oklahoma real estate vocab Flashcards

oklahoma real estate vocab 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.asbestosa mineral once used in insulation and other materials that can cause respiratory diseases.anticipationthe appraisal principle holding that value can increase or decrease based on the expectation of some future benefit or detriment produced by the property.conventional loana loan that requires no insurance or guarantee.discount pointa unit of measurement used for various loan charges one point equals 1% of the amount of the loan.Appraiser Independence Requirements (AIR) Regulations issued by Fannie Mae that must be followed by appraisers to ensure accurate and objective appraisals.building permitWritten governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances.Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) A federal law administered by the Environmental Protection Agency that establishes a process for identifying parties responsible for creating hazardous waste sites, forcing liable parties to clean up toxic sites, bringing legal action against responsible parties, and funding the abatement of toxic sites.equitable titlethe interest held by a buyer under a contract for deed or an installment contract; the equitable right to obtain absolute ownership to property when legal title is held in another's name areaa level surface or piece of ground appraisal reportan opinion of a property's market value given to a lender or client with detailed market information assemblageThe combining of two or more adjoining lots into one larger tract to increase their total value.datuma horizontal plane from which heights and depths are measured.estate at sufferance (tenancy at sufferance) when a tenant remains after a lease has expired until the landlord goes through formal eviction building codeAn ordinance that specifies minimum standards of construction for buildings to protect public safety and health.brownfieldsdefunct, derelict, or abandoned commercial or industrial sites; many have toxic wastes.

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 deed in trustAn instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee's use of these powers under the provisions of the trust agreement.appurtenancea right, privilege, or improvement belonging to, and passing with the land.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.closing escrowprocess of settlement in which the buyer and the seller never met the paperwork is handled by an escrow agent.escrow accountThe trust account established by the broker under the provisions of the license law for the purpose of holding funds on behalf of the broker's principal or some other person until consummation or termination of a transaction.agencythe relationship between a principal a principal an agent where in the agent is authorized to represent the principal in certain transactions.encroachmentintrusion on a person's territory, rights, usually a fence , or a tree antitrust lawsLaws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition.equitable right of redemptionthe right of a defaulted property owner to recover the property prior to its sale by paying the appropriate fees and charges.condemnationa judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner air lotsdesignated airspace over a peice of land alienation clausethe clause in a mortgage or deed of trust stating the balance of the secured debt becomes immediately due and payable brokerone who acts on behalf of another for a fee or commission cooperativea residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of people living within the building who are the beneficial owners of the trust or shareholders of the corporation, each possessing a proprietary lease to a property unit.

cost appraisal approachthe process of estimating the value of a property by adding to the estimated land value the appraisers estimate of the reproduction or replacement cost of the building Chlorofluorocarbonsnontoxic, nonflammable chemicals containing atoms of carbon, chlorine, and fluorine.Covenanta written agreement between two or more parties in which a party or parties pledge to perform or not to perform specified acts with regard to the property dower and curtesythe legal right or interest that one spouse has in the property of the other spouse.bilateral contactboth parties make a promise in exchange for one another blockbustingthe illegal practice of inducing homeowners to sell their properties by regarding another's race or national origin 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 constructive noticeNotice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.beneficiarythe person whom a trust operates Americans with Disabilities Act of 1990act addresses rights of individuals with disabilities in employment and public accommodations air rightsthe right to use the open space above a property, usually allowing the surface to be used for another purpose.assessed valueThe value set on property for taxation purposes.estate at willan estate that gives to lessee the right to possession until the estate is terminated by either party enforceable contracta valid contract that can be enforced because there are no legal defenses against it amortized loana loan in which the principal as well as the interest is payable in monthly or periodic installments over the term of the loan.easmentthe right to use the land of another for a particular purpose.assessment equalization factorA factor (number) 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. The ad valorem tax would be based on this adjusted value. An equalization factor may be applied to raise or lower assessments in a particular district or county.blanket loana mortgage covering more than one parcel of real estate bundle of legal rightsthe concept of land ownership that includes ownership of all legal rights to the land possession, encumber,

enjoyment, exclusion, and disposition.