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201 Cards in this Set
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Zoning |
an ordinance条例 法令（regulation or law) that defines how property in specific geographic zones can be used. Ideally to promote public health & safety, but sometimes they are set for reasons of moral and general welfare. The planning commission is responsible for the zoning of all properties in the local area. |
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Down zoning |
from commercial to residential
describes a government agency's rezoning a parcel of land once previously zoned for a more intense use to a more restrictive use (e.g., changing the commercial zoning designation of an undeveloped parcel of land to agricultural or open space). |
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R3 |
Multi-family residential |
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Deficiency judgment |
a personal judgment levied against the mortgagor when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full. |
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Life tenant |
tenant lives their life in a life estate, a life estate is a type of freehold estate. |
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Baseline |
One of a set of imaginary lines running EAST and WEST and crossing a principal meridian at a definite point. Base Lines are used by surveyors for reference in locating and describing land under the rectangular survey system(or government survey method) of property description.
principal meridian line goes north and south which forms a fixed point in beginning and you find all the properties in relation to that fixed point in beginning |
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Baseline |
One of a set of imaginary lines running EAST and WEST and crossing a principal meridian at a definite point. Base Lines are used by surveyors for reference in locating and describing land under the rectangular survey system(or government survey method) of property description.
principal meridian line goes north and south which forms a fixed point in beginning and you find all the properties in relation to that fixed point in beginning |
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Section |
one square mile is section and township is 36 square miles that is made up of 36 sections which is 1 square mile
A portion of a township under the rectangular survey system(government survey method) a township is divided into 36 sections numbered 1 to 36. A section is a square with mile-long sides and an area of one square mile, or 640 acres. |
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general lien Specific lien |
General liens apply to all property owned by the debtor. For example, if you fail to pay your federal income taxes, the government could place a lien against everything you own, not just your house. For example: income tax, judgement lien
Specific Lien In contrast, a specific lien is one that attaches to a specific asset. For example, a mortgage bank has a lien on the piece of real estate they financed the purchase of. In a specific lien, the asset was specifically offered as collateral in exchange for the loan or credit. for example : property tax ; mechanic lien; morgages |
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Acquisition |
Acquisition is the process of gaining ownership or control of real property (real estate) or an interest in real property. |
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Surrender |
The giving up of an estate, such as a lease. A contractual agreement, having the consent of both parties, such as lessor and lessee, as opposed to abandonment |
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estoppel meaning in real estate |
The term estoppel refers to a legal principle that prevents someone from arguing something or asserting a right that contradicts what they previously said or agreed to by law. Put simply, estoppel prevents one person from contradicting an action or statement from the past. |
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Grant deed |
Is a deed that includes two implied warranties ,1 the grantor did not already given the title to another person 2 the estate has no undisclosed encumbrances. Encumbrances is something that limits title could be anything from an easement to unpaid taxes or a mechanics lien. It’s not necessary to record the deed are considered officially executed when signed by the grantor |
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warranty deed |
Property owner then transfers the title warrants that he owns the property free and clear of all liens. |
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Constructive notice |
Notice provided by all prior recorded documents in the property's chain of title. Purchasers have a duty to search the chain of title for any prior recorded interest, and are deemed to have constructive notice of any previously recorded document in the chain of title. |
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Actual notice |
To give legal sufficient assurance that actual knowledge of the matter has been conveyed |
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Acknowledged |
An acknowledgment is a formal declaration before a duly authorized officer, such as a notary public, by a person who has executed an instrument that such execution is his or her act and deed.
For example: An “acknowledged deed” is a deed recognized as authentic and true by a formal statement that is witnessed. An “acknowledged payment” is a payment made by an authorized person that has been successfully received. An “acknowledged debt” is a debt that has been recognized by the debtor as owed to the lender. |
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Short rate |
The relatively higher insurance premium rate charged for coverage when one cancels a policy earlier than originally agreed upon. |
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Short rate |
The relatively higher insurance premium rate charged for coverage when one cancels a policy earlier than originally agreed upon. |
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Impounds |
Money set aside by a lender to pay for reoccurring costs that take priority over the loan such as taxes and insurance. |
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Conversion |
Unauthorized use or withholding of money or property that rightfully belongs to another person.
Another example of real estate conversion might be the removal of property from a home listed on the market. If an agent removes furniture, decorations, appliances or any other property from the home for his or her own personal use, he has committed conversion. |
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Caveat Emptor |
Latin version of Buyer beware
In the sale of real estate, caveat emptor means that (absent contract language or terms to the contrary) a buyer purchases the property as-is, without warranties of title or of condition of the property.
