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257 Cards in this Set
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A term used to describe land, improvements, and all the rights associated with ownership is? |
Real Estate Immobile Land is the physical “dirt.” Real estate is the dirt and the structures attached to it. Real property is the land, everything attached to it, and the rights associated with owning it |
Goes with the land |
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Personal property |
Mobile |
Moves |
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Bundle of rights |
Right to possess, use,enjoy, encumber, will,sell or do nothing with the land |
Land plus rights |
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Appurtenances |
Goes with the land Air rights Water Solid mineral Oil,gas Support |
Transfer with land |
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Riparian rights? |
Rights to use adjecent moving body of water ;Rivers,streams |
Lakes, rivers rights |
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What are Littoral rights? |
Littoral rights Rights granted to owners whose land borders oceans, bays, and large lakes |
Lakeside |
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The right of the state to control water rights in some states is called? |
Appropriative rights appropriation water rights is the legal doctrine that the first person to take a quantity of water from a water source for "beneficial use"—agricultural, industrial or household —has the right to continue to use that quantity of water for that purpose |
Permit system to used water |
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Ground water rights |
Overlying rights |
Ground water used |
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The rule of capture is used in? |
Oil and gas |
Personal property of the landowner once captured |
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Support right |
Lateral support Subjacent support |
Support provided by the land |
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What is lateral support? |
Support from adjacent land |
Maybe disturbed by construction by neighbors |
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What is Subjacent support? |
Support from underlying earth |
Mineral rights when taken out may affect land support |
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Doctrine of emblement |
Crops, cultivated apple trees |
Harvest personal property |
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Fixtures? |
Man made attachment Personal property convert to real property |
Method of attachment Adaptability Relationship Intention Agreement |
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Trade fixtures |
Dentist chair |
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Nonpossesory Interests |
Estate not interested in land |
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Freehold Estate |
Indeterminate duration owner |
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Fee simple estate |
Fee simple absolute Estate of heritage |
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Defeasible fee estate |
A condition need to be met |
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Fee simple determinable |
Ends if the condition is violated |
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Fee simple subject to a condition subsequent |
Doesn't end automatic when condition is breach. Grantor needs action |
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Life Estate
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Life of others |
Pur Autre vie |
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Estate in Reversion |
Receiving back the property you gave in a life estate when that life estate ends is best described as Reversion |
Heirs are call reversioner |
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Estate in remainder |
Property goes back to other than grantor "Remainderman" |
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Life tenant waste |
Permanent damage to property Example: cut all the trees |
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Leasehold Estate |
Less than free hold estate it is a lease |
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Estate for Years |
Fixed term express agreement Set termination "Date" Either party needs to give notice. |
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Surrender |
Termination of lease by mutual consent |
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Periodic estate |
Periodic estate When no specific ending date for a lease is defined, but there is an agreed-upon term, such as month-to-month for occupancy, this is known as periodic tenancy or estate from period to period. In real estate, this is one type of leasehold estate |
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Estate at will |
Tenancy indefinite leave any time |
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Severalty |
One person ownership |
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Concurrent estate |
Tittle held by two or more persons |
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Tenancy in common |
Two or more owners undivided interest Unity of possession |
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Partition suit |
Partition suit A suit for partition a mean of dividing property when co-owners cannot agree |
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Joint Tenancy |
Unity of interest Unity of title Unity of time Unity of possession No heirs |
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Community Property |
Husband and wife ownership |
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Separate property |
Property owned before getting married |
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Tenancy by Entireties |
Similar to joint tenancy Can be created only by married couples |
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Businesses ownership Syndicate |
Group of individuals pool their resources to carry out an enterprise |
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No community property |
Tenants in entirety Similar to joint tenancy Only be created by married couples |
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Two types of Partnerships |
General Limited |
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General partnership |
Formed by contract does not have to be in writing |
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Property for the partnership's business |
Partnership Property |
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Securities are?
