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112 Cards in this Set

  • Front
  • Back
Abstract of Title
A complete history of the title of a piece of property
Accretion
Addition to the land by action of water
Actual Authority
When an agent has been appointed either in writing or orally by the principle
Adjustable Rate Mortgage
Has payments of principle and interest, but at specified times the interest rate adjusts to some readily available market index
Administrator
A party appointed by the court to handle the property of an individual, who dies without a will
Adverse Possession
When an individual acquires title from the rightful owner through hostile, actual, continuous occupation of the land for the statutory period
Agency
A relationship in which one party acts for another
Agent
The one who acts for the principle
Alienation
Any change in the ownership real property
Alluvion
The soil added to the land by the accretion
Amortized Loan
A loan with equal regular payments over the life of the loan
Appraisal
An estimate or opinion of value
Appurtenance
A right or privilege or improvement that belongs to and passes with land but is not necessarily part of the land
Assignment
Total transfer of rights and liabilities under a contract
Avultion
Water washes away the land from one property and deposits it on another
Beneficiary
One who receives property through a will
Bequres
Personal property that is inherited
Bill of Sale
Used for transfer of personal property
Blanket Loan
A loan which covers two or more pieces of property
Breach of Contract
When one party fails to perform as promised in a contract
Codicil
An addition or an amendment to an existing will
Condemnation
The government, under its power of eminent domain, takes an easement
Constructive Notice
Notice to the world
Cost Approach
Mathematical formula for calculating the replacement value of unique, one-of-a-kind properties, where there are no comparable
Cost Approach Formula
Land + Building Replacement Cost – Depreciation
Curtesy
Interest a husband has in the property of his wife
Dedication
An individual who wishes to transfer title to the government
Deed of Trust
A three party mortgage
Dower
Interest a wife has in the property of her husband
Duties of the Agent
Care, Obedience, Accounting, Loyalty, Disclosure
Duties of the Principle
Compensation, Reimbursement, indemnification, performance
Easement Appurtenant
A right for the benefit of a piece of land
Easement in Gross
This belongs to a person or corporation and does not belong to the land
Easements
Can be terminated by merger, release, abandonment (end of need), or death in the case of a personal easement
Eminent Domain
The right of the government to take private land for public use
Encroachment
The unauthorized intrusion of another’s property onto an adjoining property
Encumbrance
A claim, lien, charge, or liability attached to and binding real property
Escheat
If a person dies intestate (without a will) and without heirs, the government will take title to his real property
Estate at Will
Either the landlord or tenant may agree to terminate the lease “at will”
Eastate for Years
Any lease with a specific starting and ending date
Estates in Land
Freehold, Leasehold, Statutory, Equitable
Fee Simple Absolute or Fee Simple
The type of ownership in which a person has the most rights in his/her property
FHA (Federal Housing Administration)
Insures loans
Fixture
A piece of personal property that has become attached to the land in such a way as to become real property
Formal or Witnessed Will
A will prepared by an attorney
General Agency
Exists when an agent is authorized to carry out the affairs of a business for his employer, sometimes within a certain area
General Lien
A lien against all the property of the debtor
Government Survey System
A description of property using base lines and meridians, ranges, townships, and sections
Gross Lease
One in which the landlord pays all the expenses of the property
Hereditament
Any property, whether real of personal, which is capable of being inherited
Holographic
Handwritten will
Homestead Laws
Prevent forced sale of the home by creditors, and provide a surviving spouse with shelter
Improvments
Buildings, landscaping, fences, patios, decks, roads, curbs, etc.
Income Approach
Converting an income stream into an indication of value
Intestate
An individual who dies without a will
Leasehold Estate
Gives one possession and use of a property without ownership
Lien
A claim against a property
Life Estate
Ownership for the duration of someone’s life
Loan to Value
The percent of market value that a lender is willing to lend
Lot and Block
A description of property by lot and block numbers that refer to a recorded map or plat
Market Data Approach
Based on the comparison of the subject property to similar properties in the area
Market Value
As the price a willing buyer will pay and a willing seller will sell for, if neither is under undue pressure
Metes and Bounds
A description using terminal points and angles to describe a piece of property
Mortgage
An instrument that pledges real property as security for debt
Mortgage Bankers
Originate loans, lend money, sell loans, and continue to service loans they have sold
Mortgage Brokers
Specialists in bringing together borrowers and lenders
Necessity
The court requires the easement or states its necessity for the benefit of the owner
Net Lease
The tenant pays rent plus a portion of the expenses of the property, such as taxes, maintenance, or utilities
Note
Actual evidence of the debt and the personal promise to pay
Nuncupative Will
An oral or deathbed will
Ostensible Authority
An agent acts as if he has the right to represent a principle, even if he does not
Package Loan
A loan that includes both real and personal property as security
Patent
Title can be conveyed from the state to an individual by the use of
Percentage Lease
The tenant’s rent is based in whole or part on the receipts of the business
Periodic Estate
A lease that automatically renews itself for like periods
Personal Property or Chattel
Things of a temporary, or moveable nature
Police Power
The right of the government to regulate and control the way you use your land
Prescription
Continuous use of the land over a period of time establishes the right to use the land
Primary Market
Where individuals go to borrow money
Principle
One who empowers another to act for him
The Principle of Conformity
Maximum value is achieved when there is homogeneity or similarity in an area
The Principle of Highest and Best Use
The use of a property that gives the greatest return in money or amenities
The Principle of Increasing and Decreasing Returns
Continue to invest in an improvement as long as for each dollar spent, value increases a dollar or more
The Princeiple of Regression
The presence of lower priced properties in the area will cause a decline in the value of the subject property
Quitclaim Deed
Deed with no guarantees, warranties, or covenants
Requirements of a Valid Contract
Competent parties, mutual agreement, consideration, legal objective and in writing, where required by law
RESPA
Prohibits kickbacks or fees for services not performed during the closing
Riparian Rights
Rights to use water from a river or a stream on or next to your property
Secondary Market
Where lenders go to borrow money
Section
One square mile or 640 acres
Severalty
Ownership by one person or one legal entity
Situs
The location of the property or land from an economic, not a geographic, viewpoint
Special Agency
An agent has a limited authority to act for his principle in a particular situation
Specific Lien
A lien that attaches to one or more specific or listed properties
Statute of Frauds
Requires the transfer of ownership of real property to be accomplished in writing and signed in order to be enforceable in a court of law
Suit for Specific Performance
The injured party sues the defaulting party
Taxation
The government retains the right to tax your land
A Tenancy at Sufferance
Created when a lease expires and the tenant remains on the premises
Testate
And individual who dies leaving a valid will
Time is of the Essence
Means that all agreements in the contract must be performed or carried out exactly on time
Title
The evidence an individual has of his right to possess land
Title by Descent
Real property is inherited without a will
Title Commitment
A statement of the condition of the title at a moment of time
Title Insurance
A policy of insurance that protects the insured against the loss resulting from defects of title to a specifically described parcel of real property
Trade Fixtures
Items necessary for an individual to carry out his trade or profession
Unenforceable Contract
One that will not hold up in a court of law
Universal Agency
Exists when a principle has granted an agent unlimited authority to act for him
VA Loan
Loan guaranteed by the Veteran’s Administration
Valid Contract
One that meets all the requirements of the law
Void Contract
One that has no effect on the parties signing it
Voidable Contract
One that can be cancelled or voided by one of the parties
Will
A written expression of the desire of a person as to the disposition of that person’s property after death