DISCRIMATORY ADVERTISING ANY ADVERTISING THAT STATES OR INDICATES A

real estate terminology michigan Flashcards

DISCRIMATORY ADVERTISINGANY ADVERTISING THAT STATES OR INDICATES A

PERFERENCE.LIMITATION, OR DISCRIMATION ON

THE BASIS OF RACE, COLOR, RELIGION, SEX,

NATIONAL ORIGIN, HANDICAP, OR FAMILIAL STATUS

IN OFFERING HOUSING FOR SALE OR RENT.

BILL OF SALEINSTRUMENT TRANSFERRING OWNERSHIP OF

PERSONAL PROPERTY

ScarcityAn Economic characteristic of Real Property. In appraisal, supply of property in relation to effective demand

EMBLEMENTSPERSONAL PROPERTY GROWING IN THE SOIL

REQUIRING PLANTING & CULTIVATING: ANNUAL

CROPS

BUNDLE OF RIGHTSTHE RIGHTS OF AN OWNER OF A FREEHOLD ESTATE

TO POSSESSION ENJOYMENT, CONTROL &

DISPOSITION OF REAL PROPERTY

REMAINDERREMAINDERMAN

ALLODIAL SYSTEMTHE TYPE OF LAND OWNERSHIP EXISTING IN THE

UNITED STATES WHEREBY INDIVIDUALS MAY HOLD

TITLE TO REAL PROPERTY ABSOLUTELY.

ELLIOT-LARSEN CIVIL RIGHTS ACTSREPLACED THE 1968 MICHIGAN FAIR HOUSING ACT

IN PROHIBITING DISCRIMINATION IN THE SALE,

RENTAL OR LEASE OF HOUSING ACCOMADATION

ESTATE IN REAL PROPERTYA.) AN INTEREST SUFFICIENT TO PROVIDE THE

RIGHT TO USE, POSSESSION AND CONTROL OF

LAND.B.) ESTABLISHERS THE DEGREE AND

DURATION OF OWNERSHIP.

CO-OWNERSHIPTITLE TO REAL PROPERTY HELD BY TWO OR MORE

PERSON AT THE SAME TIME ALSO CALLED

CONCURRENT OWNERSHIP.

THE RIGHT FOR PROPERTY TO DESCEND TO THE

HEIRS OF THE OWNER AS SET OUT BY WILL OR BY

INTESTATE SUCCESSION

RIGHT OF SURVIVORSHIP

obsescenceloss in property value caused by economic or functional factors

REDLININGTHE REFUSAL OF LENDING INSTITUTIONS TO MAKE

LOANS FOR THE PURCHASE, CONSTRUCTION OR

REPAIR OF A DWELLING BECAUSE THE AREA IN

WHICH THE DWELLING IS LOCATED IS INTEGRATED

OR POPULATED BY MINORITIES.

HOMOGENEITYNEIGHBORHOODS MADE UP OF SIMILAR AND

COMPATIBLE PROPERTIES

MASTER DEED (CONDO DECLARATION)THE INSTRUMENT THAT LEGALLY ESTABLISHES A

CONDOMINIUM ALSO CALLED CONDOMINIUM

DECLARATION

ACCIDENTAL AGENCYAN INDIVIDUAL BEING LED TO BELIEVE BY A

BROKER/SALESPERSONS ACTIONS AND

REPRESENTATIONS THAT THE

BROKER/SALESPERSON IS REPRESENTING ( IS AN

AGENT FOR) THE INDIVIDUAL

HANDICAPA MENTAL OR PHYSICAL DISABILITY THAT IMPAIRS

ANY OF A PERSON LIFE FUNCTIONS.

