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Real Estate
Real Estate Prep
| Term | Definition |
|---|---|
| Property | The Rights of Ownership |
| Ownership | The Rights to use, Posses, Enjoy and Dispose of Something |
| Allodial System | Ability to own land and pass it on to their heir |
| Estate in Land | The Degree, Quantity and extent in one's interest in land |
| Eminent Domain | The Governments right to take land for the public good |
| Condemnation | The Process used to acquire property under the right of eminent domain |
| Escheat | The Right of the state to assume ownership of property when the owner dies without a valid will or it's abandon |
| Fixture | Personal Property that is permanently attached to real property so it is considered part of that real property |
| Fixture (Three ways to make personal property into a fixture) | 1. Attachment 2. Adaptation 3. Agreement |
| Emblements | Crops harvested for profit, Personal Property |
| Appurtenance | A Right, Privilege, or improvement associated with land. Parking spot |
| Item of chattel | Personal Property Only |
| Chattel Real | An item which is not movable or is associated with real property. Either intangible property interest or tangible property. (DEED IS NOT) |
| Fee Simple Defeasible | Subject to limitations other than the government's rights |
| Life Estates | A Freehold estate that is not normally inheritable |
| Estates less than a freehold | Personal property, also called a leasehold estate |
| Reversion Interest | The landlord's right to regain possession at the end of a lease |
| Estate in Severality | Ownership by one person |
| Joint Tenancy | Requires all Concurrent owners have the same possession, interest, time and title. PITTS |
| Community Property | Each Spouse has an equal interest in property acquired during a marriage. Not recognized in Florida |
| Tenancy by the Entirety | The Form of concurrent ownership limited to spouses. Tenancy in Person |
| Partition | The Process of separating a concurrent ownership |
| Partition in Kind | Refers to the separating concurrent ownership by subdividing the property |
| Elective Share | 30% of the net estate |
| Homestead tax exemption | 25,000 |
| Easement | The right to use or enjoy the property of another |
| Easement Apurtenant | Easement that requires a dominant and servient estate |
| Easement in Gross | An Easement that Affects only one property, Only a Servient estate |
| Personal Easement | An easement in gross held by an individual that can be terminated by sale or death but can not be revoked |
| Private Grant | A written agreement between a landowner and easement holder |
| Prescription | An Easement created by continuous, uninterrupted, hostile possession |
| Easement [PoPCoRN] | Private Grant, prescription, Condemnation, Reservation, Necessity |
| Quitclaim deed | Terminate an easement by a release |
| Termination by abandonment | Holder of the easement failed to use it |
| Termination by vacation | Court determines that the easement is no longer needed |
| Judgement Lien | Made by the courts and attaches to both real and personal property |
| Writ of Execution | After a judgment lien, A sheriff is directed to sell the property |
| Race Statutes | The Legislation which establishes priority of liens in most states |
| Lien Priority | 1. Property Tax 2. Work began on a mechanic lien 3. Date of lien Recorded |
| Title | The Sum of all facts on which ownership is founded. Which is esablished by evaluating an abstract of title |
| Abstract of title | A Summary of all instruments affecting title and all encumbrances affecting the title |
| Marketable Title | A Title which is free of reasonable doubt as to ownership |
| Constructive Notice | Inspect the property and check the public records |
| Actual Notice | Notice based on what you have seen, heard, read or observed |
| Torrens Land Title | File for a quiet title action and the status and condition is determined by the courts. Only has the current owner. Any encumbrances to a title must be entered on the certificate of title |
| Title Insurance | Owner, Mortgagee. |
| Deed | A written instrument which transfers ownership interest in real property during the lifetime of the owner. Must be of legal age and sound mind. Can be for good or valuable. A recorded deed is assumed to have been delivered and accepted. Date not needed. |
| Statue of Frauds | Deeds need to be written, signed by the Grantor |
| Bill of Sale | COnveying Personal Property |
| Grant | The act of transferring ownership with a deed |
| Grantor | The Party who transfers a deed. Delivers the deed within their lifetime |
| Grantee | The party to whom the title is transferred. If they have the deed it is delivered |
| Words of Conveyance | The Granting clause of the deed |
