VA Real Estate
Help!
|
|
||||
|---|---|---|---|---|---|
| Concurrent license | brokers who work for more than one firm
🗑
|
||||
| Acre | 43,560 sq ft
🗑
|
||||
| Subrogate | Permitting action against the licensee to recover amount of claims paid due to licensee's misconduct
🗑
|
||||
| VA RE Transaction Recovery Fund | reimburses parties who suffer $ loss due to licensee's improper or dishonest conduct; $400K minimum balance or charge active/inactive agents proportional amount; none pay more than $20 in 2yrs; 45/30d to pay or suspension
🗑
|
||||
| VA Residential Property Disclosure Act | requires owner to give disclosure form to purchaser and refer buyer to VA RE board website for more info
🗑
|
||||
| Independent contractor | a licensee acting in a representative relationship (not agency) performing duties as stated in brokerage relationship agreement
🗑
|
||||
| Automatic survivorship | has to do with augmented estates; makes joint tenants tenants in common; abolished in VA
🗑
|
||||
| Easement by necessity | Easement allowed by law as necessary for full enjoyment of parcel of RE; right of ingress & egress
🗑
|
||||
| Easement by prescription | easement acquired by continuous, open & hostile use of property for 20 yrs, tacking allowed (like adverse possession but owner knows about it)
🗑
|
||||
| Estate | that owned by person, including: insurance, retirement benefits (not social sec), annuities, pension, compensation, employee benefits (same as "property")
🗑
|
||||
| Homestead exemption | householder of land occupied as family home entitled to certain amount of real & personal property exempt from unsecured debts
🗑
|
||||
| Intestate | person dies without will
🗑
|
||||
| Land trust | trust in which assets consist of real estate
🗑
|
||||
| Public offering statement | full and accurate disclosure of characteristics of condo/coop/time share
🗑
|
||||
| Resale certificate | seller must obtain certain docs from unit owners' association in event of resale
🗑
|
||||
| Tacking | combining successive periods of continuous uninterrupted use by dif parties
🗑
|
||||
| Tenancy by partnership | partner is co-owner with other partners of real property
🗑
|
||||
| Unsecured debts | not secured by real preoperty (like credit card debt)
🗑
|
||||
| Broker's lien | lien on rent paid by tenant in amount of commission agreed on by owner and broker
🗑
|
||||
| Landlord's lien | lien on tenant's property for satisfaction of unpaid rent or property damage
🗑
|
||||
| Principle of uniformity | All property shall be taxed at fair market value and shall be uniform upon same calss of subjects within territorial limits of authority of levying tax
🗑
|
||||
| Run with the land | owner must pay taxes for current tax year from date of purchase until end of year; buyer owns property on SETTLEMENT DATE
🗑
|
||||
| Succession tax | Tax on right to succeed property or an interest in it - not the right to transmit it
🗑
|
||||
| Vendor's lien | lien to vendor for unpaid purchase price of land
🗑
|
||||
| Writ of execution | court order to enforce a judgment of possession
🗑
|
||||
| Writ of possession | court ordered judgment where debtor's real property may be conveyed to sheriff
🗑
|
||||
| As-built survey | house location survey with all physical features of property shown (water, utility lines, fences, outbuildings, etc.)
🗑
|
||||
| Boundary survey | boundary or perimeter of parcel, corner stakes of physical landmarks appear
🗑
|
||||
| House location survey | boundary survey with location of house shown
🗑
|
||||
| Metes-and-bounds method | description of land by courses and distances with identifiable starting point; uses monuments; uses point of beginning and ending
🗑
|
||||
| Lot-and-block method | description of land by reference to a recorded map, plat, survey, deed, etc.
🗑
|
||||
| Parol evidence | evidence of facts & circumstances not included in deed or contract
🗑
|
||||
| Power of attorney | written doc authorizing attorney in fact
🗑
|
||||
| Statue of frauds | state law requires certain items like deeds, contracts, leases, to be in writing to be legally enforceable
🗑
|
||||
| Subdivision plat | map of each parcel of land, shows subdivided lots, streets, etc.