Real EstateLand and everything permanently attached to land; sometimes used interchangeably w/ the terms real property and realty

OWNERSHIP BY ONLY ONE PERSONSITE CONDOMIUM

CHATTELPERSONAL PROPERTY

National Association of Realtors ( NARS) The largest and most prominent trade organization of real estate licencees

ANY PROPERTY ACQUIRED BY ONE SPOUSE DURING

MARRIAGE BY GIFT OR INHERITANCE OR

PURCHASED W/THE SEPERATE FUNDS OF A

HUSBAND OR WIFE

SEVERALTY

CONDO UNIT COMPOSED OF ONLY VACANT LAND

W/SURFFACE IMPROVEMENTS OR W/AIR SPACE

WITHIN WHICH A BUILDING IS TO BE CONSTRUCTED

TENANCY BY THE ENTIRETY

MICHIGAN PERSON WITH DISABILITIES CIVIL RIGHTS

ACT

REQUIRES THAT AN OWNER OR ANY OTHER PERSON

ENGAGING IN A REAL ESTATE TRANSACTION.A REAL

ESTATE BROKER, OR A REAL ESTATE SALESPERSON

SHALL NOT,ON THE BASIS OF DISABILITY THAT IS

UNRELATED TO THE INDIVIDUALS ABILITY TO

ACQUIRE RENT OR MAINTAIN PROPERTY OR USE BY

AN INDIVIDUAL OF ADAPTIVE DEVICES OR AIDS,

ENGAGE IN A NUMBER OF DISCRIMINATORY

PRACTICES.

HIGHEST AND BEST USEUSE OF LAND THAT WILL PRESERVE ITS UTILITY AND

YIEDL A NET INCOME FLOW IN THE FORM OF RENT

THAT WHEN CAPITALIZED AT THE PROPER RATE OF

INTEREST, REPRESENTS THE HIGHEST PRESENT

VALUE OF THE LAND

CIVIL RIGHTS ACT OF 1866A FEDERAL LAW THAT PROHIBITS ALL DISCRIMATION

ON THE BASIS OF RACE

leveragethe use of borrowed funds ; the larger the percentage of borrowed money, the greater the leverage block bustingThe illegal practice of inducing panic selling in a neighborhood for financial gain

FAIR HOUSING AMENDMENTS ACT OF 1968A FEDERAL PROHIBITION ON DISCRIMINATION IN THE

SALE, RENTAL, OR FINANCING OF HOUSING ON THE

BASIS OF RACE, COLOR, RELIGION, SEX, OR

NATIONAL ORIGIN

DECLARATIONA.)MASTER DEED CONTAINING LEGAL DESCRIPTION

OF THE CONDOMINIUM FACILITY.B)A PLAT OF

PROPERTY, PLANS, SPECIFICATION FOR THE

BUILDING AND UNITS.C)A DECRIPTION OF THE

COMMON AREAS.D)THE DEGREE OF OWNERSHIP IN

THE COMMON AREAS AVAILABLE TO EACH OWNER.

AGENCY DISCLOSURETHE LICENSEE IS REQUIRED TO DISCUSS ALL

AGENCY RELATIONSHIPS ALLOWED UNDER

MICHIGAN LAW AND PROVIDE THE CONSUMER WITH

A DOCUMENT INDICATING THE AGENCY

RELATIONSHIP THEY WILL HAVE WITH THE LICENSEE

( AND AFFILIATED LICENSEE) AND THE BROKERAGE.

STIPULATIONTHE VIOLATION AND FINES OR PENALTIES, WHICH

THE DEPT. AND THE LICENSEE HAVE AGREED UPON.

(DOES NOT INCLUDE THE RIGHTFS OF

SURVIVORSHIP) A FORM OF CO-OWNERSHIP THAT

DOES NOT INCLUDE THE RIGHT OF SURVIVORSHIP

TIMESHARING

CONDOMINIUMA FORM OF OWNERSHIP OF REAL PROPERTY,

RECOGNIZED IN ALL STATES, CONSISTING OF

INDIVIDUAL OWNERSHIP OF SOME ASPECTS &

CO-OWNERSHIP IN OTHER ASPECTS OF THE

PROPERTY

MICHIGAN CIVIL RIGHTS COMMISIONINVESTIGATES ALLEGED DISCRIMINATION AND

SECURES THE EQUAL PROTECTION OF CIVIL

RIGHTS.

