all glossary terms from real estate textbook
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| show | A deliberate agreement between parties; offer and acceptance; “meeting of the minds.” A requirement of a legally enforceable contract.
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| “Time is of the essence” | show 🗑
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| show | 1)no longer exist 2)easement holder becomes owner 3)release right 4) abandonment 5)non-use of prescription 6) adverse possession 7)demolition of a party wall 8)nonrecordation 9)lawsuit(quiet title) 10)residential easement converted to commercial purposes
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| show | 1)the promises made in the sales contract are fulfilled 2)the mortgage loans funds are distributed to the buyer for use 3)other settlement costs or funds are dispersed
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| 3 physical characteristics of real property | show 🗑
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| show | Scarcity, Location, Improvements, & Permanence of investment. aka SLIP
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| show | Residential, Commercial, Industrial, Agricultural, Special purpose.
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| show | 1) One owner only 2) interest 100% 3) one signature only when sold unless a married person - spouse signs to extinguish elective share rights 4) marriage of an owner does not automatically change to tenancy by entireties 5) heir ship rights
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| a lease is said to have ___ ___ ____ because it is a contract and it conveys an interest in real property. | show 🗑
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| show | A condensed history of a title.
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| acceleration clause | show 🗑
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| acceptance | show 🗑
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| Accession | show 🗑
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| show | Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.
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| accrued items | show 🗑
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| show | A measure of land equal to 43,560 square feet, 4,840 square yards, 4,047 square meters, 160 square rods, or 0.0408 hectare.
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| show | The legal process that results in the tenant’s being physically removed from the leased premises; summary ejectment.
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| Ad valorem taxes | show 🗑
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| adjustable-rate mortgage (ARM) | show 🗑
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| show | cost of any physical capital improvements that add value to the property or prolong its life (added to the cost basis)
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| Adverse Possession | show 🗑
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| show | An area zoned strictly for aesthetic or appearance considerations
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| show | The easiest but least precise way to measure depreciation that uses the effective age of a building & its economic life.
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| Agency | show 🗑
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| show | one who represents the interest of another person.
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| show | farms, timberland, ranches, and orchards.
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| show | In North Carolina, a fixture attached to leased property by a tenant farmer is considered the landowner's real property rather than the tenant's personal property.
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| show | The right to use the open space above a property, usually allowing the surface to be used for another purpose.
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| Alienation | show 🗑
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| Alienation Clause | show 🗑
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| show | Owner's title insurance policy that protects the owner against title defects not found in public records.
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| show | A title insurance policy that protects the interests in a collateral property of a mortgage lender that originates a new real estate loan.
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| show | A Federal Act that facilitates accessibility and mobility by ramp construction, safety rails, wider doors, and other accommodations.
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| Amortized Loans | show 🗑
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| annual percentage rate (APR) | show 🗑
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| Anticipation | show 🗑
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| show | laws that prohibit monopolies and contracts, combinations, and conspiracies that unreasonable restrain trade.
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| show | Estimate of the quantity, quality or value of something.
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| Appreciation | show 🗑
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| Appurtenance | show 🗑
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| show | When the property does NOT sell for an unusually high or low price because of a special relationship between a buyer & a seller; parties are dealing from equal bargaining positions
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| asbestos | show 🗑
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| Assessment | show 🗑
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| show | Refers to a transfer of rights or duties under a contract to a third party.
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| show | Acquiring title to property on which there is an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.
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| Auction | show 🗑
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| Avulsion | show 🗑
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| backup offer | show 🗑
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| balloon payment loan | show 🗑
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| show | a board around the bottom of a wall perpendicular to the floor; covers gap b/w the floor and wall; decorative
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| basement | show 🗑
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| basis | show 🗑
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| beneficiary | show 🗑
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| bilateral contract | show 🗑
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| show | covers more than one parcel of land and usually is used to finance subdivision developments, though it can be used to finance the purchase of improved properties as well
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| show | The act of encouraging people to sell or rent their homes by claiming that the entry of a protected class will have a negative impact on property values.
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| boot | show 🗑
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| Branch office | show 🗑
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| Breach of Contract | show 🗑
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| British Thermal Unit (BTU) | show 🗑
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| show | insurance policy covering buildings and personal property against loss or damage from fire, lighting, removal, windstorm, hail, explosion, riot, smoke, vandalism and theft. also covers falling objects; weight of snow, ice or sleet; collapse of buildings;
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| show | One who acts as an intermediary on behalf of others for a fee or commission; licensed to list, lease, buy, exchange, auction, negotiate or sell interest in real estate for others for a fee
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| As you | show 🗑
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| Broker-in-charge | show 🗑
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| Buffer Zones | show 🗑
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| Building Codes | show 🗑
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| show | Written governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances.
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| show | The concept of land ownership that includes ownership of all legal rights to the land, i.e.. Disposition, exclusion, enjoyment, possession and control.
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| Business Cycle | show 🗑
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| show | a way to lower the initial interest rate on a mortgage or deed of trust loan; common type is called a 3-2-1
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| show | A principal-agent relationship in which the broker is the agent for the buyer, with fiduciary responsibilities to the buyer. The broker represents the buyer under the law of agency.
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| show | Reference to linear measurements and compass directions.
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| show | the taxable profit earned from the sale of real property
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| capital loss | show 🗑
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| show | The yield that an investor will demand for the investment of capital. This is the rate of return.
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| show | Colorless, odorless poisonous gas produced as a by-product of incomplete combustion; can be dangerous if not properly ventilate
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| show | The net spendable income from an investment, determined by deducting all operating and fixed expenses from the gross income. When expenses exceed income, a negative cash flow results.
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| casualty insurance | show 🗑
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| show | let the buyer beware
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| celling joists | show 🗑
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| comprehensive environmental response, compensation, and liability act (CERCLA) | show 🗑
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| show | Issued upon the satisfactory inspection of a structure; building is fit for occupancy and there are no building code violations
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| certificate of reasonable value (CRV) | show 🗑
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| show | The record of ownership of property over a period of time.
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| show | The fact that no physical or economic condition remains constant. Real estate is subject to natural disasters, changing demands in the market etc.
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| Channeling | show 🗑
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| show | Federal Act that prohibited any type of discrimination based on race in the sale or rental of real property.
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| Client or Principal | show 🗑
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| show | the consummation of the real estate transaction; the point at which ownership of a property is transferred in exchange for the selling price; also called settlement
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| closing agent | show 🗑
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| closing statement | show 🗑
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| show | A defect on a deed that is frequently cured by a quitclaim deed.
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| show | The grouping of homesites within a subdivision on smaller lots than normal, with remaining land used as common area.
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| show | A written system of standards for ethical conduct.
