps.
One who contracts to rent property under a lease contract.
An owner who contracts to rent property under a lease contract.
The use of borrowed money to make an investment.
Personal, revocable, non-assignable permission to do some act on the land of another.
A form of encumbrance which usually makes property security for the payment of a debt or discharge of an obligation; example: judgments, mortgages, deeds of trust, etc.
Life estate
An estate limited in duration to the life or lives of one or more designated persons.
Liquidated damages clause
A clause in the contract specifying the damages in the event of a breach of contract.
The ability to convert an asset to cash quickly.
Lis pendens
Suit pending, usually recorded so as to give constructive notice of pending litigation.
An employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter's property; listing contracts are entered into for the purpose of securing persons to buy, lease or rent property.
Loan commitment
Lender's contractual commitment to a loan based on the appraisal and underwriting.
loan-to-value ratio
The amount of the laon expressed as a percentage of the appraised value.
Market data approach
One of the three methods in the appraisal process. A means of comparing similar types of residential properties, which have recently sold, to the subject property.
Market value
The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.
Marketable title
Merchantable title; title free and clear of objectionable liens or encumbrances.
Master plan
General plan for the future development of a community.
Material fact
A fact is material if it is one which the agent should realize would be likely to affect the judgment of the principal in giving his consent to the agent to enter into the particular transaction on the specified terms.
Mechanic's lien
A lien placed on property by laborers and material suppliers who have contributed to a work of improvement.
Metes and bounds
A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles.
5,280 feet.
All persons under the age of majority, usually 18.
An instrument recognized by law by which property is hypothecated to secure the payment of a debt or obligation; procedure for foreclosure, in event of default, is established by statute.
One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation; a lender.
One who gives a mortgage on his property to secure a loan or assure performance of an obligation; a borrower.
Net income
The gross income of income property minus the vacancies and allowable expenses equals the net income. Also the net profit of a business.
A signed written instrument acknowledging a debt and promising payment.
Notice of completion
A document which is recorded when an improvement is completed on a property.
Notice of default
A document that is recorded and delivered to the borrower when a default has occurred under a deed of trust.
Notice of nonresponsibility
A notice provided by law designed to relieve a property owner from responsibility for the cost of work done on property or materials furnished therefore; notice must be verified, recorded and posted.
Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with modern needs, with consequent loss of income.
Offset statement
Statement by owner of property or owner of lien against property setting forth the present status of liens against said property.
Open listing
An authorization given by a property owner to a real estate agent wherein said agent is given the nonexclusive right to secure a purchaser; open listings may be given to any number of agents.
Open-end mortgage
A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has been reduced without rewriting the mortgage.
A right given for a consideration to purchase or lease a property upon specified terms within a specified time.
Receiver of an option. Usually a potential buyer.
Giver of an option. Usually a potential seller.
Or more clause
A clause in a loan document allowing the borrower to pay additional sums at any time.
Partial release clause
A clause in a blanket mortgage or trust deed allowing for reconveyance of title of part of the property when part of the loan is paid off.
Periodic tenancy
A leasehold estate continuing from period-to-period until the landlord or tenant gives notice.
Personal property
Any property which is not real property.
Physical deterioration
Impairment of condition. Loss in value brought about by wear and tear, disintegration, use and actions of the elements.
Planning commission
An agency of the city or county appointed to study and recommend steps for the orderly growth of the community.
Prepaid interest demanded by lender when a loan is negotiated. A premium paid for the privilege of borrowing at the stated interest rate. Each point represents one percent of the loan amount.
Police power
The right of the state to enact laws and enforce them for the order, safety, health, moral and general welfare of the public.
Power of attorney
An instrument authorizing a person to act as the agent of the person granting it.
Prepayment penalty
Penalty for the payment of a mortgage or trust deed note before it actually becomes due.
The securing of an easement on a property by using it under certain conditions for a given period of time.
Prima Facie
Presumptively true on its face.
Primary mortgage market
The market where loans are originated.
The employer of an agent. In a listing contract, this is normally the seller.
Private restriction
A limitation placed on the use of the property by the seller.
Procuring cause
That cause originating from a series of events that, without break in continuity, results in the prime object of an agent's employment producing a final buyer.
Progression, principle of
The worth of a lesser valued residence tends to be enhanced by association with many higher valued residences in the same area.
