Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
247 Cards in this Set
- Front
- Back
|
Quit Claim Deed |
Removes a cloud on a title. Conveys an interest in a property by releasing or quitting the grantor's claim to it without guarantee. |
|
|
Warranty deed |
The grantor guarantees that the title is good and marketable. |
|
|
Riparian |
Land which is bounded by or touches a natural watercourse such as a river or stream. May apply generally to all types of water whether it is a lake, river, or ocean. Owns to the center of an inland lake. |
|
|
Avulsion |
Sudden loss of land from one parcel by the action of water. |
|
|
Alluvion |
Actual sand or soil that is deposited by the process of accretion. |
|
|
Accretion |
Gradual accumulation or buildup of land by natural causes. |
|
|
Littoral |
Property that borders an ocean, sea, or one of the Great Lakes. Owns to what is known as the high water mark. |
|
|
Usufruct |
Right to use or enjoy, but no actual ownership. |
|
|
Fixture |
Personal property that is attached to land or to a building so that it can legally be regarded as part of the real property.--chandelier |
|
|
Chattel |
Personal property which can be moved. |
|
|
Heterogenity |
All property is different; no identical parcels. |
|
|
Heterogenity |
All property is different; no identical parcels. |
|
|
Special purpose propety |
Churches, parks, recreation areas, daycare centers, schools, cemeteries, and government-owned land. |
|
|
Third party |
Stranger to the relationship created between principal (seller) and agent through the listing agreement or buyer's agency contract. |
|
|
Agent |
Person who is authorized by another (the principal, buyer/seller) to act on their behalf. |
|
|
Principal |
One who hires the agent. |
|
|
Subagent |
An agent to whom another agent delegates and shares his authority to represent a particular principal. A seller's agent. |
|
|
Ostensible agent |
One who appears to have actual authority, but does not. |
|
|
Fiduciary relationship |
The trust-related responsibilities that the agent owes his client. |
|
|
Licensee responsibilities |
No duty in Michigan to inspect for or discover property defects. Should recommend that the seller investigate it further. |
|
|
Stigmatized property |
Psychological impact for buyers. Murder, suicide, illegal drug use, haunting, etc. |
|
|
Puffing |
Statements of opinion made during the sale process. Not amount to misrepresentation. |
|
|
Puffing |
Statements of opinion made during the sale process. Not amount to misrepresentation. |
|
|
Do Not Call Law Exemptions |
Existing business relationship (18 mos). Consumer inquires (3 mos). Consumer permission. Charitable organizations, political organizations, companies conducting surveys. |
|
|
Social media advertising |
Should contain hyperlink to the broker's corporate website. |
|
|
Listing agreement |
Contract entered into by the seller of a property and real estate broker in which the broker is hired as the seller's agent. |
|
|
Commission rates |
Negotiable between broker and clients. |
|
|
Carryover provision |
If anyone to whom the property was shown during the listing period purchases it within a certain period of time after the listing agreement expires. Protection period, extender period, or extender clause. |
|
|
Open listing (non-exclusive) |
Seller is able to list his property with any number of different brokers at the same time. Owner reserves the right to personally locate a buyer without being becoming liable for a commission. |
|
|
Exclusive Listing |
Only one broker is hired to handle the transaction as a seller's or buyer's agent. Seller reserves the right to personally locate the buyer and avoid paying commission. |
|
|
Exclusive right to sell |
Entitles the listing broker to a commission no matter who sells the property during the listing period. |
|
|
Procuring cause of sale |
Procuring cause is the broker who originated the series of events which resulted in sale of the property. |
|
|
Agency termination |
When the purpose of listing has been fulfilled. Mutual consent. Discharge. Resignation. |
|
|
Single agency |
Representation of only one party in a transaction. |
|
|
Dual agency |
Both the buyer and seller can be represented in the same transaction. |
|
|
Market value |
Highest and most likely price a ready, willing, and able buyer would pay Unrelated but equally ready, willing, and able seller would accept When both parties are fully informed as to market conditions The transaction is arm's length in nature The transaction has sufficient time to mature |
|
|
Arm's length transaction |
Negotiated between two independent and unrelated parties, each working to protect his own best interest without one being under the influence or control of the other |
|
|
USPAP |
Uniform Standards of Professional Appraisal Practice. A set of universal guidelines for appraisers adopted in 1987. |
|
|
CMA (Comparative Market Analysis) |
