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43 Cards in this Set

  • Front
  • Back
Mandamus
"We Command"
A writ issued by a court ordering someone to do something or refrain from doing something.
Market Data Comparison Approach to Valuation
A method of appraising property where factors considered are neighborhood economic standards, cost of comparable properties, and demand.
Market Price
The price of real estate ACTUALLY SOLD FOR.
Market Value
The THEORETICAL PRICE that a piece of real estate is most likely to bring in a typical transaction.
The highest price a willing buyer would pay and a willing seller would accept, both being fully informed, with the property being exposed for a reasonable period of time.
Marketable Title
A title to real estate that is REASONABLY FREE of defects and encumbrances so there is NO REASONABLE DOUBT as to its validity or reasonable apprehension of danger or litigation with respect to is, and the owners are insured peaceful enjoyment.
Mechanic's Lien
A statutory lien to secure priority of payment for the value of work performed and material provided for improvements to land.
The lien attaches to the land and it's improvements.
Metes-And-Bounds
Description of land by boundary lines, terminal points, and angles.
The description MUST BEGIN AND END AT THE SAME POINT, POB- Point of Beginning
Mill
Equal to one-tenth of a cent.
Used in expressing tax rates.
1Mill= .001
Misrepresentation
A statement or conduct by a person that represents to another a fact that is not true.
A seller, broker, or builder may have a duty to disclose certain defects in property to a buyer or tenant.
Failure to disclose is also misrepresentation.
Misrepresentation Can Be...
1. Deliberate
2. Negligent- Should have known
3. Innocent
Mortgage Banker
An entity that provides its own funds for mortgage financing.
Mortgagee
The lender who receives and holds a mortgage as security for a debt.
Mortgage Note
The DOCUMENT, promising to pay back money according to specific terms.
The note may not be recorded, but the mortgage deed is.
The note is the promise to pay; the mortgage deed is THE SECURITY FOR THAT PROMISE.
Mortgagor
One who gives a mortgage on his property to a lender, or mortgagee, as security for a loan or performance of an obligation.
Ex. A borrower.
Multiple Listing
A method of marketing real estate whereby other brokers in an organization are permitted to show and sell property listed with another broker.
Multiple Listing Service
MLS
A service provided by a local board of REALTORS that puts homes for sale into a listing book where all members can show the property.
Net Lease
A lease agreement that requires the lessee to pay taxes, insurance, repairs, operating expenses, and other costs of property.
Net Listing
A listing contract where the seller receives a sum he specifies from the full proceeds of the sale. The broker receives the amount remaining as her commission.
Nonconforming Uses
The use of a structure that, while once lawful, no longer complies with zoning limitations.
Note
An EXECUTED document acknowledging debt by the persons signing it.
In real estate, a mortgage deed is usually executed at the same time as security for a note.
Novation
Submitting a NEW OBLIGATION for an old one or substituting a new contract for an old existing contract, thus relieving the original obligor from any further liabilities.
Obsolescence
A loss of value to a decrease in the usefulness of property caused by decay, changes in technology, people's behavior patterns and tastes, or environmental changes.
Open-Ended Mortgage
A mortgage that serves the dual purpose of being security for both the original loan and other future loans.
Most mortgages are open-ended today.
Open Housing
The prevention or elimination of discrimination in housing based upon race, sex, color, religion, national origin, handicap, or familial status.
Open Listing
Listing agreement where one or more brokers are permitted to show a listed property. ONLY the broker who sells the property is entitled to a commission.
Option
(Contract)
An agreement for which payment is made granting the EXCLUSIVE RIGHT TO BUY OR LEASE property at a given price within a stated period of time and binding the seller to hold an offer open for a stated period of time.
A UNILATERAL CONTRACT.
Paid in Arrears
Payment made after it is due.
Interest is said to be paid in arrears since it is paid the day of payment rather than in advance, as in rent.
Property taxes are also usually paid in arrears.
Parole Evidence Rule
A rule of law that limits the terms of a contract to those that are written within it.
No oral evidence is permitted at time of trial concerning terms not in the written agreement.
Partial Performance
The Part Performance Doctrine states that if one of the parties substantially performs his part of the agreement, then the other party may not avoid the contract just because it was not in writing.
Pattern and Practice Suit
A lawsuit in which unlawful discrimination is sought to be proven by evidence of patterns of racial discrimination and the practices of individuals charged with violations. Suits are investigated by the Justice Department.
Payee
The person to whom a debt instrument (check, promissory note) is made payable to; also known as the receiver.
Payoff
The payment-in-full of an existing loan or other lien.
Payor
The sender of the payment.
Per Capita
"BY HEADS"
One who inherits property under a will, or pursuant to law, does so as an individual, as opposed to inheriting a divided share as one of several representatives of one in whose stead they take.
Per Stripes
"By Lineage"
A distribution under a will, or pursuant to law, where children share what their deceased parent would have inherited if the parent had lived.
Percentage Lease
A lease where the tenant's rent is based upon the monthly or yearly gross receipts made on the premises, e.g. retail lease.
Plat
(Plat Map)
A map recorded at the county recorder's office showing how a parcel of land is divided into lots.
A map used to show A NEW SUBDIVISION.
Point
A term for a percentage of the loan amount that the lender charges as a fee for making the loan, lowering the interest rate, or other reason.
One point = 1% of loan amount.
Police Power
Right of the government to pass legislation protecting the safety and welfare of the public.
Power of Attorney
A legal instrument giving a person the authority to act for another, as attorney-in-fact, not necessarily an attorney-at-law.
Prescription Easement
Easement created by statute or court action because someone used another's property openly and continuously over a period of time.
Even though not a written easement, one was created.
Price Fixing
Two or more brokers agreeing to set commission rates.
This is illegal and it in violation of the SHERMAN ANTITRUST ACT.
Principal
1. The Person who gives authority to an agent or attorney, thereby creating a fiduciary relationship

2. The amount of Debt, excluding interest due