Realestate

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va loans

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no set limits. anyone can assume. . No mortgage insurance no down payment closing closing cost not be included in the loan

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fha

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3% down. set limits per area.

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home stead

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50,000
additional 500
Widows and widowers who are not remarried
legally blind person
non vet who are totally and permanently disabled
Military veterans who are at least 10 percent service relaited disabled get additional 5000 dollars

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post licence course

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sales associate 45 hours
broker 60 hours
must take with in 2 years after being licensed

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gross lease

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'tenant pays fixed rent

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net lease

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tenant pays fixed rentplus building expenses

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% lease

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rent based on gross sales of tenant

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Variable lease

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An agreement for a tenant to pay specified rent increases based on a predetermined index at set future date

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kick backs

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Kickbacks occur when a broker receive money from someone other than the buyer or the seller . such as for referring a buyer or seller to a particular vendor for services

buyer and seller must be fully informed of a tax regarding a kickback

kickback must not violate respa . can not get kickbacks from mortgage brokers

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Brokers escrow accounts

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Brokers cannot come mingle escrow deposit with business or personal finance
Brokers must be a signer on brokers escrow account
Brokers must reconcile escrow account each month
Brokers must sign , date and review monthly statements
Broker is allowed to place up to 1000 dollars of personal funds in sales escrow account
5000 dollars person funds in property management escrow accounts
5000 dollars a personal bands in a property management and sales escrow account

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ostensible partnership

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two parties form a row partnerships act or do business in such a manner better public having no knowledge as a private relations of the parties public perceived there is a partnership

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Estate for years

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A written lease with a definite termination date

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fee simple estate

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Is the most common type of ownership is the most comprehensive collection of property rights and may be inherited

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Estate in severity

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Occurs when title to a property is held by one person

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Freehold eastate

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Is an ownership interest for an indefinite period of time

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Joint tenancy

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Is interest between two or more persons with right of survivorship

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Leasehold estate(tenenacy)

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Is an interest in real property direct it possesses measured in calendar time

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Life estate

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Is a freehold estate debt in with the death of a named person ownership of individual's natural lifespan

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littoral rights

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Associated with land budding up to bodies of water such as an ocean sea or lake

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NonFreehold estates

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Have a known duration and do not involve in ownership interest

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Right of survivorship

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Means that when a co-owner dies co-owner shares go to the surviving co-owner and not to the deceased persons aires

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riparian rights

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Associated land abiding the banks of a river stream or other water source

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tenancy at sufferance

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Exist when a tenant at the right fully being in possession of a rented property continues possession that the tenants right has ended

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tenancy at will

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Is a leasehold in which they hold possession of the premises with the owner's permission but without a fixed term

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Tenancy by the entirety

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Any state created by a husband and wife who take title together at the same time

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tenancy in common

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Any interest in real property in which two or more persons who hold title to the property with equal or unequal interest in the estate

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Tenants in common

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The most frequent use form as cold as **** except for husband and wife partnership

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bundle of rights dupe

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D disposition right to sell or give away
U use right to control
P possession right to occupy
E exclusion right to quiet enjoyment

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Remainder

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Occurs when property goes to third party known as remaindermam

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Easement appurtenant

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Benefits in adjacent parcel of land

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easement by necessity

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Is created to a court of law if a property is landlocked

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Easement by prescription

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Is created through a court of law after a long time uninterrupted use

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easement in gross

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Benefits an individual or business entity that is not related to a specific adjacent parcel for example utility easement

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condemnation

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A judicial proceeding to exercise the power of eminent domain

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General warranty deed

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Is the most common type of deed for conveying real estate and it contains all convenants and warranties available to give the most complex protection

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grantee

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The person receiving title to property in the deed

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granting clause

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A clause in a dead that contains the premises for the words of conveyance

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grantor

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The person giving title to property in a deed

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hebendum clause

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Describe the type of estate being conveyed . starting with the word to have and to hold

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Lis pendens

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A notice of pending legal action before initiating a lawsuit

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quit claim deed

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Release of the grantor of any rights in a property that a grantor may have .used to clear clouds on a title and to cure title defects

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seisin

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The clause in a deed that is a promise that the grantor has the right to convey title a statement of ownership

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Check

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24 by 24 miles square

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lot and block

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Method of legal description is used to identify lots within a recorded subdivision plat map

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Acceleration clause

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Authorise the mortgagees (bank) to accelerate or advanced the due date of the entire and page balance and call the entire debt due and payable if the mortgagor defaults

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Blanket mortgage

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Covers a number parcels usually building lights

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defeasance clause

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Requires the lender to release title to the borrower whin the debit is paid

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due on sale claus

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Allows the mortgagee to call the outstanding loan balance plus acured interest there by preventing the loan and assumption loan is due up on sale of the property

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Equity of redemption

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Allows the mortgage or to prevent foreclosure from occurring by paying the mortgage the principal and interest and any expenses the leander has incurred while attempting to collect

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Partial release clause

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A clause in a blanket mortgage allowing for release from the mortgage of individual parcels upon payment of a specific amount