Real Estate Vocabulary Flashcards

Real Estate Vocabulary Flashcards Regulations that control the use of land within a jurisdictionZoning Type of lien does not need to be recorded to be valid?Real estate tax lien A deed operating as a release. Intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.Quitclaim Deed A type of leasehold estate in which a tenant stays in possession of property after the lease has expired Estate at Sufferance A short-term loan usually made during construction of a building.Interim loan Stops anyone from taking a position which is in conflict with

a previous position or a previous action:

Estoppels

A legal document transferring real property is called a:Deed

Common ownership of two or more units that have been combined to make the value of the new property greater than the values of each individual lot added together.Plottage The legal fiction that signifies that a person or entity should have known, as a reasonable person would have legal action or to be taken, even if they have no actual knowledge of it Constructive Notice Dying without leaving a willintestate A provision in mortgage contract that allows the mortgaged real estate to be used as security to borrow additional money.Open-End Clause Where property is owned by more than one person Concurrent Estate The outlining of a map of certain "high risk" areas for real estate loan purposes. This means lenders will not extend credit in these areas for real property loans, regardless of the qualifications of the applicant.Red Lining A court order to sell property to satisfy a judgementA writ of execution An estate for any fixed period of timeEstate For Years created when a grantor transfers land conditionallyDefeasible Estate Means one person owns the propertyOwnership in Severalty The ratio, expressed as a percentage, of a borrowers monthly expenses to gross monthly income Debt-to-Income Ratio Water rights over a moving body of water like a river or a stream Riparian rights Where the value of a property is estimated by adding the appraisers estimate of the replacement cost of the building to estimated land value and subtracting depreciation.The cost (replacement) approach

An annual crop that is considered personal property is called a(n) Emblement What is the market value of real property, less the amount of existing liens?Equity

When land is suddenly washed away by water: Avulsion

Trying to convince members of a neighborhood to sell their homes because members of a minority group are moving

into the neighborhood is:

Panic-Peddling The estimating value of property for tax purposes Assessment Permanent mortgage loans made by a lender to a borrower once improvements on the borrower's land (new construction) have been completed. The proceeds if the loan are used mainly to pay off the construction loan.Take-out loans A condition created when a loan payment is less than interest alone. Even though payments are made on time, the amount owing increases.Negative Amortization A court action to remove a cloud or another claim that has been placed on title to property.Quiet Title Action Written instrument for passing the title of personal propertyBill of Sale An addition to a will, which modifies the will by adding to it, subtracting from it or clarifying it.Codicil A wall which supports the weight of a part of a structure in addition to its own weight Load-Bearing Wall A person authorized to oversee the signing of documents, such as deeds or mortgages.A Notary The present right to possession with the right to acquire legal title once a preceding condition has been met.Equitable Title Estate in which ownership is for an indeterminate length of time. Unlimited interest in a property.Freehold Estate Some kind of burden on the propertyEncumbrances A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision.Blanket Mortgage A condition created when a loan payment is less than interest alone. Even though payments are made on time, without owing increases Negative Amortization The right to use the land of another for another for a specific purpose, such as a right of way for utilities.Escheat Something affecting the title that may stop its transferCloud on Title The liquidation of a financial obligation in installmentsAmortization An unreasonable delay by a party making a claim or bringing an action, so that the rights of said party are

waived:

Laches A sale and subsequent lease form the buyer back to the seller. Although the lease actually follows the sale, both are

agreed to as part of the same transaction.Sale-Leaseback

A condensed history of title to a particular piece of real estate, including a summary of the original grant, and all subsequent conveyances and encumbrances affecting the property, is known as Abstract of Title Any estate for a definite period of time. Estate for years Where someone has the right to use or enter someone else's land for a special purpose and within certain limits.Easement Title which is not absolute because it may possibly be annulled or voided at a later date.Fee Simple Defeasible A territorial division of land established by federal survey, being six miles square and containing thirty-six sections, each one mile square.Township When part of an agreement is changed, or an old agreement is replaced by a new one.Novation The term concerning the shore of lakes and oceans is?Littoral A provision in a mortgage contract that allows the mortgaged real estate to be used as security to borrow additional money.Open-End Clause Where local, state, and federal governments use their authority to change the use of a property for planning purposes.Police Power A term popular in urban renewal, referring to a run-down area Blighted Area When price is divided by rentGross Rent Multiplier The effective interest return obtained from a first trust deed by an investor is known as Mortgage Yield A method of obtaining ownership rights by the open, notorious, exclusive, and hostile possession of private real property for a statutory period which varies from state to state (from 5 to 30 years).Adverse Possession A court order to sell property to satisfy a judgment.A write of execution A contract where the seller agrees to pay the listing agent a commission if that agent manages to sell the property.However, if the owner sells it themselves, the agent gets no commission.Exclusive Agency Listing When there are no principal payments made and the entire principal amount of the loan is paid off at maturity or the end.Straight Note The legal right one has to possess landTitle