Promissory note
Following a loan commitment from the lender, the borrower signs a note promising to repay the loan under stipulated terms. The promissory note establishes personal liability for its repayment.
Anything of which there may be ownership.
To divide or prorate equally or proportionately to time of use.
Public restriction
A limitation placed on the use of property by the government, usually through zoning laws.
Quiet enjoyment
The right to the use of property without interference of possession.
Quiet title
A court action brought to establish title or to remove a cloud on the title.
Quitclaim deed
A deed to relinquish any interest in the property which the grantor may have.
Real property
Property that consists of land, that which is affixed to land, and that which is appurtenant to it. Generally considered immovable.
A real estate broker holding active membership in a real estate board associated with the National Association of Realtors.
Reconveyance deed
The deed given by the trustee to the trustor, removing the lien against the property.
Filing for record in the office of the county recorder or other proper government official.
The restoration of a property to satisfactory condition without drastically changing the plan, form or style of architecture.
Release clause
This is a stipulation that upon the payment of a specific sum of money to the holder of a trust deed or mortgage, the lien of the instrument as to a specifically described lot or area shall be removed from the blanket lien on the whole area involved.
Replacement cost
The cost of replacing the subject improvement with one having utility equivalent to that being appraised, but constructed with modern materials, and according to current standards, design and layout.
Reproduction cost
The cost of replacing the subject improvement with one that is the exact replica, having the same quality of workmanship, design and layout.
Request for notice of default
Document which is recorded by the holder of a junior loan so he or she may be notified if the buyer defaults on other loans.
Rescission of contract
The abrogation or annulling of contract; the revocation or repealing of the contract by mutual consent of the parties to the contract, or for cause by either party to the contract.
A right retained by the grantor when conveying a property.
The term as used relating to real property means the owner of real property is restricted or prohibited from doing certain things relating to the property, or using the property for certain purposes.
Return of the investment
(1) Principal paid on a loan; (2) The return demand on income property for the depreciation of the improvements.
Return on the investment
(1) The interest paid on a loan; (2) The profit received on investment in income property.
Right of survivorship
Right to acquire the interest of a deceased joint owner; distinguishing feature of a joint tenancy.
Riparian rights
The right of a landowner to water, on, under or adjacent to his land.
A situation where the owner of a piece of property wishes to sell the property and retain occupancy by leasing it from the buyer.
Seasoned loan
A loan that has been in existence long enough to show a pattern of payments.
Secondary mortgage market
The market where existing loans are bought and sold.
A parcel of land, normally one mile square, containing 640 acres.
Security device
Document used when property is used as security for a loan; It can be a trust deed, a mortgage or a land contract.
Servient tenement
Property burdened by an easement.
Setback ordinance
An ordinance prohibiting the erection of a building or structure between the curb and the setback line.
Severalty ownership
Owned by one person only. Sole ownership.
Social obsolescence
Economic obsolescence. A loss in value caused by factors outside of the property lines.
Special assessment
Legal charge against real estate by a public authority to pay cost of public improvements such as street lights, sidewalks, street improvements, etc.
Specific performance
A court action to compel performance of an agreement, such as forcing the sale of a property.
Statute of frauds
State law which provides that certain contracts must be in writing in order to be enforceable by law.
Statute of limitations
A state law which prevents court action by an injured party in a contract if not taken within specific time limits.
Stock cooperative project
A subdivision where title to the property is held by a corporation. Stockholders receive a right of possession of a particular apartment.
Straight note
A note where only interest payments are made during the term of the loan. The entire principal balance is paid at the end of the term.
Subject to mortgage
When a grantee takes title to real property subject to a mortgage, the grantee is not responsible to the holder of the promissory note for the payment of any portion of the amount due. The grantee's maximum risk is his or her equity in the property.
A lease given by a lessee.
Subordination clause
A clause in a junior or second lien permitting retention of priority. A subordination clause may also be used in a first deed of trust permitting it to be subordinated to subsequent liens, as for example, the liens of construction loans.
Specific lien
A lien which affects only a particular parcel of property.
Subordination clause
A clause in a junior or second lien permitting retention of priority. A subordination clause may also be used in a first deed of trust permitting it to be subordinated to subsequent liens, as for example, the liens of construction loans.
