Utah Real Estate
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| show | When a tenant leaves a property before the expiration of the lease agreement.
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| show | To nullify or replace. Signing of the closing documents nullifies the Real Estate Purchase Contract except for warranties which extend beyond the closing date.
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| show | Allows a loan to become due and payable immediately if certain requirements are not met, such as making payments, maintaining the physical condition of the property or paying property taxes and hazard insurance.
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| ACCESSION | show 🗑
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| show | The legal process of having the signature on a contract or other legal document verified by a notary public.
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| ACRE | show 🗑
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| ACTUAL DELIVERY | show 🗑
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| ACTUAL EVICTION | show 🗑
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| AD VALOREM TAX | show 🗑
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| show | Additions or changes incorporated into the REPC by reference.
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| show | A loan where the interest rate is periodically adjusted based on a specific economic indicator.
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| show | Cost basis plus improvements, minus depreciation claimed during the years the property was owned.
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| show | A person appointed by the court to carry out the terms of a will.
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| ADVERSE POSSESSION | show 🗑
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| show | A relationship between two parties wherein the principal hires another person to represent him or her.
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| AGENCY BY ESTOPPEL | show 🗑
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| show | The agency is created by implication, or actions, and the principal approves it by agreeing after the agency service has been performed to compensate the agent.
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| AGENCY BY STATUTE | show 🗑
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| show | The person hired by a principal to act for and in behalf of, or to represent the principal, and always acting in the principal's best interest.
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| show | A change of ownership. May be voluntary (sold the property) or involuntary (foreclosure sale).
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| show | A clause which allows the lender to call the loan due and payable immediately if the property is sold or the loan is assumed.
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| show | A State-approved document used for security, usually in seller financing, where the financing is structured as a wraparound.
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| ALLODIAL | show 🗑
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| show | The lender's title insurance policy which offers coverage in the amount of the loan which includes a site visit to discover unrecorded encumbrances.
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| AMENITY | show 🗑
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| AMORTIZED LOAN | show 🗑
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| ANNUAL PERCENTAGE RATE OR A P R | show 🗑
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| ANTICIPATION | show 🗑
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| show | A professional process for estimating the value of real property.
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| show | A percentage of increase in the value of the property over it's value when it was originally purchased.
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| APPROVED FORMS | show 🗑
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| show | Attached to the land (such as a house) or the deed (such as a recorded easement).
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| show | The two parties in disagreement agree to accept the decision of a third party who acts both as a mediator and a judge. It avoids the excessive time and high costs of a court action.
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| show | The clause in the Real Estate Purchase Agreement that stipulates the buyer is buying the property in its curent condition and with the faults that have been disclosed.
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| ASSEMBLAGE | show 🗑
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| show | A percentage of the appraised value, as determined by law, upon which the tax rate will be levied to determine the property tax.
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| ASSIGNMENT OF CONTRACT | show 🗑
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| ASSIGNMENT OF LEASE | show 🗑
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| ASSOCIATE BROKER | show 🗑
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| ATTACHMENT | show 🗑
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| ATTORNEY IN FACT | show 🗑
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| ATTORNEY'S OPINION | show 🗑
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| show | A loan with a balloon payment at the end of its term. It could be a partially amortized or a straight loan or note.
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| BALLOON PAYMENTS | show 🗑
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| show | This deed makes no guarantees as to the condition of the title, but unlike the Quit Claim Deed, the grantor implies some actual interest in the property.
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| BASELINE | show 🗑
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| show | The lender under a Trust Deed & Note.
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| show | A gift of personal property given in a will.
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| show | A contract wherein a promise is exchanged for a promise, thus making the contract binding on both parties.
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| show | Evidence of transfer of ownership of personal property.
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| show | A loan that uses two or more parcels of real property as security.
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| BLIND AD | show 🗑
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| BLOCKBUSTING | show 🗑
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| BOARD OF ADJUSTMENT | show 🗑
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| BOARD OF EQUALIZATION | show 🗑
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| show | Personal property or money needed to make up a difference in value when exchanging real property.
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| BRANCH OFFICE | show 🗑
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| show | A short term loan to help the buyers have up-front funds to get into their new home, when the sale on the old one is going to close later than the closing to purchase the new one.
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| BUFFER ZONE | show 🗑
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| BUILDING CODES | show 🗑
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| BUNDLE OF RIGHTS | show 🗑
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| BUSINESS PLAN | show 🗑
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| show | A financing technique in which a borrower is able to obtain a lower interest rate by paying discount points at the time the loan is originated. (1 point = 1% of the loan amount)
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| show | The abbreviation given to covenants, conditions and restrictions created in the Uniform Declaration of Restrictions for condominiums.
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| CAPITAL GAIN | show 🗑
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| CAPITALIZATION RATE OR CAP RATE | show 🗑
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| CAVEAT EMPTOR | show 🗑
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| CERTIFICATE OF ELIGIBILITY | show 🗑
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| CERTIFICATE OF REASONABLE VALUE | show 🗑
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| show | The document given to the individual who successfully bids and purchases a property at a Sheriff's Sale. It does not convey title to the property.
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| CHAIN OF TITLE OR ABSTRACT OF TITLE | show 🗑
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| AMERICANS WITH DISABILITIES ACT (ADA) | show 🗑
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| CHANGE, CYCLE OF OR NEIGHBORHOOD CYCLE | show 🗑
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| show | A synonym for personal property. It comes from the word "cattle."