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Shares in a corporation |
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How is own corporate property? |
In Severalty |
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What is a Domestic Corporation? |
A corporation formed under laws of Washington Estate |
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Joint Venture |
Similar to partnership it is created for a single business transaction or series of transactions |
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Investment Trusts |
Investment Trusts One or more trustees manage property for the benefit of one or more beneficiaries No double taxation 100 investors "75%" investment assets in real estate Securities |
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Condominium |
State statute call condominium acts Unit own in severalty Shares ownership of common places with other unit owners As "tenant in common " |
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Common elements |
Common areas All unit owners have the right to used |
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Limited Common Areas |
Assigned parking Balconies |
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Condominium owners |
Individual tax bill Title insurance Lien to a single unit Homeowners association |
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Change Apartments to condominiums |
Conversion |
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Cooperatives |
Single entity Corporation Own shares in the corporation no property Long term proprietary leases on the units Corporation takes out blanket loan Tenant default in payment affects other tenants |
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Timeshares |
Buyer purchase right to occupy a condominium for a specific period each year |
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Tenancy in sufferance |
Beat dead tenant Not really a estate |
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Alienation |
Transferring ownership from one party to another Transferring property by Deed or Will |
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Patent |
Title to land from government to people Ultimate source of title |
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Deeds |
Voluntary alienation Transfer real property by deed |
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What is conveyance ? |
Process of transferring real property by deed transfers legal title of a property from the seller to the buyer. |
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Warranty Deed
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General deed 5 basic promises : 1) Seisin; peaceable possession under color of title 2) Right to convey; grantor has power to transfer tittle 3) Covenant against encumbrances; be listed in the deed 4) Quiet enjoyment; No threat by any lawful claim made by 3rd party 5) Covenant of warranty; grantor defend the grantee's title during conveyance |
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Color of title |
Means good faith belief in ownership |
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Special warranty Deed |
Same covenants as warranty deed Limited to defects that arose during grantor's tenure Used by corporation or investors trust |
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Quitclaim Deed |
No warranties most currently Use on cloud of titles It is also referred as reformation deed to cure tittle Void words :"grant" "convey" Used words :"release" "remise" "quitclaim" |
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Trustee's Deed |
Property is foreclosed under deed of trust Trustee conveys property to buyer at sale by a "trustee's deed" |
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Deeds Executed by court order |
Used after court ordered sale Example; Sheriff's deed State exact amount of purchase price approved by court No warranties of tittle |
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Requisites of Valid Deed |
Be in writing Identify the parties Be signed by a competent grantor Have a living grantee Words of conveyance (granting clause) Adequate description |
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In Writing |
Statute of frauds |
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Who else can sign for the Grantor? |
Attorney in fact Appointed in a power of attorney document
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Competent grantor |
Competent grantor 18 years Sound mind not crazy If grantor not competent Deed is not valid Grantor handicap or illiteracy not able to sign; use signature by Mark accompanied by signature of witnesses
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What is necessary to successfully convey real property than a valid Deed? |
valid Deed Acknowledgement Delivery Acceptance |
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Acknowledgement |
Acknowledgement Grantor swears before a notary public or other official witness that grantor's signature is genuine and voluntary |
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Habendun Clause |
Habendun Clause "To have and to hold " States the interest of grantor is to conveying Is it? Fee simple estate or Absolute or life estate
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Exclusion and Reservations clause |
List of encumbrances in the deed |
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Will |
Will In writing Signed by the person who make the will Attested by at least two competent witnesses Testator must sign in the present of the witness |
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What is Nuncupative will? |
Nuncupative will An oral will (or nuncupative will) is a will that has been delivered orally (that is, in speech) to witnesses, as opposed to the usual form of wills Can only transfer personal property worth less than $1,000 |
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What is Holographic will? |
An unwitness handwritten will by the Testator |
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Testator bequeaths personal property to legatees |
Testator gives personal property to a person |
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Testator Devises real property to Devisees |
Testator gives real property to person |
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What is an amendment to the Will call? |
CODICILAn addition to a will, which modifies the will by adding to it, subtracting from it, or clarifying it. |
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The will is directed by? |
Executor |
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What is Probate? |
the official proving of a will."the will was in probate" Validation process of a will Testator's direction is carried out |
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What is a administrator in a Will? |
Administrator When No executor; court appointed an Administrator |
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What are the most common methods of transferring property voluntary? |
Patent, Deed, and Will |
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What's it call when private owners give real property to the public for used? |