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Executed contract |
All the term of the contract has been filled |
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Executory contract |
A contract yet to be completed
An executory contract is a contract that has not yet been fully performed or fully executed. It is a contract in which both sides still have important performance remaining. However, an obligation to pay money, even if such obligation is material, does not usually make a contract executory. |
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Statue of fraud |
requires certain contracts to be in writing to be enforceable. |
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Statute of limitation |
Statutes of limitation are laws that define the time limits for filing a civil action民事诉讼. Once the statute of limitations has passed, or “run”, the right to file a lawsuit no longer exists and the claim cannot be brought. |
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RESPA |
To provide consumers with enough information to enable them to shop for settlement services |
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Nonconforming use 不符规定使用 |
A type of zoning variance where a parcel of land may be given an exception from current zoning ordinances made the desired use non-confirming under local law |
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building codes |
Protect public healthy safety and general welfare |
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Probate 遗嘱检验 |
executor for the estate of deceased person sells property in order to divide the property among the beneficiaries. |
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Probate 遗嘱检验 |
executor for the estate of deceased person sells property in order to divide the property among the beneficiaries. |
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Taxation |
Financial charge by a state to fund various public expenditures |
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Probate 遗嘱检验 |
executor for the estate of deceased person sells property in order to divide the property among the beneficiaries. |
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Taxation |
Financial charge by a state to fund various public expenditures |
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Marginal tax rate |
Percentage taken from your next dollar of taxable income |
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1031 tax deferred exchange |
Defer taxes Identify 45days, acquire within 180 days of closing previous property. Must invest in another property of equal or greater value. |
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Boot |
Fair market value of other property received in an exchange |
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Boot |
Fair market value of other property received in an exchange |
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Eminent domain |
Government ability to take private property for public use |
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Boot |
Fair market value of other property received in an exchange |
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Eminent domain |
Government ability to take private property for public use |
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Condemnation |
Process of compensating a person when property is taken by eminent domain |
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Boot |
Fair market value of other property received in an exchange |
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Eminent domain |
Government ability to take private property for public use |
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Condemnation |
Process of compensating a person when property is taken by eminent domain |
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Voluntary lien |
Lien that exists because of an action taken by a debtor |
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Boot |
Fair market value of other property received in an exchange |
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Eminent domain |
Government ability to take private property for public use |
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Condemnation |
Process of compensating a person when property is taken by eminent domain |
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Voluntary lien |
Lien that exists because of an action taken by a debtor |
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Involuntary lien |
Liens that were imposed in a individual , example of taxes and judgment liens |
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Boot |
Fair market value of other property received in an exchange |
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Eminent domain |
Government ability to take private property for public use |
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Condemnation |
Process of compensating a person when property is taken by eminent domain |
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Voluntary lien |
Lien that exists because of an action taken by a debtor |
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Involuntary lien |
Liens that were imposed in a individual , example of taxes and judgment liens |
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Judgement lien |
Lien placed by the court |
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Boot |
Fair market value of other property received in an exchange |
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Eminent domain |
Government ability to take private property for public use |
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Condemnation |
Process of compensating a person when property is taken by eminent domain |
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Voluntary lien |
Lien that exists because of an action taken by a debtor |
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Involuntary lien |
Liens that were imposed in a individual , example of taxes and judgment liens |
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Judgement lien |
Lien placed by the court |
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Lis pendis |
Lawsuit pending involving either the title to the property or a claimed ownership interests in it. |
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Boot |
Fair market value of other property received in an exchange |
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Eminent domain |
Government ability to take private property for public use |
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Condemnation |
Process of compensating a person when property is taken by eminent domain |
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Voluntary lien |
Lien that exists because of an action taken by a debtor |
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Involuntary lien |
Liens that were imposed in a individual , example of taxes and judgment liens |
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Judgement lien |
Lien placed by the court |
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Lis pendis |
Lawsuit pending involving either the title to the property or a claimed ownership interests in it. |
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Injunctions |
Court order that compels a party to do or refrain避免 from specific acts. |
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Boot |
Fair market value of other property received in an exchange |
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Eminent domain |
Government ability to take private property for public use |
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Condemnation |
Process of compensating a person when property is taken by eminent domain |
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Voluntary lien |
