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150 Cards in this Set

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Broker
One who acts as an intermediary on behalf of others for a fee or commission
Licensee
A person who has the skills and knowledge to be licensed in real estate
Market
A place where goods can be bought and sold and a price established
Salesperson
A person who performs real estate activities while employed by or associated with a licensed real estate broker
Accession
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams
Annexation
Process of converting personal property to real property
Appurtenance:
A right, privilege, or improvement belonging to, and passing with the land "runs with the land"
Area preference:
people's desire for one area over another.
Bundle of Legal Rights
the concept of land ownership that includes of all legal rights to the land: possession, control within the law, enjoyment, exclusion, and disposition.
Emblements:
growing crops, such as corn, that are produced annually through labor and industry
Fixture:
And item of personal property that has been converted to real property by being permanently affixed to the realty.
Improvement:
1) and structure, usually privately owned, erected on a site to enhance the value of said property. (fence)
2) a publicly owned structure added to or benefiting land (sidewalk)
Land:
The Earth's surface extending down to the middle of the earth and up to infinity, including things permanently attached by nature
Manufactured housing:
Dwellings that are built off site and trucked to building lot where they are installed and assembled. (My house from sears catalog)
Nonhomogeneity:
A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be non homogeneous
Personal property:
Items called chattels, that do not fit into the definition of real property; moveable objects.
Real Estate:
Land; including things attached to it whether naturally or artificially.
Real Property:
The interests, benefits, and rights inherent to real estate ownership.
severance
changing an item of real estate to personal property by detaching it (cutting down a tree)
Situs:
The personal preference of people for one area over another, not necessarily based on objective facts or knowledge
Trade fixture
An article installed by a tenant under the terms of a lease and removable by the tenant before the lease expires.
Coinsurance Clause:
a clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to at least 80 percent of the property's actual replacement cost
Homeowner's insurance
a standardized package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability and other common risks.
PITI (principal, interest, taxes and insurance)
The basic costs of owning a home, mortgage principal and interest, real estate taxes and hazard insurance.
Replacement costs:
The construction costs at current prices of a property that is not necessarily an exact duplicate of the subject property but serves the same purpose, function, as the original
Agency:
The relationship between a principal and a agent wherein the agent is authorized to represent the principal in certain transactions
Agent:
One who acts or has the power to act for another. fiduciary relationship.
Client:
The principal
Customer:
third party not represented
Designated agent:
A licensee authorized by a broker to act as the agent for a specific principal in a particular transaction.
Designated agency
two agents at the same company working on both sides of the sale.
Dual agency:
one agent representing both parties (not allowed in Wyoming)
Express agency:
agency relationship based on formal agreement from both parties
Fraud:
Deception intended to cause a person to give up property or lawful rights
General Agent:
One who is authorized by the client to represent the client in a specific range of matters
Implied agency:
Based on the actions of the parties that imply they have mutually consented to an agency relationship, an implied agency relationship is formed (bad)
Implied agreement
A contract under which the agreement of the parties is demonstrated by their acts and conduct
Latent Defect:
hidden structural defect that could not be discovered by a normal inspection. The defect threatens a property's soundness or safety of inhabitants.
Law of agency:
The relationship between a principal and an agent where the agent is authorized to represent the principal in certain transaction
Negligent misrepresentation
Occurs when the broker should have known that a statement about a material fact is false.
Nonagent
an intermediary between a buyer and seller or landlord and tenant. Asists both parties in transactions.
Puffing:
exaggerated comments.
Special agent:
One who is authorized by principal to perform a single act or transaction
Universal agent:
A person empowered to do anything the principal could do
Antitrust laws
Laws designed to preserve the free enterprise of the open market. keeps people from certain conspiracies. Such as Price fixing, allocations of customers
Brokerage:
Bringing people together in real estate transactions
Internet listing display
A policy from the national association Realtors that allows all MLS members to have equal rights to display MLS data, and respects the rights of property owners and their listing brokers to market property as they wish.
Procuring cause:
The effort that brings about the desired result. Under an open listing, the broker who is the procuring cause of the sale receives commission.
UETA: Uniform electronic Transactions
Sets forth rules for entering into an enforceable contract using electronic means.
