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178 Cards in this Set

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  • Back
accretion
the gradual addition of land by action of water or wind
actual notice
actual and specific knowledge of a legal matter

opposite of constructive notice which is recorded in registry of deeds
constructive notice
recorded in registry of deeds
aeolian soil
sand dunes formed by the action of the wind
agreement of sale (P&S Agreement)
a bilateral contract whereby buyer promises to buy and seller promises to sell by execution and delivery of deed
air rights
ownership or lease of air space over a specific parcel of realty

example: building over a turnpike
agreement
contract
alluvion (alluvium)
sand or mud carried by water and deposited on other land
appurtenance
a right belonging to and passing with a property

example: having a right of way through adjoining property
assets
all real and personal property one owns
avulsion
the sudden loss of land by action of water
bill of sale
a written instrument which is the evidence of transfer of one person's right in personal property to another
bundle of rights
all rights that go with ownership of realty
chain of title
history of conveyances and encumbrances affecting a title
chattel
an article of personal property
conditional sales contract (land contract; installment contract)
a contract in which owner retains title until buyer has met all terms and conditions

familiar device in land sales
installment contract (conditional sales contract; land contract)
buyer acquires "equitable title" until final payment

after delivery of deed, buyer has "legal title"
condominium
multi-unit structure made up of individually-owned units with separate deeds and shared ownership of common areas
convey
to transfer and grant

to convey as a transfer of legal title in land by an instrument in writing such as a deed
corporation
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
deed
instrument in writing, duly executed, and delivered for the purpose of conveying title (ownership) to real property
dower
rights of surviving spouse in deceased spouse's property upon death only
duplex
a home designated for two families
emblements
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
erosion
the gradual loss of land by action of water or wind
fee simple
largest possible estate or interest person can have in a parcel of realty

least limited estate
fixture
article that was once personalty but is now realty because it is permanently attached
freehold
an interest in realty of not less than a life estate
grantor
one who transfers title to real estate to the grantee
Homestead Laws
laws designed to protect homeowner from forced sale of home to satisfy certain debts
instrument
a formal written document
land contract
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
life estate
estate or interest held during a certain person's life

noninheritable

lowest of freehold estates
limited liability company (LLC)
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
littoral
shoreline of large body of water
master deed
basic title document in creation of condo

defines individual fee units and common interests
meeting of minds
an offer and acceptance

an agreement or contract
ownership
title

an estate in realty to the exclusion of others
planned unit development
a housing concept with high density of dwellings with maximum open spaces
prospectus
an advertisement to set forth objects and nature of a particular offering to the public with invitation to buy

security
reliction
gradual withdrawal of water exposing land
riparian
belonging to or relating to banks of a waterway, such as a river, with water moving in a particular direction
seisin
possession of realty with a freehold claim in it
separate property
property owned by married person in own right
severalty
sole ownership

owned by one person only
statute of frauds
law requiring all realty contracts to be in writing in order to be enforceable in court of law
syndication
joining of mutually interested parties to accomplish a joint venture
tenancy by the entireties
joint tenancy of married couple only
tenancy in common
holding of title by different persons, under different titles, each person having equal right to occupy all of property
trade fixtures
personal property used in business and affixed to realty

necessary for trade and are removed by terms of lease
UCC
Uniform Commercial Code

laws governing commercial transactions and establishing claims for collateral

includes coverage of bulk sales of business personal property
unimproved property
land without buildings or other improvements
abatement
reduction of property taxes
abutting
neighboring land with a common boundary
adjacent
nearby or abutting
adjoining
touching and contiguous
ad valorem
according to value, tax assessment based on actual value
adverse possession
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"
appurtenance
a right belonging to and passing with a property

example: having a right of way through adjoining property
assessed valuation ("assessment")
value given to realty by assessor's office for property taxation purposes

actual collection of taxes comes from Tax Collector or Treasurer
attachment
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
auction
public sale of property to highest bidder
betterments
improvements adding to value of realty, done by local government and paid for by gainers of value

sidewalks, streets, etc
building code
regulations established by government setting forth minimum structural requirement

a police power
building line
line drawn certain distance from lot lines

no building can be erected between building line and lot lines
clear title
title free of encumbrances
cloud on title
outstanding claim or encumbrance which if proved to be valid, would impair title and marketability of property
collateral
a security, such as a mortgage, given to protect debt
color of title
someone has instrument which appears to provide good title, but actually does not
condemnation
the taking of private property by law of eminent domain
conditional sales contract
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"
covenant
a promise or guarantee usually found in a deed
cul de sac
a road with one outlet, usually ending in a circle
dedication
to convey private property over to public use as the giving of land for conservation use
deed of trust (trust deed)
in some states used instead of a mortgage deed
defendant
party sued
plaintiff
party initiating action
easement
a right which one person has in lands of another
easement in gross
a personal right to use another's land
eminent domain
right of government to take private property against owner's wishes for public use with fair compensation
encroachment
physical trespass of a property on that of another such as overhang

discovery is by survey
encumbrance
anything which burdens (limits) the fee title to property, such as a lien, easement or restriction of any kind
escheat
power of state to take property if no will and no heirs or it is abandoned
fee simple defeasible
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
general lien
a lien on any and all property of debtor

such as judgment, decedent's debts, inheritance taxes, state tax liens, IRS liens
Homestead Laws
laws designed to protect homeowner from forced sale of home to satisfy certain debts
hypothecate
to give something as security without giving up possession

such as a mortgage to a property
ingress/egress
entering and leaving
judgment
the final determination of a court of a matter presented to it
laches
unreasonable delay in asserting one's rights causing the loss of such rights
land contract
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
lien
a debt

claim against property for payment of some debt
lis pendens
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
litigation
a contest in court of law between two parties to determine who is in the right
lot line
legal line separating a lot from another lot
mechanic's lien
a statutory lien on a specific property for labor and material contributed to a work of improvement of realty
moratorium
auction by government temporarily halting public activities such as "freeze" on apartment construction
nonconforming use
a legal use that was in existence prior to current zoning, which may continue to exist
note
promissory instrument given by borrower to lender as evidence of debt

