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178 Cards in this Set
- Front
- Back
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accretion
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the gradual addition of land by action of water or wind
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actual notice
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actual and specific knowledge of a legal matter
opposite of constructive notice which is recorded in registry of deeds |
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constructive notice
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recorded in registry of deeds
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aeolian soil
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sand dunes formed by the action of the wind
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agreement of sale (P&S Agreement)
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a bilateral contract whereby buyer promises to buy and seller promises to sell by execution and delivery of deed
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air rights
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ownership or lease of air space over a specific parcel of realty
example: building over a turnpike |
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agreement
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contract
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alluvion (alluvium)
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sand or mud carried by water and deposited on other land
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appurtenance
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a right belonging to and passing with a property
example: having a right of way through adjoining property |
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assets
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all real and personal property one owns
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avulsion
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the sudden loss of land by action of water
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bill of sale
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a written instrument which is the evidence of transfer of one person's right in personal property to another
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bundle of rights
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all rights that go with ownership of realty
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chain of title
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history of conveyances and encumbrances affecting a title
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chattel
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an article of personal property
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conditional sales contract (land contract; installment contract)
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a contract in which owner retains title until buyer has met all terms and conditions
familiar device in land sales |
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installment contract (conditional sales contract; land contract)
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buyer acquires "equitable title" until final payment
after delivery of deed, buyer has "legal title" |
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condominium
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multi-unit structure made up of individually-owned units with separate deeds and shared ownership of common areas
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convey
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to transfer and grant
to convey as a transfer of legal title in land by an instrument in writing such as a deed |
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corporation
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a legal person created by state law owned by one or more people
must be licensed and bonded at least one officer of corporation must be licensed as broker but all stockholders of the corporation involved or engaged in realty must be licensed also |
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deed
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instrument in writing, duly executed, and delivered for the purpose of conveying title (ownership) to real property
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dower
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rights of surviving spouse in deceased spouse's property upon death only
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duplex
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a home designated for two families
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emblements
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crops growing which require annual and semi-annual planting and cultivation
normally personal and belonging to tenant or reserved by seller as a removable prior to or after sale of land |
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erosion
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the gradual loss of land by action of water or wind
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fee simple
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largest possible estate or interest person can have in a parcel of realty
least limited estate |
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fixture
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article that was once personalty but is now realty because it is permanently attached
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freehold
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an interest in realty of not less than a life estate
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grantor
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one who transfers title to real estate to the grantee
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Homestead Laws
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laws designed to protect homeowner from forced sale of home to satisfy certain debts
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instrument
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a formal written document
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land contract
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typical method of financing land sales
buyer makes down payment, then monthly payments until final price is paid buyer doesn't receive deed until final payment |
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life estate
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estate or interest held during a certain person's life
noninheritable lowest of freehold estates |
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limited liability company (LLC)
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a legal person created by state law owned by one or more people
must be licensed and bonded at least one member must be licensed as broker but all members involved or engaged in realty must be licensed also |
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littoral
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shoreline of large body of water
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master deed
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basic title document in creation of condo
defines individual fee units and common interests |
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meeting of minds
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an offer and acceptance
an agreement or contract |
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ownership
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title
an estate in realty to the exclusion of others |
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planned unit development
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a housing concept with high density of dwellings with maximum open spaces
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prospectus
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an advertisement to set forth objects and nature of a particular offering to the public with invitation to buy
security |
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reliction
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gradual withdrawal of water exposing land
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riparian
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belonging to or relating to banks of a waterway, such as a river, with water moving in a particular direction
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seisin
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possession of realty with a freehold claim in it
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separate property
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property owned by married person in own right
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severalty
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sole ownership
owned by one person only |
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statute of frauds
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law requiring all realty contracts to be in writing in order to be enforceable in court of law
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syndication
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joining of mutually interested parties to accomplish a joint venture
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tenancy by the entireties
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joint tenancy of married couple only
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tenancy in common
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holding of title by different persons, under different titles, each person having equal right to occupy all of property
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trade fixtures
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personal property used in business and affixed to realty
necessary for trade and are removed by terms of lease |
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UCC
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Uniform Commercial Code
laws governing commercial transactions and establishing claims for collateral includes coverage of bulk sales of business personal property |
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unimproved property
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land without buildings or other improvements
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abatement
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reduction of property taxes
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abutting
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neighboring land with a common boundary
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adjacent
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nearby or abutting
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adjoining
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touching and contiguous
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ad valorem
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according to value, tax assessment based on actual value
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adverse possession
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occupant's right to acquire legal title to private property held by title holder by deed if occupant holds land openly, notoriously, adversely, and without permission for 20 years
"squatters rights" |
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appurtenance
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a right belonging to and passing with a property
