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114 Cards in this Set
- Front
- Back
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TRUSTOR
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Borrowers / BUYERS
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Trustee
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Seller
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BENEFICIARY
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Lender/ BANK
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OPTIONOR
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gives the option
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MORTGAGOR
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BORROWER
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MORTGAGEE
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Lender /BANK
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Offer
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Verbal or Written
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OFFEROR
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BUYER
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OFFEREE
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THE SELLER
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NOVATION
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Addendum change from original contract
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COMMUNITY PROPERTY
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HUSBAND AND WIFE
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TENANTS in COMMON
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Shared property equally or unequally.
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Estate for period to perriod
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Month to month anyone can terminate contract.
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Free Hold Estate
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YOU OWEN
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LESS THAN FREE HOLD ESTATE
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Rent
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APR
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Annual percentage rate
Relative cost of credit expressed in percentage |
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void
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Is not a contract it has no legal effect
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DECIDIUS
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The leaves that fall during the winter
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OBSOLESCENCE
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Forces that affect value
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FUNCTIONAL OBSOLESCENCE
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Functions inside the house
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Physical OBSOLESCENCE
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Outside appearance
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ECONOMIC OBSOLESCENCE
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LOCATION ex. schools shopping
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Market approach
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Comparables
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Cost approach
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cost to replace
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income approach
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Income that will produce
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CONSIDERATION
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Money
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SEVERALLY
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2 or more buyers or seller
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RIPARIAN RIGHTS
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Rights to water Creek and stream
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Bilateral
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Buyer and seller agree both
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Junior lien
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It's second
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ACRE
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43560 Sq ft
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Commercial Acres
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- roads and alleys parking spaces
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Accession
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addition of land due to natural causes or by efforts of human
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ACCRETION
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accession by natural forces example alluvium
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ALIENATION
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Transfer titles
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ALIENATION CLAUSE
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WRITE TRANSFER
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BOOT
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Mortgage relief by the bank to the borrower
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Easements
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Right of way lets you pass
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Serving Tenement
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Owner you're serving the other tenants in same property
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EASEMENT BY PRESCRIPTION
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Right away given by servient tenement
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LTV
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Loan to value
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CLTV
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Combined loan to value
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Note
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I owe you
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DEED
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Written instrument
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Trust deed or deed of trust
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Its a written security instrument (collateral)
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ESCROW
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Temporary
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Escrow Account
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Temporary Account
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TIOE
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Time is of the essence buyer gives deposit
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Escrow OFFICER
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Temporary person doing the transaction on behalf of buyer and seller impartial
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Escrow company
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Temporary company
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Appraiser
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Independent person who works for fee
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Broker
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Supervisor of all ages under him
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Realtor
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Member of Association of Realtors
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CLOUD ON TITLE
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messy title
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QUIET TITLE
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Cleaning title by removing clouds, liens,
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GRANTOR
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Release property give out right
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GRANTEE
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Person buying or Receiving the property rights
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COE
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Close of escrow
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CONVEYANCES
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To transfer
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ARM
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ADJUSTABLE RATE MORTGAGE
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STRAIGHT LOAN / FIXED RATE LOAN
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Fixed Payment
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BALLON LOAN
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Pay loan balance at end of the term
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OPTIONOR ARM
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rate changes at end of option
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ENFORCEABLE
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to do it to enforce
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COMMINGLING
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Mix your money with clients money against the law
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Blockbusting panic peddling
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To put pressured to sell a house for the interest of an agent only not the client
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STEERING
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Good for the agent not the client
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RED LINING
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Refused to lend money to people on wrong side of town
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KIOSK
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Stall or small store in the middle of mall
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CA. SALES TAX
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PERSONAL PROPERTY TAX
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EXECUTRIX
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Females
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EXECUTOR
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MALE
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ESCHEAT
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Dying with out a will / Testaments property goes to the state.
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LESSOR
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LANDLORD
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LESSEE
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TENANTS
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Specific power of
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Otherwise someone to act on your behalf one time only
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DURESS
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Hardship putting a lot of pressure on a person to make him do something he wouldn't do on his own free will
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License
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Privilege to transact on real state transactions
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CHATTEL
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Personal property
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Dominant tenement
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The user of easement
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Percolation test
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to test water absorption
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EER
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Energy efficient Ratio
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Principal
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Employer buyer or seller
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Encroachment
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Burden or problem
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Encumber encumbrance
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Borrow
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Warehousing
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A place where loans are sold
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ACRE
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43,560 Sq f t
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Commercial acre
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- Road alley parking
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ACCESSION
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Adding land due to natural causes
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ACCRETION
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adding land due to natural causes
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ALIENATION
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Transfer
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Alienation clause
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writen transfer
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ACCELERATION
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Catch up with late payments
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APPURTENANCE
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Something attached to the land
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Bill of sale
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Use to sell personal property
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BLANKET ENCUMBRANCES
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Cover all properties
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police power
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Agency who police real estate
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POINTS
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1 point = 1% of the loan
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TRADE FIXTURES
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personal property ex. oven
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Discount points (ysp)
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Reduce from discount
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VOLUNTARY LIEN
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loans against your house
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highest and best use
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Appraise to the best use for land
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HOMESTEAD
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It protects your personal house
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ESTATE
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Property you own personal and real
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5 bundles of
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Right to possess to dispose to encumber exclude others quiet enjoyment
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P I T T
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Possession interest title time
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Mortgage
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Mortgage is a lien on property the owner has used it for security on a loan.
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Impound
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Money collected each month for insurance taxes
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Prescription
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Using someone else's property without permission long term basis (, Eastman )
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Unenforceable
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If there is no way to prove in court
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Valid
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A contract is valid if it is legal in all respects.
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Voidable
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Avoidable contract appears to be valid but it could be disaffirmed or rejected.
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TESTATOR
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A male person who makes a will
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TESTATRIX
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A female person who makes a will
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