Allied Schools California Real Estate Flashcards

Allied Schools California Real Estate Flashcards VendeePurchaser in a contract for deed.Attorney in FactA person given the authority to act on behalf of another under a power of attorney.BlockbustingAny activity which attempts to drive prices down for the purpose of causing transition from one ethnic group to another. This is a violation of Federal Fair Housing Laws.Also called "panic selling".Bargain and Sale DeedAn instrument conveying title which recites a valuable consideration and commonly uses the words "bargain and sale" or words of similar import.Capital GainsThe tax profit realized from the sale of property. (A "tax free" exchange is a deferment of capital gains).Reproduction CostThe cost of exactly duplicating a structure using the same material and design.ComminglingIllegally mixing deposits or monies, collected from a client, with one's personal or business account. Taking money out too soon or putting it into escrow too late (10 banking days).Truth-in-Lending LawCommon name given to the National Consumer Credit Protection Act. Requires lenders to make credit disclosures to individual borrowers for certain types of loans.(Regulation Z) Procuring CauseThe actions by a broker which result in the owner being able to make a sale.Life EstateAn interest which only lasts for the term of a life, or lives, of one or more persons. Death terminates.CertificateThe first thing a veteran should request if attempting to purchase a property using VA eligibility.AllodialThe free and full ownership of rights in land by individuals, which is the basis of real property in the United States.DeedA written instrument, usually under seal, which contains an agreement to transfer some property interest from a grantor to a grantee.TaxationThe right of government to require contribution from citizens to pay for government services.Urban RenewalThe acquisition of certain areas by government action for the purpose of redevelopment LienA legally recognized right to enforce a claim or charge on the property of another for payment of some debt, duty or obligation.

TitleThe legally recognized evidence of a person's right to possess property.AcreA measure of land equal to 43,560 square feet.Tenancy in CommonA form of concurrent ownership where two or more persons hold separate titles in the same estate. May have equal or unequal shares. Right of partition.Abstract of TitleA history of the ownership of a parcel of land which lists transfers of title, rights and liabilities.Real Estate Settlement Procedures Act (RESPA) A law which covers most mortgage loans made for one to four-unit residential property. It requires the lender to provide the loan applicant with pertinent information so that the borrower can make informed decisions as to which lender will be used to finance the purchase.SyndicateAn arrangement to raise equity capital for real estate purchases or for other types of investments.Vendor's LienThe amount of the purchase price still due to the seller.Warranty DeedA deed in which the grantor makes formal assurance as to quality of title.Assessed ValueThe value placed on property, by the tax assessor, for the purpose of determining the property tax Prime RateThe interest rate charged to a lender's AAA customer. This is normally the base from which other interest rates are derived.Satisfaction of MortgageAn instrument issued by the mortgagee (Lender) when the mortgage has been paid in full.Special AgentOne limited in authority to transact a single business affair or a specific series of business affairs or to perform restricted acts for the principal. (Listing one property for sale) General AgentOne authorized to transact all of the principal's affairs within the context of a broad commercial or other kind of endeavor. Property manager.Open-end MortgageA loan containing a clause which allows the mortgagor to borrow additional money without rewriting the mortgage.SitusRefers to the economic location of real estate.YieldThe interest earned by an investor on the investment.MortgageeA lender who receives a pledge of property to secure a debt.Tax BaseThe total tax-assessed value of all real property in a particular jurisdiction.Setback LinesA requirement in zoning ordinances in which all structures are to be a minimum distance from property lines.Discount PointsA fee charged by the lender at settlement that results in increasing the lender's effective yield on the money borrowed. One discount point equals one percent of the

loan amount.Veterans Administration (VA)An agency of the federal government created to provide a loan guaranty program which enables qualified veterans to

finance real estate purchases with a higher loan-to-value ratio than is normally possible with conventional financing.