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68 Cards in this Set
- Front
- Back
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Fee Simple |
An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade, or will, as he chooses. |
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Situs |
Property location |
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Emblement |
Trees or crops that are cultivated annually. The rights of a tenant to harvest his crop even after his tenancy has ended |
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Hereditament |
Every sort of inherited property whether corporeal or incorporeal, real or personal property. |
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What info has to be made available to a condo owner? |
Minute of meeting Budgets Membership fees |
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A person injured due to a discriminatory practice under the federal fair housing act may: |
File complaint with HUD Sue in US District Court Sue in Hawaii Court |
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Federal Fair Housing Law 1968 does NOT apply to |
Industrial and Commercial sales |
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How may title to real estate be transferred? |
Descent and Distribution Involuntary Alienation Purchase Agreement |
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lien letter |
a title search issued to cover Land Court property |
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reversionary interest |
the future interest retained by a grantor |
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general warranty deed provides covenants of : |
seisin quiet enjoyment further assurances |
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specific lien |
mechanic's lien real estate taxes mortgage |
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general lien |
judgment |
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writ of attachment |
lien on actual property |
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easement appurtenant exists between two parcels of land which are separately owned: |
The dominant tenement is benefited by the easement; The dominant tenement may release the easement by way of a quit claim deed; |
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imputable notice |
the rule that notice to an agent is reputable to the principal |
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bequest |
personal property bestowed in a will |
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Defeasible Estate |
Title should revert back to the grantor should a condition take place |
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Federal Truth-in-Lending Law: |
Regulates Advertising that contains information regarding mortgage terms |
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Bearing |
A horizontal angle in relation to 90 degrees fixing the direction of a course or distance in relation to true north or south |
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Gov Survey |
A system of land description that describes much of land in the Western U.S. |
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Section |
A parcel of land established in the rectangular survey system containing 640 acres |
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How many square miles in a township |
36 |
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special agent |
has contractual authority |
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ratification |
the approval or confirmation by one person of an act entered into on his behalf, who did so without contractual authority |
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Open listing |
a listing that has more than one broker |
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Capitalization rate incorporates |
Return on land and building and recapture of building |
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Replacement cost approach |
appraises: a public library a new commercial structure a residence in a brand new subdivision where sales have not yet taken place |
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Deducting salvage value from the cost basis for depreciation: |
Increases the profit |
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Partition |
an action brought by a coowner to compel the severance of interests |
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Reverse Annuity Mortgage |
When you've built up equity in your home and need monthly income |
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Junior Mortgage |
A mortgage that is subordinate to another |
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Defeasance Clause |
The clause in a mortgage that gives the mortgagor the right to redeem his property upon the payment of his obligation to the mortgagee, and declares the instrument null and void upon payment of debt when due; also found in leases. |
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tender |
a present unconditional promise to perform |
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What is an essential element of any contract |
the consideration |
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executory contract |
when a contracts conditions have been fully performed |
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Summary Possession |
A process whereby the landlord may terminate a lease for good reason and the tenant must appear and show cause why he should not be evicted. Also called Dispossess Proceeding or Unlawful Detainer. |
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RESPA requires |
good faith estimate; provision of guide to settlement costs; standard closing form HUD No. 1 |
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Taxable Gain |
Original Cost + Improvements |
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Homeowners Deductions |
repairs maintenance fees depreciation hazard insurance NOT insurance or principal |
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Planned Development Housing |
a specific type of zoning being utilized build on the state's small amount of land efficiently |
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Accretion |
Gradual additions to land by deposits of sand or soil by bordering waters through natural causes. |
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Avulsion |
The sudden removal of land of one owner and depositing on the land of another when a stream changes its channel. |
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Capitalization Rate |
Value = Income/ Cap Rate |
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Supply increases if |
price increases |
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Reconciliation |
Using all 3 methods of appraisal and assigning different weights to each method |
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What is the length in miles of the perimeter of a quadrangle |
96 |
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Benchmark |
a fixed point used in measuring differences in elevation |
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Life Estate |
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Estate for Years |
lease for definite period of time |
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Testator |
One who leaves a will to be enforced at his death |
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valid operating expenses for a building manager to put into the budget |
insurance utilities gross scheduled rent heating oil cleaning supplies management fees utility bills |
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Property Manager = |
Fiduciary paid with a percentage of net rental income |
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the reduction certificate |
the certificate executed by the mortgagee stating the amount on the mortgage |
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Private Mortgage Insurance |
usually required for lenders who are making loans with 80% or greater Loan to Value ratio |
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Joint tenancy |
2+ persons "Co-owners" right of survivorship |
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tenancy in entirety |
2 ppl only husband and wife or reciprocal beneficiaries divorce= tenants in common |
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restrictive covenants |
they may be removed from the record; they are enforceable in a court of law unless contrary to public policy; they run with the land; |
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Torrens system |
A system for the registration of land under state law indicating the status of the title, including ownership and encumbrances. |
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tenancy in common |
2+ persons upon death his share descends to next of kin separate title but equal rights of possession owners are free to sell, give away or will away interest if one mortgages interest it does not bind the others -->creates lien on his interest only |
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Attractive Nuisance |
A doctrine of tort law stating that a person who maintains on his or her property a condition that is both dangerous and conceivably inviting to children owes a duty to exercise reasonable care to protect children from danger. Thus, an owner who maintains a swimming pool, or unmarked open pit, or discards a refrigerator or freezer may be liable for injuries to trespassing children. |
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seasoned loan |
loan with a payment history |
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Non-conforming use |
A use which is contrary to zoning laws, but which is permitted because the use was allowed before the zoning law came into effect; a grandfather clause. lease term with insufficient time remaining; more than two kitchens; remaining economic life is too short; |
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term loan |
interest-only loan at ten-percent in which the entire principal is due at the end is BEST described as which type of loan? |
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Life Estate Grantor can... |
create a life estate for the life of more than one person; receive the title upon the death of the life tenant; grant title using an assumed name; |
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Attestation |
the act of witnessing in writing another's execution of an instrument |
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What is the length in miles of the perimeter of a township? |
24 |
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How many townships in a quadrangle? |
16 |