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| Codicil | show 🗑
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| Coinsurance Clause | show 🗑
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| Commercial | show 🗑
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| Commingling | show 🗑
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| Commission | show 🗑
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| Common elements | show 🗑
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| Common law | show 🗑
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| Comparable (COMP) | show 🗑
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| Comparative market analysis (CMA) | show 🗑
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| compensatory damages | show 🗑
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| show | The principle that states that excess profits generate competition.
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| components of an ARM loan | show 🗑
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| Comprehensive plan | show 🗑
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| show | The process by which the power of eminent domain is exercised.
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| Condition | show 🗑
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| show | A defeasible fee simple estate that dictates some action or activity that the new owner must not perform. The former owner retains a right of reentry, so if the condition is broken, the former owner can take repossession of the property.
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| show | Granted to a property owner who wishes to use property in a special way that is in the public interest such as a church or hospital.
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| show | Do not own land underneath unit; can stack vertically; 7 days to cancel; own "paint to paint" or enclosed airspace; common areas owned by all members as tenants in common
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| conforming loan | show 🗑
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| show | the appraisal principle that holds that the greater the similarity among properties in an area, the better they will hold their value.
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| show | NC law that requires many types of real estate documents to be recorded for protection against claims from third parties.
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| consequential damages | show 🗑
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| Consideration | show 🗑
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| show | a loan made to finance the construction of improvements on real estate--homes, apartments, office buildings
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| show | the doctrine that gives the tenant the right to cancel the remainder of the lease and vacate the premises w/o penalty if the landlord fails to keep the premises fit.
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| show | Notice given by way of making ownership part of public record (by recording conveyances of real property).
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| Contingency | show 🗑
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| show | A legally enforceable promise or set of promises between legally competent parties that must be performed for consideration. Law provides remedy for breaches. May be unilateral (one party ),or bilateral, (all parties)legally bound to act as prescribed.
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| show | The principle that affirms that the value of any component of a property is defined by what its addition contributes to the value of the whole or what its absence detracts from that value.
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| show | a loan that is not backed by a gov't agency.; lender bears all the risk in the event of default
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| show | A term used to refer to any document that transfers title to real property. The term is also used in describing the act of transferring.
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| show | those who act as subagents of the principal
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| Cooperative | show 🗑
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| Cost Approach | show 🗑
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| cost basis | show 🗑
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| counteroffer | show 🗑
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| Courtesy | show 🗑
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| show | Deed restrictions imposed by a developer or subdivider for purpose of maintaining specific standards.
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| show | Under this covenant, the lessor guarantees that the lessee may take possession of the leased premises and that no one, including the landlord, will interfere with the tenant's possession or use of the property.
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| show | on a closing statement, amount entered in a person's favor – an amount the party has paid order amount received from another party.
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| show | the space between the ground surface and the first floor; frequently found in homes w/o basements that are not built on a slab foundation
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| curable physical deterioration | show 🗑
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| show | on a closing statement, an amount charged; and amount the party must pay a settlement.
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| show | the third party for whom some level of service is provided by an agent of another party, but who is not represented by the agent
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| show | principal and interest loan payment
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| show | A person who has died.
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| Declaration of Restrictive Covenants | show 🗑
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| Deductible | show 🗑
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| Deed | show 🗑
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| Deed in lieu of Foreclosure | show 🗑
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| show | Deed used when a grantor conveys property as a gift; must be recorded within two years or it becomes void.
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| Deed of Release | show 🗑
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| show | the document that pledges the property to the lender as security or collateral for a debt; also called mortgage.
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| show | Encumbrances on real property. AKA: covenants, conditions, restrictions. A private agreement placed in public record that affect the use of the land.
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| Default | show 🗑
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| show | An estate in which the holder has a fee simple title that may be terminated upon the occurrence or non-occurrence of the specified event. Two categories of the defeasible fee estate exist: fee simple determinable and fee simple on condition subsequent.
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| Defeasance clause | show 🗑
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| show | a personal judgment levied against the borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full; a general lien
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| Delivery and Acceptance | show 🗑
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| Demand | show 🗑
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| show | A federal cabinet dept. active in national housing programs; offers programs such h as urban renewal, public housing, model cities, rehabilitation loans, FHA subsidies, fair housing enforcement
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| depreciation | show 🗑
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| show | The acquisition of an estate by inheritance in which an air succeeds to the property by intestate succession
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| Designated duel agency | show 🗑
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| Developer | show 🗑
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| show | A gift of real property by will. The donor is the divisor and the recipient is the devisee.
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| direct reduction loan | show 🗑
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| discount point | show 🗑
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| show | The tract that benefits from an easement.
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| show | A projection built out from the slope of the roof, used to house windows on the upper floor and to provide additional headroom. Common types of dormers are the gable dormer in the shed dormer.
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| Dower | show 🗑
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| show | when the broker/firm represents the buyer and the seller in the same transaction
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| show | The time a buyer has to have property inspected, title examined, and review any leases to determine if the property meets his or her needs.
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| show | provides that on sale of the property by the borrower to a buyer who wants to assume the loan, the lender has the choice of either declaring the entire debt to be due and payable immediately or permitting the buyer to assume the loan at current market int
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| show | The unlawful constraint or action exercised on a person whereby the person is forced to perform an act against that person’s will. A contract entered into under duress is voidable.
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| Earned money deposit | show 🗑
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| Easement | show 🗑
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| show | An easement that is annexed to the ownership of one parcel of land and used for the benefit of another parcel of land. The easement "runs with the land"
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| show | An easement acquired for a public purpose through the power of eminent domain.
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| show | AKA easement by implication of law, because all owners must have rights of ingress to and egress from their land.
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| Easement by prescription | show 🗑
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| show | A personal interest in or right to use the land of another. The right to use is not attached to any ownership. (personal or commercial)
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| show | the overhand of a sloping roof that extends beyond the walls of the house.
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| show | The period during which property is expected to remain useful for its original intended purpose.
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| show | Caused by factors outside the subject property & is not curable. ex: proximity to a polluting plant
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| Effective age | show 🗑
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| electromagnetic fields for purposes (EMFs) | show 🗑
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| show | Growing crops, such as grapes and corn, that are produced annually through labor and industry; also called fructus industriales. Usually considered to be personal property,
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| show | Works as a direct employee of employer, who must withold income and social security taxes from employee.
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| Employment Contract | show 🗑
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| show | Power of certain agencies to take private property for public use through a suit for condemnation.
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| show | State legislation that confers zoning powers on municipal governments.
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| show | Sealing off of disintegrating asbestos or chipping and peeling lead based paint; may be preferable to removal; still leaves hazard behind
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| show | When an improvement or any portion of an improvement, such as a building, a fence, or a driveway illegally extends beyond the land of its owner and covers some land of an adjoining owner/street/alley.
