CA Real Estate Vocab Flashcards

CA Real Estate Vocab Flashcards California Housing Finance Agency (CalHFA) state agency that makes low-interest loans to first-time homebuyers from funds derived from the sale of tax-exempt bonds right of appropriationlegal right to take possession of and use water from streams and other bodies base linesin the Sections and Townships method of land description, California has three base lines running east-west bulk salea sale of more than half of the value of the seller's inventory considerationanything of value or promised to induce another to enter into a contract crawlspacespace between the ground and the first floor that permits access beneath building business opportunitysale or lease of the assets of an existing business enterprise or opportunity, including the goodwill of the business, enabling the purchaser or lessee to begin a business.common interest development (CID)subidivision which purchasers own or lease a separate lot, unit, or interest and have an undivided interest or membership in a portion of the common area of the subdivision.Carbon Monoxide Poisoning Prevention Act as of 2013, must be installed in all homes that contain a fossil fuel appliance, certificate of dischargewritten instrument that releases lien from mortgage acknowledgement of satisfactionwritten declaration signed before a notary public acknowledging a lien has been paid off in full and that the signing is voluntary certificate of clearnaceissued by Board of Equalization to buyer of business stating previous owners do not owe taxes, interest, or penalties.eminent domainright of state to take private property for public use upon payment of just compensation.capital assetpermanent, non-inventory asset held for personal or investment purposes.abstract of judgmentsummary of court monetary judgment that can be recorded in county of debtor to create a judgment lien against such properties.CLTA plicystandard title insurance policy developed by California Land Title Association that covers forgery.California Coastal Zone Conservation Act state law to promote preservation and protection of coastal zone

deficiency judgmentan unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full.ejectmentlegal action to recover possession of real property from a person who is not legally entitled to possess it, such as remove an encroachment or evict a defaulting buyer or tenant.administratorprobate court appointee to conduct the affairs of a decedent's estate when they died intestate or did not name an executor.contingencyan event whose occurrence is dependent on the happening of another event estate from period to perioda leasehold that continues from period to period book salea "sale" for accounting purposes regarding tax-delinquent property credit bida bid at a foreclosure sale made by the beneficiary up to the amount owed to the beneficiary conditional usea zoning exception for special uses in residential areas adjusted cost basisdollar amount assigned to a property after additions of improvements and deductions for depreciation and losses are made to the property's acquisition cost escalator clauseprovision in lease that provides for periodic increases in rent, often based on Consumer Price Index Certificate of Eligibilityissued by VA, certifying applicant for VA guaranteed loan for a certain amount cost-to-cure methodcalculate depreciation by estimating cost of curing curable depreciation and adding ti to the value of incurable depreciation easement in grossan easement that benefits a legal person rather than another land.Americans with Disabilities Actfederal act that prohibits discrimination against persons with disabilities Costa-Hawkins Rental Housing Actstate law that places restrictions on local rent control laws board footvolume of lumber - 1 square foot at 1 inch thick Cartwright Actbasis for California's antitrust laws book depreciationmathematical calculation used by tax authorities and accountants to determine a depreciation deduction from gross income.back-end ratioratio of total monthly expenses to monthly gross income conventional loana mortgage loan that is not FHA or VA guaranteed.conforming loana loan in conformance with FHFA guidelines community apartment projectdevelopment in which undivided interest in the land is coupled with the right of exclusive occupancy of an apartment located thereon.

cost recoverythe recoupment of the purchase price of a property through book depreciation, the tax concept of depreciation California Withholding Lawrequires buyer of CA real estate to withhold 3.5% of gross sales price from any individual seller.beamhorizontal member of a building that supports transverse loads Equal Credit Opportunity Act (ECOA)federal law that prohibits a lender from discriminating against any applicant for credit on the basis of race, color, religion, national origin, sex, marital status or age, or on income derived from a government assistance program.condition subsequentcondition written into the deed of a fee estate that, if violated, may defeat the estate and lead to its loss and reversion to the grantor assignmenttransfer of tenant's entire interest in the tenant's leased premises capitalization rateannual net income of a property divided by the value of the property columnvertical strucutural member that supports weight alienation clausea due-on-sale clause environmental impact report (EIR)a report that is required to be made if a development project is determined to have a substatial evidence that the project would have significant adverse environmental impact; pursuant to the California Environmental Quality Act.bridge loanalso known as a swing loan, short-term loan that is used until permanent financing becomes available.encumbrancea right or interest held by someone other than the owner of the property that affects or limits the ownership of the property, such as easements and liens.NARNational Association of Realtors Civil Rights Act (Amendment) of 1974prohibits discrimination based on gender Civil Rights Act (Amendment) of 1988prohibits discrimination based on person's disabilities or familial status condominiumresidential unit owned in severalty and undivided interest in portions of real property, such as halls, elevators, and recreational facilities.Civil Rights Act of 1968 (3 specific)aka Fair Housing Act that prohibited discrimination in housing based on race, creed, or national origin.abatementlegal action to remove a nuissance CARCalifornia Association of Realtors carryoverunder an adjustable-rate loan, an increase in the interest rate not imposed because of an interest-rate cap that is carried over to later rate adjustments.commercial acrebuildable part of an acre that remains after subtracting land needed for streets, sidewalks, and curbs

bequeathtransfer personal property by will estoppelbars one from denying or alleging a fact because of one's own previous actions or word to the contrary.ALTA policyextended title insurance policy to out-of-state investors that includes a survey to the property deeda document that when signed by the grantor and legally delivered to the grantee conveys title to real property ad valoremaccording to value; regarding property taxes escheatproperty passes to state if a person dies intestate without heirs attachment liena prejudgment lien on property, obtained to ensure the availability of funds to pay a judgement if the plaintiff prevails.accretiongradual accumulation of soil through the action of water.chattel realpersonal property that contains some interest in real property, most commonly a lease.bundle of rightsrights the law attributes to ownership of property 1099-S Reportingreport submitted to IRS by escrow agents to report the sale of real estate, giving seller's name, social security number, and gross sale proceeds.abandonmentfailure to occupy or use property that may result in loss of right or interest to use property blind adan advertisement that does not disclose the identity of the agent submitting the advertisement for publication assumptionadoption of an obligation that primarily rests upon another.Such as agreeing to be liable on a loan taken out by the seller.ARMadjustable rate mortgage bequestgift of personal property by will bearing wallwall that supports structures such as roof or upper floors estate at sufferancea leasehold that arises when a lesse who legally obtained possession of a preopty remains on the prpoerty after the termination of the lease without the owner's consent. Such a holdover tenant can be evicted like a trespasser, but if the owner accpets rent, the estate automatically becomes a periodic tenancy.concealmentact of preventing disclosure of something anchor boltinserted into concrete that secures structural members to foundation blanket mortgagea mortgage used to finance two or more parcels covenanta contractual promise to do or not do certain acts. The remedy for breach is monetary damages or injunctive relief but not forfeiture.curable depreciationdepreciation that results from physical deterioration or functional obsolescence that can be repaired or replaced at