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51 Cards in this Set

  • Front
  • Back
absolute delivery
a grantor's hand delivery of a deed to the grantee
abstract of title
a condensed history of all conveyances, liens, encumbrances, judgments, and other court decisions affecting the property
accretion
the gradual addition to land resulting from some nature force; the two processes are alluvion and dereliction
acknowledgment
a formal declaration made by the grantor in the presence of an authorized official, usually a notary public, that the deed was signed voluntarily; has no effect on validity
action to quiet title
a court action to settle a title dispute or clear a title of defects
actual fraud
a deliberate misrepresentation of a material fact, made with the intent of inducing the other party to act upon it to one's detriment
administrator
a person appointed by a probate court to oversee distribution of property and to satisfy all debts out of the assets of the estate of a person who died without leaving a valid will or did not name an executor
doctrine of after acquired title
a principle of law which enables a prior grantee to automatically acquire title to real estate after a grantor has attempted to convey title but in fact did not have good title
attachment lien
an encumbrance created against land when the court is granted custody of the property to prevent the owner from conveying title while a suit for damages is being decided
attestation
the act of witnessing a person's signing a document and then signing the document as a witness
avulsion
the loss of land caused by a sudden or violent change in the course of a river, stream, or other body of water
balloon payment
a lump sum pay off of the unpaid balance of a loan, usually at the end of the loan term
bargain and sale deed
a deed which contains neither expressed nor implied warranties fo title, but the grantor implies ownship of the property described in the deed
blanket mortgage
a mortgage loan arrangement where several parcels of land are pledged as security; primarily subdivisions
blockbusting
the illegal practice of inducing homeowners in a neighborhood to sell their property by calling attention to the possibility that minority families may be moving in, resulting in a lessening of property values, etc.
budget mortgage
mortgage loan in which monthly payments include not only principal and interest but also one twelfth of the annual cost for taxes and insurance
call
the compass direction and distance for each boundary line
caveat emptor
let the buyer beware (ch 6)
certificate of occupancy
authorization from a building inspector that construction has been completed in compliance with building codes and is ready for occupancy
civil rights act of 1866
the first fderal legislation intended to prohibit racial discrimination in the sale or rental of all types of property
closed mortgage
one which does not allow the borrower to pay off the loan before maturity
color of title
a title condition which appears to be good but in fact is not valid due to a certain defect
community property
a type of concurrent ownership between husband and wife which entitles each spouse to one half of all property acquired during marriage by their mutual efforts
consideration
anything of monetary value to induce another to enter into a contract
constructive fraud
the misrepresentation of material facts, without intending to deceive or mislead but involving a breach of duty, such as negligence or carelessness
constructive notice
knowledge that one is presumed by law to have, even though there is no actual knowledge of the fact; could be by recording an instrument in public records or by taking possession
conventional loan
one that is neither insured nor guaranteed by the govt.
corporation
a legal entity created under authority of the state
cost approach
oen of the three approaches to value; it involves estimating the current cost of replacing all improvements, from which the amount of estimated accrued depreciation is deducted and an estimated value of the land is added
constructive eviction
occurs when the landlord's actions or omissions allow the leased premises to become uninhabitable for its intended use
datum
a point of surface of known location from which heights and depths are measured
dedication
the act of giving to a government real property which is designated for public use
defeasance clause
a mortgage provision which allows the borrower to defeat the mortgage by repaying the loan according to the terms of the note; thus the borrower regains full rights of ownership
dereliction
a process of accretion whereby land is gradually exposed when a body of water receded and remains below its normal waterline
duress
the use of force to compel a person to enter into a contract
earnest money
the purchaser's initial commitment of something of value to indicate that he/she wants to buy the property according to the terms of the offer being submitted; must be placed in broker's designated trust account until the transaction is either closed or otherwise terminated
economic obsolescence
loss in value due to adverse conditions external to the property and therefore, beyond the owner's control
encumbrance
anything which affects the fee simple title or the use of land such as liens, easements, restrictions, and encroachments
equitable title
the buyer's interest in a property from the time he enters into a contract until legal title is converyed
equity
the difference between the value of a property and the outstanding loan balance
equity of redemption
the borrower's right to redeem property at any time after default but before a foreclosure sale, by paying off the debt to the lender's satisfaction
escalator clause
a lease provision which calls for changes in rental payments at specific intervals in the future; mortgage loan provision which allows the lender to increase the interest rate in the event of default or because of changes in some standard index
estate at will
a tenant's interest in real property for an indefinite period of time; either party may terminate the estate upon proper notice; death of either party terminates
estoppel
a doctrine of law which prevents a person from exercising rights that are not consistent with his prior conduct or words
exclusive agency listing
the seller appoints only one broker to represent him, but reserves the right to sell
exclusive right to sell listing
guarantees the broker a commission if the property is sold during the term of the listing, regardless of who sells it
exculpatory clause
mortgage loan provision in which the lender waives the right to seek a deficiency judgment agaisnt the borrower. the borrower's personal liability on the note is eliminated, leaving the property itself as the lender's sole security for the debt
executor
person named in a will to carry out the directions and requests of the deceased
expressed contract
a contract made orally or in writing
fair housing act of 1968
title VIII of the federal civil right act, establishing a policy of equal housing opportunity, and making discrimination illegal
FNMA (fannie mae)
an agency which buys loans from lenders, to assure them of a continuing flow of funds; owned by stockholders