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| show | A loan secured by personal property.
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| CLOSING | show 🗑
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| show | A term that refers to any kind of lien or encumbrance against the title.
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| show | An addition or change to an existing will.
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| show | A term that refers to security used for a loan. It may be real or personal property.
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| show | To all outward public appearance, or from a document that seems to be valid, the possessor of the property would seem to have ownership.
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| COMMINGLING | show 🗑
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| show | One entity of the Division of Real Estate composed of five people, one of whom is a chairman.
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| COMMUNICATION | show 🗑
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| show | A form of ownership between husband and wife where each has an equal interest in property obtained during their marriage. The only way either can hold separate property is to obtain it before marriage, after the marriage is ended, or during the marriage
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| COMPETENCY OR CAPACITY | show 🗑
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| COMPETITION | show 🗑
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| COMPLAINT, FILING A | show 🗑
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| show | Interest is paid on earned interest as well as on the principal. It is used in savings accounts.
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| show | A legal action initiated by the government to seek the right to purchase land from a private individual by eminent domain.
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| CONDOMINIUM | show 🗑
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| show | The act which governs ownership and related issues when one owns airspace and undivided interest in the common area.
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| CONFORMITY | show 🗑
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| show | The process wherein each party to a contract makes a sacrifice and each party receives a benefit. It is an essential element of any contract.
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| CONSTRUCTION LOAN | show 🗑
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| show | The process of transfering a deed from the grantor to the grantee by recording the deed at the county recorder's office.
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| show | When the landlord violates the terms of the lease by not keeping the property liveable or habitable, the tenant can legally vacate the property and not be held liable for further rent payments.
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| CONSTRUCTIVE FRAUD | show 🗑
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| CONTINGENCY CLAUSE | show 🗑
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| show | A legal agreement between two or more parties to do or not to do certain things. It may be oral or in writing.
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| CONTRIBUTION | show 🗑
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| show | A form of ownership in multiple unit housing where the owner purchases shares of stock in the entire development, then obtains exclusive use of a unit by means of a propietary lease.
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| show | A legal person. It cannot die or go to jail.
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| show | Something that is physical or tangible, such as land or buildings.
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| CORRELATION | show 🗑
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| COST | show 🗑
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| COST APPROACH | show 🗑
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| show | What you originally paid for the property.
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| COST PLUS | show 🗑
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| COST RECOVERY (DEPRECIATION) | show 🗑
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| show | A response to an offer wherein the offeree changes one or more of the terms of the contract, becomes the offeror, and sends the offer back to the original offeror.
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| show | This covenant in a deed assures the grantee that the title has no liens or encumbrances except those that have been revealed by the grantor.
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| COVENANT OF FURTHER ASSURANCE | show 🗑
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| COVENANT OF QUIET ENJOYMENT | show 🗑
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| show | This covenant in a deed guarantees the grantor holds clear title to the property and has the right to convey it to a grantee.
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| COVENANT OF WARRANTY FOREVER | show 🗑
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| COVENANTS, CONDITIONS & RESTRICTIONS | show 🗑
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| CREDIT | show 🗑
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| show | Under the Cost Replacement Approach, this method determines the cost per cubic foot and then multiplies it by the number of cubic feet. It is most often used with warehouses.
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| DAMAGES | show 🗑
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| DEBIT | show 🗑
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| DEBT SERVICE | show 🗑
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| show | A private individual's gift of property for public use. It may be voluntary (giving land for a public park) or statutory (subdivider giving land for roads).
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| show | Items which the IRS allows to be subtracted from your gross taxable income in order to determine your taxable income.
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| show | The document that serves as evidence of ownership of real property, as well as the document of the conveyance.
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| DEED IN LIEU OF FORECLOSURE | show 🗑
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| show | A fee simple estate which has conditions attached, the violation of which could cause the grantee to lose title. If written in the deed with the words "so long as," it automatically reverts back to the grantor or his heirs if the conditions are violate
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| show | A clause in most loans written in favor of the borrower. It requires the lender to reconvey all interest in the property after the loan has been paid off.
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| show | When physical deterioration is repairable, but hasn't yet been repaired.
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| show | A judgment obtained when a foreclosure sale fails to completely pay off a debt.
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| show | The process of the grantor giving the deed to the grantee.
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| show | When property loses value, regardless of the reason for the loss. When this loss of value is an accounting process used for investment properties, it is referred to by the IRS as cost recovery.
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| show | The laws by which the court determines ownership of property of a person who has died intestate, but who has heirs.
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| show | The principal (buyer or seller) who is hiring an agent specificies exactly which person(s) will act as agent or subagent and exercise fiduciary care in representing their best interest.
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| DEVISE | show 🗑
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| show | The individuals who give and receive gifts of real property in a will.
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| DIRECTOR OF R.E. DIVISION | show 🗑
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| DISCOUNT POINTS | show 🗑
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| show | The rate charged by the Federal Reserve to member banks for money they borrow. It, along with reserve requirements, is one of the ways the Federal Reserve controls the economy.