Dedication Example For public used; parks.,streets |
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Involuntary Dedication involved compliance with statutory procedures |
Statutory Dedication |
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Involuntary Dedication |
Property used by public long enough, easement, transfer of ownership |
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If you die without making a will the law provides a process to devide the property call? |
Intestate succession If you die without making a will, a court will distribute your property according to the laws of your state. This process is called “intestate succession” |
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What is called when someone received property by intestate succession (no will )? |
Descent Supervised by court |
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Escheat |
Government takes land No heirs Takes abandoned land through escheat |
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Government power to take private property and pay compensation is call? |
Condemnation |
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Government powers are? |
Police power Eminent Domain Taxesion E scheat
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Property owner's land taken or damage by public entity, need to be pay fair market ? |
Inverse Condemnation |
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Involuntary alienation which the possession and used of property can mature into title? |
Adverse possession |
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Washington required 5 things in the possession of land by Adverse Possession: |
1 actual 2 open and notorious 3 hostile to the owner's interest 4 exclusive 5 continuous and uninterrupted for specific period of time |
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Periods of possession by successive adverse possessor can be added to equal the statutory time period is called? |
Tacking |
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Any addition to real property from natural or artificial cause is called? |
Accession |
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Accretion |
the increase of the actual land on a stream, lake or sea by the action of water which deposits soil upon the shoreline. |
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Reliction |
Exposed, dry land. A temporary recession of water, such as during drought years, is not considered reliction. Generally speaking, land uncovered by reliction is owned by the property owners whose lands abut it. |
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Avulsion |
The removal of land from one real property and its deposit on the property of another, by the sudden action of nature (eg. water or volcano). |
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Once an interest in property has been transferred (voluntary or involuntary ) the new owner protects his interest by what? |
Recording the document of conveyance with the county cleark |
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The recording process |
Recording is accomplished by filing a deed or other document at the county records office in the county the property is located. You can use grantor or grantee's name, property's tax parcel number. Title search to make sure seller is true owner. Almost any document affecting tittle to land may be recorded :deed,mortgage, abstract of judgment, lis pendens |
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Constructive notice |
Constructive notice is the legal fiction that signifies that a person or entity should have known, as a reasonable person would have, of a legal action taken or to be taken, even if they have no actual knowledge of it |
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Actual Notice |
Law term, used most frequently in civil procedure. It is notice (usually to a defendant in a civil proceeding) delivered in such a way as to give legally sufficient assurance that actual knowledge of the matter has been conveyed to the recipien |
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Ad Valorem |
The term “ad valorem,” which means “based on the value,” relates directly to real estate taxes because taxes are based on the value of the property. |
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If you multiply the market value by the assessment ratio you get? |
Market value × assessment ratio = assessed value |
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A town’s property tax rate is typically determined by |
Divide the town budget by the total assessed value of the town, which is also called the tax base, and you get your answer. |
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Fee simple condition precedent |
Fee simple condition precedent is ownership subject to a condition that must be satisfied before title is actually conveyed |
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What is a process call when you lose ownership of a property for violation of the deed condition? |
Forfeiture |
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If you die intestate, the law distributes your assets according to the law of? |
Descent |
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The court that handles wills is called? |
Surrogate's court |
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An owner of property in common with others who wants to devide the property against the Will of the other owners would file a suit to |
Partition the property |
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The sudden loss of land through natural forces is called? |
Avulsion |
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When the town takes property for unpaid taxes the process is called? |
Foreclosure |
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The law governing how heirs inherit property when the deceased has no will is called? |
Descent |
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By which of the following can you not lose title to your property involuntarily? |
Dedication |
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The process by which a will is processed is called? |
Probate is the way that a will is legally processed. It’s done in surrogate’s court |
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The right of a city to take private property for public use is called? |
Eminent Domain |
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The person for whom a will is prepared is known as? |
The testator |
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The gradual wearing away of land by the forces of nature is called? |
Erosion |
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Receiving back the property you gave in a life estate when that life estate ends is best described as? |
Reversion |
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You owned property on a river that has regular commercial boat traffic. What rights do you have with respect to the water ? |
Riparian rights, which is what you have on navigable rivers and streams, gives you rights only to the water's edge and use of water. If the river weren't navigable, you would own to the centerline.