example: having a right of way through adjoining property |
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assessed valuation ("assessment")
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value given to realty by assessor's office for property taxation purposes
actual collection of taxes comes from Tax Collector or Treasurer |
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attachment
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a writ issued, beginning or during a legal action commanding sheriff to attach (seize) property, rights, and effects of defendant to satisfy possible credit demands of plaintiff if judgment comes out in plaintiff's favor
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auction
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public sale of property to highest bidder
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betterments
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improvements adding to value of realty, done by local government and paid for by gainers of value
sidewalks, streets, etc |
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building code
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regulations established by government setting forth minimum structural requirement
a police power |
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building line
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line drawn certain distance from lot lines
no building can be erected between building line and lot lines |
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clear title
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title free of encumbrances
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cloud on title
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outstanding claim or encumbrance which if proved to be valid, would impair title and marketability of property
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collateral
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a security, such as a mortgage, given to protect debt
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color of title
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someone has instrument which appears to provide good title, but actually does not
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condemnation
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the taking of private property by law of eminent domain
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conditional sales contract
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a contract in which owner retains title until buyer has met all terms and conditions
familiar device in land sales-also called land contract or installment contract buyer acquires "equitable title" until final payment when, after delivery of deed, buyer has "legal title" |
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covenant
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a promise or guarantee usually found in a deed
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cul de sac
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a road with one outlet, usually ending in a circle
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dedication
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to convey private property over to public use as the giving of land for conservation use
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deed of trust (trust deed)
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in some states used instead of a mortgage deed
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defendant
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party sued
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plaintiff
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party initiating action
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easement
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a right which one person has in lands of another
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easement in gross
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a personal right to use another's land
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eminent domain
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right of government to take private property against owner's wishes for public use with fair compensation
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encroachment
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physical trespass of a property on that of another such as overhang
discovery is by survey |
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encumbrance
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anything which burdens (limits) the fee title to property, such as a lien, easement or restriction of any kind
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escheat
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power of state to take property if no will and no heirs or it is abandoned
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fee simple defeasible
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granting of title (Fee Simple Subject to a Condition Subsequent) or duration of title (Fee Simple Determinable) is dependent on a specific condition named in the title
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general lien
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a lien on any and all property of debtor
such as judgment, decedent's debts, inheritance taxes, state tax liens, IRS liens |
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Homestead Laws
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laws designed to protect homeowner from forced sale of home to satisfy certain debts
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hypothecate
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to give something as security without giving up possession
such as a mortgage to a property |
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ingress/egress
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entering and leaving
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judgment
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the final determination of a court of a matter presented to it
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laches
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unreasonable delay in asserting one's rights causing the loss of such rights
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land contract
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typical method of financing land sales
buyer makes down payments, then monthly payments until final price is paid buyer does not receive deed until final payment |
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lien
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a debt
claim against property for payment of some debt |
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lis pendens
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is a recorded notice by plaintiff of pending litigation affecting title to property
not a lien, but it is a "cloud on title" ceases when action is dismissed or when judgment is final and recorded |
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litigation
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a contest in court of law between two parties to determine who is in the right
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lot line
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legal line separating a lot from another lot
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mechanic's lien
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a statutory lien on a specific property for labor and material contributed to a work of improvement of realty
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moratorium
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auction by government temporarily halting public activities such as "freeze" on apartment construction
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nonconforming use
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a legal use that was in existence prior to current zoning, which may continue to exist
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note
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promissory instrument given by borrower to lender as evidence of debt
I.O.U. |
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ordinance
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law by local government body
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party wall
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wall or fence on common boundary for benefit of both parties
both parties are responsible for maintenance |
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percolation test
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a soil test designed to measure rate of water absorption and drainage
such as for septic systems |
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planned unit development
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a housing concept with high density of dwellings with maximum open spaces
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police power
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right of government to enact building codes, zoning bylaws, and license laws for the public interest
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prescription
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a method of obtaining an easement by adverse use for a period of years (20), hostile to owner's wishes
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private restriction
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a restriction placed on realty by grantor (seller) at time of sale, imposed on immediate and subsequent owners
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public restriction
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government law or regulation restricting the use of real estate
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restrictive covenant
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clause in deed limiting certain realty use
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right of way
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right of one person to pass over estate of another
a form of easement |
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setback
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distance from curb or other established line within which no building may be erected
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sheriff's deed
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an instrument drawn under court order to convey title to property sold to satisfy a judgment
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specific lien
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a lien on a particular property
such as mortgage, municipal taxes, mechanic's liens, attachment, special assessment, condo association fees |
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spot zoning
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permitted use inconsistent with zoning in area
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statute
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act of legislature
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subdivision
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act of land legally divided into lots for residential construction
recorded in plat book |
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tax rate
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municipal rate X assessment = annual tax
rate is given in per $1, per $100, or per $1,000 |
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tax sale
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sale of property by public auction to satisfy delinquent taxes