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| DISCOUNTED LOAN OR NOTE | show 🗑
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| DOCUMENT RECEIPT | show 🗑
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| DOMINANT TENAMENT | show 🗑
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| DOUBLE COMMISSION | show 🗑
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| DOUBLE CONTRACT | show 🗑
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| DUAL AGENT | show 🗑
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| show | The application of force to obtain agreement. It can be physical or emotional.
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| EARNEST MONEY DEPOSIT | show 🗑
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| EASEMENT | show 🗑
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| EASEMENT APPURTENANT | show 🗑
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| show | An unexpressed, but legally binding understanding regarding a right of way between the parties, created by their actions.
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| EASEMENT BY NECESSITY | show 🗑
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| show | An easement created by adverse use. The use must be adverse, hostile, open, notorious and continuous. This type of easement can be prevented by giving permission to the user, or by ordering the user to discontinue the use before the statutory period pa
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| show | An easement which is personal in nature and does not pass with the deed or the land. It runs with the persons who agreed to it for the term of their lives, or with the need for which it was created, such as a utility easement.
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| show | The period of time during which improvements give a return on investment. It is generally considered to be shorter than physical life.
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| show | A form of depreciation caused by forces outside the property boundaries. It includes such things as a run-down neighborhood, increases in property taxes, etc. It is considered to be incurable.
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| EFFECTIVE AGE | show 🗑
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| EGRESS | show 🗑
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| EMBLEMENTS | show 🗑
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| EMINENT DOMAIN | show 🗑
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| show | The unauthorized intrusion of a building, tree, or other improvements onto a neighbor's property.
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| ENCUMBRANCE | show 🗑
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| ENFORCEABILITY | show 🗑
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| ENVIRONMENTAL PROTECTION AGENCY | show 🗑
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| EQUAL CREDIT OPPORTUNITY ACT OF 1974 | show 🗑
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| show | In foreclosure, the period of time during which the borrower can reinstate the loan before the foreclosure sales takes place. It is sometimes referred to as equity of redemption.
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| EQUITABLE TITLE | show 🗑
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| EQUITY | show 🗑
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| ESCALATION CLAUSE | show 🗑
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| show | A neutral depository to handle real estate closings, or a situation where a neutral third party is used to hold money or documents.
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| ESTATE FOR YEARS OR TENANCY FOR YEARS | show 🗑
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| show | A document provided by a lender which reveals all the terms of a loan as requested by the borrower or ordered by the court.
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| show | The right of a tenant to use natural resources on leased land, such as timber, water, etc. when required as necessities.
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| show | The person who appoints the Director of the Utah Division of Real Estate.
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| show | Usually found in a deed, it retains part of the real property for the grantor and is another name for the habendum clause.
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| show | See Tax Deferred Exchange
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| EXCLUSIVE AGENCY LISTING | show 🗑
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| show | One principal broker is designated to represent the seller and receive a commission when the buyer is found, regardless of who finds the buyer.
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| EXECUTE | show 🗑
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| EXECUTED CONTRACT | show 🗑
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| EXECUTOR | show 🗑
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| EXECUTORY CONTRACT | show 🗑
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| EXPRESS AGENCY | show 🗑
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| show | Covers claims both on and off the record. It includes a site visit to give protection against unrecorded liens and encumbrances, such as mechanic's liens, as well as defects in the land itself, such as unrecorded easements, encroachments, and informatio
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| FAIR MARKET VALUE | show 🗑
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| show | One of the protected classes under Fair Housing referring to families with children under 18.
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| FEDERAL FAIR HOUSING ACT OF 1866 | show 🗑
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| FEDERAL FAIR HOUSING ACT OF 1968 | show 🗑
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| FEDERAL FAIR HOUSING AMEND-MENT ACT OF 1988 | show 🗑
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| FEDERAL RESERVE BANK | show 🗑
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| FEE SIMPLE, FEE ESTATE, FEE SIMPLE ABSOLUTE | show 🗑
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| show | See "Defeasible Fee Estate." Also sometimes called "fee simple qualified."
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| FHA LOAN | show 🗑
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| show | Federal Home Loan Mortgage Corporation
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| FIDUCIARY | show 🗑
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| show | A contract where the price is established up front and there is no allowance for overruns.
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| FIXTURE | show 🗑
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| show | The lessee makes periodic, equal rent payments.
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| FNMA (FANNIE MAE) | show 🗑
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| show | The legal process a lender uses to recover the investment from a defaulting borrower where the loan was secured by the property.
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| show | Most valid form of a will, usually prepared by an attorney. It is the least likely form of a will to be challenged.
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| FORFEITURE | show 🗑
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| FRAUD | show 🗑
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| show | An interest in property in which some form of ownership is held.
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| show | A loan that requires payments of both principal and interest. When the last payment is made, the loan is retired.
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| FULLY DISCLOSED PRINCIPAL | show 🗑
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| show | The item in question is working fine, but is not what people want in their homes any more. Examples are a poor floor plan, four bedrooms and one bath, inadequate insulation, insufficient electrical outlets, etc.
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| GENERAL AGENT | show 🗑
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| show | A deed that contains all five covenants and covers the period of time from the date of transfer back to the date of the patent deed.
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| show | A partner who has full authority to make decisions, act for the partnership, and has full liability for the business dealings of the partnership.
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| show | A partnership composed only of general partners.
