Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
71 Cards in this Set
- Front
- Back
|
Abstract of title |
The condensed history of a title to a particular parcel of real estate consisting of a summary of the original Grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate |
|
|
Acceleration clause |
The clause in a mortgage or trust deed that can be enforced to make the entire debt do immediately if the mortgagor defaults on an installment payment or other Covenant |
|
|
Acceptance |
A Promise by the offeree to be bound by the exact terms proposed by the offer |
|
|
Accession |
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams |
|
|
Accretion |
The increase or addition of land by the deposit of sand or soil washed up naturally from a river lake or sea |
|
|
Accrued depreciation |
Loss in value resulting from the properties of physical deterioration, external depreciation, (decrease in price), and functional obsolescence. |
|
|
Accrued items |
On a closing statement expense items that are incurred but not yet payable such as interest on a mortgage loan or taxes on real property |
|
|
Acknowledgement |
A formal declaration made before a duly authorized officer, usually in notary public, by a person who has signed a document |
|
|
Actual eviction |
The result of legal action originated by a lessor, whereby it defaulted tenant is physically ousted from the rented property pursuant to a court order |
|
|
Actual notice |
Express information or fact; that which is known; direct knowledge |
|
|
Addenda |
Additional material attached to and made part of a document, as in a supplement added to the agreement of sale |
|
|
Adjustable-rate mortgage (ARM) |
A loan characterized by fluctuating interest rate, usually one tied to a bank or Savings and Loan Association cost-of-funds index |
|
|
Ad valorem tax |
A tax levied according to Value; generally used to refer to real estate tax. also called the general tax |
|
|
Adverse possession |
The actual , visible, hostile ,notorious exclusive, and continuous possession of another's land under a claim of title. possession for a statutory. May be a means of acquiring title |
|
|
Affiliated business arrangement (AfBA) |
A package of business Arrangements between real estate brokerage firms and Affiliated mortgage companies or other settlements service providers , when there is more than 1% common ownership between the companies. RESPA requires that consumers be informed of the availability and costs of other lenders |
|
|
Agency |
The relationship between a principal and an agent where in the agent is authorized to represent the principal in certain transactions |
|
|
Agency coupled with an interest |
An agency relationship in which the agent is given an estate for interest in the subject of the agency ( the property) |
|
|
Agent |
One who acts or has the power to act for another. a fiduciary relationship is created under the law of agency when a principal authorizes a licensed real estate broker to be the principles agent |
|
|
Agreement of sale |
An offer to purchase that has been accepted by the seller and has become and binding contract |
|
|
Air lot |
Is designated airspace over a piece of land and air lot like surface property may be transferred |
|
|
Air rights |
The right to use the open space above a property generally allowing the service to be used for another purpose |
|
|
Alienation clause |
The clause in a mortgage that states that the balance of the secured debt becomes immediately due and payable at the mortgagee's option if the mortgagor sells the property. in effect, this Clause prevents the mortgagor from assigning the debt without the mortgagee's approval |
|
|
Amendment |
A change to the existing content of a contract (ie, if words were Provisions are added to or deleted from the body of the contract). must be initialed by all parties |
|
|
Americans with Disabilities Act (ADA) |
A federal law passed in 1990 to open doors, both figuratively and literally for people with disabilities to become part of the economic and social mainstream of society. the law mandates equal access to employment and goods and services. title I prohibits discriminantory practices . title III requires anyone providing goods and services to the public to make them accessible by removing architectural and Communications barriers and, if that is not readily achievable to provide reasonable accommodations to people with disabilities |
|
|
Amortized loan |
A loan in which the principal as well as the interest is payable in monthly or periodic installments over the term of the loan |
|
|
Annexation |
The process of converting personal property into real property |
|
|
Anticipation |
The appraisal principle that holds the value can increase or decrease based on the expectation of some future benefit or detriment produced by the property |
|
|
Antitrust laws |
Laws designed to preserve the free enterprise of the open market place by making illegal certain private conspiracies and combinations formed to minimize competition. violations of antitrust laws in the real estate business generally involve group boycotting (Brokers conspiring to avoid working with a competitor), price-fixing (Brokers conspiring to set fixed compensation rates), or allocation of customers or markets (Brokers agreeing to limit their areas of trade or dealing to certain areas for properties) |
|
|
Appraisal |
An estimate of the quantity quality or value of something. the process through which conclusions of property value are obtained; also refers to the report that sets forth the process of estimation and conclusion of value |
|
|
Appraiser |
A person who prepares a professional opinion of estimated value. by state licensing law, only persons who are properly qualified and certified are permitted to engage in appraisal activities of real estate and prepare appraisal reports |
|
|
Appurtenance |
A right, privilege , or Improvement belong to , and passing with, the land |
|
|
Appurtenant easement |
An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land |
|
|
Area preference |
People's desire for one area over another based on a number of factors such as history reputation, convenience, Scenic Beauty , and location |
