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76 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Ability to Repay Rule |
A residential lender is to verify that the borrower has reasonable ability to repay the loan |
Qualified Mortgage |
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A.L.T.A |
American Land Title Association A national association of title companies. |
Extended Coverage Policy, Lenders Policy, Owners Policy, Title Insurance |
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Agency |
A legal relationship in which the Principal appoints an agent to act in his/her behalf. |
Agency Coupled with an interest, Agent, Client, Customer, Dual Agency, Fiduciary, Principal |
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Abstract of Title |
A summary of all documents that appear on public record affecting a parcel of real property |
Certificate of Title, Chain of Title |
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1099 S |
Reports proceeds from real estate transaction to the IRS |
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Appraisal |
An opinion of the value of a property given for a specified date in time |
Appraisal Methods |
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Abatement |
To reduce in amount, such as the removal or encapsulation of asbestos |
Asbestos |
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Abandonment of Homestead |
A document recorded to terminate a homestead exemption |
Homestead |
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A.P.R. |
Annual Percentage Rate The calculations of all financing charges pertaining to a loan, expressed in an annual rate |
R.E.S.P.A., Regulation Z |
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Agent By Necessity |
An act of law or circumstances requiring a limited agent to act beyond his authority. (Principal consent not required) |
Limited Agent, Principal |
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Accrued Depreciation |
For tax purposes, the cumulative amount of depreciation up to a certain time. |
Economic Depreciation, Functional Depreciation, Physical Depreciation |
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Adult |
A person who is in his/her majority - usually 18 years old |
Infancy, Majority |
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Agent |
One who is authorized to act for a Principal |
Agency, Fiduciary, General Agent, Limited Agent, Subagent, Universal Agent |
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Actual Age |
The chronological age of a structure. |
Economic Life, Effective Age |
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Actual Eviction |
Direct actions of landlord to remove a tenant from premises through the legal process |
Constructive Eviction |
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Affidavit of Value |
A sworn document that identifies the Grantor and states the value paid for real property. Signed by both parties and notarized. |
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Adverse Possession |
Acquiring title to real property due to continuous, open, and hostile use for a prescribed length of time. |
Easement by Prescription |
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Actual Delivery |
The Grantor physically hands the Deed to the Grantee. |
Escrow Delivery |
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Aggrieved |
To cause grief or to injure ones legal rights. |
Civil Law, Recovery Fund |
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Adjusted Basis |
Purchase price plus the value of any capital improvements or the original cost minus deductions |
Adjusted Purchase Price, Basis |
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Agreement for Sale |
A document giving equitable title to a buyer (vendee) of real property. Also called “Contact for Deed.” Parties are usually called Vendor and Vendee. |
Equitable Title, Land Contract |
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Actual Notice |
Facts that are known to be true, actual knowledge. |
Constructive Notice |
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Ad Valorem |
According to the value. Arizona property taxes are based on ad valorem |
Assessed Value, Assessment, Dollar Rate, Mill Rate |
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Agreement to Sell |
Another name for a purchase contract |
Bilateral Contract, Executed Contract, Executory Contract |
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Air Rights |
The right to use the air space above a property |
Caissons |
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Agency Coupled with an Interest |
An agency (listing) in which an agent has an interest (usually financial) in the subject property. |
Agency, Estoppel |
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Alienation Clause |
A clause in a loan document calling for the entire balance due and payable when the property is sold. |
Acceleration Clause, Due on Sale Clause |
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Adjusted Gross Income |
The total potential gross income minus vacancy and credit loss. Also called Effective Gross Income |
Capitalization Approach, Gross Schedule Income, New Operating Income. |
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Adequate Water Supply |
Subdivisions in Arizona located outside an Active Management Area are not required to have a 100 year water supply. |
Assured Water Supply |
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Amendatory Clause |
AKA the F.H.A. Escape Clause |
Escape Clause |
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All-Inclusive Deed of Trust |
A wraparound loan arrangement whereby a Deed of Trust is used in place of a mortgage. |
Deed of Trust, Wraparound |
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Amenities |
Those desirable features (extras) of a property that may benefit an owner |
Objective Value, Subjective Value |
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Active Management Area |
Areas in Arizona with heavy reliance on ground water: Phoenix, Prescott, Pinal, Pima, Santa Cruz |
Assured Water Supply |
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Adjusted Purchase Price |
Original purchase price plus capital improvements |
Adjusted Basis, Basis, Capital Improvements |
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Administrator |
An individual appointed by the court to handle the estate of a party who dies |
Executor, Intestate, Testate |
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Acre Foot |
One acre of land with water one foot deep. 325,850 gallons of water |
Acre |
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Acre |