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| show | A claim, charge, or liability that attaches to and is binding on real estate.
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| Endorsement | show 🗑
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| show | Prohibits creditors from discrimination on the basis of race, color, religion, national origin, sex, marital status, age, and receipt of public assistance.
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| show | The point where supply and demand is balanced.
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| show | the right to use and possess the property as if one owns it and to demand the return of the legal title when the debt is repaid.
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| show | The interest or value that an owner has in property over and above any indebtedness.
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| show | the right of a borrower in default on a mortgage loan to reclaim the forfeited property prior to the foreclosure sale through payment in full of all debt and associated costs.
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| Erosion | show 🗑
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| Escheat | show 🗑
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| Escrow | show 🗑
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| show | The trust account established by a broker under the provisions of the license law for the purpose of holding funds on behalf of the broker’s principal or some other person until the consummation or termination of the transaction.
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| show | 1)term 2)promise to pay 3)signature of the borrower(s)
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| essentials of a valid lease | show 🗑
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| show | an estate that arises when a tenant who lawfully came into possession of real property continues, after the tenant's rights have expired, to hold possession of the premises without the consent of the landlord; lowest estate in real estate.
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| show | an estate that gives the tenant the right to posses property with the consent of the landlord of a term of unspecified or uncertain duration.
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| estate for years | show 🗑
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| estate from period to period | show 🗑
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| Estate taxes | show 🗑
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| show | A method of creating an agency relationship in which a person states incorrectly that a second person is the first person’s agent and a third person relies on that representation.
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| show | A necessity allowed by law; for example, the right of a life tenant to use some of the property's resources to provide for needed repairs.
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| Every real estate transaction must be reported to the ___ by the closing agent. | show 🗑
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| show | Proof of ownership of property; commonly a certificate of title, and abstract of title with lawyer’s opinion, or a torrens registration certificate.
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| Exchange | show 🗑
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| show | A tax that is based on the sales price of the property.
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| show | Something that is not covered for loss in an insurance policy.
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| show | One broker is specifically authorized to act as the exclusive agent of the principal; broker receives a commission if any broker is procuring cause; seller can sell w/o obligation.
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| exclusive-right-to-sell listing | show 🗑
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| show | A contract in which all parties have fulfilled their promises.
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| show | The signing and delivery of an instrument. Also, a legal order directing an official to enforce a judgment against the property of the debtor.
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| show | A contract under which something remains to be done by one or more of the parties.
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| show | The home is owned by an individual (not 3 or more/not sell more than 1 every 2 years.
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| show | The rental of rooms or units is exempt in an owner-occupied one-family to four-family dwelling.
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| show | Dwelling units owned by religious organizations may be restricted to people of the same religion if membership in the organization is not restricted on the basis of protected class.
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| Express Agreement/Contract | show 🗑
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| extender clause or Override Clause | show 🗑
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| External depreciation | show 🗑
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| show | The loss in value due to factors that are outmoded or less useful. Obsolescence may be functional or economic.
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| show | Areas outside incorporated limits that are subject to the zoning restrictions of a municipality
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| Fair Credit Reporting Act | show 🗑
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| show | refers to the presence of one or more individuals who have not reached the age of 18 and who live with either a parent or legal guardian. The term also includes a woman who is pregnant.
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| show | a quasi-government agency established to purchase any kind of mortgage loans in the secondary mortgage market from the primary lenders.
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| fascia board | show 🗑
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| show | Agency responsible for designating flood hazard areas bordering rivers and streams.
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| show | Federal law that prohibits discrimination based on familial status, race, sex, handicap, color, religion, national origin. (FRESH CORN)
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| show | The country's central banking system, which controls the nation's monetary policy by regulating the supply of money and interest rates
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| show | The maximum possible estate in real property; most complete and absolute ownership; indefinite in duration, freely transferable and inheritable.
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| show | An estate in which the holder has a fee simple title that may be terminated upon the occurrence or nonoccurrence of a specified event. Two categories of defeasible fee estates exist: fee simple determinable and fee simple on condition subsequent.
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| show | An estate in real estate that continues "so long as" a prescribed land use continues. Estate ends automatically upon the termination of the prescribed use; no lawsuit is necessary for reversion.
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| show | An estate in real estate that prohibits a specific condition on the property. Grantor has the right to re-enter the property and reclaim ownership through legal proceedings.
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| Fee-for-service | show 🗑
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| FHA-insured loan | show 🗑
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| show | a relationship in which the agent is placed in the position of trust and confidence to the principal.
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| show | A flexible moment in time when conversation between a licensee an a consumer begins to address confidential needs, desires and abilities; latest moment to legally disclose agency choices to a consumer.
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| show | The most popular repayment plan; both the interest rate and the debt service amount are set for the duration of the loan
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| fixed rental lease | show 🗑
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| Fixture | show 🗑
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| show | Areas designated by FEMA as being prone to flooding.
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| show | a horizontal board laid on edge, resting on the beams that provide the main support for the floor.
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| footings | show 🗑
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| Foreclosure | show 🗑
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| Foreshore | show 🗑
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| show | the masonry or concrete wall below ground level that serves as the main support for the frame structure; form the side walls of the basement or crawlspace.
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| show | the wooden skeleton of the house consisting of the floors, walls, ceilings, and roof
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| show | a corporation established to purchase primarily conventional mortgage loans in the secondary market
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| show | An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate.
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| show | a wooden board fastened at the top of the exterior wall under the eave soffit to prevent penetration of weather elements
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| Front footage | show 🗑
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| Fructus industriales | show 🗑
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| Fructus Naturales | show 🗑
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| Full Service Lease | show 🗑
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| fully amortized fixed-rate mortgage | show 🗑
|
||||
| show | Physical or design features that are no longer considered desirable by property buyers but can be replaced or redesigned at low cost. ex: changing fixtures
🗑
|
||||
| Functional obsolescence incurable | show 🗑
|
||||
| show | A person's present right to an interest in real property that will not result in possession or enjoyment until someone in the future, such as a reversion or right or reentry.
🗑
|
||||
| Gable | show 🗑
|
||||
| show | A curb roof, having a steep slope and a flatter one above, as seen in dutch colonial architecture.
🗑
|
||||
| Gap | show 🗑
|
||||
| show | one who represents the principal in a broad range of matters related to a particular business or activity
🗑
|
||||
| show | This type of lien affects all the property of a debtor, both real and personal, rather than a specific parcel of real property
🗑
|
||||
| show | In association of two or more individuals who carry on a continuing business for profit as co– owners.
🗑
|
||||
| General Warranty Deed | show 🗑
|
||||
| Ginnie Mae | show 🗑
|
||||
| girder | show 🗑
|
||||
| show | gives an estimate of your settlement charges and loan terms if you are approved for your loan.