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| show | A transfer of ownership made for love and affection. Creditors of the donor could still use the property for payment of the grantor's debts if it can be shown that the donor was insolvent and transferred the property to evade creditors.
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| show | Government National Mortgage Association. A Federal corporation which operates in the secondary market.
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| GOOD CONSIDERATION | show 🗑
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| show | A lease where the rent will increase periodically in amounts specified in the lease, as contained in the escalation clause.
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| GRADUATED PAYMENT MORTGAGE | show 🗑
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| show | A type of deed used in some states that contains no warranties, the title insurance is considered sufficient cover any necessary warranties.
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| show | One who receives property or property rights from a grantor.
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| GRANTOR | show 🗑
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| GROSS LEASE | show 🗑
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| GROSS OPERATING INCOME (GOI) | show 🗑
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| show | A "quick and dirty" estimate of value based only on a relationship between the value of the property and the gross rents. The formula is to divide the selling price by the gross rents. It is referred to as the GRM.
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| show | What an investor would receive if there were no vacancies or lost rents.
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| GROUND LEASE | show 🗑
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| GROWING EQUITY MORTGAGE | show 🗑
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| HABENDUM CLAUSE | show 🗑
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| show | If not actually written in the lease, there is a written or implied warrant of this in every lease, that says the property is liveable.
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| show | An insurance policy which indemnifies real property against loss resulting from physical damage to the property such as fire, vandalism, etc.
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| HIGHEST AND BEST USE | show 🗑
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| HOLDER OF LIFE ESTATE | show 🗑
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| show | The tenant had an estate for years which has now terminated. The lessor accepted a rent check so now the tenant is on periodic tenancy basis.
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| HOLOGRAPHIC WILL | show 🗑
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| HUD 1 SETTLEMENT STATEMENT | show 🗑
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| HYPOTHECATION | show 🗑
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| show | See Ostensible Agency.
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| show | A trust account established to set aside funds for future needs relating to a parcel of real property. Those needs typically include such things as property tax and hazard insurance.
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| show | A term that refers to any additions to the land made by man. It includes buildings, roads and utilities and landscaping.
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| show | An appraisal approach based on the cash flow the property produces. It addresses the question, "How much will a potential investor pay for the cash flow?"
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| show | Intangible or non-possessor rights in real property, such as easements, licenses, mining claims, etc.
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| show | Physical deterioration that cannot be repaired in a cost-effective manner.
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| show | Rent payments are periodically adjusted based on an economic indicator, such as the consumer price index.
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| INGRESS | show 🗑
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| INJUNCTION | show 🗑
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| show | Money paid during the term of a loan that is profit to the lender. It represents the return, or yield, on the lender's investment.
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| show | A combination of Title Theory and Lien Theory that allows the lender to sell the property in case of default, but does not allow him to keep any equity.
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| INTESTATE | show 🗑
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| INVERSE CONDEMNATION | show 🗑
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| show | Property which is generating a cash flow, such as a strip mall or a single or multi-family rental property.
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| show | A form of concurrent ownership where all owners have equal rights of possession, equal interest, took title at the same time, there is one deed, and each owner has full rights of survivorship.
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| show | A "temporary" partnership between individuals and/or companies to accomplish a particular project or business activity.
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| show | The decision given by a court after a case has been heard.
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| show | Any loans or encumbrances which come after the one which was recorded first against the property.
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| show | A document wherein the lender (usually the seller) retains title to the property until the debt is paid. It is known in Utah as a Uniform Real Estate Contract.
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| show | The duty to give support to a neighbor's property, such as building a retaining wall.
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| show | A contract for a less-than-freehold estate or right in real property. Rent is paid for the right of possession in someone else's property.
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| LEASE WITH OPTION TO PURCHASE | show 🗑
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| LEGAL NONCONFORMING USE | show 🗑
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| LEGAL PURPOSE | show 🗑
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| show | An estate or legal interest in real property that is a less than ownership interest.
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| LETTER FORM REPORT | show 🗑
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| show | Using as much of other people's money and as little of your own as possible in order to buy property.
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| show | A limited, revocable interest in property. It grants a privilege, not a right, and is often an oral agreement granting a short term use of real property. Examples would include an owner allowing someone to hunt, boat, or fish on his property
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||||
| LICENSE RENEWAL | show 🗑
|
||||
| show | An encumbrance which is secured by real estate.
🗑
|
||||
| show | A legal doctrine or theory of mortgage law, used in most states, which allows the lender to hold a lien against the property and force the owner to sell the property to pay the debt in the event of default.
🗑
|
||||
| show | When the owner of the property pays the general contractor for the work done, this form should be given by the mechanic who did the work.
🗑
|
||||
| show | A form of freehold estate wherein the holder acts as though he owns the property so long as he lives.
🗑
|
||||
| LIFE ESTATE PUR AUTRE VIE | show 🗑
|
||||
| LIMITED PARTNER | show 🗑
|
||||
| LIMITED AGENT | show 🗑
|
||||
| LIMITED PARTNERSHIP | show 🗑
|
||||
| LIQUIDATED DAMAGES | show 🗑
|
||||
| show | It gives constructive notice that an action affecting a particular parcel of property has been filed in court. The property can be sold, leased, or otherwise disposed of, but all transactions are subject to the outcome of the court action.
