Hawaii Real Estate Vocabulary Flashcards

Hawaii Real Estate Vocabulary Flashcards AVULSIONThe sudden removal of land of one owner and depositing on the land of another when a stream changes its channel.ACCESSIONAcquisition of property by its joining or union with other property.BUILDING RESTRICTIONSLimitations on the use of property or the size and location of improvements established by legislation or by covenants in deeds.CERTIFICATE of TITLEIssued by a title company, it assures good title as required by a buyer.ABSTRACT of TITTLEA condensed history or digest of the title to a parcel of land consisting of a summary of every recorded instrument, together with a statement of all liens, charges or encubrances affecting title to that land BLOCKBUSTINGThe discriminatory practice of encouraging members of one race or creed to move into a neighborhood, and then exploiting the situation by persuading residents to sell their houses at deflated prices because of the alleged social deterioration of the neighborhood.AMERICANS with DISABILITIES ACTAn act protecting the rights of persons with physical or mental disabilities from discrimination in employment, public services, and public accommodations; also requires certain buildings to meet strict design standards; employers must make accommodations in hiring and training.BASELINE and MERIDIANImaginary lines used by surveyors in locating and describing land under the rectangular survey method. The north-south line is the MERIDIAN; the east-west line is the BASE LINE. Used mostly in mid-western states.ALLUVIONThat increase of soil on a shore or bank or a river as the result of ACCRETION.BIENNIALHappening once every two years ALIENATIONThe transferring of real property from one person to

another: to transfer.

BLANKET MORTGAGEOne mortgage covering two or more specific parcels or realty.CERTIFIED PROPERTY MANAGERA designation awarded to those who have taken required courses in property management.ASSIGNMENTThe method or manner by which a right or contract is transfered from one person to another.ANNUITYA sum of money that constitutes one of a series of periodic payments.

AMERICAN LAND TITLE ASSOCIATION (ALTA)An extended coverage title insurance policy usually protecting the mortgagee (buyer) against loss due to errors in the public records.AFFIRMTo confirm or ratify.ABUTTING OWNERAn owner whose land touches a highways or other public place BARGAIN and SALE DEED (no warranties)A deed used to convey title to real property, which usually does not include warranties; if any, they are generally an assertion by the grantor that he has possession of the property ACCRETIONGradual additions to land, by deposits of sand or soil, by bordering waters through natural causes.ANNUAL PERCENTAGE RATE (APR)The effective annual cost of credit calculated on the basis of procedures specified by REGULATION Z (Truth-in-Lending).COLLATERALIZED LOANA loan secured by property; unlike a debenture.ASSIGNEE (receiver)The person to whom an agreement or contract is transferred.ANNEXATIONThe act of attaching, adding, joining, or uniting one thing to another.APPURTENANCEThat which has been added to a property, which becomes an inherent part of the property, and will pass with it when conveyed; includes improvements.BIANNUALSomething that occurs twice each year; semi-annual.CERTIFICATE of NO DEFENSE (Estoppel Certificate) An instrument executed by the mortgagor and attesting to its validity.ACCELERATION CLAUSEA clause in a mortgage or agreement of sale stating that upon default of a payment due, immediate and full payment of the balance of obligation becomes due and payable.COMMINGLINGMixing a client's money with your own personal funds.BENEFICIARYA person who receives and benefits from the gifts ; one who receives the proceeds from a will, insurance policy, or trust; the lender in a deed of trust.ANCHOR TenantA major tenant in a shopping center that serves as a magnet to attract customers to the center.CODICILA supplement or addition to a will that adds to, subtracts from, alters, revokes, or qualifies the provisions of a will.BULK SALES TRANSFERAny transfer of a major part of the materials, inventory or supplies of an enterprise not in the ordinary course of the seller's business.BROKERA licensed person who negotiates the purchase and sale of real estate of another.BUDGET MORTAGEA mortgage with payment that covers principal and interest, plus taxes, fire insurance, lease rent, ect.

BUREAU of CONVEYANCESThe Hawaii state office which houses all legal documents relative to title to both land court and regular system property recorded since 1848; located in Honoulu COLOR of TITLEThat which appears to be good title but which is not in fact good title, such as title held under a defective deed.BEFORE and AFTER METHODAn appraisal method used in condemnation cases where there has been a partial taking of the property.BASISThe original cost of property plus value of any improvement put in the seller, minus the depreciation taken by him.ALLEGATIONThe assertion or declaration of a party setting out what he expects to prove.BUY-DOWNThe one-time, nonrefundable prepayment of a portion of the interest of a loan to subsidize reduced monthly payments.COMMON INTERESTThe percentage of undivided interest in the common elements of a building appertaining to each apartment in a condominium.CAVEAT EMPTORLet the buyer beware; buyer must examine the goods or property and buy at his own risk ASSESSMENTA charge against real estate made by a unit of government or condo association to cover the proportionate cost of improvement.AGENCYThe legal relationship resulting from an agreement that the agent is authorized by principal (seller/buyer) to perform certain acts on behalf of the principal in dealing with a third party.APPRAISAL INSTITUTEA professional organization of appraisers.APPRAISALAn estimate of value of real estate; the report stating and supporting the estimated value of realty.

ADJOINING OWNEROne whose property is contiguous to another: to be next to.

ABANDONThe relinquishment of all rights and title to a property with no intention of reclaiming ownership BALLOON PAYMENTThe final installment payment on a note that is greater than the preceding installment payments and pays the note in full.BILL of SALEA written instrument that passes title of personal property from seller to buyer (*date not important) ANTI-TRUST LAWSFederal and state laws prohibiting conduct that interferes with business competition, such as PRICE FIXING, GROUP BOYCOTTS and TYING AGREEMENT.BANKRUPTCYA condition of financial insolvency in which a person's liabilities exceed his assets, and he is unable to pay his debts.ADMINISTRATORA person appointed by the court to administer the estate of

a deceased person who died INTESTATE, or left no will: a

personal representative.