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51 Cards in this Set
- Front
- Back
absolute delivery
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a grantor's hand delivery of a deed to the grantee
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abstract of title
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a condensed history of all conveyances, liens, encumbrances, judgments, and other court decisions affecting the property
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accretion
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the gradual addition to land resulting from some nature force; the two processes are alluvion and dereliction
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acknowledgment
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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
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action to quiet title
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a court action to settle a title dispute or clear a title of defects
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actual fraud
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a deliberate misrepresentation of a material fact, made with the intent of inducing the other party to act upon it to one's detriment
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administrator
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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
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doctrine of after acquired title
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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
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attachment lien
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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
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attestation
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the act of witnessing a person's signing a document and then signing the document as a witness
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avulsion
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the loss of land caused by a sudden or violent change in the course of a river, stream, or other body of water
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balloon payment
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a lump sum pay off of the unpaid balance of a loan, usually at the end of the loan term
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bargain and sale deed
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a deed which contains neither expressed nor implied warranties fo title, but the grantor implies ownship of the property described in the deed
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blanket mortgage
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a mortgage loan arrangement where several parcels of land are pledged as security; primarily subdivisions
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blockbusting
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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.
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budget mortgage
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mortgage loan in which monthly payments include not only principal and interest but also one twelfth of the annual cost for taxes and insurance
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call
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the compass direction and distance for each boundary line
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caveat emptor
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let the buyer beware (ch 6)
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certificate of occupancy
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authorization from a building inspector that construction has been completed in compliance with building codes and is ready for occupancy
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civil rights act of 1866
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the first fderal legislation intended to prohibit racial discrimination in the sale or rental of all types of property
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closed mortgage
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one which does not allow the borrower to pay off the loan before maturity
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color of title
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a title condition which appears to be good but in fact is not valid due to a certain defect
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community property
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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
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consideration
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anything of monetary value to induce another to enter into a contract
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constructive fraud
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the misrepresentation of material facts, without intending to deceive or mislead but involving a breach of duty, such as negligence or carelessness
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constructive notice
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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
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conventional loan
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one that is neither insured nor guaranteed by the govt.
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corporation
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a legal entity created under authority of the state
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cost approach
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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
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constructive eviction
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occurs when the landlord's actions or omissions allow the leased premises to become uninhabitable for its intended use
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datum
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a point of surface of known location from which heights and depths are measured
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dedication
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the act of giving to a government real property which is designated for public use
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defeasance clause
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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
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dereliction
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a process of accretion whereby land is gradually exposed when a body of water receded and remains below its normal waterline
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duress
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the use of force to compel a person to enter into a contract
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earnest money
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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
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economic obsolescence
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loss in value due to adverse conditions external to the property and therefore, beyond the owner's control
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encumbrance
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anything which affects the fee simple title or the use of land such as liens, easements, restrictions, and encroachments
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equitable title
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the buyer's interest in a property from the time he enters into a contract until legal title is converyed
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equity
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the difference between the value of a property and the outstanding loan balance
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equity of redemption
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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
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escalator clause
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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
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estate at will
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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
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estoppel
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a doctrine of law which prevents a person from exercising rights that are not consistent with his prior conduct or words
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exclusive agency listing
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the seller appoints only one broker to represent him, but reserves the right to sell
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exclusive right to sell listing
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guarantees the broker a commission if the property is sold during the term of the listing, regardless of who sells it
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exculpatory clause
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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
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executor
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person named in a will to carry out the directions and requests of the deceased
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expressed contract
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a contract made orally or in writing
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fair housing act of 1968
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title VIII of the federal civil right act, establishing a policy of equal housing opportunity, and making discrimination illegal
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FNMA (fannie mae)
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an agency which buys loans from lenders, to assure them of a continuing flow of funds; owned by stockholders
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