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You want to donate a piece of land to a a religious organization . The title will pass when they complete building a church on the property. The estate is? |
Fee simple condition precedent |
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The interest of a tenant in a rented building is most properly known as? |
Leasehold |
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Reversion of title is a feature of what type of interest? |
Fee simple Determinable |
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What is the lien called of somebody who provides materials as opposed to labor ? |
Materialman's lien |
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What is a document lis pendens? |
Means Pending lawsuit |
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The process by which a will is validated is called? |
Probate |
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Inducing people to panic sell by telling them that a “lower-class immigrant group” is moving into the neighborhood is called? |
Blockbusting |
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“Sorry, we don’t make any loans on houses in that neighborhood” is an example of |
Redlining |
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The fine for a third violation of the federal Fair Housing Act can be as high as |
$50,000 $10,000 is the maximum fine for a first offense $25,000 is the maximum fine for a second offense. There are no unlimited fines. |
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The unique enforcement provision of the 1866 Civil Rights Act is that |
Suits are brought directly to the federal courts |
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Equity is best defined as |
The difference between the value and the debt attributable to the property and the amount of cash taken out after the house is sold are pretty close. The difference is that you don’t have to actually sell the house to calculate equity.Note the use of the phrase “best defined” in the question; the difference between the value and the debt attributable to the property is the best answer. |
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The VA requires what in order to secure a loan? |
The Certificate of Reasonable Value is required for a Veterans Administration guarantee. |
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A single word to describe a loan where nothing is left to pay at the end of the term is |
An amortized loan |
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What are the 3 members that composed a deed of trust? |
A borrower Trustor Lender is the beneficiary Scrow 3rd party trustee |
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A partial release provision is characteristic of what kind of mortgage? |
Blanket mortgage loan |
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Another name for the estoppel certificate is? |
The CV is part of the VA loan process. Reduction certificate |
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ACRE |
ACREA measure, usually of land, equal to 160 sq. rods (43,560 sq. ft.) in any shape. |
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VENDOR |
VENDOR The person who transfers property by sale. Another word for ''seller''. Commonly used in land contract sales. |
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EFFECTIVE AGE |
EFFECTIVE AGE Age of a structure as estimated by its condition |
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STEERING |
STEERING The illegal practice of directing home seekers to particular areas either to maintain the homogeneity of an area or to change the character of an area, which limits where they can live. |
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INJUNCTION |
INJUNCTION An order by a court preventing one from acting or restraining one from continuing some action. |
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MORTGAGE BROKER |
MORTGAGE BROKER One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security |
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IMPLIED AGENCY |
IMPLIED AGENCY An agency which is not expressly set out but must be deduced from the circumstances and other facts |
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PROFIT AND LOSS STATEMENT |
PROFIT AND LOSS STATEMENT A statement showing the income and expenses of a business over a stated time. |
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VENDEE |
VENDEE Purchaser or buyer, especially on a land contract |
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Abandonment |
Abandonment The voluntary relinquishment of rights of ownership or another interest : |
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STATUTE OF FRAUDS |
STATUTE OF FRAUDS State laws, requiring certain contracts to be in writing. |
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ASSESSOR |
ASSESSOR One who estimates value of property for tax purposes. |
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TAX SHELTER |
TAX SHELTER A general term used to include any property which gives the owner certain income tax advantages, such as deductions for property taxes, maintenance, mortgage interest, insurance, and especially depreciation. |
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BILL OF SALE |
BILL OF Sale It is usually given from the seller to the buyer, and typically covers the transfer of personal property rather than real estate or services. A bill of sale basically acts as a legal document, much like a contract, that records the agreement for the sale and receipt of the goods |
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HIP ROOF |
HIP ROOF A roof with four sloping sides which rise to a ridge. |
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RED LINING |