🗑
|
||||
| Deed of trust | doc used to create mortgage lien
🗑
|
||||
| Home affordable modification program (HAMP) | gives homeowners opportunity to refinance mortgage in order to make monthly payments affordable and avoid foreclosure
🗑
|
||||
| Judicial foreclosure | if mortgage is used instead of deed of trust, court action is required to foreclose
🗑
|
||||
| Nonjudicial foreclosure | trustee has right to sell property without going to court
🗑
|
||||
| Power-of-sale clause | allows for nonjudicial foreclosure
🗑
|
||||
| Short sales | way to avoid foreclosure, reach an agreement with lender to accept an amount less than what is really due on mortgage loan
🗑
|
||||
| Usury | charging interest higher than the max amount allowed by state law
🗑
|
||||
| VA Housing Development Authority (VHDA) | makes housing more affordable for those w/low or moderate incomes; self-supporting, funding comes thru private sector thru sales of VHDA bonds
🗑
|
||||
| 90-day letter | affidavit that there's been no improvements w/in 90 days of closing
🗑
|
||||
| Adverse possession | actual, open, notorious and continuous possession of another's land under claim of title (15 years, no tacking)
🗑
|
||||
| Correction deed | deed where errors are corrected (like erroneous legal description, misspelled name, etc.)
🗑
|
||||
| Consumer RE Settlement Protection Act (CRESPA) | persons who perform escrow, closing, or settlement services must comply with consumer protection safeguards
🗑
|
||||
| Grantor tax | tax seller pays to transfer property
🗑
|
||||
| Privity of estate | continuous succession of adverse possessors
🗑
|
||||
| Recordation tax | tax purchaser pays on transfer of property
🗑
|
||||
| Surety bond | a policy insuring one's personal and/or financial integrity; settlement agent must have one at least $100k; used to ensure project will be completed, contract performed, etc.
🗑
|
||||
| Testator | person who made valid will (female sometimes called testatrix)
🗑
|
||||
| Distress warrant | order to seize tenant property
🗑
|
||||
| Five-day pay / quit notice | landlord issues written notice giving tnenant 5 days to pay rent or vacate property
🗑
|
||||
| Prepaid rent | rent paid more than 1 month in advance of rent due date
🗑
|
||||
| Retaliatory action | landlord increases rent, decreases service or terminates lease
🗑
|
||||
| Unlawful detainer warrant | landlord may begin eviction after issuing this warrant; tenant still must pay rent
🗑
|
||||
| VA Residential Landlord and Tenant Act (VRLTA) | establishes single body of law relating to landlord and tenant relations through Commonwealth
🗑
|
||||
| Elderliness | ppl 55+ for purposes of fair housing law
🗑
|
||||
| VA Fair Housing Board | created by DPOR to administer and enforce state and federal Fair Housing Law
🗑
|
||||
| VA Fair Housing Office (VFHO) | investigative arm for Fair Housing Board and Real Estate Board
🗑
|
||||
| Fiduciary relationship | agent owes principal/client: Care, Obedience, Loyalty, Disclosure, Accounting, Confidentiality
🗑
|
||||
| Easement in gross | easement granted personally by owner to someone else - but doesn't run with the land
🗑
|
||||
| Encumbrance | any lien, easement, or restriction on the use of the land
🗑
|
||||
| Legal life estate | form of life estate established by state law (vs. voluntarily by the owner)
🗑
|
||||
| Prior appropriation | water ownership in which landowner's right to use water is based on gov't-administered permit system
🗑
|
||||
| Pur autre vie | "for the life of another" life estate measured by someone else's life
🗑
|
||||
| Reversionary interest | remnant of estate grantor holds after granting life estate to another person
🗑
|
||||
| Base line | imaginary line running east and west crossing principal meridian at definite point; used by surveyors
🗑
|
||||
| Datum | horizontal plane from which heights and depths are measured
🗑
|
||||
| Benchmarks | permanent reference marks or points established for use by surveyors in measuring elevation
🗑
|
||||