Listing example: No fee charged, a real estate salesperson can prepare a CMA to assist seller-client in determining appropriate sale price Selling example: No fee charged, can prepare a CMA to assist a buyer-client in determining appropriate offer price. |
|
|
DUST (specific elements of value) |
Demand Utility Scarcity Transferability |
|
|
Situs (location) |
Preference or desirability for the particular location. |
|
|
Market data approach |
Subject property is compared to similar properties that have recently sold. |
|
|
Cost approach |
Cost of rebuilding the subject property using present day construction techniques |
|
|
Gross rent multiplier (GRM) |
Ratio of the property's value to it's annual rental income before expenses. GRM=sale price/monthly gross rent income |
|
|
Bundle of rights |
The right to control, mortgage, lease, physically exclude others, subdivide, and sell or otherwise dispose of by will, gift, or dedication. |
|
|
Title passes |
On delivery of the deed. |
|
|
Consideration |
Price paid for the property |
|
|
Consideration |
Price paid for the property |
|
|
Good consideration |
No dollar value. "Love and affection." |
|
|
Deed restrictions |
Limits on building height, architecture, or density. |
|
|
Statutory requirements |
Name of grantor Discrepancy in names: can be none Acknowledgment Grantee's name and address Male grantor's marital status Drafting party Recording fees Payment of real estate transfer tax |
|
|
Habendum clause |
To have and to hold. Covenants and warranties follow the clause and define quality of deed. |
|
|
Marketable title |
Free from encumbrances and reasonable doubt as to its validity. |
|
|
Special warranty deed |
Guarantees only cover the period of time the grantor held the title. |
|
|
Suit to quiet title |
Court action that establishes title in a particular person. Bars any other claimant from asserting his own independent claim. Also used to remove a title defect or cloud. The court quiets all dissenting claimants I favor of one. |
|
|
Lady Bird deed |
Transfer on death deed |
|
|
Eminent domain |
Federal, state, and local governments have the right to take private property for public use. Police power. |
|
|
Eminent domain |
Federal, state, and local governments have the right to take private property for public use. Police power. |
|
|
Escheat |
Process by which the property of another transfers to the state for lack of any person who is rightfully entitled to inherit it. |
|
|
Decedent |
Person who has died without leaving a will. |
|
|
Decedent |
Person who has died without leaving a will. |
|
|
Testate |
Person who has died leaving a will. |
|
|
Devise |
Gift of real or personal property that is made through a will. |
|
|
Descent |
Succession of property ownership by inheritance or by law. |
|
|
Descent |
Succession of property ownership by inheritance or by law. |
|
|
Intestate |
To die without leaving a will. |
|
|
Freehold |
One in which ownership is implied. |
|
|
Fee simole |
Freehold interest in land that carries with it the right to possession and ownership. It is inheritable. |
|
|
Fee simole |
Freehold interest in land that carries with it the right to possession and ownership. It is inheritable. |
|
|
Fee simple absolute |
Created in a person, the grantee, and his heirs and assigns forever, without limitation or condition. Highest and most common form of ownership. |
|
|
Fee simple defeasible |
Interest in which the grantor conveys his property with a condition, restriction, or other limitation as to how the grantee can use the property as the new owner. |
|
|
Life estate |
Actual ownership interest in property with a duration that is measured by the lifetime of the new owner or some third person. Not inheritable. |
|
|
Reversion interest |
Future interest created when an estate reverts to the original fee simple owner. |
|
|
Reversion interest |
Future interest created when an estate reverts to the original fee simple owner. |
|
|
Dower, exempt |
Real property that the husband conveyed prior to becoming married. |
|
|
Inchoate right |
Dower is an inchoate tight meaning it is partial, unfinished, or begun, but not completed. |
|
|
Inchoate right |
Dower is an inchoate tight meaning it is partial, unfinished, or begun, but not completed. |
|
|
Land contract |
Seller retains the deed. |
|
|
Inchoate right |
Dower is an inchoate tight meaning it is partial, unfinished, or begun, but not completed. |
|
|
Land contract |
Seller retains the deed. |
|
|
Leaseholds |
Like a rental agreement. |
|
|
Encumbrances |
Claim, lien, charge, or liability that is attached to and binding upon real property. Pass with the title. |
|
|
Easement |
Ingress and egress, the right to enter and exit the subject property to accomplish the purpose of the easement. |
|
|
Easement appurtenant |
Runs with the land. Passes with any conveyance. |
|
|
Dominant estate |
Property that benefits from the easement. Owner is dominant tenant. |
|
|
Dominant estate |
Property that benefits from the easement. Owner is dominant tenant. |
|
|
Servient estate or tenement |