|
|
Asbestos |
A mineral once used in insulation and other materials that can cause respiratory diseases |
|
|
Assemblage |
The combining of two or more adjoining Lots into one larger track to increase total value |
|
|
Assessment |
The imposition of a tax, charge, or Levy, usually according to establish traits |
|
|
Assignment |
The transfer in writing of intrest in a bond, mortgage, lease, or other instrument |
|
|
Associate broker |
A person licensed as a real estate broker who chooses to work under the supervision of another broker |
|
|
Attachment |
The act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor |
|
|
Attorney's opinion of title |
An abstract of title that an attorney has examined and certified to be in the attorney's opinion and accurate statement of the facts concerning the property ownership |
|
|
Bargain and sale deed |
A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title the grantor may add warranties to the deed at his or her discretion |
|
|
Base line |
The main imaginary line running east and west and crossing a principal Meridan at a definite Point, used by surveyors for reference in locating and describing land under the rectangular (government) Survey System of legal description |
|
|
benchmark |
A permanent reference Mark or Point established for use by surveyors in measuring differences in elevation |
|
|
Bilateral contract |
See contract A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy. a contract may be either unilateral , by which only one party is bound to act, or bilateral, by which all parties to the instrument are legally bound to act as prescribed |
|
|
Blanket loan |
A mortgage covering more than one parcel of real estate providing for each Parcels partial release from the mortgage lien upon repayment of a definite portion of the debt |
|
|
Blockbusting |
The illegal practice of attempting for-profit to induce homeowners to sell their properties by making representations about the entry for prospective and tree of persons in the protected classes into the neighborhood also known as Panic selling |
|
|
Breach of contract |
Violation of any terms or conditions in a contract without legal excuse for example failure to make a payment when it is due |
|
|
Broker |
One who buys and sells for another for a commission in real estate a broker must be properly licensed to perform certain activities specified in the real estate license laws and collect compensation |
|
|
Brokerage |
The bringing together of parties interested in making a real estate transaction |
|
|
Broker / appraiser |
A real estate broker who is licensed by the certified appraisers act in Pennsylvania to perform appraisals on properties 4 Non federally related transactions under $250,000. |
|
|
Broker of record |
The individual broker responsible for the real estate transactions and activities of licensees in a partnership or Corporation |
|
|
Broker price option (BPO) |
An option of real estate value commissioned by a bank or an attorney and provided by a broker; not an appraisal |
|
|
Brownfields |
Contaminated properties that have long sat idle because of significant pollution associated with their prior industrial use |
|
|
Budget comparison statement |
Compares the actual results with the original budget often given either percentages for numerical variance of actual vs projected income and expenses |
|
|
Buffer zone |
A strip of land usually designated as a park or for a similar use separating land dedicated to One news from Land dedicated to another use ( EG residential from commercial) |
|
|
Builder-owner salesperson |
An individual who is a full-time employee of the owner or builder of single-family or multi-family residence who is licensed to perform certain acts on behalf of the Builder-owner |
|
|
Building codes |
Ordinances that specify minimum standards of construction for building to protect public safety and health |
|
|
Building permit |
Written governmental permission for the construction alteration or demolition of an improvement showing compliance with building codes and zoning ordinances |
|
|
Bundle of legal rights |
The concept of land ownership that includes ownership of all legal rights to the land for example possession control within the law and enjoyment |
|
|
Buydown |
Hey financing technique used to reduce the monthly payments for the first few years of alone funds in the form of discount points are given to the lender by the Builder or seller to buy down or lower the effective interest rate paid by the buyer thus reducing the monthly payments for a set time |
|
|
Buyer agency agreement |
A principal-agent relationship in which the broker is the agent for the buyer , with fiduciary responsibilities to the buyer. the broker represents the buyer under the law of agency |
|
|
Campground membership |
An interest other than in fee simple or by least that gives the purchaser the right to use a unit of real property for the purpose of locating a recreational vehicle trailer tent camper or other similar device on a periodic basis pursuant to a membership contract |
|
|
Campground membership sales person |
A licensee who either has an employee for an independent contractor sales Campground memberships under the supervision of a broker |
|
|
Capital gain |
Profit earned from the sale of an asset |
|
|
Capitalization rate |
The rate of return a property will produce on the owner's investment |
|
|
Carbon monoxide (CO) |
A colorless odorless gas that occurs as a natural byproduct of combustion that in high concentrations can cause serious health problems and even death malfunctioning or improperly ventilated fuel-burning equipment (furnaces stoves and fireplaces) are often the culprits |
|
|
Cash flow report |
A monthly statement that details the financial status of the property |
|
|
Cemetery associate broker |
A licensed Cemetery broker employed by another Cemetery broker or broker |
|
|
Cemetery broker |
An individual or entity license to engage exclusively in the sale of cemetery lots plots and Mausoleum spaces or openings |
|
|
H |
The |
|
|
H |
Y |