🗑
|
||||
| show | a lease that provides for increases in rent to occur at set future dates; often used in the rental of office space for multiple-year terms. Also called a step-up lease.
🗑
|
||||
| show | a flexible payment plan that allows a mortgagor to make lower monthly payments for the first few years of the loan and larger payments for the remainder of the term.
🗑
|
||||
| Grantee | show 🗑
|
||||
| show | The owner who conveys title.
🗑
|
||||
| Grating Clause | show 🗑
|
||||
| show | A lease of property under which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases; also called fixed rental lease.
🗑
|
||||
| show | a figure used as a multiplier of the gross monthly income of a property to produce an estimate of the property's value
🗑
|
||||
| ground lease | show 🗑
|
||||
| groundwater | show 🗑
|
||||
| growing-equity mortgage (GEM) | show 🗑
|
||||
| show | the extra thick framing over doors and windows to bear the weight of the building above the opening
🗑
|
||||
| show | The quality or state of being heterogeneous.
🗑
|
||||
| Highest and best use | show 🗑
|
||||
| show | A pitched roof with sloping sides and ends.
🗑
|
||||
| Historic Preservation Zoning | show 🗑
|
||||
| holdover tenant | show 🗑
|
||||
| homeowner's insurance policy | show 🗑
|
||||
| show | a source of funds for homeowners who wish to finance the purchase of expensive items; consolidate existing installment loans on credit card debt; or pay for medical, educational, home improvement, or other expenses
🗑
|
||||
| Homeowner's Protection Act | show 🗑
|
||||
| show | An act that added gender as a protected class under the federal fair housing act.
🗑
|
||||
| Housing for older persons | show 🗑
|
||||
| show | Department of Housing and Urban Development. Enforces the Federal Fair Housing Act.
🗑
|
||||
| HVAC | show 🗑
|
||||
| show | Uniform Settlement Statement; the standard closing statement form required to be given to the borrower, lender, and seller at or before settlement by the closing agent in a transaction covered under RESPA.
🗑
|
||||
| show | the act of pledging real property as security for payment of a loan without giving up possession of the property.
🗑
|
||||
| Implied agreement | show 🗑
|
||||
| show | A type of contract in which the agreement of the parties is demonstrated by their actions or conduct.
🗑
|
||||
| show | the primary duty of the land lord to supply fit and habitable premises to the tenant.
🗑
|
||||
| Improvement | show 🗑
|
||||
| show | Estimate based on the present worth of the future rights to income.
🗑
|
||||
| show | repairs to major structural components of a building, which deteriorate at different rates, may not be economically feasible. Ex: load-bearing walls and foundations
🗑
|
||||
| Independent contractor | show 🗑
|
||||
| show | a lease that allows rent to be increased or decreased periodically, based on changes in a stipulated index, such as the government cost-of living index or some other named index.
🗑
|
||||
| show | warehouses, factories, land in industrial districts, and power plants.
🗑
|
||||
| Inflation | show 🗑
|
||||
| show | Use of a street address to describe property.
🗑
|
||||
| show | State – imposed taxes on a decedent’s real and personal property.
🗑
|
||||
| show | a sale in which both the selling agent and the listing agent are from the same firm.
🗑
|
||||
| installment land contract | show 🗑
|
||||
| installment sale | show 🗑
|
||||
| Instead of using contingencies in an offer to purchase and contract, NC uses _______. | show 🗑
|
||||
| insulation | show 🗑
|
||||
| show | a charge for the use of borrowed money
🗑
|
||||
| interest-only mortgage | show 🗑
|
||||
| Interim financing | show 🗑
|
||||
| show | When a person dies without having left a will.
🗑
|
||||
| Interstate Land Sales Full Disclosure Act | show 🗑
|
||||
| show | An appraisal term referring to the value created by a person’s personal preferences for a particular type of property.
🗑
|
||||
| show | Money directed toward the purchase, improvement, and development of an asset in expectation of income or profits.
🗑
|
||||
| Involuntary lien | show 🗑
|
||||
| show | A concurrent form of ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Usually equal but Ownership interest may be unequal. Right of survivorship is not automatic in North Carolina but can be ad
🗑
|
||||
| show | The joining of two or more people to conduct a specific business enterprise. A joint venture is similar to a partnership in that it must be created by agreement between the parties to share the losses and profits of the venture. It is unlike a partnership
🗑
|
||||
| show | A decree issued by a court.
🗑
|
||||
| show | the form of foreclosure used in lien theory states; court process
🗑
|
||||
| jumbo loan | show 🗑
|
||||
| show | Loss of a right through undue delay or failure to assert it.
🗑
|
||||
| show | The earth's surface, extending downward o the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water
🗑
|
||||
| show | A contract for the sale of real estate financed by the seller whereby the purchase price is paid in periodic installments by the purchaser, who is in possession of the property even though legal title is retained by the seller until a future date, which m
🗑
|
||||
| landfill | show 🗑
|
||||
| show | The support a parcel of land receives from adjacent land; a neighbor’s duty to support adjoining land in its natural state.
🗑
|
||||
| Lateral Support | show 🗑
|
||||
| law of negligence | show 🗑
|
||||
| Lead Based Paint hazard Reduction Act | show 🗑
|
||||
| lead poisoning | show 🗑
|
||||
| show | a conveyance from a landlord (an owner of real estate), to a tenant that transfers the right of possession and use of the owner's property for a specified period of time.
🗑
|
||||
| show | A lease under which the tenant has a right to purchase the property either during the lease term or at its end.
🗑
|
||||
| show | The purchase of real property, the consummation of which is preceded by a lease, usually long-term; typically done for tax or financing purposes.
🗑
|
||||
| show | an estate in land that is generally considered personal property, because no ownership of the real property has changed hands.
🗑
|
||||
| Legal description | show 🗑
|
||||
| show | People who are recognized by law as being able to contract with others; those of legal age and sound mind; a requirement of a legal enforceable contract.
🗑
|
||||
| Legally of Object | show 🗑
|
||||
| Lessee/lessor | show 🗑
|
||||
| show | The use of borrowed money to finance and investment.
🗑
|
||||
| show | To assess; to seize or collect. To levy a tax is to assess property and set the rate of taxation. To levy an execution is to officially seize the property of a person to satisfy the obligation.
🗑
|
||||
| Liability insurance | show 🗑
|
||||
| License | show 🗑
|
||||
| Lien | show 🗑
|
||||
| lien theory | show 🗑
|
||||
| show | An interest in real or personal property that is limited in duration to the lifetime of its owner or some other designated person or persons.
🗑
|
||||
| show | A person in possession of a life estate.
