.png){kind=logo}
Vocab Flashcards Americans with Disabilities ActThis was a clear statement by Congress that employers must not discriminate on the basis of disability.FEE SIMPLE ESTATEHighest possible ownership interest that can be held in real property.BUNDLE OF RIGHTSa set of legal rights afforded to the real estate title holder. It can include the right of possession, the right of control, the right of exclusion, the right of enjoyment and the right of disposition.An encumbrance against property for money, either voluntary or involuntary Lien Which contracts need to be written out to be enforceable.The statute of frauds explains which contracts need to be written out to be enforceable. Normally, any contract that is not performed within one year must be in writing- for example, any contract to lease real property for more than a year must be put in writing.An estate where ownership is held for an unknown length of time.Freehold Estate Value normally used by tax assessors for tax purposes.Assessed Value A measure, usually of land, equal to 160 sq. rods (43,560 sq. ft.) in any shape.Acre Load Bearing WallA load-bearing wall or bearing wall is an active structural element of a building. It bears the weight of the elements above it by conducting its weight to a foundation structure.It has a fixed rate of interest over a period of time. At the end of the period, the borrower must refinance or pay off the remaining balance.Balloon Loan LachesLaches is the legal doctrine that an unreasonable delay in seeking a remedy for a legal right or claim will prevent it from being enforced or allowed if the delay has prejudiced the opposing party.A lease, generally on a retail business property, using a percentage of the gross or net sales to determine the rent.There is usually a minimum or "base" rental, in the event of poor sales.
PERCENTAGE LEASE
Improving a structure by changing its plan, characteristics, or function
REMODELING
AVULSIONWhen land is suddenly washed away by water Without leaving a willINTESTATE A listing under which a real estate agent receives any amount over a given net amount to the seller.
NET LISTING
The evidence one has of right to possession of landtitle DEBT TO INCOME RATIOThe ratio, expressed as a percentage, of a borrower's monthly expenses to gross monthly income.Depreciation caused by wear and tear.PHYSICAL DETERIORATION EASEMENT BY PRESCRIPTIONA legally enforceable right to make use of all or part of another's property, as a result of continuous and uninterrupted use of that property for a period of time as established by statute.threatening violence against or unlawfully confining someone and forcing him to sign a document; or, threatening or confining a signer's spouse, child, or other close relative. makes a contract voidable.
DURESS
deedare evidence of a title being passed from a grantor to a grantee. For this to happen, the grantor must be legally competent, it must be delivered and accepted and contain a granting or action clause.Release ClauseA release clause is a clause in a blanket mortgage which gives the property owner the right to pay off a portion of the indebtedness, thereby freeing a portion of his property from the mortgage.Littoral RightsLittoral are rights concerning properties abutting an ocean or lake rather than a river or stream (riparian). Littoral rights are usually concerned with the use or enjoyment of the shore.
.png)