I.O.U.
ordinance
law by local government body
party wall
wall or fence on common boundary for benefit of both parties

both parties are responsible for maintenance
percolation test
a soil test designed to measure rate of water absorption and drainage

such as for septic systems
planned unit development
a housing concept with high density of dwellings with maximum open spaces
police power
right of government to enact building codes, zoning bylaws, and license laws for the public interest
prescription
a method of obtaining an easement by adverse use for a period of years (20), hostile to owner's wishes
private restriction
a restriction placed on realty by grantor (seller) at time of sale, imposed on immediate and subsequent owners
public restriction
government law or regulation restricting the use of real estate
restrictive covenant
clause in deed limiting certain realty use
right of way
right of one person to pass over estate of another

a form of easement
setback
distance from curb or other established line within which no building may be erected
sheriff's deed
an instrument drawn under court order to convey title to property sold to satisfy a judgment
specific lien
a lien on a particular property

such as mortgage, municipal taxes, mechanic's liens, attachment, special assessment, condo association fees
spot zoning
permitted use inconsistent with zoning in area
statute
act of legislature
subdivision
act of land legally divided into lots for residential construction

recorded in plat book
tax rate
municipal rate X assessment = annual tax

rate is given in per $1, per $100, or per $1,000
tax sale
sale of property by public auction to satisfy delinquent taxes
tax title
title or ownership acquired at tax sale
variance
permission from city to use land in exception to zoning laws
writ of execution
a legal writing issued to enforce a judgement or court decree
zoning
government regulations relating to the use of land
agency
a contract by which one party undertakes to represent another in certain business situations

such as realty brokerage
agent
a person (natural), corporation, society, association, or partnership (legal persons) acting by authority of a principal in a realty transaction for compensation
associate broker
a broker who chooses to work as a salesperson for another broker (the employing broker)
attorney-at-law
a lawyer employed by a party to manage a cause
attorney-in-fact
anyone who is authorized in writing to perform certain acts for another

valid only during lifetime of party giving this power
binder
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
bond
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
client
principal who hires an agent

customer is the other party
commingling
the mixing of funds held for the benefit of others with the broker's personal or business funds
commission
money or other valuable consideration given to broker by principal for services rendered

amount is by agreement
corporation
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
earnest money
deposit or binder given with Agreement to Buy
escrow
the holding of something of value by a person (escrowee or escrow agent) for the benefit of other parties
finder's fee
fee for locating a property, client, or customer

commission
friable
crumbling/brittle

such as asbestos
Homestead Laws
laws designed to protect homeowner from forced sale of home to satisfy certain debts
National Association of Realtors (NAR)
a national private trade association with state and local chapters whose members are called "realtors"
net listing
a fixed, specified price below which owner will not sell and at which broker receives no commission

broker receives everything over fixed price

illegal
power of attorney
written instrument authorizing another to act in his/her place

person giving power is attorney-in-fact
promulgate
to publish or make known

such as license law
reciprocity
mutual exchange of privileges
security deposit
money of tenant deposited with landlord to offset damages beyond reasonable wear and tear done by tenant
statute
act of legislature
surety
one who guarantees performance of another
acceptance
indication by signature of offeree that he is willing to be bound by terms of offer from offeror
ADA
Americans with Disabilities Act of 1990

federal law
ALJ
Administrative Law Judge

a judge presides over hearings for government agencies
apparent
it looks as if it exits

as in authority
blockbusting
employing fear tactics to induce panic selling or panic peddling in a neighborhood based on a member of a protected class entering neighborhood
caveat emptor
let the buyer beware

no longer applicable
client
principal who hires an agent

customer is the other party
counter offer
voids first offer and creates new offer
ECOA
federal law prohibiting discrimination in credit/lending
EEOC
Equal Employment Opportunity Commission

federal body that makes policy/approves employment discrimination suits
exclusive agency
principal agrees to work with one agency for a stated period of time

no commission earned if client does own deal
exclusive right to
to sell or represent

agency earns commission even if client does own deal
express
directly stated to exist

as in authority
FHEO
Office of Fair Housing and Equal Opportunity

part of HUD
fiduciary
a position of trust

broker to principal
fiduciary duties
duties owed by agents to clients

obedience, undivided loyalty, full disclosure, confidentiality, full account, reasonable care
HUD
Department of Housing and Urban Development
implied
people act as if it exists

as in authority
listing
an agreement between principal and agent to provide services
MCAD
Massachusetts Commission Against Discrimination

state commission hearing discrimination cases
meeting of minds
an offer and acceptance

an agreement or contract
offer
statement of intent by offeror
acceptance
statement of intent to accept offer by offeree
open listing
any hired broker can sell property for a commission but if owner sells, no commission payable
overt
openly known
parol
oral, as distinguished from written
procuring cause
the effort of broker who produced buyer
redlining
presenting different terms or conditions to prospective borrower based on people residing where collateral is located
revocation
a recall or cancellation
special agent
broker working directly for the client
stigmatized property
psychologically impacted property due to death-related event
steering
choosing property to show prospective buyers/renters based on protected classes
subagent
agent working indirectly for client

salesperson/co-broker