RED LINING The outlining of a map of certain ''high risk'' areas for real estate loan purposes. This means lenders will not extend credit in these areas for real property loans, regardless of the qualifications of the applicant. |
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ADVERSE POSSESSION |
ADVERSE POSSESSION A method of obtaining ownership rights by the open, notorious, exclusive, and hostile possession of private real property for a statutory period which varies from state to state (from 5 to 30 years |
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TOWNSHIP |
TOWNSHIP A territorial division of land established by federal survey, being six miles square and containing thirty-six sections, each one mile square |
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ZONING |
ZONING Regulations that control the use of land within a jurisdiction |
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INVOLUNTARY LIEN |
INVOLUNTARY LIEN A lien, such as a tax lien, judgment lien, etc., which attaches to property without the consent of the owner |
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AFFIANT |
AFFIANT Any person who makes an affidavit or gives evidence. |
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CHATTEL |
CHATTEL Personal property |
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BEARING WALL |
BEARING WALL A wall which supports the weight of a part of a structure in addition to its own weight. |
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RIDGEBOARD |
RIDGEBOARD The highest horizontal member of a roof, running along the ridge, and receiving the rafter |
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SALE-LEASEBACK |
SALE-LEASEBACK A sale and subsequent lease from the buyer back to the seller. Although the lease actually follows the sale, both are agreed to as part of the same transaction. |
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FLASHING |
FLASHING Sheet metal or similar material, used at different points in a structure to prevent water seepage, such as around vent pipes, chimneys, etc. |
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ANNUM |
ANNUM Year |
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PREPAYMENT PENALTY |
PREPAYMENT PENALTY A penalty under a note, mortgage, or deed of trust, imposed when the loan is paid before it is due. |
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PERCENTAGE LEASE |
PERCENTAGE LEASE A lease, generally on a retail business property, using a percentage of the gross or net sales to determine the rent. There is usually a minimum or ''base'' rental, in the event of poor sales. |
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APPRECIATION |
APPRECIATION An increase in value to real property due to positive changes or the elimination of negative elements. |
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ECONOMIC OBSOLESCENCE |
ECONOMIC OBSOLESCENCE A loss in value to property (depreciation) caused by a negative influence near the property. Concerned with location rather than physical characteristics of the property. |
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PRINCIPLE OF CONFORMITY |
PRINCIPLE OF CONFORMITY An appraisal term stating that general uniformity of structures in an area produces highest value. |
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BACKFILL |
BACKFILL To replace ground removed by excavation for construction. Used to brace a structure (especially a foundation or footings). |
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BLIGHTED AREA |
BLIGHTED AREA A term popular in urban renewal, referring to a run-down area |
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EMINENT DOMAIN |
EMINENT DOMAIN A governmental right to acquire private property for public use by condemnation, and the payment of just compensation. |
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AMERICANS WITH DISABILITIES ACT |
AMERICANS WITH DISABILITIES ACT This was a clear statement by Congress that employers must not discriminate on the basis of disability. |
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APPRAISER |
APPRAISER One who is trained and educated in the methods of determining the value of property through analysis of various factors which determine said value |
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BLOCKBUSTING |
BLOCKBUSTING The illegal practice of inducing homeowners to sell their properties by making representations about the prospective entry of persons of a certain race/national origin into the neighborhood is also called: |
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AFFIDAVIT |
AFFIDAVIT A statement or declaration reduced to writing and sworn to or affirmed before a public official who has authority to administer an oath or affirmation |
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INSURANCE |
INSURANCE A contract under which, for a consideration, one party agrees to indemnify another for a possible loss under specific conditions. |
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UNEARNED INCREMENT |
UNEARNED INCREMENT An increase in value to real property due to some change in the area rather than an improvement in the property itself. |
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VOIDABLE |
VOIDABLE May be voided, but not void in itself |
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STATUTE OF LIMITATIONS |
STATUTE OF LIMITATIONS A law which limits the bringing of a court action (civil or criminal) to within a specified period of time |
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FEE SIMPLE DEFEASIBLE |
FEE SIMPLE DEFEASIBLE Title which is not absolute but possibly may be annulled or voided at a later date. |
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EQUITABLE TITLE |