Exclusive agency:
Broker has a certain amount of time to make the sale. If the owner finds someone whom the broker did not show the property the owner can sale without having to pay a commission,
Exclusive right to sell
Agent gets payed no matter what if the property gets sold
Net listing:
A listing based on net price the seller will receive if property is sold. The broker can offer the property for sale at the highest price obtainable to increase commission.
Appurtenant Easement:
An easement that is annexed to the ownership of one parcel and allows the owner to use the neighbor's land
Avulsion
the sudden tearing away of land, earthquake flood etc
Condemnation
takes property for public use and compensates the owner
Deed restriction
clauses in a deed limiting the future uses of property. Example: density of buildings.
Easement of necessity
An easement allowed by law as necessary for full enjoyment of a parcel of real estate
Easement by prescription
an easement acquired by continuous open and hostile use of the property for the period of time prescribed by state law
Easement in gross
Attached to a person example: Joe can use alanors land for the rest of his life
Eminent Domain
Using condemnation to acquire someones land for public use.
Encroachment
A building or some portion of it that extends beyond the land of the owner and illegally intrudes on some land of adjoining owner or a street or alley
Encumbrance
Anything that may diminish the value or use and enjoyment of a property; such as a mortgage, tax, or judgement lien; and easement, a restriction on the use of land
Estate in land
The degree, quantity, nature, and extent of interest a person has in real property
fee simple absolute
The maximum possible estate or right of ownership of real property continuing forever.
Fee simple
The highest interest in real estate recognized by the law the holder is entitled to all rights to the property
Fee simple determinable
A fee simple estate qualified by a special limitation. Special words: so long as
Fee simple subject to a condition subsequent
If an estate is no longer used for the purpose conveyed, it reverts to the original grantor by the right of reentry
Freehold estate
An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
Future Interest
A person's present right to an interest in real property that will not result in possession or enjoyment until some time in the future.
Homestead
Land that is owned and occupied as the family home.
Legal life estate
established by state law, becomes effective when certain events occur such as dowry.
License:
revocable permission
Littoral Rights
A landowner's claim to use water in large navigable lakes and oceans adjacent to his or her property. Ownership rights to the high water mark.
Police rights:
The government's right to impose laws, statutes, and ordinances, including zoning, building codes, to protect public health, safety and welfare
Prior appropriation:
A concept of water ownership in which the landowner's right to use available water is based on a government permit
Pur Autre Vie:
"For the life of another" A life estate pur autre vie is a life estate that is measured by the life of a person other than a grantee.
Remainder interest
The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.
Reversionary interest
The remnant of an estate that the grantor holds after granting a life estate to another person
Riparian rights
An owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of water.
Common elements:
In common use by all condominium owners.
Community property
A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage.
Co-ownership
Title Ownership held by two or more persons
Joint Tenancy
Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon death interest is passed to remaining tenant.
Partition
The division of cotenant interest when not everyone wants to break up the Joint tenancy. Decided by courts.
PITT
Joint tenancy when tenants enjoy: Possession, interest, time and title.
Separate property
Under community property law, property owned solely by either spouse before the marriage, acquired by gift
Severalty
Ownership of real property by one person only.
Tenancy in common
All tenants have undivided interest in real property, can be inherited after death.
Base lines:
Line running east and west and crossing a principal meridian at a definite point; used by surveyors for reference in locating and describing land under the rectangular survey system of legal description
Benchmarks:
Permanent reference mark or point established for use by surveyors in measuring differences in elevation
metes and bounds description
a legal description of a parcel of land that begins at a well marked point and follows the boundaries, using directions and distances around the tract back to the place beginning.
Point of beginning and point of ending
In a metes and bounds description the point of ending is the same as the point of ending.