Contains and is burdened by the easement. |
|
|
Easement in gross |
Creates a personal interest in the land of another. Common access ways to power, telephone, and cable lines; highway and railway easements; other public utilities. |
|
|
Easement in gross |
Creates a personal interest in the land of another. Common access ways to power, telephone, and cable lines; highway and railway easements; other public utilities. |
|
|
Easement by implication |
Implied or presumed to exist by law even though the parties to transaction may not have created it or reduced to written form. |
|
|
Easement by necessity |
Considered a necessity to use the land and not just implied from the owner's prior use. |
|
|
Easement by prescription |
Results from long-term enjoyment and uninterrupted use of a servient land by one who is not the owner. |
|
|
Easement by prescription |
Results from long-term enjoyment and uninterrupted use of a servient land by one who is not the owner. |
|
|
Encroachment |
Illegal intrusion that invades a highway, waterway, or the property of another. |
|
|
Easement by prescription |
Results from long-term enjoyment and uninterrupted use of a servient land by one who is not the owner. |
|
|
Encroachment |
Illegal intrusion that invades a highway, waterway, or the property of another. |
|
|
Lien |
Claim on the property of another for the payment of some debt, duty, or obligation. |
|
|
General lien |
Attaches to all of the property of a particular person, including both personal and real property. |
|
|
General lien |
Attaches to all of the property of a particular person, including both personal and real property. |
|
|
Judgment lien |
Insure that money is paid, court ruling. Attached to real or personal property. |
|
|
Lien priority |
Gives first notice has priority. Property tax has superpriority. |
|
|
Lis pendens |
Formal legal notice of a pending lawsuit. Not a lien. Clouds the title. Slander of title. |
|
|
Ownership in severalty |
When property is held by one owner. |
|
|
Tenancy in common |
Concurrent form of ownership with separate, undivided title interest in the same deed. Heirs inherit. |
|
|
Joint tenancy |
Concurrent form of ownership on a completely equal basis. |
|
|
Joint tenancy |
Concurrent form of ownership on a completely equal basis. |
|
|
Unity of time |
All owners obtained title at the same time. |
|
|
Joint tenancy |
Concurrent form of ownership on a completely equal basis. |
|
|
Unity of time |
All owners obtained title at the same time. |
|
|
Unity of interest |
All joint tenants acquire the same percentage of ownership. |
|
|
Unity of possession |
Each tenant had full right to possess, use, and enjoy the entire property. |
|
|
Tenancy by entireties |
Concurrent form of ownership which is reserved exclusively for husband and wife. |
|
|
Unity of person |
Owned by husband and wife as a whole. Divorce severs the unity of person. |
|
|
Cooperative |
A corporation or land trust is organized to hold title to a multiple unit dwelling complex. Units Leased to shareholders in the corp. |
|
|
Condominium |
Separate fee simple ownership in an individual unit that is located in a multiple-unit building or development. |
|
|
Title search |
Examination of the public records to determine whether or not the title is good. |
|
|
Chain of title |
Record of property ownership succession from first to most recent. |
|
|
Abstract of title |
Condensed and chronological history of the title. |
|
|
Title insurance |
Policy that insures the marketability of the title. Seller pays for it. ALTA Owner's policy. |
|
|
Marked up title policy |
Marked up commitment to cover the gap between closing and conveyance of deed. Notations made by hand indicating transaction had closed. |
|
|
Tract index |
All recorded transactions are entered for each parcel. Easier to track chain of title. |
|
|
Grantor-Grantee Index |
Master index which is alphabetized by the last names. Includes the date of transfer and cross-reference to the specific book with a copy. Mandatory in Michigan. |
|
|
Opinion of title |
Take abstract to an attorney to have reviewed. Attorney renders an opinion. Opinion is not insurance. |
|
|
Closing statement |
Written analysis and itemization of the amounts either owed by or due to the buyer and seller. |
|
|
RESPA |
Real Estate Settlement Procedures Act |
|
|
Closing agent/escrow agent |
Person or entity who actually prepares the closing statements. Title companies. |
|
|
Surrender of deposit and PA |
Broker has 2 days from the time he receives notice that the PA is signed by the buyer and the seller to deposit the earnest money in the broker's trust account. |
|
|
Home inspection |
Must be arranged within a specific time frame specified in the PA. Buyer should attend. |
|
|
Termite and pest inspections |
Listing agent should make sure that they are obtained and/or coordinates them with the selling broker as warranted. |
|
|
Handling expenses |