🗑
|
||||
| like-kind properties | show 🗑
|
||||
| liquidated damages | show 🗑
|
||||
| Liquidity | show 🗑
|
||||
| Lis Pendens | show 🗑
|
||||
| show | An employment contract between a property owner and a real estate firm/broker by which the broker is employed to find a ready, willing and able buyer for the owner's real estate on the owner's terms, for which service the owner agrees to pay a commission.
🗑
|
||||
| show | The broker/firm in a multiple – listing situation representing the seller, as opposed to the cooperating broker/firm, that brings the buyer to the transaction. The listing broker and the cooperating broker may be the same person/firm.
🗑
|
||||
| show | A landowner's claim to use water in large navigable lakes and oceans adjacent to the property. The ownership rights to land bordering these bodies of water up to the average high-water mark.
🗑
|
||||
| LOADS | show 🗑
|
||||
| loan origination fee | show 🗑
|
||||
| show | ratio of debt to value of the property
🗑
|
||||
| long-term capital gain | show 🗑
|
||||
| show | A method of describing real property that identifies a parcel of land by reference to lot and bloc numbers within the subdivision, as specified on a recorded subdivision plat.
🗑
|
||||
| Machinery Act | show 🗑
|
||||
| show | A rule of law stating that once written acceptance is placed in control of the mailing service, it is considered accepted--not when the acceptance is actually received by the offeror.
🗑
|
||||
| show | An architectural style in which the top floor or floors of a structure are designed to appear to be the roof. Such a roof has two slopes on each of the four sides of the building, with the upper slope less steeply inclined.
🗑
|
||||
| Manufactured Home | show 🗑
|
||||
| show | A place where goods can be bought and sold and establish value
🗑
|
||||
| Marketable Title | show 🗑
|
||||
| Marketable Title Act | show 🗑
|
||||
| show | An appraisal technique that determines assessed value for all lands in a given area by applying an overall percentage increase of decrease.
🗑
|
||||
| Master Plan | show 🗑
|
||||
| show | any fact that is important or relevant to the issue at hand; mandatory disclosure by all agents in a transaction to all parties of the transaction
🗑
|
||||
| show | A specific, involuntary lien filed when property owner has not paid for work of contractors, laborers, and others.
🗑
|
||||
| show | Uses boundaries and measurements of the land.
🗑
|
||||
| mitigation | show 🗑
|
||||
| MLS | show 🗑
|
||||
| show | A dwelling consisting of a series of rooms or units built off-site according to the NC State Building Code; is considered real property as soon as it assembled on the land. May be multi-storied
🗑
|
||||
| show | Governmental regulation of the amount of money in circulation through such institutions as the federal reserve board.
🗑
|
||||
| show | Fixed objects used to establish real estate boundaries. Ex.: stones, trees, lakes, streets, markers placed by surveyors.
🗑
|
||||
| Mortgage | show 🗑
|
||||
| show | A mortgage loan company that originates, services, and sells loans to investors.
🗑
|
||||
| Mortgage lien | show 🗑
|
||||
| mortgage servicing disclosure statement | show 🗑
|
||||
| show | A mortgagee is the lender in a mortgage loan transaction; a mortgagor is the borrower in a mortgage loan transaction.
🗑
|
||||
| show | The first comprehensive law in the nation passed by a state to regulate construction unprotected mountain ridges.
🗑
|
||||
| Ms. Murphy's Law | show 🗑
|
||||
| Multiperil policy | show 🗑
|
||||
| Mutual assent | show 🗑
|
||||
| show | law designed to protect, preserve, and give management guidelines in coastal areas of the state and places a severe limitation on developments
🗑
|
||||
| show | requires property owners to obtain a permit from the Coastal Resources Commission before participating in any dredging or filling that may affect vegetation or aquatic conditions in NC waters or marshlands
🗑
|
||||
| NC Interstate Succession Act | show 🗑
|
||||
| show | law used to regulate underground storage tanks' discharge of any hazardous substance, including gas and oil.
🗑
|
||||
| NC Sediment Pollution Control Act | show 🗑
|
||||
| show | an increase in the loan balance.
🗑
|
||||
| Negligent misrepresentation | show 🗑
|
||||
| Negligent omission | show 🗑
|
||||
| negotiable instrument | show 🗑
|
||||
| net lease | show 🗑
|
||||
| show | A listing based on the net price the seller will receive if the property is sold; broker can offer property at highest price to increase the commission.
🗑
|
||||
| show | When you deduct the annual operating expenses of the real estate from the effective gross income.
🗑
|
||||
| Nonconforming Use | show 🗑
|
||||
| show | A tenant's right to occupy real estate during the term of a lease, generally considered a personal property interest; nonfreehold estate.
🗑
|
||||
| show | A lack of uniformity; dissimilarity; heterogeneity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogenity
🗑
|
||||
| show | a foreclosure under power of sale in which the deed of trust does not have to be foreclosed through a court action.
🗑
|
||||
| North Carolina Condominium Act of 1986 | show 🗑
|
||||
| show | State fair housing law containing similar prohibitions to those of the federal fair housing law. Unlike the federal law, however, the north carolina law does not exempt owners who are selling their own property, and it does exempt the rental of the unit i
🗑
|
||||
| North Carolina human Relations Commission | show 🗑
|
||||
| show | The state governmental agency whose primary duties include making rules and regulations to protect the general public involved in real estate transactions, granting licenses to real estate brokers, and suspending or revoking licenses for cause.
🗑
|
||||
| North carolina sediment pollution control act | show 🗑
|
||||
| show | The portion of north carolina state law that defines time – shares and regulates their development and sales.
🗑
|
||||
| show | modeled after the Residential Agreements Act, it establishes uniform rules for landlords, tenants, and their agents involved in the handling of short-term rentals under 90 days in length where tenant has primary residence elsewhere.
🗑
|
||||
| Note | show 🗑
|
||||
| show | Substituting a new contract for an old one or substituting new parties to an existing contract.
🗑
|
||||
| Obsolescence | show 🗑
|
||||
| Occupancy permit | show 🗑
|
||||
| show | The reappraisal process based on a statutory schedule of every eight years.
🗑
|
||||
| show | Two essential components of a valid contract.
🗑
|
||||
| Offer to Purchase and Contract | show 🗑
|
||||
| show | Administers the Federal Fair Housing Act under the direction of the Secretary of HUD.
🗑
|
||||
| Office of thrift supervision (ots) | show 🗑
|
||||
| show | maximum amount of security deposit if tenancy is from month to month.
🗑
|
||||
| open listing | show 🗑
|
||||
| open-end mortgage | show 🗑
|
||||
| Opinion of title | show 🗑
|
||||
| option to purchase | show 🗑
|
||||
| show | an agency option a firm may use when the consumer is willing to commit to an exclusive written buyer agency relationship.