🗑
|
||||
| show | An agency agreement between a seller and a principal broker. The owner authorizes the broker to place the property on the market and seek a ready, willing, and able buyer and to pay consideration if the broker is successful.
🗑
|
||||
| show | Rights of an owner of property bordering a lake, river, ocean or body of water subject to tides.
🗑
|
||||
| show | The amount of debt secured by the property compared to the worth of the property, expressed as a percentage.
🗑
|
||||
| LOT, BLOCK, AND PLAT | show 🗑
|
||||
| MANAGEMENT CONTRACT | show 🗑
|
||||
| show | An appraisal approach that compares the subject property to other properties that have recently sold. Adjustments are made to account for variations between the comparables and the subject property.
🗑
|
||||
| MARKETABLE RECORD TITLE ACT | show 🗑
|
||||
| MECHANIC'S LIEN | show 🗑
|
||||
| show | A non-binding process of meeting with a disinterested third party to try to resolve a dispute between the two principals in the transaction or contract. It is much less time consuming and costly than the legal process of going to court.
🗑
|
||||
| MERGER | show 🗑
|
||||
| MERIDIAN | show 🗑
|
||||
| show | A method of land description that uses measurements and monuments and utilizes angles.
🗑
|
||||
| MILE | show 🗑
|
||||
| show | Subsurface rights of an owner of real property which extend downward to the center of the earth. These rights are considered part of the real property.
🗑
|
||||
| show | A fixed surveyor's marker for a metes and bounds description. It can be natural or man made and marks the corners of the property.
🗑
|
||||
| MORTGAGE | show 🗑
|
||||
| show | One who receives a mortgage as security for a loan or debt.
🗑
|
||||
| MORTGAGOR | show 🗑
|
||||
| MUTUAL AGREEMENT | show 🗑
|
||||
| show | The longest form of appraisal report which uses a variety of supporting documentation.
🗑
|
||||
| NATURAL PERSON | show 🗑
|
||||
| show | When a person covertly hides facts, thus leading the other contracting party to believe certain things which are not true.
🗑
|
||||
| NEGATIVE OR REVERSE AMORTIZATION | show 🗑
|
||||
| show | The tenant pays the landlord rent
🗑
|
||||
| show | An illegal listing wherein the seller identifies an acceptable amount for the property and everything above that figure will be commission to the agent.
🗑
|
||||
| show | The profit that remains after the operating expenses have been subtracted from the gross effective income.
🗑
|
||||
| show | A clause in a mortgage which protects the rights of the lessee if the property should be foreclosed by the lender upon the owner's default.
🗑
|
||||
| show | A term that means no two parcels of land are exactly alike.
🗑
|
||||
| show | A property that has no cash flow
🗑
|
||||
| NON-RECOURSE LOAN | show 🗑
|
||||
| show | A real estate licensee from another state acquires this kind of a license to enable him/her to practice real estate in Utah.
🗑
|
||||
| show | The action filed to initiate foreclosure under a Trust Deed and Note.
🗑
|
||||
| show | Holders of junior liens against a property would file this. If the senior lien holder foreclosed, they would be notified and could protect their interest.
🗑
|
||||
| NOTICE TO QUIT | show 🗑
|
||||
| show | The substitution of a new party or a new obligation in a contract. This process requires the agreement of all original parties in the contract, but once it has been agreed to, the original obligatee is released from liability.
🗑
|
||||
| NUNCUPATIVE WILL | show 🗑
|
||||
| show | A loan which can be increased up to an agreed upon maximum, similar to the way a credit card works. It is often used for construction loans and home equity loans.
🗑
|
||||
| show | A listing agreement that can be given to as many principal brokers, on the same property, as the seller desires. It is a non-exclusive listing.
🗑
|
||||
| OPERATING BUDGET | show 🗑
|
||||
| OPTION CONTRACT | show 🗑
|
||||
| show | One who receives an option
🗑
|
||||
| show | One who gives an option
🗑
|
||||
| ORIGINATION FEE | show 🗑
|
||||
| show | Agency which is created through implication, or the actions of the parties, rather than through an express agreement.
🗑
|
||||
| show | A loan that uses both real and personal property as security.
🗑
|
||||
| show | The interest rate charged on a loan when there are no discount points involved.
🗑
|
||||
| show | Prevents the admission into court of oral agreements reached prior or subsequent to the written contract and which contradict the terms in the written contract.
🗑
|
||||
| PARTIALLY AMORTIZED LOAN | show 🗑
|
||||
| PARTIALLY DISCLOSED PRINCIPAL | show 🗑
|
||||
| PARTICIPATION LOAN | show 🗑
|
||||
| show | A court process where property owned concurrently can be divided into distinct portions so each co-owner may hold his or her portion in severalty. The court may order the property sold.
🗑
|
||||
| PARTY WALL | show 🗑
|
||||
| show | The deed issued when the property is first conveyed from public or government ownership to a private individual.
🗑
|
||||
| PERCENTAGE LEASE | show 🗑
|
||||
| show | A lease which automatically renews itself. The period for legal notice is established by statute in each state, or can be agreed upon as one of the terms of the lease (15 days in Utah).
🗑
|
||||
| show | The opposite of real property, it is moveable and destructible. Synonyms are chattel and personalty.
