Ohio Real Estate Principles Practices Flashcards

Ohio Real Estate Principles & Practices Flashcards ConversionWrongfully taking or retaining possession of an individual's personal property and placing it in the service of another.Escrowa written agreement (or property or money) delivered to a third party or put in trust by one party to a contract to be returned after fulfillment of some condition Gross IncomeThe estimated income a property has the potential to generate, before vacancy and collection losses and expenses.License on Deposit1. A special license status that is only available only to brokers who wish to return their broker's license to the Division of real estate in order to reactivate their license as a salesperson. A brokers license may remain on deposit indefinitely if timely renewed and continuing education requirements are met. 2. A special license status available to any licensee who enters the military or whose reserve military status is activated. the license remains inactive until the next renewal date following honorable discharge from the military.Marketable Title ActAn Ohio law that extinguishes certain old, dormant claims against a title to simplify the title search process.Habendum Clause"To have and to hold" clause in a deed defining the extent of ownership being granted; i.e., a life estate or a defeasible fee CodicilAddition to, or revision of, a will.Straight Line DepreciationA method of depreciation under which improvements are depreciated at a constant rate throughout the estimated useful life of the improvement.AnnexationAttaching personal property to land so the law views it as part of the real property Dower Rights Choateperfected; complete GrantTo transfer or convey an interest in real property by means of a written instrument.Creditora person to whom money is owed by a debtor Bilateral Contracta contract involving mutual promises (each part is both promisor and promisee) Ingress and EgressEntering and Exiting; usually refers to a road or other means of access to a property. An easement for ingress and egress is one that gives the dominant tenant access to the dominant tenement.Appurtenant EasementAn easement that benefits a particular property, the dominant tenant.

Condominiumhousing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned ImmobilityA physical characteristic of real estate referring to the fact that it cannot move from one place to another.Cost of MoneyThe interest rate that people or businesses must pay to use another's money for their own purposes Cost approachan approach to appraisal which considers the price of resources necessary to build the same or a similar property. It is the only approach which places a separate value on the land.Land ContractA real estate installment agreement where a buyer makes payment to a seller in exchange for the right to occupy and use property, but no deed or title transfers until all, or a specified portion of, payments have been made.Easement in GrossAn easement that benefits a person instead of land; there is a dominant tenant, but no dominant tenement.Appropriative RightsWater rights allocated by government permit, according to an appropriation system. It is not necessary to own property beside the body of water in order to apply for an appropriation permit.Junior LienholderSecured creditor with a lower priority lien than another lien on the same land.Equitable LienA lien arising out of fairness, instead of agreement or operation of law.AssumptionWhen one party takes over responsibility for the loan of another party and the terms of the loan or note remain unchanged.Balloon PaymentA final payment at the end of a loan term to pay off the entire remaining balance of principal and interest not covered by payments during the loan term.CodificationCollection and organization of various laws into a comprehensive statutory code.Conventional Loana loan that is not insured or guaranteed by a gov. source ConveyanceDeed; transference of property ownership, especially as real estate EscheatProperty reverts to the state when someone dies leaving NO WILL and NO HEIRS.Marketable Record TitleEvery link in the chain of title is recorded going back at least 40 years Highest and Best UseThe use that will give the owners the greatest actual return on their investment AppropriationTaking private property for public use, through the governments power of eminent domain.Secured CreditorA creditor with a lien on specific property that enables him to foreclose and collect the debt from the sale proceeds of

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Attachment LienA lien intended to prevent property transfer pending the outcome of litigation.Comparative Negligence RuleWhen parties share liability based on their partial fault or negligence in causing the injury or tort.Fee Simple AbsoluteThe greatest estate one can have in real property; freely transferable and inheritable, and of indefinite duration, with no conditions on the title.General Liena lien on all the property owned by a debtor and not just a specific property Fannie Maea federally chartered corporation that purchases mortgages Quitclaim DeedA deed that conveys any interest in real property the grantor has at the time the deed is executed. This type of deed is often used to clear up a cloud on the title. It contains no warranties of any kind.Vendor's LienA lien to secure payment of the purchase price balance, held by a real estate seller if the buyer does not pay the seller in full at closing.LevyTo impose a tax EstateA possessory interest in real property; either a freehold estate or a leasehold estate Correction DeedA deed used to correct minor mistakes in an earlier deed.Deed of TrustA deed to real property, which serves the same purpose as a mortgage, involving three parties instead of two. The third party holds naked title for the benefit of the lender.Beneficiary (Lender), Trustor (Borrower), Trustee (Third Party) Life Estate(law) an estate whose duration is limited to the life of the person holding it Installment NoteA note that calls for payments of principal only during the term of the note, with a balloon payment to pay off the balance.BlockbustingThe illegal practice of inducing owners to sell their homes by suggesting the ethnic or racial composition of the neighborhood is changing, with the implication that property values will decline as a result.Eminent Domainthe right of government to take private property for public use Landlocked PropertyLand without access to a road or highway, land not beside water.Negative EasementAn easement that prevents the servient tenant from using his own land in a certain way (as opposed to allowing the dominant tenant to use it).Bump ClauseA provision in a purchase agreement that allows the seller to keep the property pm the market until a condition in the contract is fulfilled.