🗑
|
||||
| show | A type of zoning that is superimposed over another type of zoning.
🗑
|
||||
| show | A carry– over or protection clause in a listing contract that says the listing broker is entitled to commission for a time period after expiration of the listing term if the property is transferred to a prospect that the broker introduced to the property
🗑
|
||||
| Package insurance | show 🗑
|
||||
| package loan | show 🗑
|
||||
| show | The illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or prospective entry of persons of a particular protected class into the neighborhood.
🗑
|
||||
| Parol evidence rule | show 🗑
|
||||
| show | a loan in which the monthly principal and interest payments are a constant amount, but that payment amount is not sufficient to completely pay off the loan within the loan term; balloon payment due at maturity
🗑
|
||||
| Partition | show 🗑
|
||||
| Party wall | show 🗑
|
||||
| Payment cap | show 🗑
|
||||
| percentage lease | show 🗑
|
||||
| Percolation test | show 🗑
|
||||
| Personal Property or Personality | show 🗑
|
||||
| physical deterioration | show 🗑
|
||||
| pier | show 🗑
|
||||
| show | the slope of a roof measured as the vertical distance in inches (rise) divided by the horizontal distance in feet (run)
🗑
|
||||
| PITI | show 🗑
|
||||
| Planned Unit Development (PUD) | show 🗑
|
||||
| Plat Map | show 🗑
|
||||
| Point of beginning (POB) | show 🗑
|
||||
| show | The state's inherent authority to create and adopt regulations necessary to protect the public health, safety and general welfare of the citizenry.
🗑
|
||||
| show | The form of foreclosure used in a title theory state; also called a nonjudicial foreclosure.
🗑
|
||||
| show | imposes restrictions and limitations on high-cost loans; revises permissible fees and charges on certain loans; prohibits unfair or deceptive practices by lenders
🗑
|
||||
| Premium | show 🗑
|
||||
| show | expenses that have already been paid by the seller prior to closing and the buyer needs to rebate that portion to the seller; generally real estate taxes or HOA dues.
🗑
|
||||
| show | included in a promissory note requiring the borrower to pay a penalty against the unearned portion of the interest for any payments made ahead of schedule.
🗑
|
||||
| Price-fixing | show 🗑
|
||||
| primary mortgage market | show 🗑
|
||||
| show | (1) funds loaned or used in an investment (2) original amount of a loan (3) main party to a transaction – the person for whom the agent works; the client.
🗑
|
||||
| Priority of liens | show 🗑
|
||||
| private mortgage insurance (PMI) | show 🗑
|
||||
| show | rights arising from the contract itself
🗑
|
||||
| privity of estate | show 🗑
|
||||
| show | A legal process by which a court determines who will inherit a decedent’s property and what the estate’s assets are.
🗑
|
||||
| show | The effort that began a chain of events that brings about the desired result. Under an open listing, the broker who is the procuring cause of the sale receives the commission.
🗑
|
||||
| promissory note | show 🗑
|
||||
| show | A policy that provides property owner coverage for the basic structure on that property.
🗑
|
||||
| show | An agency contract between the owner of income property and a management firm or an individual property manager that outlines the scope of the manager's authority.
🗑
|
||||
| show | someone who preserves the value of an investment property while generating income as an agent for the owner.
🗑
|
||||
| Property Report | show 🗑
|
||||
| Proprietary Lease | show 🗑
|
||||
| prorations | show 🗑
|
||||
| show | Race, Color, Religion, National Origin, Sex, Handicapped, Familial Status
🗑
|
||||
| protection agreement | show 🗑
|
||||
| show | Private agreements usually imposed by the owner when property is sold that limits the way the real estate ownership may be used; frequently used by owner/developer to maintain specific standards in the subdivision. The covenants are appurtenant. Also call
🗑
|
||||
| show | A real estate licensee who performs real estate activities under the supervision of a licensed real estate broker-in-charge. Must complete post-licensing courses to remove the provisional license status
🗑
|
||||
| Public offering statement | show 🗑
|
||||
| show | exaggerated comments or opinions; "This house has the best view in town!"
🗑
|
||||
| show | For the life of another. A life estate pur autre vie is a life estate that is measured by the life of a person other than the grantee.
🗑
|
||||
| show | a note secured by a mortgage or deed of trust given by a buyer as a borrower, to a seller, as lender, as part of the purchase price of the real estate.
🗑
|
||||
| show | Estimate based on the quantities of raw materials needed to replace the subject structure as well as of the current price of such materials & their installation costs.
🗑
|
||||
| Quick Take | show 🗑
|
||||
| Quiet title | show 🗑
|
||||
| show | A non-warranty deed that provides the grantee with the least protection of any deed. It carries no covenant or warranties and conveys only such interest, if any, that the grantor my have when the deed is delivered.
🗑
|
||||
| radon | show 🗑
|
||||
| rafter | show 🗑
|
||||
| Rate cap | show 🗑
|
||||
| show | establishing an agency relationship by performing any act that accepts the conduct of the agent as that of an agent.
🗑
|
||||
| show | A buyer who is financially qualified, prepared to buy on seller's terms, and ready to take positive steps toward consummation of the transaction by showing willingness to enter into an enforceable contract.
🗑
|
||||
| Real Estate | show 🗑
|
||||
| show | five
🗑
|
||||
| show | Trust ownership of real estate by a group of individuals who purchase certificates of ownership in the trust, which in turn invest the money in real property and distributes the profits back to the investors free of corporate income tax.
🗑
|
||||
| Real estate license law | show 🗑
|
||||
| show | A text and state that issues multiple classes of investor or interests (securities) backed by a pool of mortgages.
🗑
|
||||
| Real Estate Procedures Act | show 🗑
|
||||
| Real estate recovery fund | show 🗑
|
||||
| Real Estate Settlement Procedures Act (RESPA) | show 🗑
|
||||
| Real Property | show 🗑
|
||||
| reality of consent | show 🗑
|
||||
| show | A registered trademark term reserved for the sole use of active members of local realtors® boards affiliated with the national association of real tors®.
🗑
|
||||
| show | the final step in the appraisal process, in which the appraiser combines the estimates of value received from the sales comparison, cost, and income capitalization approaches to arrive at a final estimate of market value for the subject property.
🗑
|
||||
| Recording | show 🗑
|
||||
| show | A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and baselines, used mainly west of the mississippi river.
🗑
|
||||
| Redemption period (statutory) | show 🗑
|
||||
| show | Illegal practice by lending institutions to deny or discourage loan application in an area based on its racial composition or deterioration.
