Real Estate Express

Front 1

Orientation fee

Back 1

An origination fee is an upfront fee charged by a lender for processing a new loan application

Front 2

Alloid

Back 2

The free and full ownership of rights in the land by individuals;which is real property

Front 3

Alienation clause

Back 3

A provision in mortgage requiring full payment of the debt upon the transfer of the title to the property;due on sale prevents loan assumptions

Front 4

Ad volerum

Back 4

A prefix meaning based on value

Front 5

Arrears

Back 5

Not on time;late in making payments or completing work. Interest is paid in arrears

Front 6

Attestation (at•tes•ta•tion)

Back 6

The act of witnessing a person's signing of an instrument by notary public

Front 7

Appurtenance (ap•pur•te•nance)

Back 7

Any right or privilege which belongs to and passes with land.

Front 8

Avulsion

Back 8

Occurs in cases where there is a sudden loss of land through nature

Front 9

Balloon payment

Back 9

The remaining balance at maturity,on a loan that has not been completley repaid through periodic payments. once paid, the outstanding balance is zero.

Front 10

Bilateral contract

Back 10

A contract in which a promise is given for the promise of another.

(Real estate contract)

Front 11

Blanket mortgage

Back 11

A mortgage which covers more than one piece of real estate.(lots)

Contains a partial release clause.

Front 12

Blockbusting

Back 12

Any activity which attempts to drive prices down for the purpose of causing transition from one ethnic group to another. It's a violation of fair housing laws; also called "panic selling"

Front 13

Buffer zone

Back 13

A means by which planners use space to separate two adjoining districts which have incompatible uses

Front 14

Bundle of rights

Back 14

The rights of an owner to possess, control ;enjoy ,sell ;lease ,mortgage, and dispose of the property

Front 15

Civil rights act of 1866

Back 15

A law which prohibits discrimination in all real estate transactions based on race

Front 16

Community property

Back 16

Any property acquired in certain states by purchase,or as compensation by either spouse during the period of marriage, is considered to be owned in an undivided half interest by each

Front 17

Commingling

Back 17

Illegal mixing deposit or monies,collected from a client, with one's personal or business account or putting it into escrow too late.

Front 18

Conveyance

Back 18

The transfer of title to land from one party to another

Front 19

Comparative analysis

Back 19

A method of determining the value of property in which the selling prices of similar properties are used as the value of the subject property

Front 20

Covenant of Seisin

Back 20

Give the assurances that the grantor has the exact estate in the quantity and quality which is being conveyed

Front 21

Curtsey

Back 21

The rights that a husband acquires in the wife's property upon her death

Front 22

Deed

Back 22

A written instrument,usually under seal, which contains an agreement to transfer some property interests from a grant or to a grantee

Front 23

Deed of release

Back 23

Given by lien holder, remaindermen or mortgage to relinquish their claims on the property.

Front 24

Deed of trust

Back 24

A deed to real property, which serves the same purpose as a mortgage involving three parties instead or two

Front 25

Deficiency judgment

Back 25

A personal claim based on a judicial order against the debtor.

Front 26

Defeasible fee simple

Back 26

Ownership with conditional restrictions,(which if broken can result in title to the property reverting back to the grantor or his heirs)

Front 27

Defeasance clause

Back 27

A necessary mortgage clause in title theory states. When the debt is satisfied this clause causes title to pass automatically back to the borrower

Front 28

Discount points

Back 28

A fee charged by the lender at settlement that results in increasing the lender's effective yield in the money borrowed.

Front 29

Devise

Back 29

Transferring title to real property by means of a will

Front 30

Depreciation

Back 30

A decrease in value due to physical deterioration functions or economic obsolescence

Front 31

Easement

Back 31

A right to limited use or enjoyment by one or more persons in the land of another

Front 32

Earnest money

Back 32

A sum of money given to blind an offer or agreement

Front 33

Dower

Back 33

The rights a WIFE acquires in her husband's fee simple property

Front 34

Due-on-sale- clause

Back 34

A clause,included in many mortgages, permitting the lender to require the borrower to repay the outstanding balance when property is sold.

Front 35

Economic obsolescence

Back 35

A loss in value due to factors outside the subject property; such as changes in competition or surroundings land use.also referred to as external obsolescence

Front 36

Emblements

Back 36

Refers to crops which require annual planting

Front 37

Eminent domain

Back 37

The right of government to acquire property for a public purpose after paying just compensation

Front 38

Escrow

Back 38

The deposit of funds with a neutral third party who is instructed to carry out the provisions of an agreement

Front 39

Encumbrances

Back 39

Any interest in or claim on the land of another which In some manner burdens or diminishes the value of the property.

Front 40

Equal credit opportunities act

Back 40

A federal act which prohibits discrimination by lenders on the basis of sex or marital status in any aspect of a credit transaction