Modern Real Estate practice 21st edition Vocabulary Flashcards

Modern Real Estate practice 21st edition Vocabulary Flashcards Annual Percentage Rate (APR)The relationship of the total finance charges associated with a loan. This must be disclosed to borrowers by lenders under the Truth in Lending Act.AppraisalAn estimate of the quantity, quality or value of something ad valorem taxA tax levied according to value, generally used to refer to real estate tax. Also called the general tax.Certificate of SaleThe document generally given to the purchaser at a tax foreclosure sale. A Certificate of Sale does not convey title; normally it is an instrument certifying that the holder received title to the property after the redemption period passed and that the holder paid the property taxes for that interim period.Blue Sky LawsState laws that regulate the offering and sale of securities for the protection of the public.CapitalizationA mathematical process for estimating the value of a property using a proper rate of return on the investment and the annual net operating incomes expected to be

produced by the property. The formula is expressed as:

Income ÷ Rate = Value.BoycottA refusal to buy or use goods and services.Building PermitWritten governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances.acreA measure of land equal to 43,560 square feet.Actual NoticeExpress information or fact; that which is known; direct knowledge.Capital Gaina profit from the sale of property or of an investment.Brokers Price Opinion (BPO)An opinion of real estate value commissioned by a bank or an attorney and provided by a broker.Buyers RepresentativeA residential real estate professional who represents the prospective purchaser in a transaction, often through a sales associate of the broker. The buyer's representative who acts as a buyer's agent owes the buyer-principal the common-law or statutory agency duties.Appraisal ReportAn opinion of a property's market value given to a lender or client with detailed market information.AppreciationAn increase in the value AttachmentThe act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor.

AreaLength x Width Bargain and Sale DeedA deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed at his or her discretion Administrative Law JudgeThe official who presides over a hearing involving a government agency and someone affected by a decision of that agency. The ALJ hears evidence, including the testimony of witnesses, and renders a decision.AssessmentThe imposition of a tax, charge or levy usually according to established rates AdministratorA court-selected person who assists with the settlement of an estate of a person who died without leaving a will.Abstract of TitleThe condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.AppraiserAn independent person trained to provide an unbiased estimate of value Balloon PaymentA final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized.Bundle of Legal RightsThe concept of land ownership that includes ownership of all legal rights to the land-possession, control within the law, enjoyment, exclusion, and disposition.Actual EvictionThe legal process that results in the tenant's being physically removed from the leased premises.Brokerperson who acts as a go-between for buyers and sellers of stocks and bonds Certificate of OccupancyPermission by the municipal inspector to occupy a completed building structure after being inspected and having complied with building codes.Assumption of MortgageAcquiring title to property on which there is an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.BeneficiaryThe person for whom a trust operates or in whose behalf the income from a trust estate is drawn Capitalization RateThe rate of return a property will produce on the owner's investment.Assessment / Equalization FactorA factor by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with statewide tax assessments Buyer's AgentA real estate professional who is under contract to locate property for a buyer and represent the buyer's interests in a

transaction.

Blanket LoanA mortgage covering more than one parcel of real estate, providing for each parcel's partial release from the mortgage lien upon repayment of a definite portion of the debt.Allodial SystemA system of land ownership in which land is held free and clear of any rent or service due to the government; commonly contrasted to the feudal system. Land is held under the allodial system in the United States.Area PreferencePeople's desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location.Certificate of Reasonable Value (CRV)A form indicating the appraised value of a property being financed with a VA loan.Adverse PossessionThe actual, open, notorious, hostile, and continuous possession of another's land under a claim of title.Possession for a statutory period may be a means of acquiring title.AlienationThe act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.AppurtenanceA right, privilege, or improvement belonging to, and passing with, the land.accessionAcquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.CC&R'S (Covenants, Conditions and Restrictions) Private agreements that affect land use. They may be enforced by an owner of real estate that benefits from them and can be included in the seller's deed to the buyer.AssignmentThe transfer in writing of interest in a bond, mortgage, lease or other instrument BlockbustingIllegal practice of inducing homeowners to sell their properties by telling them that a certain people of a certain race, national origin or religion are moving into the area AvulsionThe sudden tearing away of land as by earthquake flood volcanic action or sudden change in the course of a stream Alienation ClauseThe clause in a mortgage or deed of trust stating that the balance of the secured debt becomes immediately due and payable at the lender's option if the property is sold by the borrower. In effect, this clause prevents the borrower from assigning the debt without the lenders approval Building-related illness (BRI)An illness due to air quality problems, typically toxic substances or pathogens; a clinically diagnosed condition.Symptoms include asthma, allergies, and hypersensitivity.Attorney's Opinion of TitleAn abstract of title that an attorney has examined and has certified to be, in the attorney's opinion, an accurate