Substitution, principle of
A principle of appraisal which affirms that the maximum value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property assuming no costly delay is encountered in making the substitution.
A group of investors who pool their money for a common investment.
Take out loan
A loan arranged by the owner or builder-developer for a buyer. The construction loan made for construction of the improvements is usually paid from the proceeds of this loan.
Tax free exchange
An exchange of "like for like" properties for the purpose of deferring income taxes.
Tenancy in common
Ownership by two or more persons who hold undivided interest, without right of survivorship; interests need not be equal.
Title insurance
Insurance written by a title company to protect property owner against loss if title is imperfect.
A parcel of land six miles square, containing 36 sections and therefore, 36 square miles.
Trade fixtures
Articles of personal property annexed to real property, but which are necessary to the carrying on of a trade or business and are removable by the owner.
Trust account
A neutral bank account maintained by a broker for the deposit of money entrusted with him.
Trust deed
Deed given by the borrower to the beneficiary to be held pending fulfillment of an obligation, which is ordinarily repayment of a loan to the beneficiary. It gives naked legal title to a trustee.
One who holds legal title to a property in trust for another (the beneficiary) to secure the performance of an obligation.
Trustee's deed
A deed given by a trustee when property is foreclosed and sold at a trustee's sale.
One who deeds his property to a trustee to be held as security until he has performed his obligation to a lender under terms of a deed of trust.
Undivided interest
The interest of a co-owner in real property. His interest cannot be separated without court action.
Unearned increment
An increase in value of real estate due to no effort on the part of the owner; often due to an increase in population.
A contract that cannot be sued upon in a court of law.
Unilateral contract
An exchange of a promise for an act. Only one party is bound to perform.
Unlawful detainer action
A court suit to evict a tenant.
Having force, or binding force; legally sufficient and authorized by law.
Variable interest rate
An interest rate in a loan which can be changed upon the happening of a certain event.
A rezoning of a single parcel.
A purchaser; buyer.
To have no force or effect; that which is unenforceable.
That which is capable of being adjudged void, but is not void unless action is taken to make it so.
Voluntary lien
Any lien placed on property with the consent of, or as a result of, the voluntary act of the owner.
The process of collecting loans for later resale as part of a package.
Act of city or county authorities specifying the type of use to which the property may be put in specific areas.
Voluntary surrender of a claim or right, such as when a Declaration of Abandonment terminates a homestead.
A brief summary.
Abstract of judgement
A condensation of the essential provisions of a court judgment.
Abstract of title
A summary or digest of the conveyances, transfers, and any other facts relied on as evidence of title, together with any other elements of record which may impair the title.
Acceleration clause
Clause in trust deed or mortgage giving the lender the right to call all sums owing to be due and payable upon the happening of a certain event, such as the sale of the property or failure to pay property taxes.
Acquiring title by having property added to your property.
An addition to land from natural causes as, for example, from gradual action of the ocean or river waters.
Accumulated up to this point in time. Accrued interest, or accrued depreciation.
Accrued depreciation
The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.
A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his act and deed.
43,560 square feet of land.
Actual notice
Knowledge of the existence of a thing or fact.
Ad valorem
According to valuation.
The relationship between principal and agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.
One who represents another from whom he has derived authority.
The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.
Alienation clause
Clause in a loan document providing for full payment if property is sold.
ALTA title policy
(American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy. It is a lender's policy.
Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence arising from the location or improvements.
The liquidation of a financial obligation on an installment basis; also, recovery, over a period, of cost or value.
Amortized loan
A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal. Also called a level payments loan.
A principle of appraisal which affirms that value is created by anticipated benefits to be derived in the future.
An opinion of the value of a property, usually by a licensed or certified appraiser.
One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal processes.
Something annexed to another thing which may be transferred incident to it. That which belongs to another thing, as a barn, dwelling, garage or orchard is incident to the land to which it is attached.
Putting together two or more parcels to increase the total value.
Assessed value
A value placed upon property by a public officer or board as basis for taxation.
The valuation of property for the purpose of levying a tax or the amount of the tax to be levied.
The official who has the responsibility of determining assessed values.
The one to whom property is transferred.
A transfer or making over to another of the whole of any property, real or personal, in possession or in action, of any estate or right therein.
One who assigns or transfers property.