🗑
|
||||
| Reduction certificate (payoff statement) | show 🗑
|
||||
| Reference to a recorded deed | show 🗑
|
||||
| show | A method of land description that uses lot and block numbers.
🗑
|
||||
| show | The document that developers of time – shares in north carolina must obtain from the north carolina real estate commission before they can offer a project’s time – shares for sale to the public.
🗑
|
||||
| show | An appraisal principal that states that between dissimilar properties, the value of the better quality property is affected adversely by the presence of the lesser quality property.
🗑
|
||||
| Regulation Z | show 🗑
|
||||
| show | Gradual recession of water which uncovers land that usually belongs to the riparian owner.
🗑
|
||||
| Remainder Interest | show 🗑
|
||||
| show | One entitled to receive a remainder interest in some estate sometime in the future.
🗑
|
||||
| show | The construction cost, at current prices and using modern materials & methodology, of a property that is not necessarily an exact duplicate but serves the same purpose or function as the original property.
🗑
|
||||
| Reproduction cost | show 🗑
|
||||
| show | The legal remedy of canceling, terminating, or annulling a contract and restoring the parties to their original positions.
🗑
|
||||
| show | all property used for housing, from acreage to small city lots. both single family & multifamily, in urban, suburban, and rural areas.
🗑
|
||||
| show | this act governs residential leases and landlord-tenant relationships; its purpose is to ensure that only habitable residential unties are rented. Does not apply to hotels, motels, rent-free or commercial properties.
🗑
|
||||
| Resolution trust corporation | show 🗑
|
||||
| show | Private agreements usually imposed by the owner when property is sold that limits the way the real estate ownership may be used; frequently used by owner/developer to maintain specific standards in a subdivision. The covenants are appurtenant. Also call
🗑
|
||||
| retainer fee | show 🗑
|
||||
| retaliatory eviction | show 🗑
|
||||
| show | Deed transfer tax paid by the seller and required to be noted on a deed by state law; the rate is $1 per $500 of sales price. Round sales prices to the next 500 and divide by 500.
🗑
|
||||
| reverse-annuity mortgage (RAM) | show 🗑
|
||||
| show | A future estate that the grantor holds while granting a life estate to another person.
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| ridge board | show 🗑
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| show | The right given by a landlord to another to use the land as a pathway, without actually transferring ownership.
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| show | created when a property owner promises to give the contracting party the first chance to buy the property or to match the bona fide offer of a third party, should the owner decide to sell.
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| show | A concurrent form of ownership reserved for property owned by husband and wife. Right of survivorship is mandatory; making the surviving spouse owner in severalty immediately upon the death of a spouse.
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| Riparian Rights | show 🗑
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| roofing felt | show 🗑
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| show | Real estate licensing authority orders that govern licensees’ activities. They usually have the same force and effect as statutory law.
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| show | the insulation value of materials
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| sale-and-leaseback | show 🗑
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| Sales comparison approach | show 🗑
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| Sandwich lease | show 🗑
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| show | a document acknowledging the full repayment of a mortgage debt
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| show | A finite supply
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| show | a market for the purchase and sale of existing mortgages
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| Self-help eviction | show 🗑
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| show | The tract over which an easement runs.
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| show | The amount of space local zoning regulations require between a lot line and the building line.
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| show | The process of adjusting and prorating credits, debits, and closing expenses to conclude a real estate transaction; referred to as closing.
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| Settlement statement (hud – 1) | show 🗑
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| Severalty | show 🗑
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| show | Changing an item of real estate to personal property by detaching it from the land; for example, cutting down a tree.
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| Sharecropping | show 🗑
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| show | a mortgage loan in which the lender, in exchange for a loan with a lower interest rate, participates in the profits (if any) the borrower receives when the property is eventually sold.
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| show | insulating material that is applied to the wall framing; then siding is applied on top of it
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| shingles | show 🗑
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| Short sale | show 🗑
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| show | profits from assets owned for 12 months or less
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| siding | show 🗑
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| show | the lowest horizontal member of the house frame; also on a window or door
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| Situs | show 🗑
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| show | a flat, horizontal reinforced concrete area, usually the interior floor of a building but also an exterior or a roof area
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| soffit | show 🗑
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| soil suitability test | show 🗑
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| show | the bottom of the wall frame that connects the studs to the flooring
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|
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| Special agent | show 🗑
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| Special assessments | show 🗑
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| show | 1)acceleration clause 2)prepayment penalty clause 3)due-on-sale clause
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|
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| show | churches, schools, cemeteries, and government held lands.
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| show | A conveyance that carries the warranty that the property was unencumbered by the grantor.
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| Specific lien | show 🗑
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| show | A legal action to compel a party to carry out the terms of a contract.
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|
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| Split – level | show 🗑
|
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| Spot Zoning | show 🗑
|
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| show | Cost per square foot of a recently built comparable structure multiplied by the number of square feet in the subject property.
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|
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| State( tenancy) from period to period | show 🗑
|
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| Statute of Frauds | show 🗑
|
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| show | The law pertaining to the period of time within which certain actions must be brought to court or be lost.
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|
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| show | 10 day period after the auction in which the borrower can try to raise the necessary funds to redeem the property.
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|
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| show | the right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges
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|
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| show | The channeling of homeowners to particular neighborhoods based on the presence or absence of a protected class.
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|
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| show | Property regarded as undesirable because of events that occurred there; also called psychologically impacted property. Some conditions that typically stigmatize a property are murder, gang-related activity, proximity to a nuclear plant, and even the alle
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|
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| show | When the cost of an asset is depreciated evenly over its useful life.
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|
||||
| straight-line amortized mortgage | show 🗑
|
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| strict foreclosure | show 🗑
|
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| show | the vertical members in the wall framing; usually placed 16-24 inches apart and serve as main support for the roof and/or the story above
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|
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| Subagency | show 🗑
|
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| Subagent | show 🗑
|
||||
| Subdivision | show 🗑
|
||||
| Subdivision and development ordinances | show 🗑
|
||||
| subfloor | show 🗑
|
||||
| Subjacent Support | show 🗑
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| sublease | show 🗑
|
||||
| show | a written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and other liens under certain circumstances.
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|
||||
| show | A loan made to a borrower with a credit rating below what is required for regular loans creating greater liability for the lender that is countered by higher interest rates and fees; called B, C, or D paper.
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|
||||
| show | Any rights the insured had to sue the person who caused the damage are assigned to the insurance company that has already paid the insured for the damages.
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|
||||
| show | An appraisal principle that states that the maximum value of a property tends to be set by the cost of purchasing an equally desirable and valuable substitute property, assuming that no costly delay is encountered in making the substitution.
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|
||||
| show | Ownership rights in a parcel of real estate to the water, minerals, gas, oil, and so forth that lie beneath the surface of the property.