Principal Meridians
Imaginary lines running north and south and crossing a base line at a definite point
Ad valorem tax
A tax levied according to value generally used to refer to real estate tax
assessment
the imposition of a tax charge, levy usually according to establish rates.
attachment
The act of taking a person's property into legal custody by writ or other judicial order
Equitable Lien
A lien imposed on property by statute a tax lien, for example
Equitable right of redemption
the right of a defaulted property owner to recover property prior to its sale by paying fees
General liens:
The right to take all property real and personal to satisfy a debt
Involuntary lien
A lien placed on property without the consent of the owner
Lis pendens
A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or a federal court
Mill
one tenth a cent
Redemption
The right a defaulted property owner to recover his or her property by default
Special assessments
a tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement like a street or sewer.
specific lien
A lien affecting or attaching only to a certain specific parcel of land or piece of property
Statutory lien
A lien imposed on property by statute, a tax lien for example
Subordination
A written agreement between holders of liens on a property that changes the priority of mortgage, judgement and other liens.
Vendor lien
For unpaid purchase price of land
Consideration
That received by the grantor in exchange for his or her deed something of value that induces a person to enter into a contract.
Contingency
A provision in a contract that requires a certain act to be done or a certain event to occur before contract becomes binding
equitable title
the interest held by a vendee under a contract to obtain absolute ownership to property when legal title is held
executory contract
A contract under which something remains to be done by one or more parties
Express contract
An oral or written contract in which the parties state the contracts terms and express their intentions in words
Implied contract
A contract under which the agreement of the parties is demonstrated by their acts and conduct
Land contract
Buyer makes periodic payments until the purchase price is paid in full. The seller retains the title and the buyer has equitable title.
liquidated damages
An amount predetermined by the parties that a party member would get incase of breach of contract
Novation
Substituting a new obligation for an old one or substituting new parties to an existing obligation
Option
agreement to keep open for set period of time an offer to sell or purchase property
Rescission
The practice of one party canceling or terminating a contract returning parties to where they were before the contract was made.
Statute of frauds
deeds, real estate contracts etc have to be in writing to be binding
Unilateral contract
one sided contract wherein one party makes a promise to induce second party to do something. Second party is not legally bound.
Adverse possession
The actual open hostile continuos possession of another's land under claim of title
Bargain and sale deed
deed that carries no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title.
Deed in trust
grants power to sell, mortgage and subdivide a parcel of real estate.
Devise
A gift of real property by will. Devisor=donor devisee=recipient
General warranty deed
a deed in which a grantor fully warrants good, clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protections of any deed.
Habendum clause
that part of a deed beginning with the words "to have and to hold" following the granting clause and defining the extent of ownership the grantor is conveying
Intestate
Property owner dies without a will, property goes to law of descent.
Involuntary alienation
the act of transferring property to another. Involuntary alienation includes the transfer of property by eminent domain or adverse possesion
Probate
A legal process by which a court determines who will inherit a decedent's property and what the estate asset's are
Reconveyance deed:
A deed used by a trustee under a deed of trust to return title to the trustor
Special warranty deed
the grantor warrants the title only against defects arising during the period of their ownership
testate
having made and left a valid will
testator
a person who has made a valid will
transfer tax
tax stamps required to be affixed to a deed by state or local laws
trustee's deed
a deed executed by a trustee conveying land held in a trust.
Voluntary alienation
The act of transferring property to another. By gift or sale.
Abstract of title
The condensed history of a title to a particular parcel of real estate consisting of a summary of the original grant (title search)
Attorney's opinion of title
An abstract of title that an attorney has examined.
Certificate of title
A statement of opinion on the status of title to a parcel of real property
Constructive notice
Notice given to the world by recorded recorded documents.
marketable title
Good or clear title
Suit to quiet title
a court action intended to establish or settle the title to a particular property
Acceleration clause
IN a mortgage or deed of trust that can be enforced to make the entire debt due immediately
Alienation clause
the clause in a mortgage or deed of trust that states that the balance of the secured debt becomes immediately due and payable at the lender's option if the property is sold by the borrower.
assume
assumes debt to pay to seller
deed of trust
An instrument that grants a trustee under a land trust full power to sell, mortgage or subdivide a parcel of land.
Defeasance clause
a clause used in leases and mortgages that cancels specified right upon the occurrence of a certain condition
Deficiency judgement
a personal judgement levied against the borrower when a foreclosure sale does not produce sufficient funds
Discount point
A unit of measurement used for various loan charges; one point equals once percent of the amount of loan