Assumption of mortgage
The taking of title to property by a grantee, wherein he or she assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of a mortgage or trust deed note.
Seizure of property by court order, usually done to have it available in the event that a judgment is obtained in a pending lawsuit.
One who is authorized to perform acts for another under a power of attorney; power of attorney may be limited to a specific act or acts, or be general.
Balloon payment
Where the final installment payment on a note is greater than the preceding installment payments, and it pays the note in full, such final installment is termed a balloon payment.
Base and meridian
Imaginary lines used by surveyors to find and describe the location of private or public lands.
Bearing wall
A wall or partition supporting any vertical load in addition to its own weight.
(1) One entitled to the benefit of a trust; (2) One who receives profit from an estate, the title which is vested in a trustee; (3) The lender on the security of a note and deed of trust.
Bilateral contract
A contract in which both parties agree to perform certain acts.
Bill of sale
A written instrument given to pass title of personal property from vendor to vendee.
Blanket encumbrance
An encumbrance which covers more than one parcel of property.
Blanket mortgage
A single mortgage which covers more than one piece of real estate.
Profit gained in exchange of properties on which income tax is not deferred. May be anything of value, including mortgage relief.
Boundaries used in a metes and bounds legal description.
The breaking of a law, or failure of duty, either by omission or commission.
A licensed person who does real estate acts for compensation or in expectation of compensation. He acts for himself and is paid directly by the client.
Business opportunity
The sale or lease of a business. It includes personal property and it may include real property.
The rules of an organization such as a corporation or partnership.
Having legal competence to sign binding contracts.
Capital gain
Profit from the sale of property. Used in computing income taxes.
Capital loss
Loss from sale of property. Used in computing income taxes.
(1) In appraising, determining the value of property by considering net income and percentage or reasonable return on the investment. (2) In accounting, carrying an expenditure as an asset, rather than taking it as an expense.
Capitalization rate
The rate which is considered a reasonable return on the investment, and used in the process of determining value based upon net income.
Covenants, Conditions and Restrictions affecting the use of a property.
Chain of title
A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available.
Change, principle of
A principle of appraisal which holds that it is the future, not the past, which is of prime importance in estimating value.
Personal property.
Chattel real
A personal property interest in real property, such as a lease.
Cloud on title
Any conditions revealed by a title search which affect the title to property; usually relatively unimportant items which can be removed with a quitclaim deed or court action.
Code of ethics
Rules of an organization used as a guideline by members of the organization (e.g., N.A.R. Code of Ethics).
Mixing client's money or property with the agent's.
Community property
Property accumulated through joint efforts of husband and wife.
Comparable sales
Sales which have similar characteristics as the subject property and are used for analysis in the appraisal process.
Comparison approach
A means of appraising by comparing recent sales prices of similar properties.
Legally qualified, or capable of signing contracts.
Compound interest
Interest paid on original principal and also on the accrued and unpaid interest which has accumulated.
The act of taking private property for public use by a political subdivision through the exercise of eminent domain; declaration that a structure is unfit for use.
A system of individual fee ownership of units in a multi-party structure, combined with joint ownership of common areas of the structure(s) and the land.
Conformity, principle of
A principle of appraisal which holds that the maximum value is realized when a reasonable degree of homogeneity of improvements is present.
Anything of value given to induce entering into a contract; it may be money, personal services, or even love and affection.
Constructive notice
Notice given by public records or possession of the property.
Contribution, principle of
An appraisal principal which holds that the value of a part of a property (such as a swimming pool) is determined by what buyers are willing to pay for it, not what it cost to construct.
Conventional loan
A loan made without government backing.
The transfer of title of land from one to another.
The price a buyer pays for a property.
Cost approach
One of the three methods in the appraisal process. An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements, deducting therefrom the estimated accrued depreciation, then adding back land value.
Cost basis
The price a buyer paid for a property, used in computing any capital gain for income tax purposes.
Trees which lose their leaves in the autumn and winter.
Written instrument which, when properly executed and delivered, conveys title.
Deed of trust
Document by which naked legal title is transferred to a trustee as security for a loan.
Failure to fulfill a duty or promise or to discharge an obligation; omission or failure to perform any act.
Deficiency judgement
A judgment given when the security pledge for a loan does not satisfy the debt upon its default.
Deposit receipt
Document used when accepting earnest money to bind an offer. Basic contract between buyer and seller.