Commissions Title verification expenses (title insurance) County transfer tax, state transfer tax, and other recording fees Tax and insurance reserves or escrow as may be required by lender Mortgage-related expenses Attorney's fees |
|
|
Private mortgage insurance (PMI) |
Lender requires when it is asked to loan more than 80% of the appraised value of the subject property. |
|
|
Private mortgage insurance (PMI) |
Lender requires when it is asked to loan more than 80% of the appraised value of the subject property. |
|
|
Transfer of tax, insurance escrows |
Lender will likely require that property taxes, insurance, and possibly association fees be prepaid into an escrow account. |
|
|
Arrears |
Paid after service, i.e. Utility bills |
|
|
RESPA, regulation X |
1974. Requires lenders to provide consumers with certain information regarding the nature of the amount of settlement costs. Disclosures all time-critical. |
|
|
Computer Loan Origination service |
Online service that assists consumers in finding a lender, selecting a mortgage product, originating a mortgage, or choosing among other settlement service providers and products. |
|
|
Estoppel |
You said you'd pay back the money, so now you have to. |
|
|
Escrow account operation |
Lender requires a borrower to establish an escrow account into which future taxes and insurance premiums will be paid during the term of the loan. |
|
|
Short sale |
Lender allows the property to sell for the present market value and may forgive, cancel, or waive all or a portion of the balance owning on the loan, |
|
|
Legal description |
All that is needed is a description which is deemed to be legally sufficient. |
|
|
Metes and bounds |
Precise. Point of beginning is monument or benchmark. Or property pins. Compass coordinates Take readings from each corner |
|
|
Metes and bounds |
Precise. Point of beginning is monument or benchmark. Or property pins. Compass coordinates Take readings from each corner |
|
|
Monuments property description |
Like metes and bounds, but nearly exclusively relies on monuments to mark the starting point. |
|
|
Range line, township lines, and townships |
6 x 6 One section is 1 x 1 and has 640 acres. |
|
|
Lot and block method |
Relies on previously recorded subdivision plat. Permanent record created. |
|
|
Sidwell numbers |
Make up Parcel ID
Township Section Block Parcel number |
|
|
Police power |
Right each state has pursuant to the 10th amendment to pass laws to promote health, safety, and welfare of its citizens. |
|
|
Master plan |
Goals and recommendations made by planning commission. |
|
|
Eminent domain |
Power a state, municipality, or other authorized government entity has to take private property for public use. |
|
|
Condemnation |
Legal proceeding used to obtain title to a subject property. |
|
|
Zoning |
A process that involves the division of a local municipality into districts or zones where the actual use of the land is regulated by ordinance. |
|
|
Nonconfirming use |
A land use that was in existence before implementation of a zoning change and which does not conform to the new zone. Like a "grandfather" provision. |
|
|
Variance |
A form or license or permission that an owner seeks to use a property in a way that varies from an existing zone. |
|
|
Addendum and Amendment |
Addendum adds Amendment mends |
|
|
Boilerplate |
Standard contract language |
|
|
Irrevocable offer |
One that the offeror promises to keep open for a stated time. Must be supported by consideration (promise of money) |
|
|
Option contract |
When a prospective buyer-optioned acquires the right or opportunity to purchase a seller-optioner's property without actually being bound to its purchase. |
|
|
Option contract |
Seller gives buyer the exclusive right to purchase his home for a predetermined price and terms. Unilateral because the seller promises to sell without asking a return promise to purchase from the buyer. Supported by valuable consideration. |
|
|
Time is of the essence |
Deadline when dates and times are critical. Found in most real estate contracts. |
|
|
Contract validity |
Force or strength and is enforceable. |
|
|
Laches |
Based on principles of equity and fairness rather than statute. |
|
|
Infant (minor) |
Contract is deemed voidable at the minor's option. Food, clothing,lodging, or real estate/financing may be enforceable against minor. |
|
|
Mental competence |
Contract is voidable at the option of either person with the mental disability or his guardian. |
|
|
Variance |
Form of license or permission that an owner seeks to use a property in a way that causes form an existing zone. |
|
|
Avoiding or ratifying contract |
Ratify means to adopt or agree. When voidable contract is ratified both parties are bound to it. |
|
|
Misrepresentation |
Misrepresents a material fact, two different deals have been created. One deal based on misrepresented facts and one on true facts. |
|
|
Intentional, innocent, silent misrepresentation |
Intentional = fraud Innocent = did not know statement was false Silent = failure to reveal |
|
|
Due diligence |