EQUITABLE TITLE The present right to possession with the right to acquire legal title once a preceding condition has been met. |
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UNEARNED INCREMENT |
UNEARNED INCREMENT An increase in value to real property due to some change in the area rather than an improvement in the property itself. |
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NARRATIVE FORM APPRAISAL REPORT |
NARRATIVE FORM APPRAISAL REPORT The most detailed of the appraisal reports in which conclusions are supported and explained. |
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PERCENTAGE LEASE |
PERCENTAGE LEASE A lease, generally on a retail business property, using a percentage of the gross or net sales to determine the rent. There is usually a minimum or ''base'' rental, in the event of poor sales. |
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CONTINGENCY |
CONTINGENCY Commonly, the dependence upon a stated event which must occur before a contract is binding. |
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MORTGAGE YIELD |
MORTGAGE YIELD The effective interest return obtained from a first trust deed by an investor |
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NEGATIVE AMORTIZATION |
NEGATIVE AMORTIZATION A condition created when a loan payment is less than interest alone. Even though payments are made on time, the amount owing increases |
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EXECUTORY CONTRACT |
EXECUTORY CONTRACT A contract under which there is still to be performance. |
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ESTATE FOR YEARS |
ESTATE FOR YEARSAny estate for a definite period of time. |
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EASEMENT |
EASEMENTThe right to use the land of another for a specific purpose, such as a right of way for utilities. |
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PROCURING CAUSE |
PROCURING CAUSE Legal term, which means the cause resulting in accomplishing a goal used in determining whether a broker is entitled to a commission. |
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FRANCHISE |
FRANCHISEa contractual vertical marketing system in which “A” licenses “B” franchisee to produce and market goods or services to criteria laid down by the “A” in return for fees and/or royalties from “B”. |
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BOARDFOOT |
BOARDFOOTA unit of measurement for lumber, equaling 144 cubic inches or 12'' X 12'' X 1''. |
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BLANKET MORTGAGE |
BLANKET MORTGAGE A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. |
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ACCRETION |
ACCRETION The gradual addition to the shore or bank of a waterway. The land generally becomes the property of the owner of the shore or bank, except where statutes specify otherwise. |
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MECHANIC'S LIEN |
MECHANIC'S LIENA lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements. |
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VOID |
VOID Having no legal force or binding effect |
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AMORTIZATION |
AMORTIZATIONPayment of a debt in equal periodic installments of principal and interest. |
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MARKET DATA APPROACH |
MARKET DATA APPROACHAppraising the value of a property by comparing the price of similar properties |
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HYPOTHECATION |
HYPOTHECATIONWhich of the following is defined as ''pledging specific real or personal property as security for an obligation without surrendering possession of it''? |
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YIELD |
YIELD Ratio of income from an investment to the total cost of the investment over a given period of time. |
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INTESTATE |
INTESTATEWithout leaving a will |
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VENDOR |
VENDORThe person who transfers property by sale. Another word for ''seller''. Commonly used in land contract sales. |
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TOWNSHIP |
TOWNSHIP A territorial division of land established by federal survey, being six miles square and containing thirty-six sections, each one mile square |
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GROSS RENT MULTIPLIER |
GROSS RENT MULTIPLIERThe quotient of the sale price divided by the gross rent. |
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MARKET VALUE |
MARKET VALUEThe highest price a willing buyer would pay and a willing seller accept, both being fully informed, and the property exposed for a reasonable period of time |
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EASEMENT BY PRESCRIPTION |
EASEMENT BY PRESCRIPTIONA legally enforceable right to make use of all or part of the property of another as a result of continuous and uninterrupted use of that property for a period of time as established by statute |
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PERCENTAGE LEASE |
PERCENTAGE LEASEA lease, generally on a retail business property, using a percentage of the gross or net sales to determine the rent. There is usually a minimum or ''base'' rental, in the event of poor sales. |
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LACHES |
LACHES Laches is a type of equitable defense wherein a plaintiff is prevented from bringing a claim because they delayed too long in filing it |
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A.L.T.A |
A.L.T.A. (AMERICAN LAND TITLE ASSOCIATION)An organization, composed of title insurance companies, which has adopted certain insurance policy forms to standardize coverage on a national basis. |
