48. Intestate succession

real estate definitions Flashcards A system in which landowners pay rent to a superior.45. General warranty deed The term used to express a national policy against most types of discrimination in housing.

• Estoppel

A lease in which a flat or fixed amount of rent is payed by the tenant.

• Intestate succession

An item that was once used as personal property but now, because of the nature of it's relation to the property.

• Floodplains

Considerationa promise, act, or forbearance bargained for and given in exchange for a promise, act, or forbearance A form of co- ownership between husband and wife in which each has a one-half interest in the property acquired through labor or marriage.

• Cooperative

The release of contacts obligations28. Eminent domain Annual Percentage Rate (APRas defined in the truth in lending Act, the percentage that the total finance charge calculated on annual basis bears to the amount of the loan or credit.A form of ownership in which lands and buildings are owned by a corporation.

• Co-Ownership

Distribution of property of a person who die without leaving a will or whose will is invalid.

• Graduated mortgage

Common elementsthe parts of the development property that are necessary or convenient for the residents of a condominuin and are owned in common by all condominium residents

• Comprehensive PlanA prerequisite for regulating land use Its contacts can

range from a thorough master plan to a zoning code / map Accelerationa provision in a mortgage giving the mortgagee the right to declare the entire debt due and payable on default.A right to use antiheroes real property for a particular purpose.

• Easement in Gross

A transaction in which an agent presents both principals.31. Default Acceptanceasset to the terms of an offer Building Codeprotects the public health, safety, and welfare by regulating building and construction standards Contracta promise or an agreement that the law will enforce REPEAT34. Escheat Bylaws (Condo)the rules governing the internal operation of a condominium development Balloon Payment Mortgagea mortgage in which the final payment under contract is substantially larger than the previous installment payments A defensible free that terminates automatically if a stated act or even occurs.

• Feudalism

• Constructive evidence22. Community property

Agricultural Landslands that are actively being used for grazing and / or crop production.Breach of contractthe unexcused failure to perform an obligation under contract.An interest in real property created to last for an uncertain period of time.

• Gross lease

Areas near waterways that are prone to flooding. 38. Foreclosure Conveys the sutlers title and contains convenience of title or warranties. These covenants provide the biker with some protection.

• Freehold estate

Agencya legal relationship in which one party, called the principal, authorized another called the agent, to act in the principal's behalf A legal instrument in which a borrower transfers real property to a trustee as a security for a debt.

• Eminent Domain
• Closingthe final state of the real estate purchase transaction, when

the deed and the purchase money are exchanged.A type of fixed - rate mortgage in which the payment increases gradually from an initial low base level to a desired, final level.

• Leasehold estate

Deeda legal instrument that conveys title to real property on delivery and acceptance by grantee.An easement that exists as a personal right apart from dominant state.

• Discharge

Right of the state to take the private property for public use.compensation myst be paid to the owner.

• Easement Appurtenant

Ownership of real estate in which two or more people have undivided interests.

• Easement

Condominiumthe fee simple ownership of one unit in a multiple-unit structure, combined with an ownership of an undivided interest in the land and all other parts of the structure held in common with the owners of the other individuals units in the structure Brokeran agent who facilitates a transaction between parties.A procedure in which property used as security for a debt in the event of default to satisfy debt.

• Fair Housing

The right of an owner of a parcel of land to benefit teh use of another land.

• Dual Agency

Abandonmentnonuse of an easement for a substantial.The legal procedure by which a landlord has the tenant removed form the premises.

• Fixture

Chain of Title (recorded history; to original grantThe recorded history of events the effects the title to speck parcel of land usually beginning with the org. patent.

A statement by a mortgagor that he has no defense against paying the mortgage debt.

• Exculpatory Clause

Annual Caplimits the amount of increase or decrease a rate could adjust in any one adjustment period.Reversion to the state of title of person ding without hers or leaving a will.

• Eviction

Nonperformance of a duty or obligation as part of the mortgage transaction.

• Deed of Trust

The most extensive estate in real property that an owner can possess.

• Fee Simple Determinable

A lease clause by which the land-lord attempts to be excuse form the liability for negligence.

• Fee Simple Absolute