43,560 square feet, if it were in the shape of a square, it would measure approximately 208.71 feet on each side |
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Americans With Disabilities Act (ADA) |
Federal law designed to eliminate discrimination against individuals with disabilities by requiring equal access to accommodations |
Federal Fair Housing |
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Amortization |
A schedule of payments that will eventually extinguish the entire obligation. |
Balloon Payment |
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Acknowledgement |
Signing a legal document before a Notary Public or other authorized person |
Notary Public |
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Accretion |
The gradual build up of land by wind or water |
Alluvium, Reliction |
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Agency by Ratification |
Unauthorized actions of an agent that are later approved by the Principal |
Ostensible Authority |
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Acceptance |
An agreement binding one of the terms of an offer. |
Bilateral Contract, Contract, Offer, Unilateral Contract |
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Acceleration |
The Lenders right to call the entire loan all due and payable if certain conditions are violated |
Alienation Clause, Due On Sale Clause |
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Abutting Land |
Parcels of land having common boundaries |
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Asset |
All valuable items held by a person which may be used to liquidate |
Capital, Frozen Asset, Liquid Asset |
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Anchor Tenant |
A Triple-A tenant that gives exposure and stability to a shopping center |
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Assured Water Supply |
Subdivisions in Arizona located in an Active Management Area need to provide a 100 year water supply |
Adequate Water Supply |
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Authorization to Sell |
Another term for a listing agreement. |
Listing Agreement |
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Arbitration |
The settling of a dispute between two parties by a neutral party. |
Interpleader |
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Annuity |
A series of payments made at specified intervals |
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Annexation |
The method of attaching personal property to real property so that it becomes a fixture |
Fixture |
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Appraisal Methods |
Market Data Approach, Cost Approach, Income Approach |
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Appreciation |
The increase in property value due to external or internal causes |
Unearned Increment |
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Appurtenant |
That which belongs to the property rights, privileges, and improvement. |
Corporeal, Incorporeal, Tenements |
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Alluvium |
Sand, clay, ect., deposited by following water. |
Accretion |
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Allodial Sustem |
The rights of individuals to private ownership of real property |
Bundle of Rights, Feudal System |
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Anticipation |
The present value of property is determined by the future benefits to be obtained from that property. |
Conformity, Contribution, Substitution |
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Avulsion |
The loss of land due to sudden and violent acts of nature |
Accretion, Erosion, Involuntary, Alienation |
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Arbitrage |
To change a higher interest rate to the buyer that is currently being charged on the loan. |
Wrap Around Mortgage |
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Axial Theory |
Theory of land use development along major highways |
Concentric Theory, Multiple Nuclei Theory |
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Automatic Stay |
In bankruptcy an automatic injunction that halts actions by creditors |
Chapter 7, Chapter 11, Chapter 13 |
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Attorney-In-Fact |
One who has written authorization to act for another under a power of attorney |
Agent, General Agent, Limited Agent, Power of Attorney |
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Attachment |
The taking of property into custody, pending the outcome of a legal action |
Garnishment, Judgement Lien, Lis Pendens, Specific Lien |
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Assumption of Mortgage |
The Grantee taking title to real property and assuming liability for an existing obligation. The original mortgagor still remains liable. |
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Assignor |
One who transfers a specified interest in property |
Assignee, Assignment |
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Assignment of Rents |
The right of a lender to collect rents from the borrowers tenants in case of loan default. |
Foreclosure |
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Assignment of Lease |
The transferor of all or part of the tenants rights to another party. |
Sandwich lease, Sublease |
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Assignment |
The transferring of interest from one party to another in a purchase contract or lease. |
Assignee, Assignor, Nominee |
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Assignee |
One to who interest in property is transferred. |
Assignment |
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Assessment |
A tax charged to the owner of real property for benefits received. Tax is usually based on a por rata share. |
Af Valorem, Pro Rata Share |
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Assessed Value |
The value placed on real or personal property for tax purposes. |
Ad Valorem |
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Asbestos |
A fire resistant mineral used in building and household products that has been found to cause lung cancer. |
Abatement |
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Arrears |
(Paid) after its usage, such as Arizona property taxes and interest on real estate loans. |
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Assemblage |
The process of combining two or more smaller parcels of land into one large tract. |
Plottage |
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Arm’s Length Transaction |
A business transaction in which all parties have equal bargaining opportunity. |
Under influence |