| Plat map | map of town, section, or subdivision indicating location and boundaries
🗑
|
||||
| Principal meridians | imaginary line running north and south crossing base line at definite point; used by surveyors
🗑
|
||||
| Ranges | strip of land 6 miles wide, extending north & south & numbered east & west according to distance from principal meridian
🗑
|
||||
| Rectangular (gov't) survey system | est. in 1785 by fed gov't provides for surveying land by reference to principal meridians and base lines
🗑
|
||||
| Sections | portion of township under rect gov't survey system; township divided into 36 sections, section is square w/mi-long sides & area of 640 acres (1 sq mi)
🗑
|
||||
| Survey | process by which boundaries are measured
🗑
|
||||
| Township lines | all lines in rect system that run east and west, parallel to base line - 6 mi apart
🗑
|
||||
| Townships | principal unit of rect system; square with 6-mile sides and area of 36 square miles
🗑
|
||||
| Township tiers | township lines that form strips of land and are designated by consecutive numbers north or south of base line
🗑
|
||||
| Mile | = 5,280 feet
🗑
|
||||
| Square mile | = 640 acres
🗑
|
||||
| Assessment | imposition of a tax
🗑
|
||||
| Ad valorem tax | tax according to value, also called general tax
🗑
|
||||
| Attachment | act of taking person's property into legal custody by writ or judicial order to hold it for application to person's debt to creditor
🗑
|
||||
| Equalization factor | factor by which assess value of a property is multiplied to arrive at value for property in line w/statewide tax assessments (ad valorem based on this adjusted value)
🗑
|
||||
| Tax sale | court-ordered sale of real property to raise money for delinquent taxes
🗑
|
||||
| Estate tax | fed tax on decedent (deceased person) real and personal property)
🗑
|
||||
| Mill | 1/10 of one cent (.001) - sometimes used to calculate tax
🗑
|
||||
| Redemption | right of defaulted property owner to recover property by curing default
🗑
|
||||
| Real estate tax | property tax; this and special assessments take priority
🗑
|
||||
| Alienation | act of transferring property; involuntary (eminent domain or adverse possession), voluntary (gift or sale)
🗑
|
||||
| Torrens system | provides certificate of title verified by county clerk; not used in VA
🗑
|
||||
| Certificate of reasonable value (CRV) | form indicating appraised value of property financed with VA loan
🗑
|
||||
| Community Reinvestment Act (CRA) | 1977; financial institutions expected to meet deposit and credit needs of communities
🗑
|
||||
| Equal Credit Opportunity Act (ECOA) | fed law prohibits discrimination in extension of credit based on: race, color, religion, national origin, sex, age, marital status, dependence on public assistance
🗑
|
||||
| Federal Deposit Insurance Corporation (FDIC) | independent fed agency insures deposits in commercial banks
🗑
|
||||
| Freddie Mac (Federal Home Loan Mortgage Corp) | gov't-sponsored, purchases conventional mortgage loans in secondary market
🗑
|
||||
| Index | objective economic indicator to which interest rate for ARM is tied
🗑
|
||||
| Interest-only mortgage | interest paid off over period of time then principal is due at end of term (or straight loan)
🗑
|
||||
| Margin | premium added to index rate representing lender's cost of doing business
🗑
|
||||
| Regulation Z | implements Truth in Lending Act; applies to residences, lenders have to inform true cost of getting credit; 3 day right of rescission
🗑
|
||||
| Truth in Lending Act | consumers must be fully informed of all finance charges and true interest rate (fed gov't regulates)
🗑
|
||||
| Gross lease | lease of land only (tenant may own building)
🗑
|
||||
| Nondisturbance clause | mortgage clause stating mortgagee/lender agrees not to terminate tenancies in event of foreclosure
🗑
|
||||
| Constructive eviction | passive aggressive eviction - landlord makes it uninhabitable so tenant leaves without liability
🗑
|
||||
| Multiperil policies | insurance covering fire, hazard, public liability, casualty, etc.
