one type of land use from another example, as a screen to

REAL ESTATE TERMINOLOGY Flashcards An estimate and opinion of value or a conclusion resulting from the analysis of facts

APPRAISAL

A non-build-able strip established to separate and protect one type of land use from another example, as a screen to objectionable noise, smoke or visual aspects of an industrial zone adjacent to a residential zone

BUFFER STRIP

A writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding from doing an act which is deemed to be inequitable or unjust in regard to the rights of some other party or parties in the suit or proceeding

INJUNCTION

The official who has the responsibility of determining assessed values

ASSESSOR

Assesses loan applications and approves the release of money to applicants. Assists and encourage private developers and commercial lenders to develop and finace low and middle income mass housing through a viable system of guarantees, loan, insurance and other incentives

HOME GUARANTY CORPORATION (HGC)

The highest monetary price which a property, if offered for sale for a reasonable period of time in competitive market, would bring to a seller who is willing, but not compelled to sell, from a buyer who is willing, but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and ways it is capable of being used. It is used as a basis for determining property taxes

FAIR MARKET VALUE

A mortgage which cannot be paid off until its maturity, unless the creditor consents to earlier

CLOSED

Anything which affects or limits the fee simple title to property, such as mortgages, easements, or restrictions or any kind. Liens are money encumbrances which make property such as mortgages and taxes

ENCUMBRANCES

In modern use, it expressly establishes the title of real property in the owner, without limitations or and he may dispose of it by sale, or trade, or will, as he chooses

FEE SIMPLE

One who receives bequest made by willDEVISEE An agreement whereby the seller promises to sell a thing in consideration of the buyer's compliance to the terms and conditions of the contract and that only after the buyer's compliance will the seller be obligated to transfer and convey the ownership of the thing/subject of the contract

CONTRACT TO SELL

The deposit of instrument and funds with the instructions to a third neutral party to carry out the provisions of an agreement or contract, when everything is deposited to enable carrying out the instructions

ESCROW

A formal declaration before duly authorized officer by a person who has executed on instrument that such execution is his act and deed

ACKNOWLEDGMENT

The sudden tearing away or removal of land by action of water flowing over or through it

AVULSION

A subdivision area characterized by heavy commercial development and multi-level commercial structures, including trade and may contain the service and entertainment industries such as restaurants, shopping centers sufficient to provide the needs of the district level

COMMERCIAL MAJOR OR C2

The clause "to have and to hold" which defines or limits the quantity of the estate granted in the premised of the deed

HABENDUM CLAUSE

Government agency that is responsible for implementing the Environmental Impact System or (EIS)

DEPARTMENT ENVIRONMENT AND NATURAL

RESOURCES (DENR)

In land subdivision development project, a partnership agreement wherein the landowner contributes his raw land as his investment in the project while the developer undertakes the finances and development

JOINT VENTURE

To give a thing as security without the necessity of giving up possession of it

HYPOTHECATE

Predecessor of the HLURBHuman Settlement Regulatory Commission The procedure for enforcing the eminent domain powers of the State

EXPROPRIATION

A stipulation in mortgage of several properties providing that when a buyer of one or more lots pays in full the purchase price a portion of the payment shall be applied to the mortgage obligation and the mortgage shall correspondingly release sold lot or lots from the mortgage

AUTOMATIC REDEMPTION CLAUSE

The transfer of the title of land from one to another. It denotes an instrument which carries from one person to another an interest in land

CONVEYANCE

It is an interest in real estate consisting of absolute ownership in a unit of residential, commercial or industrial buildings, and common ownership of the land and common areas of the condominium project

CONDOMINIUM

A subdivision of an area principally for pollutive /non-hazardous and pollutive/hazardous industries

INDUSTRIAL MEDIUM INTENSITY (I-2)

Are usually found by using a measuring length of tape and placing end to end along line

DISTANCE

Whenever extra soil is added to a lot to fill in low places or to raise the level of the lot, the added soil is often too loose

and soft to sustain in the weight of buildings. Therefore, it is necessary to compact the added soil so that it will carry the weight of buildings without the danger of their titling, settling, or cracking

COMPACTION

The reverting of property to the state when heirs capable of inheriting are lacking

ESCHEAT

A document issued by the DENR Secretary that the proposed project will not cause a significant negative environment impact

ENVIRONMENTAL COMPLIANCE CERTIFICATE

Are used to map large area of the earth surface and must take into account, the curvature of the Earth's surface

GEODETIC SURVEY

The period over which a property will yield a return on the investment, over and above the economic

ECONOMIC LIFE

A written agreement between an owner and an agent giving the agent the right to collect a commission if the property is sold by anyone during the term of his agreement

EXCLUSIVE RIGHT TO SELL

Title passes to the vendee upon delivery of the thing soldCONTRACT OF SALE A personal property mortgageCHATTEL MORTGAGE Is found by compass or more precisely by astronomical observation. Once the surveyor finds whether a point is to the North or East or somewhere between, he can measure the angles to other points and so compute the direction to them

DIRECTION OR BEARING

This is a type of financing under the United Home Lending Program (UHLP) whereby undivided titles of land are made the subject of housing loans for several beneficiaries, specifically residents of blighted or depressed area

COMMUNITY MORTGAGE

A subdivision of an area characterized by heavy commercial developments and multi-level commercial structures, including trade, service and entertainment on a metropolitan (regional) scale of operations as well as miscellaneous support services with permitted light industrial activities

COMMERCIAL, METROPOLITAN (C3)

The breaking of law, or failure of duty, either by omission or commission

BREACH

Ratio between the gross floor area of a building and the area of The lot on which it stands, determined by dividing the gross floor are of the building and the area of the lot

FLOOR AREA

An estate related to real estate, such as lease on real property

CHATTEL

Refers to the purpose for which property is principally or predominantly utilized by the person in possession of the property

ACTUAL USE

The taking of title to property by a grantee wherein he assumes liability for a payment of an existing note secured by a mortgage or deed of trust note

ASSUMPTION OF MORTGAGE

A listing contract whereby an agent is employed by a seller to produce a buyer for the property

AUTHORIZATION TO SELL