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23 Cards in this Set
- Front
- Back
Alienation |
The legal term for the transfer of title |
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Proration |
Used to describe when funds or payments are divided to ensure party pays or is credited their share the |
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The following would be allowable under federal fair housing laws |
Prohibiting occupancy someone because of sexual orientation |
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True statement about real estate |
It is immobile, heterogeneous and has a long asset life |
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Heterogeneous means |
No two parcels are the same |
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Condemnation |
The process of taking private property for public use though the power of eminent domain |
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Competitive market analysis (cma ) |
Used to help in estimating a possible sale price for your house |
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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 |
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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 |
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Escheat |
Right of the government to acquire property when the owner dies intestate and has no heirs eligible to inherit the property |
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Satisfaction piece |
A document from a the lender that states the property has been paid off and is released the lien |
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Ginnie Mae |
Was designed to encourage low income housing |
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Subprime loans |
Carry a higher interest rate because the bank / lender feels they carry greater risk of full repayment |
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Assemblage |
To combining of two or more parcels into one ownership or use. |
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Plottage |
The value of the combined site having a total value higher than that of each parcel |
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Four power of government |
1.) Taxation 2.) Police Power 3.) Eminent Domain 4.) Escheat |
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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 |
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Remainderman |
Someone who is name a future interest to retain ownership of the land upon the death of the life tenant. |
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Substitution |
The primary principal upon which the cost and sale comparison approach are based. |
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Economic obsolescence |
Occurs when factors unrelated to the property itself and outside of the owner’s control diminish. |
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Obsolescence |
The process or condition of going out of date or being no longer in use. |
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Functional obsolescence |
A property not complying with recognized utility. There are features that are not practical or desirable |
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External obsolescence |
Events outside of the owner control such as a zoning change that makes the building current use non-conforming |