FREEHOLD ESTATEA RIGHT OF TITLE TO LAND

BLOCKBUSTINGFOR PROFIT, TO INDUCE OR ATTEMPT TO INDUCE

ANY PERSON TO SELL OR RENT ANY DWELLING BY

REPRESENTATIONS REGARDING THE ENTRY OR

PROSPECTIVE ENTRY INTO THE NEIGHBORHOOD OF

A PERSON OR PERSON OF A PARTICULAR RACE,

COLOR, RELIGION, SEX OR NATIONAL ORIGIN

modification by improvementan economic characteristic of land providing that the economic supply of land is increased by improvements made to the land and on the land

FEE SIMPLE ABSOLUTEA DEFEASIBLE FEE (TITLE) RECOGNIZABLE BY

WORDS" AS LONG AS"

A FORM OF OWNERSHIP IN WHICH THE PURCHASER

OWNS THE PROPERTY FOR A CERTAIN SPECIFIED

TIME INTERVAL

TRADE FIXTURES

Real Propertyphysical property such as land and buildings. The aggregate of rights, powers, and privileges conveyed w/ ownership of real estate.

PUR OUTRE VIEA LIFE ESTATE BASED ON THE LIFE OF ANOTHER

JOINT TENANCYA FORM OF CO-OWERNERSHIP THAT INCLUDES THE

RIGHT OF SURVIVORSHIP.

CURTESYA HUSBANDS INTEREST IN THE REAL PROPERTY OF

HAS WIFE

FREE MARKETA NICKNAME FOR FEDERAL HOME LOAN MORTAGE

CORP. (FHLMC) A CORP. WHOLLY OWNED BY THE

FEDRAL HOME LOAN BANK SYSTEM. THE

PURCHASES FHA, VA AND CONVENTIONAL

MORTGAGES.

LICENSE LAW TERM THAT DESCRIBES A TYPE OF

RELATIONSHIP BETWEEN A BROKER AND HIS OR

HER LICENSEES

INDEPENDENT CONTRACTOR

( ITEM INSTALLED BY COMMERCIAL TENANT) ITEM

INSTALLED BY A COMMERCIAL TENANT AND IS

REMOVABLE UPON TERMINATION OF THE TENANCY.

BOARD OF REAL ESTATE BROKERS AND

SALESPERSON

RETURN OF TITLE TO THE HOLDER OF A FUTURE

INTEREST SUCH AS THE GRANTOR IN A LIFE ESTATE

NOT IN REMAINDER

RIGHT OF FIRST REFUSAL CLAUSE

investmentThe OUTLAY OF MONEY FOR INCOME OR PROFIT;

THE OUTLAY OF MONEY FOR

A FORM OF CO-OWNERSHIP LIMITED TO HUSBAND

AND WIFE W/THE RIGHT OF SURVIVORSHIP

TENANCY IN COMMON

FAMILIAL STATUSAN ADULT W/CHILDREN W/ UNDER 18. A PERSON

WHO IS PERSON, ONE WHO HAS LEGAL CUSTODY OF

A CHILD OR WHO IS IN THE PROCESS OF OBTAINING

SUCH CUSTODY.

2. ASSOCIATION OF REAL ESTATE LICENSE LAW

OFFICIALS (ARELLO);

FOUNDED IN 1929, A GROUP OF REAL ESTATE

LICENSE LAW OFFICIALS THAT REGULATES MORE

THAN 2 MILLION REAL ESTATE LICENSES...

CIVIL RIGHTS ACT 1968FAIR HOUSING ACT OF 1968 (SEE FAIR HOUSING

ACT)

CONVEYANCETRANSFER OF TITLE OF REAL PROPERTY

INDESTRUCTIBILITYA PHYSICAL CHARACTERISTIC OF LAND DESCRIBING

THAT LAND AS A PERMANENT COMMODITY THAT

CANT BE DESTROYED

listing contracta contract whereby a property owner employs a real estate broker to market the property described in the contract

NATIONAL FAIR HOUSING ALLIANCE (NFHA)COALITION OF PRIVATE, NONPROFIT FAIR HUSING

GROUPS THAT WAS JOINED WITH FEDERAL AND

STATE GOVERNMENT, FAIR HOUSING

ENFORCEMENT AGENCIES TO SUBSTANTIALLY