Florida Real Estate Vocabulary Flashcards

Florida Real Estate Vocabulary Flashcards GrantorParty giving the deed that conveys title Adverse possessionMethod of obtaining title to real property by occupying it in an open and hostile manner contrary to the interest of the owner Increase in valueArrears ARM Financing technique in which the lender can raise or lower the interest rate according to a set index Adjusted basis Breach of trustFailure Method of obtaining title to real property by occupying it in an open and hostile manner contrary to the interests of the owner Affidavit Imaginary ins running east and west crossing a principal meridian at a definite point used by surveyors for reference in locating and describing land under the government survey system Before tax cash flow Acceleration clauseStipulation in a mortgage that the entire unpaid balance of the debt may become due and payable if a default of expressed conditions occurs Advanced feeCommission or partial compensation received by a broker prior to completing the real estate service Acre43,560 square feet Absentee OwnerProperty holder who does not reside on the property who usually relies on a property manager to supervise the investment Anything of valueAssignee Littoral rightsLand abutting tidal bodies of water such as ocean or sea VendeeBuyer in a sale contract Type of deed I. Which title is transferred limited number of warranties are made respecting title to use the property Base industry The combining of two or more adjoining properties into one tract Assessed value Equitable titleBeneficial interest in real estate that implies that an individual will receive legal title at a future date VendorSeller in a sale contract A loan characterized by payment of debt by regular installment payments Ad Valorem Financial report that shows the company's financial position at a stated moment in time Balloon payment Single large parent made at the maturity of partially amortized to pay off the debt in full Bargain and sale deed

Point of beginning POBMust be accurate starting pointing Owners original cost plus buying expenses plus capital improvements Administrative complaint GranteeParty receiving the deed and acquiring the title A judicial or court decisionAdjustable rate mortgages State and federal laws designed to maintain and preserve business competition Appeal Outline of allegationsAdministrative law Total yearly cost of creditAntitrust laws LesseeTenant who receives lease Worth established for each unit of real property for tax purposes by a county property appraiser Assessment The act of transferring ownership,title,or an interest in real property Alluvion Arrangement in which a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan or an associate of such person has either affiliate relationship with or a direct beneficial ownership interest of more than 1% in a provider of a settlement services Agency Request to some authority for a decision or judgementAppraisal Sworn statement written down before a notary or public official Affiliated business relationship Bilateral contractAgreement wherein both parties are legally obligated to each other to perform Adverse interestPurpose in opposition to the interest of another party Conducting negotiations on ones own behalf without being subject to the other party's control or influence Attachment RepresentativeAgricultural CheckA square 24 miles on each side , a check contains 16 townships Attorney employed by the division of administrative hearings,department of administration to hear complaints and issue recommended orders Advance fee OffereeSeller receiving an offer to purchase and who accepts counters or rejects the offer One who is authorized to perform certain acts for another under the power of attorney Automated underwriting Blanket mortgageOne debt instrument covering two more parcels A licensees last known mailing addressAdjudication Business that attract outside money into the area primaryBase line MortgageeLender who receives note and mortgage Amount of money required each year for the payment of all mortgages. Interest and principal APR annual percentage rate

Buyer of real property that is already mortgaged assumes liability for the mortgage payments of the original loan that remains on the property At arms length Metes and bounds descriptionPlotting distance is metes bounds is direction Person who gives legal rights or interests to another personAssumption SectionA square 1 mile on each side containing 1 square miles (640) acres Recurring each year the date of the insurance policy must be renewed to continue in effect Annual debt service BienniumA period of two years Defined under chapter 475 FS property zoned more than ten acres Air rights Service that enables lenders to obtain a credit risk classification using applications software in the loan underwriting process Balance sheet The increase of land by the gradual and imperceptible action of natrual forces example deposits of sand Amortized mortgage LienorPerson who has a claim on another's propert OfferorBuyer making an offer to purchase Testate .Indicates a deceased persons prepared a will before death According to the value in proportion to worrh Address of record Litter ownersOwn land that abuts water that is not flowing including ponds and lakes StipulationThe facts of the case and the penalty reached between the attorney for the DRE and the attorney BinderMemorandum given subject to the writing of a formal contract for sale usually acknowledging receipt of s portion of the down payment for purchase Express or implied authorization for one person to act for another Agent Increase of land by the gradual and imperceptible action of

natrual forces example: deposit of sand or mud

Amortized mortgage AffidavitSworn statement written down before a notary or public official Riparian rightsLand abutting moving water such as banks of a river of stream Quarter sectionAlong banks and lakes fractional piece of a section part of legal description for parcel OptioneeBuyer who receives an option contract BootMoney or propert that is not like kind makes up equity State of being behind in the discharge of an obligation paid at the end of the period for which something is due the opposite of an advance Assemblage Adjusted basisAlienation

Purpose in opposition to the interest of another party, for example with a buyer or seller Adverse possession TownshipA square 6 miles on each side containing 36 miles sections Written instrument that serves to transfer the rights of interests of one person to another Assignment of mortgage LessorLandlord who gives lease The body of law created by administrative agencies in the form of rules,regulations,orders and decisions Administrative law judge MortgagorBorrower who gives note and mortgage to obtain a loan Legal instrument stating that mortgage assigns transfers the mortgage and promissory note to the purchaser Assignor Blind advertisementThat provides only a telephone number Person to whom a right or interest is transferred Assignment LieneePerson whose property is subject to a claim or charge by another Bona fideWith out fraud of good faith Commission or partial compensation received by a broker prior to completing the real estate service Adverse interest The act of transferring ownership title or an interest or estate in real property Alluvion AssignorA person who transfers a legal right to another Imposition of tax or charge according to preset rate the allocation of the proportionate individual share of a common expense in a condo or co op building Asset Legal writ is obtained to prevent removal of property that is expected to be used to satisfy judgement Attorney in fact Freedom to use theAlienation IntestateWithout a will One who is registered licensed or certified by the DBPR and provides an estimate of value Appreciation AssigneePerson whom a legal right is transferred A loan characterized by payment of debt by regular installment payments Anniversary date Process of developing and communicating an opinion of s property value as a certain date Appraiser OptionorOwner who gives an option to a buyer