🗑
|
||||
| Tenant improvements | alterations to interior of building to meet functional demands (also called build-outs)
🗑
|
||||
| Conformity | appraisal principle- greater similarity among properties = better they hold their value
🗑
|
||||
| Economic life | # of years an improvement will add value to land
🗑
|
||||
| Gross income multiplier (GIM) | 5+ units (commercial): sales price/annual gross income
🗑
|
||||
| Gross rent multiplier (GRM) | 1-4 residential units: purchase price of RE investment / monthly gross rent before expenses (taxes, insurance, utilities)
🗑
|
||||
| Law of diminishing returns | point at which add. improvements do not increase income or value
🗑
|
||||
| Law of increasing returns | $ spent on improvements increases income or value
🗑
|
||||
| Plottage | increase in value or utility from assemblage (combining 2+ lots)
🗑
|
||||
| Regression | opposite of progression; presence of crappy property negatively affects better quality property
🗑
|
||||
| Replacement cost | cost to create same function as original (not exact duplicate)
🗑
|
||||
| Reproduction cost | cost to create exact duplicate of property
🗑
|
||||
| Federal Interstate Land Sales Full Disclosure Act | regulates interstate sales of unimproved lots in subdivisions of 25 or more, 20 acres or less
🗑
|
||||
| Blockbusting | inducing owners to sell based on entry/prospective entry of certain race or national origin into neighborhood
🗑
|
||||
| Civil Rights Act | 1866; upheld in court in 1968, no racial discrimination
🗑
|
||||
| Fair Housing Amendments Act | 1988 adds families w/children and physical/mental disabilities to Act; administered by HUD, created equal housing opp poster
🗑
|
||||
| Redlining | lender denies loan based on certain areas of community
🗑
|
||||
| Steering | channeling home buyers to particular areas either to maintain homogeneity or change character
🗑
|
||||
| Title 8 of Civil Rights Act | 1968; no discrimination based on race, color, religion, national origin; prohibits steering, blockbusting, redlining
🗑
|
||||
| Housing and Community Development Act | 1974; adds sex to list of protected classes
🗑
|
||||
| Fair Housing Act exemptions | rentals in owner-occupied buildings 4- units; private clubs w/limit occupancy; sale by owner of single-family home when owner owns 3- houses & no discriminatory advertising; 80% 55+ or 62+ only
🗑
|
||||
| Megan's Law | sex offenders must register location
🗑
|
||||
| Comprehensive Environmental Response, Compensation & Liability Act | 1980; fed law admin by EPA; identifies ppl who pollute and forces them to clean up toxic sites
🗑
|
||||
| Superfund Amendments and Reauthorization Act (SARA) | amendatory statute that contains stronger cleanup standards for contaminated sites
🗑
|
||||
| Impound account | most mortgage lenders require borrowers to have this for funds to pay future real estate taxes and insurance premiums
🗑
|
||||
| Mortgage Disclosure Improvement Act (MDIA) | 2009; timeliness of disclosures affects closing dates; 3-7-3
🗑
|
||||
| Boot | $ or property given to make up difference in value or equity between 2 properties in an exchange
🗑
|
||||
| Capital gain | profit earned from sale of asset
🗑
|
||||
| Cost recovery | IRS term for depreciation
🗑
|
||||
| Equity buildup | portion of loan payment directed toward principal vs interest = gain in property value due to appreciation
🗑
|
||||
| Leverage | use of borrowed $ to finance investment
🗑
|
||||
| RE mortgage investment conduit (REMIC) | tax entity issues multiple classes of investor interests backed by pool of mortgages
🗑
|
||||
| Taxpayer Relief Act | 1997; rules for holding periods of taxability of depreciation for real property, depreciation set by statute (currently 27.5yrs; 39 for commercial)
🗑
|
||||
| Hypothecation | pledge property as security for a loan without giving up possession
🗑
|
||||
|
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
teddydesign
Popular Real Estate sets