Real Estate Vocab (A-E)

Front 1

ABSTRACT OF TITLE

Back 1

A history of ownership which lists transfers of title, liabilities, and rights

Front 2

ACCESSION

Back 2

Owner of the land is entitled to anything the land produces even if it is unintentional.

Front 3

AD VOLERUM

Back 3

Based on value- a tax on property

Front 4

ADVERSE POSSESSION

Back 4

A method of openly acquiring title for a stated period of time

Front 5

ALIENATION CLAUSE

Back 5

Requires full payment of the debt upon transfer of title due at sale- prevents loan assumption

Front 6

APPURTENANCES

Back 6

Any right or privilege which belongs to and passes with the land

Front 7

ARM’S LENGTH TRANSACTION

Back 7

A willing buyer and a willing seller having complete knowledge of the current market

Front 8

ARREARS

Back 8

Not on time; Interest is paid this way

Front 9

AVULSION

Back 9

An all of a sudden loss of land due to nature

Front 10

BALLOON PAYMENT

Back 10

The remaining balance of a loan that has not been paid by full maturity- partially amortized loan

Front 11

BARGAIN AND SALE DEED

Back 11

An instrument conveying title through valuable consideration

Front 12

BLANKET MORTGAGE

Back 12

A mortgage that covers more than one piece of real estate- typically used by developers

Front 13

BLOCKBUSTING

Back 13

Driving prices down to transition area from one ethnic background to another- AKA panic selling— violation of Fair Housing Laws

Front 14

BUFFER ZONE

Back 14

A space used to separate two adjoining districts

Front 15

CHAIN OF TITLE

Back 15

A history of ownership affecting title of a parcel of land

Front 16

CAVEAT EMPTOR

Back 16

"Let the buyer beware"

Front 17

BUNDLE OF RIGHTS

Back 17

rights of an owner- DEEPC

Dispose

Enjoy

Exclusive

Possess

Control

Front 18

CIVIL RIGHTS ACT OF 1866

Back 18

Prohibits discrimination based on race in any real estate transaction

Front 19

CLOUD ON TITLE

Back 19

a claim affecting title to property

Front 20

COMMINGLING

Back 20

Illegally mixing deposit monies with one's personal/business account-- could be from depositing too soon or pulling withdrawing too late from escrow account

Front 21

COMPARATIVE ANALYSIS

Back 21

a method used to determine value of property- selling prices of similar properties are used as the basis for estimating value

Front 22

CONVEYANCE

Back 22

transfer of title to land from one party to another

Front 23

COST APPROACH

Back 23

method used to estimate value based on the economic principles of substitution

Front 24

COVENANT OF SEISIN

Back 24

assures that the grantor has the exact estate in the quantity and quality in which it is being conveyed-- "I own and have the right to sell."

Front 25

COVENANT OF QUIET ENJOYMENT

Back 25

assures the grantee of peaceful possession

Front 26

DEED

Back 26

contains an agreement to transfer some property interest from one party to another

Front 27

DEED OF TRUST

Back 27

a deed to real property involving three parties instead of two

Front 28

DEFICIENCY JUDGEMENT

Back 28

a personal claim based on judicial order against the debtor-- property fails to bring in a price to cover mortgage amount at a foreclosure sale

Front 29

DEFEASIBLE FEE SIMPLE

Back 29

ownership with conditional restrictions

Front 30

DEFEASANCE CLAUSE

Back 30

satisfaction of mortgage-- causes title to automatically pass back to borrower once debt is satisfied

Front 31

DEVISE

Back 31

transferring title to real property by will

Front 32

DOMINANT ESTATE

Back 32

tract of land in an easement that benefits from the use of the easement

Front 33

DUE-ON-SALE CLAUSE

Back 33

permits the lender to require the borrower to repay the outstanding balance when the property is sold

Front 34

EASEMENT APPURTENANT

Back 34

easement created to benefit adjacent land

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EARNEST MONEY

Back 35

sum of money given to bind an offer

Front 36

EASEMENT IN GROSS

Back 36

personal right to use the land of another

Front 37

ECONOMIC OBSOLESCENCE

Back 37

loss in value due to factors outside of the subject property; AKA external obsolescence

Front 38

EMINENT DOMAIN

Back 38

right of the government to acquire property for a public purpose after compensating owner

Front 39

ELBLEMENTS

Back 39

crops which require annual planting

Front 40

ENCUMBRANCE

Back 40

interest in or claim on the land of another which burdens or diminishes the caller of the property

Front 41

EQUAL CREDIT OPPORTUNITY ACT (ECOA)

Back 41

prohibits discrimination by lenders on the basis of sex or marital status in a credit transaction

Front 42

ESCHEAT

Back 42

the right of the government to ownership of property, which is left by a deceased property owner who leaves no will and dies without descendants

Front 43

ESTATE AT WILL

Back 43

an occupation of space, for an indefinite period, which can be terminated by either the lessor or lessee at any time-- aka tenancy at will

Front 44

ESTATE AT SUFFERANCE

Back 44

retaining possession without the consent of the landlord after the lease has expired-- aka tenancy at sufferance

Front 45

ESCROW

Back 45

the deposit of funds with a neutral third party who is instructed to carry the provisions of an agreement

Front 46

ESTATE FOR YEARS

Back 46

-leasehold

-definite period of time

- no notice needed to terminate

Front 47

ESTATE FROM PERIOD TO PERIOD

Back 47

-leasehold

-automatically renewed

-aka periodic tenancy

-month to month

-notice needed to terminate

Front 48

ESTATE IN FEE

Back 48

the max possible estate one can possess in real property-- aka fee simple absolute

Front 49

EXCLUSIVE AGENCY LISTING

Back 49

-employs one broker

-can personally sell the property and NOT pay commission

-commission paid to listing broker if another real estate company sells the property

Front 50

EXCLUSIVE RIGHT TO SELL

Back 50

the broker employed is entitled to a commission no matter who sells the property during the listing period

Front 51

EXPRESS CONTRACT

Back 51

an agreement formed through the oral or written words of the parties