| Habendum Clause | An optional part of a deed that tells the extent of interest transferred |
| General Warranty | The Type of deed the greatest warranty as to the title status |
| Covenant of seizin | The Grantor owns the property and has the right to convey |
| Covenant of quiet enjoyment | Grantee's ownership will not be challenged by the claims of others |
| Covenant of warranty of tittle | Assures that the Grantor will bear the expense of defending the title against the claims |
| Special Warranty Deed | Deed that warrants only against encumbrances by the grantor. It only contains the covenant against encumbrances. Used by an agent of a principal such as a trustee or executor of a will |
| Bargain and sale deed | The type of deed which contains an implied interest in property but no warranty as to title status. |
| Quitclaim Deed | The type of deed which contains no warrant as to title but can be used to convey any interest in real property and can be used to clear up a cloud |
| Title | Different types of estates convey different amounts of ttle |
| Deed [2] | A deed must be acknowledged to be recorded, but an acknowledged unrecorded deed is valid and is admissible for public recording. The acknowledging party being the grantor |
| Testate | A valid will |
| Testator | A decedent that leaves a valid will |
| Devise | A Gift of real property in a will |
| Devisor | A decedent who conveys real property in a will |
| Bequest/legacy | A Gift of personal property |
| Distributees | The heirs when there is an intestate death. |
| Laws of Succession | The distribution of an intestate decedent's estate which is governed by state laws. AKA Laws of descent. The person appointed to administer the estate is called the administrator who is court appointed |
| Executor | Used with a good will and is appointed by the testator |
| Ground Lease | A long term lease of land |
| Graduated lease | Lease is lower in the beginning to attract customers and then increases. Also called a step-up lease |
| Index Lease | Increases based of economic factors and anything found in The escalation clause |
| Economic Rent | The amount of rent that could be obtained for a property on the open market if available |
| Assignment | The transfer of ALL right that a tenant holds in a leased property. But still has the secondary liability |
| Block | The Largest unit of measurement in a subvision |
| Metes and bounds Method | Permanent monuments as markers is the primary method in some states. AKA Survey |
| Permanent reference markers | is a precisely identified location using longitude and latitude which serves as a reference point for starting a land survey. AKA Benchmarks |
| Township | The largest unit of measurement in the government rectangular survey system. Measures 6 miles and made from 36 sections |
| Range | Runs north to south |
| Tier | Runs east to west |
| Section | The Area of a section is 640 Acres |
| Valid Contracts [CALL] | Consideration, agreement, legally competent, legal consideration |
| Valuable consideration | Anything that has monetary value when promised in a contract |
| Good consideration | Worth promised in a contract that doesn't have a monetary value |
| Florida Real Estate Commission | Creating or changing the rules and regulation |
| Florida Division of Real Estate | Providing support to the FREC, |
| The Civil Rights Act of 1866 | Covers discrimination in the sale or lease of Real or personal property. File in federal court |
| Civil Rights Act of 1968 (Fair Housing Act) | Covers discrimination in the sale or lease of certain types of real property to the whole gambit of people. Applies to All siingle Family residence owned by businesses. File complaint with HUD, District Court , U.S attorney general |
| The Fair Housing Act of 1988 | Extends anti-discrimination coverage to the handicapped and family with kids. Max fine up to 50,000 |
| Promissory note | States the terms of repayment and always contains a prepayment clause and an acceleration clause |
| Acceleration clause | Allows the lender to demand full and immediate payment if the borrower fails to meet all terms of the note |
| Escalation clause | A mortgage that allows the lender to increase payments or interest rates if retain events take place |
| Hypothecation | The means by which a mortgage provides security for a note and propery possession is held by the borrower and mortgage is held by the lender. Two different methods are title and lien theory |
| Title Theory | Security for the note is provided by the trustee holding a naked title, the borrower hods equitable title |
| Lien theory | The legal title is held by the borrower and the security for the note is provided by the lender holding a lien |
| Mortgagor | The borrower in a mortgage instrument |
| Mortgagee | The lender in a mortgage instrument |
