Real Estate Vocab

Front 1

Carry over provision/ protection period

Back 1

Extends seller obligation to pay commission after listing expires

Front 2

Net listing

Back 2

Commission whatever broker can get over set price seller requests

Hint 2

It is illegal

Front 3

Open listing

Back 3

List with multiple brokers simultaneously

Front 4

Caveat emptor

Back 4

Buyer beware, law charges buyer with duty to do some reasonable research on own

Front 5

Parole evidence rule

Back 5

Written contract usually takes precedence over verbal agreements

Front 6

Laches

Back 6

Defense used to counter a reasonable but neglected legal claim

Hint 6

If someone intentionally waits to assert a right to harm someone with the intent of taking advantage of someone else

Front 7

DUST

Back 7

Demand, Utility, Scarcity and transferability

Front 8

Warranty deed

Back 8

Deed with most guarantees given by seller

Front 9

Quit claim

Back 9

Conveys ownership without any guarantees

Hint 9

Used to clear clouds on title

Front 10

Curtesy

Back 10

Statutory right of widower to real property owned by deceased wife during time married

Front 11

Profit

Back 11

A right to remove items from soil( right enter and to take something away)

Hint 11

Cut down a tree from your property

Front 12

Police power

Back 12

Right state has to legislate for health and safety and welfare of citizens

Front 13

Buffer zone

Back 13

Zone separating incompatible zones

Hint 13

Exclusionary zoning

Front 14

Net lease

Back 14

Rent based on lessor's profit with expenses of ownership added on top

Front 15

Percentage lease

Back 15

Rent tied to gross sales

Front 16

Gross lease

Back 16

Lease payments include lessor's cost and profit

Front 17

Ground lease

Back 17

Lease of just lawns, tenant owns improvements

Front 18

Title theory

Back 18

Mortgagee holds legal title, mortgagor has equitable title

Front 19

Lien theory

Back 19

Mortgagee has equitable title and mortgagor had legal title

Front 20

Acceleration

Back 20

Lender requests full unpaid balance

Front 21

Promissory note

Back 21

Written promise to pay, evidence of debt

Front 22

Judicial foreclosure

Back 22

Formal court action for foreclosure

Front 23

Non Judicial foreclosure

Back 23

Foreclosure by advertisement

Front 24

Non-amortized /Term loan

Back 24

Interest only loan

Front 25

Fully amortized loan

Back 25

Loan balance reduced to $0 at maturity date

Front 26

Partially amortized loan

Back 26

Balloon payment when loan matures

Front 27

Exclusive agency listing

Back 27

List with one broker but FSBO option

Front 28

Reverse mortgage

Back 28

Creates income stream for age 62 and older

Front 29

Blanket loan

Back 29

One loan covers more than one parcel

Front 30

Package mortgage

Back 30

Personal and real property under one loan

Front 31

Primary market

Back 31

Directly lends to borrower

Front 32

Secondary market

Back 32

No direct lending

Front 33

Blockbusting

Back 33

Inciting panic selling

Front 34

Steering

Back 34

Illegally directing buyers to or away from certain cities based on protected classification

Front 35

Redlining

Back 35

Refusing loans in certain geographic areas

Front 36

Bill of sale

Back 36

Document transfers ownership of chattel

Front 37

Deed exception

Back 37

In deed seller excludes in interest

Front 38

Nonconforming use

Back 38

Use of land which may legally continue even after zoning changes

Front 39

Variance

Back 39

Request for use of land that differs from the zoning ordinance

Front 40

Exclusive right to sell

Back 40

List with one broker, no FSBO option

Front 41

Emblement

Back 41

Crops that belong to tenant

Front 42

Special warranty

Back 42

Seller guaranty in deed not extend to previous owners

Front 43

License

Back 43

Non assignable privilege

Front 44

Freehold

Back 44

Ownership of land

Front 45

Non-freehold

Back 45

Interest in land without ownership i.e lease

Front 46

Estate

Back 46

Interest in land-ownership or lease

Front 47

Bargain and sale deed

Back 47

Ownership transfer without guarantees but assumed grantor has title interest

Front 48

Executed contract

Back 48

All contractual obligations performed

Front 49

Executory contract

Back 49

Obligations not fully performed

Front 50

Accession

Back 50

Ownership of things attached to land

Front 51

Survivorship

Back 51

Upon death ownership passes to other owners regardless of will or dower claim

Front 52

Special agent

Back 52

Loyalty for single transaction

Front 53

General lien

Back 53

Does not run with land when ownership transfers

Front 54

Specific lien

Back 54

Lien which runs with land

Front 55

General agent

Back 55

Multiple duties for single business venture

Front 56

Void contract

Back 56

Does not exist in eye of law

Front 57

Voidable contract

Back 57

One or both parties can ignore

Front 58

Subordination

Back 58

One lien agrees to let another take precedence

Front 59

Setback

Back 59

Structure must be certain number of feet from lot lines

Front 60

Fiduciary

Back 60

Trust related responsibilities

Front 61

Qualified fee/defeasible fee

Back 61

Condition placed on ownership which violated would terminate ownership

Front 62

Alienation

Back 62

Lender bars transfer of ownership

Front 63

Note

Back 63

A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specific period of time

Front 64

Title

Back 64

A legal document evidencing a person's right to or ownership of the property

Front 65

Principal

Back 65

The portion of the loan payment used towards reducing the original loan amount. (Remaining balance )