Buyer has caveat emptor-like responsibility to inspect and investigate a property prior to its purchase. |
|
|
As is clause |
Does not eliminate a seller's duty to disclose known, hidden defects to an unsuspecting buyer. |
|
|
Duress |
Illegal use of threat or coercion to induce an innocent person to enter into a bargain. |
|
|
Menace |
When wrongdoer threatens to engage in an act of duress against another. |
|
|
Undue influence |
Another form of pressure and persuasion that falls short of duress, but so strong that it overpowers the innocent person's free will and induces him to enter a contract that he might not otherwise have entered into. |
|
|
Statute of frauds |
Dates back to 1677 |
|
|
Executory agreement |
One in which the promises or obligations in the agreement have yet to be performed by either one or both parties. |
|
|
Special use permit |
Excepted from local zoning requirements such as hospitals, churches, private schools, and clubs. |
|
|
Contract conditions |
Typically a stated event that must occur before a party's promise is treated as binding and legally enforceable. Contingent on the event occurring. Contingent means dependent. |
|
|
Equitable conversion |
Legal and equitable title interest. The deed and actual ownership. |
|
|
Assignment |
Transfer of contract rights |
|
|
Novation |
An agreement to substitute a new obligated party for one of the original contact parties. |
|
|
Death of a party to contract |
Remain's binding on the decedent's heirs, reps, or any successor interest. |
|
|
Earnest money deposit |
Demonstrate good faith and intent. Buyer determines, usually 1-3% |
|
|
EMD |
Broker must deposit money into a trust account within 2 days after he receives notice that the offer has been accepted by all parties. |
|
|
Interpleader |
Both parties claim EMD |
|
|
Cluster zoning |
Size of lots and required frontage can be reduced if the overall density of the development does not exceed the master plan. |
|
|
Planned unit development (PUD) |
Flexible development and regulatory device that permits a developer to meet overall density and land use goals without being bound by strictly enforced zoning requirements. Mixed-use plan of commercial, industrial, and residential uses. Similar to cluster zone. |
|
|
Contract zoning |
Agreement by municipality to grant a zoning request on condition that developer or property owner agrees to do certain things. Conditions. |
|
|
Mitigation |
The DEQ can require that an environmental assessment be conducted before a permit is issued. |
|
|
Subdivision control |
Imposed on private developers to provide for the orderly layout of land, adequate streets and drainage, suitable building sites. |
|
|
Brownfield, Greenfields, and restrictions on sale |
Brownfield contaminated Greenfield undeveloped area where there are fewer environmental obstacles |
|
|
Scrivener |
Person who prepares a document for another without giving any legal advice. |
|
|
Variance |
A form or license or permission that an owner seeks to use a property in a way that varies from an existing zone. |
|
|
Addendum and Amendment |
Addendum adds Amendment mends |
|
|
Boilerplate |
Standard contract language |
|
|
Irrevocable offer |
One that the offeror promises to keep open for a stated time. Must be supported by consideration (promise of money) |
|
|
Option contract |
When a prospective buyer-optioned acquires the right or opportunity to purchase a seller-optioner's property without actually being bound to its purchase. |
|
|
Option contract |
Seller gives buyer the exclusive right to purchase his home for a predetermined price and terms. Unilateral because the seller promises to sell without asking a return promise to purchase from the buyer. Supported by valuable consideration. |
|
|
Time is of the essence |
Deadline when dates and times are critical. Found in most real estate contracts. |
|
|
Contract validity |
Force or strength and is enforceable. |
|
|
Laches |
Based on principles of equity and fairness rather than statute. |
|
|
Infant (minor) |
Contract is deemed voidable at the minor's option. Food, clothing,lodging, or real estate/financing may be enforceable against minor. |
|
|
Mental competence |
Contract is voidable at the option of either person with the mental disability or his guardian. |
|
|
Variance |
Form of license or permission that an owner seeks to use a property in a way that causes form an existing zone. |
|
|
Avoiding or ratifying contract |
Ratify means to adopt or agree. When voidable contract is ratified both parties are bound to it. |
|
|
Misrepresentation |
Misrepresents a material fact, two different deals have been created. One deal based on misrepresented facts and one on true facts. |
|
|
Intentional, innocent, silent misrepresentation |
Intentional = fraud Innocent = did not know statement was false Silent = failure to reveal |
|
|
Due diligence |
Buyer has caveat emptor-like responsibility to inspect and investigate a property prior to its purchase. |
|
|
As is clause |