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|
||||
| success fee | show 🗑
|
||||
| show | the only legal way a landlord can evict a tenant; through a hearing before a magistrate in small claims court.
🗑
|
||||
| Supply | show 🗑
|
||||
| show | An agreement by an insurance or a bonding company to be responsible for certain possible defaults, debts, or obligations contracted for by an insured party; in essence, a policy insuring one’s personal or financial integrity. In the real estate business,
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|
||||
| show | Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights).
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|
||||
| survey | show 🗑
|
||||
| show | Adding or combining successive periods of continuous occupation of real property by adverse possessors. This concept enables someone who has not been in possession for the entire statutory period to establish a claim of adverse possession.
🗑
|
||||
| Tax credit | show 🗑
|
||||
| show | An instrument, similar to a certificate of sale, given to a purchaser at a tax sale. See also certificate of sale.
🗑
|
||||
| Tax lien | show 🗑
|
||||
| Tax sale | show 🗑
|
||||
| show | The process by which a government or a municipal quasi-public body raises monies to fund its operation.
🗑
|
||||
| tax-deferred exchange | show 🗑
|
||||
| Tenancy in Common | show 🗑
|
||||
| show | 1) Owned by Husband and Wife ONLY 2)each own 100% 3) Both must sign when sold 4)a) Divorce changes to tenants in common automatically but legal separation does not b)if not stated, the law presumes, tenants by entire 5) right of survivorship (automatic)
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|
||||
| Tenant Security Deposit Act | show 🗑
|
||||
| show | A loan in which only interest is paid during the term of the loan, with the entire principal due with the final interest payment; also called a straight loan.
🗑
|
||||
| show | Having made and left a valid will.
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|
||||
| the four characteristics of value | show 🗑
|
||||
| show | offer to purchase
🗑
|
||||
| There is no federal exemption to the Fair Housing act if a _____ is involved. | show 🗑
|
||||
| TICAM | show 🗑
|
||||
| show | This means that the contract must be performed within the time limit specified, and any party who has not performed on time is liable for breach of contract.
🗑
|
||||
| show | Any right to occupy a unit of real property during five or more separated time periods over a period of at least five years. 5 day cancellation (without penalty) 10 days developer keeps money in trust; 30 days to refund; $500 fine to developer (per violat
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|
||||
| Title | show 🗑
|
||||
| show | A contract by which the insured is compensated against any losses sustained as a result of defects in a title.
🗑
|
||||
| Title Search | show 🗑
|
||||
| title theory | show 🗑
|
||||
| show | offer acceptance communication
🗑
|
||||
| top plate | show 🗑
|
||||
| show | A survey that shows the lay of the land.
🗑
|
||||
| show | A method of evidencing title by registration with the proper public authority, generally called the registrar, named for its founder, sir robert torrens.
🗑
|
||||
| show | A wrongful act, injury or violation of legal right to the person or property of another.
🗑
|
||||
| Total Circumstances Test | show 🗑
|
||||
| show | Legal test applied by the courts to determine whether an item is a fixture or personal property. 1. Intention of the annexor. 2. Relationship of the annexor. 3. Method of annexation. 4. Adaptation to real estate.
🗑
|
||||
| Townhouse Ownership | show 🗑
|
||||
| Trade Fixture | show 🗑
|
||||
| Transfer tax | show 🗑
|
||||
| Transferability | show 🗑
|
||||
| show | In real estate advertising, specific phrases called trigger terms, require the advertiser to comply with regulation z, and provide the apr (annual percentage rate)plus total financing term disclosure, including total finance charge.
🗑
|
||||
| Trust | show 🗑
|
||||
| Trust funds | show 🗑
|
||||
| Trustee | show 🗑
|
||||
| show | A deed of conveyance executed by a trustee and generally used to transfer title after a foreclosure action.
🗑
|
||||
| show | Implements the truth – in– lending act requiring credit institutions to inform borrowers of the cost of obtaining credit.
🗑
|
||||
| two months' rent | show 🗑
|
||||
| two weeks' rent | show 🗑
|
||||
| show | Often used to store petroleum, if leaking can contaminate groundwater, only 10% of tank needs to be underground to require monitoring
🗑
|
||||
| Undivided interest | show 🗑
|
||||
| unenforceable contract | show 🗑
|
||||
| show | A codification of commercial law, adopted in most states, that attempts to make uniform all laws relating to commercial transactions, including chattel mortgages and bulk transfers. When chattels are purchased on credit, security agreement. To give noti
🗑
|
||||
| Uniform Electronic Transactions Act (UETA) | show 🗑
|
||||
| show | The standard hud– 1 closing statement form required to be given to the borrower, lender, and seller at or before settlement by the closing agent in a transaction covered under the real estate settlement procedures act.
🗑
|
||||
| unilateral contract | show 🗑
|
||||
| show | Estimating the replacement cost of a structure based on the construction cost per unit of measure of individual building components, including material, labor, overhead & builders profit.
🗑
|
||||
| show | one who is empowered to do anything the principal could do personally
🗑
|
||||
| urea-formaldehyde foam insulation | show 🗑
|
||||
| usury | show 🗑
|
||||
| show | The capacity to satisfy future owners needs and desires; how future owners can make good use of the property.
🗑
|
||||
| VA-guaranteed loan | show 🗑
|
||||
| show | A contract that complies with all the essential elements of a contract.
🗑
|
||||
| show | The power of a good or service to command other goods or services in exchange. Also, the present worth of future benefits arising from the ownership of real property.
🗑
|
||||
| Variance | show 🗑
|
||||
| Vendee/vendor | show 🗑
|
||||
| void contract | show 🗑
|
||||
| Voidable Contract | show 🗑
|
||||
| show | the final inspection of the property by the buyer prior to closing to assure that the seller has vacated, made required repairs, and delivered the property in the condition it was in at contact.
🗑
|
||||
| Waste | show 🗑
|
||||
| water table | show 🗑
|
||||
| Wetlands | show 🗑
|
||||
| show | sandwich lease
🗑
|
||||
| Will | show 🗑
|
||||
| show | when agents who have actual knowledge of a material fact deliberately misinform a buyer, seller, tenant, or landlord concerning such fact.
🗑
|
||||
| Willful omission | show 🗑
|
||||
| Working with Real Estate Agents | show 🗑
|
||||
| show | enables a borrower who is paying off an existing mortgage to obtain additional financing from a second lender or the seller.
🗑
|
||||
| show | the return or profit on a loan
🗑
|
||||
| show | Laws imposed by local government authorities that regulate and control the use of land and structures within a designated district or zone.
🗑
|
||||
| show | Enabling Act
🗑
|
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.
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To hide a column, click on the column name.
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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.
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