Lien that exists because of an action taken by a debtor |
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Involuntary lien |
Liens that were imposed in a individual , example of taxes and judgment liens |
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Judgement lien |
Lien placed by the court |
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Lis pendis |
Lawsuit pending involving either the title to the property or a claimed ownership interests in it. |
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Injunctions |
Court order that compels a party to do or refrain避免 from specific acts. |
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actual note |
Personally given to somebody |
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TILA |
Inform use of consumer credit Require disclosures about its terms and costs to standardize the manner in which costs associated with borrowing are calculated and disclosed. |
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TILA |
Inform use of consumer credit Require disclosures about its terms and costs to standardize the manner in which costs associated with borrowing are calculated and disclosed. |
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Fair housing act |
1968 act banning refusal to sell or rent a dwelling to any person because of race, color, religion, sex, national origin. |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Blockbusting Panic selling panic peddling |
All represent sellers, you better sell because you Donnie want to live by “those” people |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Blockbusting Panic selling panic peddling |
All represent sellers, you better sell because you Donnie want to live by “those” people |
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Redlining |
Denying services such as a loan, either directly or through. Selectively raising price, to residents of certain areas based on race or ethnicity. |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Blockbusting Panic selling panic peddling |
All represent sellers, you better sell because you Donnie want to live by “those” people |
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Redlining |
Denying services such as a loan, either directly or through. Selectively raising price, to residents of certain areas based on race or ethnicity. |
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Statute of limitations |
States time frames for certain contacts |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Blockbusting Panic selling panic peddling |
All represent sellers, you better sell because you Donnie want to live by “those” people |
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Redlining |
Denying services such as a loan, either directly or through. Selectively raising price, to residents of certain areas based on race or ethnicity. |
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Statute of limitations |
States time frames for certain contacts |
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Condicil |
Amendment |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Blockbusting Panic selling panic peddling |
All represent sellers, you better sell because you Donnie want to live by “those” people |
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Redlining |
Denying services such as a loan, either directly or through. Selectively raising price, to residents of certain areas based on race or ethnicity. |
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Statute of limitations |
States time frames for certain contacts |
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Condicil |
Amendment |
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Novation |
Latin for new as it relates to contacts |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Blockbusting Panic selling panic peddling |
All represent sellers, you better sell because you Donnie want to live by “those” people |
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Redlining |
Denying services such as a loan, either directly or through. Selectively raising price, to residents of certain areas based on race or ethnicity. |
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Statute of limitations |
States time frames for certain contacts |
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Condicil |
Amendment |
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Novation |
Latin for new as it relates to contacts |
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Agency |
ACOLD Accountability Care Obedience Loyalty Disclosure |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Blockbusting Panic selling panic peddling |
All represent sellers, you better sell because you Donnie want to live by “those” people |
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Redlining |
Denying services such as a loan, either directly or through. Selectively raising price, to residents of certain areas based on race or ethnicity. |
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Statute of limitations |
States time frames for certain contacts |
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Condicil |
Amendment |
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Novation |
Latin for new as it relates to contacts |
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Agency |
ACOLD Accountability Care Obedience Loyalty Disclosure |
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Fiduciary |
A position of trust, good faith and honesty |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Actual authority |
Expressly conferred by a principal principal to an agent to act on the principal’s behalf |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Blockbusting Panic selling panic peddling |
All represent sellers, you better sell because you Donnie want to live by “those” people |
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Redlining |
Denying services such as a loan, either directly or through. Selectively raising price, to residents of certain areas based on race or ethnicity. |
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Statute of limitations |
States time frames for certain contacts |
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Condicil |
Amendment |
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Novation |
Latin for new as it relates to contacts |
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Agency |
ACOLD Accountability Care Obedience Loyalty Disclosure |
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Fiduciary |
A position of trust, good faith and honesty |
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Sherman anti trust act |
Bans anti competitive behavior such as price fixing |
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Actual authority |
Expressly conferred by a principal principal to an agent to act on the principal’s behalf |
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ostensible authority |
Authority granted by acceptance of action on the principles behalf. For example, when a hi river hires carpet installer to install carpet in his home. While the home over hires company A, company A may then hire an outside contractor to actually do the work. |
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Material fact |
A fact that, if known, might have caused a buyer or seller of real estate to make a different decision. |
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Steering |
Buyers - you should live by “those” people |
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Blockbusting Panic selling panic peddling |
All represent sellers, you better sell because you Donnie want to live by “those” people |
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Redlining |
Denying services such as a loan, either directly or through. Selectively raising price, to residents of certain areas based on race or ethnicity. |