Loss of value in real property brought about by age, physical deterioration or functional or economic obsolescence. Broadly, a loss in value from any cause.
Desist and refrain order
An order directing a person to desist and refrain from committing an act in violation of the law.
An amount deducted from the face amount of a loan.
Discount points
Prepaid interest demanded by demanded by lender when a loan is negotiated. A premium paid for the privilege of borrowing at the stated interest rate.
Documentary transfer tax
A tax collected when a deed is recorded. Stamps are affixed to the deed.
Dominant tenement
The land that is benefitted by an easment appurtenant.
Unlawful constraint exercised upon a person whereby the person is forced to do some act against his or her will.
Earnest money
Deposit accompanying an offer.
Created by grant or agreement for a specific purpose, an easement is the right, privilege or interest which one party has in the land of another. (Example: Right-of-way.)
Economic life
The period over which a property will yield a return on the investment, over and above the economic or ground rent due to land.
Economic obsolescence
A loss in value due to factors outside the subject property, but adversely affecting the value of the subject property.
Effective age
The number of years of age that is indicated by the condition of the structure.
Effective gross income
The maximum rent from income property minus the vacancies.
Eminent domain
The right of the government to acquire property for necessary public or quasi-public use by condemnation; the owner must be fairly compensated.
Trespass; the building of a structure or construction of any improvements partly or wholly on the property of another.
Anything which affects or limits the fee simple title to property, such as mortgages, easements or restrictions of any kind. Liens are special encumbrances which make the property security for payment of a debt or obligation, such as mortgages.
The reverting of property to the state when heirs capable of inheriting are lacking.
The deposit of instruments and funds with instructions to a neutral third party to carry out the provisions of an agreement or contract; when everything is deposited to enable carrying out the instructions, it is called a complete or perfect escrow.
The degree, quantity, nature and extent of interest which a person has in real property.
Estate for life
A freehold estate, not of inheritance, but which is held by the tenant for his or her own life or lives of one or more other persons.
Estate for years
An interest in lands by virtue of a contract for the possession of them for a definite and limited period of time, which might be for days, weeks, months or years.
Estate in fee
A fee estate. The greatest degree of ownership of real property.
Estate of inheritance
An estate which may descend to heirs. A type of fee estate.
Exclusive right to sell
A written agreement between an owner and an agent giving the agent the right to collect a commission if the property is sold by anyone during the term of the agreement.
To complete, to make, to perform, to do, to follow out; to sign a deed, to make a deed, including especially signing, sealing, and delivery; to execute a contract is to perform the contract, to follow out to the end, to complete.
Executed contract
A contract where both parties have completely performed.
Executory contract
A contract where something remains to be done by one or both of the parties.
Extended coverage
A broad form title insurance policy which protects the owner against additional risks not covered in a standard policy.
Federal housing administration
Federal agency which insures lenders making FHA loans.
Federal National Mtg. Assoc.
FNMA, Fannie Mae, provides a secondary market by buying and selling existing loans.
An estate of inheritance (a fee simple estate) in real property.
Fee simple
An estate of inheritance, where ownership continues for an indefinite period. It may be sold or willed.
Fee simple absolute
Fee simple ownership with no qualifications or limitations.
Fee simple defeasible
Fee simple ownership with a condition which, if broken, could result in loss of title to the property.
A person in a position of trust and confidence, as between principal and broker; broker, as fiduciary, owes certain loyalty which cannot be breached under rules of agency.
Financing statement
The instrument which is filed in a loan on personal property in order to give public notice of the security interest and thereby protect the interest of the secured parties in the collateral.
Items attached to the land or improvements, which usually cannot be removed without agreement, and therefore, they become real property; examples: plumbing fixtures built into the property, etc.
Procedure whereby property pledged as security for a debt is sold to pay the debt in the event of default in payments or terms.
The intentional and successful employment of any cunning, deception, collusion, or artifice, used to circumvent, cheat or deceive another person whereby that person acts upon it to the loss of the property and to his or her legal injury.
Freehold estate
A fee simple or life estate.
Front foot
Property measurement for sale or valuation purposes; the property measured by the front foot on its street line - each front foot extending the depth of the lot.
Functional obsolescence
Loss of value due to adverse factors from within the structure which affect the utility of the structure.