🗑
|
||||
| show | A term used in Utah for the Administrator or Executor of a will.
🗑
|
||||
| show | A synonym for personal property. The opposite of "realty."
🗑
|
||||
| show | A type of depreciation that occurs when something wears out and will no longer perform the function or give the service that was originally intended.
🗑
|
||||
| PHYSICAL LIFE | show 🗑
|
||||
| show | Title insurance covering the borrower, which will cover mechanic's liens, and costs no more than a standard policy.
🗑
|
||||
| show | The borrower gives up possession of the property being used as collateral for the loan (the way a pawn shop works).
🗑
|
||||
| show | Combining two or more parcels of land with a resulting increase in total value.
🗑
|
||||
| show | In the Metes and Bounds method, this is the corner at which the boundary description starts.
🗑
|
||||
| show | The right of government, such as in zoning, to exercise control over private individuals without their consent and without compensation.
🗑
|
||||
| show | When a person deliberately and overtly deceives or misrepresents facts pertinent to a contract.
🗑
|
||||
| show | What an attorney-in-fact holds which authorizes actions in behalf of another person, including signature authority.
🗑
|
||||
| POWER OF SALE (BARE, NAKED, LEGAL TITLE) | show 🗑
|
||||
| show | This clause in a loan penalizes the borrower for paying off the loan earlier than agreed. It usually is placed in loans in times of falling interest rates to discourage refinancing.
🗑
|
||||
| show | This clause in a loan allows the borrower to pay the loan off early. The amount of the monthly payments can be increased, with all of the extra payment applying to the principal
🗑
|
||||
| PRICE | show 🗑
|
||||
| PRIMARY MONEY OR MORTGAGE MARKET | show 🗑
|
||||
| PRIME RATE | show 🗑
|
||||
| PRINCIPAL | show 🗑
|
||||
| PRINCIPAL BROKER | show 🗑
|
||||
| show | The legal doctrine used in Utah for distribution of water based on the idea that an owner of real property has no right to any water that is on, under, or adjacent to his property simply because he owns the land. In Utah, one must apply to the State Eng
🗑
|
||||
| PROCURING CAUSE DOCTRINE | show 🗑
|
||||
| show | The document given as evidence of the loan. It contains all information relative to the money: payment, term, interest rate, etc.
🗑
|
||||
| show | This activity occurs when a licensee manages investment property for the owner.
🗑
|
||||
| show | One who cares for the property of an owner. A property manager must be licensed.
🗑
|
||||
| PROPERTY MGMT. TRUST ACCOUNT | show 🗑
|
||||
| show | The tax levied by government against real property. These taxes are due in Utah on November 30 and cover the full calendar year.
🗑
|
||||
| show | Sometimes called an "owner's" lease. It is held by a person who owns shares in a stock cooperative. They own personal property which entitles them to the proprietary lease.
🗑
|
||||
| PRORATION | show 🗑
|
||||
| show | Sales talk, or exaggerated statements that reflect an obvious overstatement by the agent and is not considered misrepresentation or fraud.
🗑
|
||||
| PURCHASE MONEY MORTGAGE | show 🗑
|
||||
| show | The appraiser determines the cost of the materials
🗑
|
||||
| show | One of the rights in the "Bundle of Rights." The right of an owner or lessee to uninterrupted legal use of the property without interference or disturbance caused by defective title.
🗑
|
||||
| QUIET TITLE ACTION | show 🗑
|
||||
| show | A deed that conveys all interest in a property which the grantor may or may not have, and gives no warranties as to the condition of title. Its primary use is to remove clouds from the title.
🗑
|
||||
| RANGE | show 🗑
|
||||
| RATE OF RETURN | show 🗑
|
||||
| REAL ESTATE PURCHASE CONTRACT | show 🗑
|
||||
| show | The purpose of this act is to protect the public from dishonest licensees.
🗑
|
||||
| show | A special bank account where money is deposited when it is being held for other people involved in a real estate transaction.
🗑
|
||||
| REAL PROPERTY | show 🗑
|
||||
| REAPPRAISAL LEASE | show 🗑
|
||||
| RECIPROCITY | show 🗑
|
||||
| RECONCILIATION | show 🗑
|
||||
| RECONVEYANCE OF DEED | show 🗑
|
||||
| RECORDING | show 🗑
|
||||
| RECTANGULAR SURVEY METHOD | show 🗑
|
||||
| show | The discriminatory practice of refusing to make loans in certain neighborhoods.
🗑
|
||||
| REFINANCE | show 🗑
|
||||
| REGULATION Z | show 🗑
|
||||
| REIT (REAL ESTATE INVESTMENT TRUST) | show 🗑
|
||||
| show | When a blanket loan has been given, this clause will allow part of the property to be removed as security for the loan when certain requirements have been met, sometimes called a partial release clause.
🗑
|
||||
| show | If a mechanic had previously placed a claim against the property where the work was done, when payment is made, this form must be filed within ten days.
🗑
|
||||
| REMAINDERMAN | show 🗑
|
||||
| show | As a remedy for fraud, or by agreement of the parties, all parties return to their original positions prior to the executing of the contract. It is also known as a "contract to end a contract."
🗑
|
||||
| show | Similar to the Real Estate Purchase Contract, but this one is to be used solely when the property being purchased is a new home to be constructed or for which no Certificate of Occupancy has been issued.
