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23 Cards in this Set

  • Front
  • Back

Alienation

The legal term for the transfer of title

Proration

Used to describe when funds or payments are divided to ensure party pays or is credited their share the

The following would be allowable under federal fair housing laws

Prohibiting occupancy someone because of sexual orientation

True statement about real estate

It is immobile, heterogeneous and has a long asset life

Heterogeneous means

No two parcels are the same

Condemnation

The process of taking private property for public use though the power of eminent domain

Competitive market analysis (cma )

Used to help in estimating a possible sale price for your house

The name of the type of system that allows land to be owned and controlled by a individual

Allodial system governs the property and ownership right in the United States

Term for restrictions easement or liens that give others right to a property

Encumbrance give land use right to others besides the owner, such as right of ways

Escheat

Right of the government to acquire property when the owner dies intestate and has no heirs eligible to inherit the property

Satisfaction piece

A document from a the lender that states the property has been paid off and is released the lien

Ginnie Mae

Was designed to encourage low income housing

Subprime loans

Carry a higher interest rate because the bank / lender feels they carry greater risk of full repayment

Assemblage

To combining of two or more parcels into one ownership or use.

Plottage

The value of the combined site having a total value higher than that of each parcel

Four power of government

1.) Taxation


2.) Police Power


3.) Eminent Domain


4.) Escheat

Life estate - a form of ownership that ceases upon the death of the person who owns the interest.

Terminated when the life tenant dies. Full ownership passes to the owner of future interest

Remainderman

Someone who is name a future interest to retain ownership of the land upon the death of the life tenant.

Substitution

The primary principal upon which the cost and sale comparison approach are based.

Economic obsolescence

Occurs when factors unrelated to the property itself and outside of the owner’s control diminish.

Obsolescence

The process or condition of going out of date or being no longer in use.

Functional obsolescence

A property not complying with recognized utility. There are features that are not practical or desirable

External obsolescence

Events outside of the owner control such as a zoning change that makes the building current use non-conforming