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Statute of limitations |
States time frames for certain contacts |
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Condicil |
Amendment |
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Novation |
Latin for new as it relates to contacts |
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Agency |
ACOLD Accountability Care Obedience Loyalty Disclosure |
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Fiduciary |
A position of trust, good faith and honesty |
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General agent |
Authorized to perform any and all acts associated with the job. A real estate licensee acting in the capacity or a property manager. |
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General agent |
Authorized to perform any and all acts associated with the job. A real estate licensee acting in the capacity or a property manager. |
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Special agent |
Limited authority granted to him or her and all acts associated with the job. Relationship with the principal is not expected to be continuous Listing contract creates a special agency |
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Exclusive listing |
one broker, must have a definite termination date |
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Hold harmless clause |
also known as a liability waiver Agreement whereby parties agree not to hold the other party responsible for any loss, damage, or legal liability that may arise under the agreement |
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interim occupancy agreement |
staying after sale |
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Principal of substitution |
no prudent person would pay very a property when another one readily available that has the same use, design and income for less. |
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Principal of contribution |
how much does an item contribute to the net income of a property. |
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Principal of contribution |
how much does an item contribute to the net income of a property. |
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Principal of regression |
the value of a more expensive home placed in a neighborhood of less expensive homes will drop in value |
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Principal of progression |
progression states that the value of less expensive properties will increase when placed in a the area of more expensive properties. |
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Principal of highest and best use |
how much of a net return you can get by building on the property? If the use is temporary, it would then be considered the interim use |
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acre |
43,560 |
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Mortgage |
a voluntary, specific lien |
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Mortgage brokers |
intermediary between consumers and lenders
Mortgage broker originates loans while the mortgage lender funds loans |
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mortgage banker |
A direct mortgage lender |
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amortization |
the paying off debt |
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Negative amortization |
interest paid but debt increases |
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Construction loan |
short term loan used to finance the building of a property |
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Obligatory advances |
money given during a construction loan at agreed upon stages |
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Participation loan |
a loan that requires interest plus a portion of the profits as payment |
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Take out loan |
long term loans replace interim financing, such as a short term construction loan. Usually mortgages with fixed payments that are amortizing |
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subject to |
seller liable , buyer not liable |
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Assume |
relives seller, buyer is liable |
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Hypothecate |
pledging an asset as collateral for a loan while retaining ownership |
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Hypothecate |
pledging an asset as collateral for a loan while retaining ownership |
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Subordination clause |
current debts will take priority over debts made in the future |
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Prepayment clause |
provision that permits a borrower to satisfy a debt before it is due date. |
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Primary mortgage market |
where lenders make mortgage loans directly to borrowers |
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Secondary mortgage market |
resale marketplace |
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Secondary mortgage market |
resale marketplace |
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Insurance companies (as a lender) |
prefer income producing properties and long term large industrial projects. Frequently demand to be able to do a participation loan. |
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Mets and bounds |
Starts at a point of begging and moves clockwise around the boundaries always ending back at the point of beginning so that the described track is completely enclosed. The metes and bounds, government survey, and lot and block are all accepted in courts. The method may be used in areas included in the rectangular survey system. The method may be used in areas included in the rectangular survey system. The metes and bounds method is often used to survey large parcels of land before the parcels are broken into subdivision plats |
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Mets and bounds |
Starts at a point of begging and moves clockwise around the boundaries always ending back at the point of beginning so that the described track is completely enclosed. The metes and bounds, government survey, and lot and block are all accepted in courts. The method may be used in areas included in the rectangular survey system. The method may be used in areas included in the rectangular survey system. The metes and bounds method is often used to survey large parcels of land before the parcels are broken into subdivision plats |
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effective age |
Age of a structure as estimated by its condition
Effective age is a combination of many factors, including location, quality of construction and maintenance, architectural style, actual age , climate and so forth. A well built building is a desirable location will have a much longer effective life then a cheaply constructed space in a poorly maintained office park setting. |
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Economic life |
The "profitable" life of an improvement. Generally shorter than the physical life (before it is worn out). |
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blind ad |
An ad which does not identify the broker |
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Novation |
Latin for new When part of an agreement is changed, or an old agreement is replaced by new one. |
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Tax shelter |
A general term used to include an property which gives the owner certain income tax advantages, such as deductions for property taxes, maintenance, mortgage interest, insurance, and especially depreciation. |