🗑
|
||||
| REVERSE ANNUITY MORTGAGE | show 🗑
|
||||
| RIGHT OF FIRST REFUSAL | show 🗑
|
||||
| RIPARIAN RIGHTS | show 🗑
|
||||
| show | This lease is used when the tenant only wants to rent the top of the building.
🗑
|
||||
| RULE OF DISCLOSURE | show 🗑
|
||||
| RULE OF OBEDIENCE | show 🗑
|
||||
| show | A clause in a listing contract that protects the listing broker from the seller's attempt to sell the property after the expiration of the listing to avoid paying a commission.
🗑
|
||||
| show | A real estate licensee who does not have a broker's license and must work under the supervision of his employing principal broker.
🗑
|
||||
| show | An owner sells a property, then leases it back from the new owner, thus obtaining capital for other activities and the purchaser obtaining a stable lessee.
🗑
|
||||
| SATISFACTION OF MORTGAGE | show 🗑
|
||||
| SEASONED LOAN | show 🗑
|
||||
| SECONDARY MONEY OR MORTGAGE MARKET | show 🗑
|
||||
| SECTION | show 🗑
|
||||
| SELLER DISCLOSURES | show 🗑
|
||||
| show | Refers to first mortgages or trust deeds or the debt first recorded against the real property.
🗑
|
||||
| SERVICE PROPERTY | show 🗑
|
||||
| SERVIENT TENAMENT | show 🗑
|
||||
| show | The date specified in the purchase contract when buyer and seller deliver any monies required, as cleared funds, to the settlement agent and sign the documents applicable to the transaction.
🗑
|
||||
| SEVERALTY | show 🗑
|
||||
| SEVERANCE | show 🗑
|
||||
| show | The lender not only collects interest on the loan, but when the property is sold, the lender will receive a portion of the profits from the increase in the property's value since the time it was purchased.
🗑
|
||||
| show | The document given to the person who bid and bought property at a Sheriff's Sale. This document is not given until the statutory six-month period of redemption has passed.
🗑
|
||||
| show | The name of the event wherein a property is sold in foreclosure under a mortgage.
🗑
|
||||
| SHERMAN ANTITRUST ACT | show 🗑
|
||||
| SHORT FORM OR CHECKLIST REPORT | show 🗑
|
||||
| SIMPLE INTEREST | show 🗑
|
||||
| SITUS | show 🗑
|
||||
| SPECIAL ASSESSMENT | show 🗑
|
||||
| SPECIAL PURPOSE PROPERTY | show 🗑
|
||||
| SPECIAL WARRANTY DEED | show 🗑
|
||||
| show | A legal remedy requiring a party to perform as agreed in the contract.
🗑
|
||||
| show | An agent hired by contract to carry out specifically stated activities.
🗑
|
||||
| SPOT ZONING | show 🗑
|
||||
| SQUARE FOOT METHOD | show 🗑
|
||||
| show | Title insurance which protects against losses arising from both recorded title claims, omissions and errors in public records, and from inadequate title search procedures. It does not protect from undisclosed and unrecorded claims against the title such
🗑
|
||||
| show | In Utah, the office to which one applies for water rights.
🗑
|
||||
| STATUTE OF FRAUDS | show 🗑
|
||||
| STATUTORY DEDICATION | show 🗑
|
||||
| STATUTORY PERIOD OF REDEMPTION | show 🗑
|
||||
| show | The act of directing buyers to or away from certain geographical areas for the purpose of discriminating.
🗑
|
||||
| STOCK COOPERATIVE | show 🗑
|
||||
| show | A loan that requires payments of interest only, sometimes called a term loan. Usually the entire principal is paid off in one balloon payment at the end of the loan.
🗑
|
||||
| show | Anyone who is assisting the agent (principal broker) in the agent's responsibilities. For instance, a sales agent or associate broker in the office, or principal broker with a co-broker agreement.
🗑
|
||||
| show | Land divided into lots which may or may not include improvements such as water, utilities, curbs, gutters, and streets
🗑
|
||||
| show | This clause may be found in either a contract or a deed. In a contract, it is another name for the contingency clause. In a deed, it is another way of referring to the habendum or "to have and to hold" clause.
🗑
|
||||
| show | A lease given by the original lessee. The lessee remains fully liable to the lessor. The lessee pays rent to the lessor or landlord, and collects rent from the sublettee.
🗑
|
||||
| SUBORDINATION CLAUSE | show 🗑
|
||||
| show | The substitution of liability or rights, as in a title insurance policy.
🗑
|
||||
| SUBSTITUTION, PRINCIPLE OF | show 🗑
|
||||
| show | The principle of economics, as well as appraisal, which states that when there is an overabundance of a particular product, the price will go down
🗑
|
||||
| SURVIVORSHIP | show 🗑
|
||||
| show | In adverse possession, this process allows consecutive periods of adverse possession by multiple adverse possessors to be added together to make up the required number of years.
🗑
|
||||
| TAKE-OUT LOAN | show 🗑
|
||||
| TAX CREDIT | show 🗑
|
||||
| TAX DEFERRED EXCHANGE | show 🗑
|
||||
| TENANCY AT SUFFERANCE | show 🗑
|
||||
| show | A lease which requires little or no notice of termination. It is used in special circumstances wherein both the lessor and lessee agree that the lease can be terminated by either party. It is of uncertain duration.