Does not eliminate a seller's duty to disclose known, hidden defects to an unsuspecting buyer. |
|
|
Duress |
Illegal use of threat or coercion to induce an innocent person to enter into a bargain. |
|
|
Menace |
When wrongdoer threatens to engage in an act of duress against another. |
|
|
Undue influence |
Another form of pressure and persuasion that falls short of duress, but so strong that it overpowers the innocent person's free will and induces him to enter a contract that he might not otherwise have entered into. |
|
|
Statute of frauds |
Dates back to 1677 |
|
|
Executory agreement |
One in which the promises or obligations in the agreement have yet to be performed by either one or both parties. |
|
|
Special use permit |
Excepted from local zoning requirements such as hospitals, churches, private schools, and clubs. |
|
|
Contract conditions |
Typically a stated event that must occur before a party's promise is treated as binding and legally enforceable. Contingent on the event occurring. Contingent means dependent. |
|
|
Equitable conversion |
Legal and equitable title interest. The deed and actual ownership. |
|
|
Assignment |
Transfer of contract rights |
|
|
Novation |
An agreement to substitute a new obligated party for one of the original contact parties. |
|
|
Death of a party to contract |
Remain's binding on the decedent's heirs, reps, or any successor interest. |
|
|
Earnest money deposit |
Demonstrate good faith and intent. Buyer determines, usually 1-3% |
|
|
EMD |
Broker must deposit money into a trust account within 2 days after he receives notice that the offer has been accepted by all parties. |
|
|
Interpleader |
Both parties claim EMD |
|
|
Subprime loan |
Loan for people with poor credit rating. Higher interest rate. |
|
|
Cluster zoning |
Size of lots and required frontage can be reduced if the overall density of the development does not exceed the master plan. |
|
|
Planned unit development (PUD) |
Flexible development and regulatory device that permits a developer to meet overall density and land use goals without being bound by strictly enforced zoning requirements. Mixed-use plan of commercial, industrial, and residential uses. Similar to cluster zone. |
|
|
Contract zoning |
Agreement by municipality to grant a zoning request on condition that developer or property owner agrees to do certain things. Conditions. |
|
|
Mitigation |
The DEQ can require that an environmental assessment be conducted before a permit is issued. |
|
|
Subdivision control |
Imposed on private developers to provide for the orderly layout of land, adequate streets and drainage, suitable building sites. |
|
|
Brownfield, Greenfields, and restrictions on sale |
Brownfield contaminated Greenfield undeveloped area where there are fewer environmental obstacles |
|
|
Scrivener |
Person who prepares a document for another without giving any legal advice. |
|
|
Predatory loan |
Unfair, deceptive, or fraudulent |
|
|
Mortgage-backed security |
Value secured by a bundle or pool of separately originated mortgage loans |
|
|
Conventional mortgage |
A lien is given on the premises, lender assumes full risk of loss if borrower defaults. |
|
|
Fannie and Freddie |
Secondary market, do not make loans directly, they support the Housing finance system by purchasing confirming loans. |
|
|
Private financing |
Loan given by private lender |
|
|
MGIC |
PMI company, Magic Mortgage. Mortgage Guarantee Insurance Corporation |
|
|
PMI |
Agrees to insure the extra loan amount of the loan made to a buyer whose down payment is less than 20%. |
|
|
Subordination agreement |
Changes the priority of a senior lien to a junior position. |
|
|
Junior mortgage |
Originated after the first one senior loan on a property. |
|
|
Blockbusting |
The attempt to induce a person, for profit, to sell or rent by making representations regarding the entry, or prospective entry, of a particular protected class of person into the neighborhood. |
|
|
Steering |
The directing, channeling, or diverting of a person into or away from an area based on his being or not being a member of a protected class. |
|
|
Redlining |
The refusal to make mortgage loans for properties located in a specific area based on alleged deteriorating conditions. |
|
|
Discriminatory advertising |
Advertising that states a preference or limitation relating to for a protected class. |
|
|
Civil rights act of 1866 |
Provides rights to recently freed slaves including freedom from discrimination. All citizens shall have the same right as enjoyed by white citizens to purchase, etc. land. |
|
|
Fair Housing Act of 1968 |
Encourages equal opportunity in housing and requires that the law be construed generously to eliminate all traces of discrimination within the real estate industry. |
|
|
Occupational code |
Articles that deal with various aspects of code enforcement. |
|
|
Public act 306 |
License law 1919 |
|
|
Public act 299 |
Occupational code, consolidated many different licensing occupations, including real estate. |