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SAFETY CLAUSE |
SAFETY CLAUSEA clause in a listing protecting the broker from having buyer and seller wait until the listing expires to make a deal, thereby avoiding the payment of commission. The clause states that if the property is sold during a specified period after the expiration of the listing (or any extension thereof) to a buyer provided during the listing period by the broker, the commission shall be paid. |
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A section of a Township contains how many acres? |
A section of a Township Contains 640 acres |
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Extender clause |
Extender A clause in a listing agreement that says the broker may be entitled to a commission after the expiration of the listing |
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Bump clause |
Bump clause A Bump Clause is a term in a real estate contract that allows an accepted offer to purchase a home to be bumped by another buyer if certain terms are not met. Most frequently, bump clauses are used on offers where the buyer's offer is contingent on selling another home |
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Cost or replacement approach method |
Cost or replacement Approach Real estate valuation method that surmises that the price a buyer should pay for a piece of property should equal the cost to build an equivalent building. In cost approach appraisal, the market price for the property is equal to the cost of land plus cost of construction, less depreciation.use for new buildings |
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A partial release provision is characteristic of what kind of mortgage? |
Blanket mortgage A blanket mortgage covers more than one piece of property |
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The amount of money a borrower can pay for a mortgage loan is determined by |
A qualifying ratio |
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What is The loan-to-value (LTV) ratio? |
The loan-to-value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased. The term is commonly used by banks and building societies to represent the ratio of the first mortgage line as a percentage of the total appraised value of real property. |
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A partial release provision is characteristic of what kind of mortgage? |
blanket mortgage A blanket mortgage covers more than one piece of property. The partial release provision is used to release the lien on each individual piece of property as it’s sold. |
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How do a mortgage broker and a mortgage banker differ? |
The essential difference is that the banker makes mortgage loans directly, and the broker arranges loans between borrowers and lenders. |
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A mortgage loan provision that permits the lender to declare the entire loan balance due if the property is sold is called? |
Alienation clause Allows the lender to accelerate the loan if the borrower transfers the security property without the lender's approval |
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After the sheriff's sale, the mortgagor has certain period in which to redeem the property. This period is called? |
Statutory redemption period |
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After the trustee's sale, if there are any sale proceeds left over after paying off liens and foreclosure expenses, the money belongs to the? |
Borrower or forclosed owner |
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The document that the mortgagee gives the mortgagor after the debt has been completely paid off is called? |
Satisfaction of mortgage |
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In a nonjudicial foreclosure, the borrower is entitled to? |
Cure the default and reinstate the loan before the trustee's sale |
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When a buyer gives a mortgage to the seller instead of an institutional lender, it may be referred to as a? |
Purchase money mortgage |
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What is a budget mortgage? |
Monthly payments include principal, interest, one-twelfth of the year's property taxes and hazard insurance premiums |
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The owner of five parcels of real property wants a loan. She offers all five parcels as security. She will be required to execute a? |
Blanket mortgage |
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Defeasance clause |
Defeasance clause A mortgage provision indicating that the borrower will be given the title to the property once all mortgage terms are met |
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Exculpatory clause |
Exculpatory clause An exculpatory clause is a contract provision that relieves one party of liability if damages are caused during the execution of the contract |
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ANTITRUST LAWS |
ANTITRUST LAWS Laws enacted to promote free competition by prohibiting agreements to limit competition. In real property businesses, for example, setting a ''standard'' commission for all brokers to charge would be a violation. |
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ABSTRACT |
ABSTRACT The condensed history of title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property. |
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Datum |
Datum Some property may have descriptions involving elevations. Elevations must also be used for so-called air lots or subsurface rights. For instance, condominiums located on upper floors or lower floors may be described in reference to a datum, which is a point, line, or surface from which elevations are measured |