🗑
|
||||
| TENANCY BY THE ENTIRETY | show 🗑
|
||||
| show | A form of ownership where owners have equal rights of possession, but each owner can have a different percent of ownership. Upon the death of one, his interest goes to his heirs.
🗑
|
||||
| show | Another term for the process of making or presenting an offer.
🗑
|
||||
| show | The title of a person who makes a will.
🗑
|
||||
| show | Delivery of the deed is accomplished by a third party who has written, acknowledged instructions from the grantor, also called a deed in escrow.
🗑
|
||||
| TIER | show 🗑
|
||||
| TIME IS OF THE ESSENCE | show 🗑
|
||||
| TIMESHARE AND CAMP RESORT ACT | show 🗑
|
||||
| TITLE | show 🗑
|
||||
| show | Since an attorney's opinion does not offer the buyer financial protection if the title proves unsound, insurance can be purchased which gives varying degrees of financial protection relative to the condition of title of real property.
🗑
|
||||
| show | A legal doctrine or theory of mortgage law used in a few states that allows the lender to take property as collateral for the debt by holding title to the property until the debt is paid.
🗑
|
||||
| TO AND THROUGH DOCTRINE | show 🗑
|
||||
| TOWNSHIP | show 🗑
|
||||
| TRADE FIXTURE | show 🗑
|
||||
| TRUST DEED (OR DEED OF TRUST) | show 🗑
|
||||
| show | Since the courts are not being used in the case of a Trust Deed and Note, this person acts as an escrow agent to insure that the agreement of the Trustor and Beneficiary is carried out and the interests of each party are protected.
🗑
|
||||
| TRUSTEE'S DEED | show 🗑
|
||||
| show | The event where property is sold in foreclosure by the Trustee under a Trust Deed and Note.
🗑
|
||||
| show | The legal term given to one who hypothecates property as collateral for a loan, using a promissory note and trust deed.
🗑
|
||||
| show | An act created in Congress to protect consumers from being deceived about the costs of borrowing money. It requires full disclosure of the cost of borrowing money and regulates advertising of credit.
🗑
|
||||
| show | The "other party" thinks that the agent is the principal and sees no evidence of an agency relationship. It is usually illegal.
🗑
|
||||
| show | Taking advantage of another person because you hold a unique position of trust, such as a doctor/patient, attorney/client, real estate agent/client relationship.
🗑
|
||||
| UNIFORM COMMERCIAL CODE | show 🗑
|
||||
| UNIFORM DECLARATION OF RESTRICTIONS | show 🗑
|
||||
| show | A federal piece of legislation aimed at creating proper legal relationships between landlords or owners and tenants.
🗑
|
||||
| show | A contract wherein a promise is exchanged for a performance. Only one of the parties is initially bound, as when a reward is offered, for example, finding a lost animal.
🗑
|
||||
| show | An appraisal method for determining the cost of improvements which takes a general approach. It is sometimes referred to as a sub-contractor approach and considers the cost of components, such as the concrete work, the framing, etc. or such items as ext
🗑
|
||||
| UNIVERSAL AGENT | show 🗑
|
||||
| UNLAWFUL DETAINER | show 🗑
|
||||
| URBAN RENEWAL | show 🗑
|
||||
| show | Interest rates above the legal rate, or statutory limit.
🗑
|
||||
| show | The law that provides protection for a portion equity when a homeowner experiences foreclosure or bankruptcy.
🗑
|
||||
| UTAH UNIFORM LAND SALES PRACTICES ACT | show 🗑
|
||||
| VA LOAN | show 🗑
|
||||
| show | A contract that contains all the essential elements of a contract and therefore is binding on all parties.
🗑
|
||||
| VALUABLE CONSIDERATION | show 🗑
|
||||
| show | The power of a product, service, or property to command other goods or money in exchange. It is the present worth of future benefits arising out of ownership.
🗑
|
||||
| show | The right of an individual to do something that violates current zoning regulations because the zoning and planning commission or Board of Adjustment granted that right.
🗑
|
||||
| VENDEE | show 🗑
|
||||
| VENDOR | show 🗑
|
||||
| show | A lease for either air rights or subterannean rights (such as oil).
🗑
|
||||
| VOID CONTRACT | show 🗑
|
||||
| VOIDABLE CONTRACT | show 🗑
|
||||
| VOLUNTARY DEDICATION | show 🗑
|
||||
| show | An optional visit by the buyer to check and approve the condition of the property and any repairs that have been made.
🗑
|
||||
| show | When the owner of the property commits destructive acts on the property or fails to keep up with maintenance requirements.
🗑
|
||||
| WATER RIGHTS | show 🗑
|
||||
| show | A right to use water on real property, granted to the owner by a canal company with water certificates. It is considered personal property.
🗑
|
||||
| WRAPAROUND LOAN | show 🗑
|
||||
| WRIT OF EXECUTION | show 🗑
|
||||
| show | The order the judge gives for the sheriff to evict a tenant and restore the premises to the lessor in an eviction action.
🗑
|
||||
| ZONING | show 🗑
|
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.
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Created by:
ryan0099
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