| Granting Clause | The clause in a mortgage in which the borrower conveys the title to the property |
| Defeasance | The clause in a mortgage |
| Alienation clause[due on sale] | Permits the lender to call in the note i the mortgagor transfers the property for the purpose of preventing assumption of a loan |
| Certificate of estoppel | The document by which a borrower verifies the amount still owed on a loan and the interest rate |
| Subordination clause | A clause in a mortgage which waives a priority of recordination |
| Statutory redemption | A borrower may regain foreclosed property by satisfying the debt after foreclosure. |
| Deed of trust | Sometimes used instead of a mortgage and the title is held by the trustee. It held the reconveyance and power of sale clauses |
| What is the point of The Agency Disclosure Agreement | It is intended to warn the public to not reveal any confidential information to the agent |
| When does the Agency Disclosure need to be signed | At the 1st substantive contact |
| What years do you have to be wary of lead paint | Pre-1978 |
| When are window guards mandatory for city dwellings | Kids under 10 |
| What is Article 9-A | It governs subdivision |
| What is Article 12-A | It governs the Licences of Real estate agents and Agency |
| What is a latent defect | It is a defect that is not discover-able by reasonable inspection and must be disclosed |
| How are Planning boards hired? | They are appointed |
| What is the Master Plan | Plans that ensure that social and economic needs are balanced |
| What is another name for master plan | The General Plan |
| What is a moratorium | A Halt on construction |
| What is Article 78 | It is the appeal process for an adverse decision |
| What is a percolation test | How much waste water the soil can process |
| The size of a septic tank is based off of? | The number of bedrooms |
| What is the length of a an independent contract | 15 months |
| Chattels is another name for | Personal Property |
| Estates in Land - Freehold | Exists forever or a lifetime |
| Severalty | One Owner |
| If tenancy in common people die who gets there interest in the property | Their Heirs |
| Tenant by Entirety | Husband and wife are joint owners |
| Encumbrance | The right or interest in a property |
| When does a mechanics lien have to be filed | Within 4 months |
| Affidavit of entitlement | Broker files with county clerk |
| How long are Judgements good for | 10 years |
| What is a deed | A written instrument that conveys title |
| What must a property description have to be considered legal? | Mete and Bounds or a reference plot number. |
| which kind of deed offers the greatest protection | Warranty Deed |
| What is a warranty deed | Protects past and present deed challenges |
| What is the most common deed | The Bargain and sales deed with conventants |
| What is the worst deed | A quitclaim deed |
| Laws, rules, and regulations governing licenseees and are adiminstered by.. | NY Department if State |
| What is the customer owed in a real estate relationship? | Honest dealings |
| What is a universal agent | Represents their client in all matters |
| What is an example of a general agent | Property manager |
| What type of agent is a real estate agent, which grants them represent the client in one specific transaction | Special Agent |
| What are the "CC" LOAD in CC LOAD | Care and Confidentiality |
| What is the L in CCLOAD | Loyalty |
| What is the O in CCLOAD | Obedience |
| What is the A in CCLoad | Accounting |
| What is D in cc Load | Disclosure |
| What is the best listing for a broker | An Exclusive-right-to-sell. Which promises the broker a commission if property is sold in the agreement time |
| If a seller does not give the buyer a written disclosure of the property condition statement, what is the buyer entitled too | 500$ credit |
| All property that does not fit the definition of real estate is classified as personal property is know as | Chattel |
| What is the difference between a a fee simple estate and a life estate | Fee simples is given to your heirs and a life estate reverts back to the original owner. |
| Liens, deed restrictions, easements and encroachments are all ... | Encumbrances |
| What is the Maximum percentage of their income that participates in the FHA's section 8 program may pay in rent | 30 Percent |
| What is a surety bond | Covers an owner against financial losses that result from an employee's criminal acts or negligence while carrying out his duties |
| The taxes made before exemptions are subtracted is known as the | True tax on the property |
| What is the equalization factor | A factor that when multiplied with the property's assessed value is in line with statewide tax assessments. Not used when Full-value assessment is used |
Created by:
bswdimples
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