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Point of Beginning |
Point of Beginning The Point of Beginning is a surveyor's mark at the beginning location for the wide-scale surveying of land. A surveyor begins at a well-known landmark, such as the center point of a street intersection |
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Government survey |
Government survey means a survey made by a governmental entity of tracts of land including townships, sections and quarter sections of land |
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Section |
Section Public Land Survey System (PLSS), a section is an area nominally one square mile containing 640 acres and with 36 sections making up one survey township on a rectangular grid |
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ESTOPPEL |
ESTOPPEL It is a document designed to give third party critical information on the relationship between your landlord and you as a tenant. ... Most retail space leases have provisions which require the tenant to prepare and sign estoppel certificates (or estoppel letters as they are sometimes called) upon the landlord's request |
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GRANTOR |
GRANTOR One who grants property or property rights. |
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EXCLUSIVE RIGHT TO SELL LISTING |
EXCLUSIVE RIGHT TO SELL LISTING A written contract between a property owner and a real estate broker, whereby the owner promises to pay a fee or commission to the broker of certain real property if the property is sold during a stated period, regardless of whether the broker is or is not the cause of the sale. |
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NET LEASE |
NET LEASE A lease requiring the tenant to pay, in addition to a fixed rental, the expenses of the property leased, such as taxes, insurance, maintenance, etc |
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Estate for years |
Estate for years A leasehold estate with fixed term. Also called a term tenancy. |
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Periodic tenancy |
Periodic tenancy Leasehold estate that is renewed at the end of each period unless one party gives notice of termination |
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Qualified fee |
Qualified fee A fee simple estate that carries a qualification, so that ownership may revert back to the grantor if specific event occurs or condition isn't met. Also called a defeasible fee |
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What is called a deed that is outside the chain of title? |
Wild deed A wild deed is a recorded deed that is not in the chain of title because a previous instrument connected to the chain of title was not recorded |
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Partition |
Partition A suit of partition is a means of dividing property owned by more than one person when the co-owners cannot agree on how to divide it. |
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Common law dedication |
A common law dedication may be expressed or implied. An express dedication is one where the property is donated in writing by deed. Implied is by action of public used |
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Hold harmless clause |
hold harmless clause A hold harmless clause is a statement in a legal contract stating that an individual or organization is not liable for any injuries or damages caused to the individual signing the contract. ... This clause is also known as hold harmless provision. |
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WAIVER |
WAIVER Voluntary relinquishment or surrender of some right or privilege |
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AVULSION |
AVULSION A sudden and substantial tearing away of land by water |
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AMENITIES |
AMENITIES Those things which enhance the enjoyment (and therefore the value) of real estate but are not necessary for its intended use. Examples: a scenic view, swimming pool, etc. |
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Quiet title |
An action to quiet title is a lawsuit brought in a court having jurisdiction over property disputes, in order to establish a party's title to real property, or personal property having a title, of against anyone and everyone, and thus "quiet" any challenges or claims to the title |
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Foreclosure |
Foreclosure Person holding liens against real property may force the sale of the property if debt secured by their liens are not pay. |
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In Washington there are five basic requirements for adverse possession; |
Adverse possession Actual Open and notorious Hostile to the owner's interest Exclusive Continuous and uninterrupted for a specific period of time (10 years )
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Decree Of Foreclosure |
Decree Of Foreclosure Decree Of Foreclosure A declaration made by a court indicating that a piece of property is to be sold in order to cover outstanding debts. A decree of foreclosure and sale is most frequently used on a mortgaged property, with the proceeds from the sale going to the mortgage lender |
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Power of sale clause |
Power of sale clause A clause written into a mortgage authorizing the mortgagee (lender) to sell the property in the event of default, in order to repay the mortgage debt. As a mortgage term, power of sale is equivalent to the term foreclosure |
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