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tax title
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title or ownership acquired at tax sale
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variance
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permission from city to use land in exception to zoning laws
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writ of execution
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a legal writing issued to enforce a judgement or court decree
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zoning
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government regulations relating to the use of land
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agency
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a contract by which one party undertakes to represent another in certain business situations
such as realty brokerage |
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agent
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a person (natural), corporation, society, association, or partnership (legal persons) acting by authority of a principal in a realty transaction for compensation
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associate broker
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a broker who chooses to work as a salesperson for another broker (the employing broker)
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attorney-at-law
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a lawyer employed by a party to manage a cause
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attorney-in-fact
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anyone who is authorized in writing to perform certain acts for another
valid only during lifetime of party giving this power |
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binder
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deposit or earnest money given as evidence of good faith by buyer to secure property until sale is consummated
in insurance-it is memorandum of temporary coverage at passing of papers until formal policy is issued later |
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bond
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guarantee by third party that it will make good any loss, up to certain amount, incurred by a party dealing with a broker not acting in good faith
bonding company is Surety and obligor State is obligee broker bond is made payable to State |
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client
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principal who hires an agent
customer is the other party |
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commingling
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the mixing of funds held for the benefit of others with the broker's personal or business funds
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commission
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money or other valuable consideration given to broker by principal for services rendered
amount is by agreement |
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corporation
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a legal person created by state law owned by one or more people
must be licensed and bonded at least one office of corporation must be licensed as broker but all members of the corporation involved or engaged in realty must be licensed also |
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earnest money
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deposit or binder given with Agreement to Buy
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escrow
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the holding of something of value by a person (escrowee or escrow agent) for the benefit of other parties
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finder's fee
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fee for locating a property, client, or customer
commission |
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friable
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crumbling/brittle
such as asbestos |
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Homestead Laws
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laws designed to protect homeowner from forced sale of home to satisfy certain debts
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National Association of Realtors (NAR)
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a national private trade association with state and local chapters whose members are called "realtors"
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net listing
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a fixed, specified price below which owner will not sell and at which broker receives no commission
broker receives everything over fixed price illegal |
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power of attorney
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written instrument authorizing another to act in his/her place
person giving power is attorney-in-fact |
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promulgate
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to publish or make known
such as license law |
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reciprocity
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mutual exchange of privileges
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security deposit
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money of tenant deposited with landlord to offset damages beyond reasonable wear and tear done by tenant
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statute
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act of legislature
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surety
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one who guarantees performance of another
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acceptance
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indication by signature of offeree that he is willing to be bound by terms of offer from offeror
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ADA
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Americans with Disabilities Act of 1990
federal law |
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ALJ
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Administrative Law Judge
a judge presides over hearings for government agencies |
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apparent
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it looks as if it exits
as in authority |
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blockbusting
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employing fear tactics to induce panic selling or panic peddling in a neighborhood based on a member of a protected class entering neighborhood
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caveat emptor
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let the buyer beware
no longer applicable |
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client
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principal who hires an agent
customer is the other party |
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counter offer
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voids first offer and creates new offer
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ECOA
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federal law prohibiting discrimination in credit/lending
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EEOC
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Equal Employment Opportunity Commission
federal body that makes policy/approves employment discrimination suits |
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exclusive agency
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principal agrees to work with one agency for a stated period of time
no commission earned if client does own deal |
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exclusive right to
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to sell or represent
agency earns commission even if client does own deal |
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express
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directly stated to exist
as in authority |
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FHEO
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Office of Fair Housing and Equal Opportunity
part of HUD |
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fiduciary
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a position of trust
broker to principal |
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fiduciary duties
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duties owed by agents to clients
obedience, undivided loyalty, full disclosure, confidentiality, full account, reasonable care |
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HUD
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Department of Housing and Urban Development
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implied
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people act as if it exists
as in authority |
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listing
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an agreement between principal and agent to provide services
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MCAD
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Massachusetts Commission Against Discrimination
state commission hearing discrimination cases |
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meeting of minds
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an offer and acceptance
an agreement or contract |
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offer
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statement of intent by offeror
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acceptance
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statement of intent to accept offer by offeree
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open listing
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any hired broker can sell property for a commission but if owner sells, no commission payable
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overt
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openly known
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parol
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oral, as distinguished from written
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procuring cause
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the effort of broker who produced buyer
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redlining
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presenting different terms or conditions to prospective borrower based on people residing where collateral is located
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revocation
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a recall or cancellation
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special agent
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broker working directly for the client
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stigmatized property
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psychologically impacted property due to death-related event
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steering
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choosing property to show prospective buyers/renters based on protected classes
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subagent
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agent working indirectly for client
salesperson/co-broker |
