Glossary terms and Study questions
common law
1. A law based on written opinions of appellate courts (see also judge made law) 2. The traditional nonstatutory law of England and the United States.
attachment
1. The process by which a secured party acquires a a security interest in collateral. 2. The act of seizing a defendant's property by legal process to be held by a court to ensure satisfaction of a judgement that might be awarded.
attachment
1. The process by which a secured party acquires a security interest in collateral. 2. The act of seizing a defendant's property by legal process to be held by a court to ensure satisfaction of a judgement that might be awarded.
criteria pollutant
A EPA promulgated national ambient air quality standard (NAAQS), including sulfur dioxide, nitrous oxide, carbon monoxide, ozone, particulates, and lead.
fiduciary duty
A Trustee's responsibility to act solely in the best interests of the owner or beneficiary of the trust.
anticipatory breach
A breach of contract that occurs as a result of repudiating a contract before the date due for performance.
buyer broker
A broker who has contracted to locate real estate for a buyer.
open listing
A brokerage agreement that entitles brokers to a fee only if their activities bring about the sale. The property may be listed with several brokers.
corporation
A business association in which investors, called shareholders, enjoy limited liability.
joint venture
A business entity in which two or more persons agree to carry out a single undertaking for profit.
rescission
A cancellation of a contract that results in the parties being restored to the position they were in before the contract was made.
earnest money
A cash deposit evidencing a good faith intention to complete a transaction. pg 269
lien
A claim against another's property securing either payment of a debt or fulfillment of some other monetary charge or obligation.
planned unit development PUD
A concept involving a development larger than a traditional subdivision, generally permitting mixed uses within the development and attempting to provide a maximum amount of land for open space.
deed restrictions
A condition in the instrument or a covenant used to regulate land use.
preemption doctrine
A constitutionally based doctrine that prevents a locality from enacting laws that are inconsistent with federally regulated areas of law, with some exceptions.
assumption
A contract between a grantor/mortgagor and a grantee in which the grantee agrees to undertake responsibility for the mortgage debt.
listing
A contract between a seller of real estate and a broker authorizing the broker to secure a buyer for the property on specified terms in return for a fee if the broker is successful.
lease
A contract either written or oral that transfers the right of possession of the premises to the lessee or tenant.
land installment contract
A contract in which the buyer pays the purchase price on an installment basis. The seller/borrower retains title until the purchase price is paid; also called contract for a deed.
short sale
A contract whereby a lender and borrower agree to sell a property at a price less than the outstanding principal owed on the mortgage.
S corporation
A corporation that has elected to be treated as a partnership for tax purposes.
specific performance
A court decree mandating that a party perform according to the contract.
reformation
A court remedy ordering a change in a lease or a contract.
fraud
A deceptive act or statement deliberately made by one person in an attempt to gain an unfair advantage over another.
deed in lieu of foreclosure
A deed in which a mortgagor conveys mortgaged real estate to the mortgagee, who promises in return not to foreclose on the mortgage debt, which is in default.
bargain and sale deed
A deed that conveys title conveys title but makes no warranties.
warranty deed
A deed that coveys title and warrants that title is good., free of liens and encumbrances, and that the grantor will defend against lawful claims.
special warranty deed
A deed that restricts the extent of the seller's warranties; also called a limited warranty deed.
fee simple determinable
A defeasible fee that terminates automatically if a stated act or event occurs.
innocent landowner defense
A defense under the Superfund Amendments and Re-authorization Act (SARA) that covers landowners who obtain contaminated land without knowledge of the contamination.
legal description
A description of a parcel of land complete enough to locate and identify the premises.
smart growth
A development movement that emphasizes a pedestrian orientation, mixed residential and commercial uses, and protection of the environment.
impact fee
A device requiring a subdivider to fund major, off site infrastructure expansion that serves the community at large as well as the subdivision residents.
Torrens certificate
A document issued under the Torrens system; a type of land title registration.
declaration
A document required by state law, which must accompany and be recorded with the master deed for the condominium development.
mortgage
A document that uses real property to secure payment of a debt.
evidence of title
A document verifying ownership of property.
Uniform Residential Landlord and Tenant Act URLT
A federal law intended to make landlord tenant laws fair and relevant to the modern environment.
Real Estate Settlement Procedures Act RESPA
A federal law that requires lending institutions to disclose certain information to purchasers of residential real estate and prohibits those institutions from engaging in certain fraudulent activities.
yield spread premium YSP
A fee a lender pays a mortgage broker for securing a customer who borrows at an interest rate above market.
defeasible fee
A fee simple estate that terminates on the occurrence of a specified condition; also called a qualified fee.
fee simple subject to condition subsequent
A fee that may be terminated by the grantor when a certain condition is fulfilled.
long term escrow
A financing device that combines the land installment contract and the escrow.
judicial foreclosure
A foreclosure ordered by a court.
community property
A form of co ownership between spouses in which each has a one half interest in property acquired through the labor of either during marriage.
tenancy in common
A form of co ownership in which each owner possess an undivided right to the entire property. Shares of co owners need not be equal, and no right of survivorship exists.
tenancy in partnership
A form of co ownership in which each partner owns partnership property, along with all the other partners.
green development
A form of development that integrates financial, environmental, and social considerations in projects.
cooperative
A form of ownership in which the land and the buildings are usually owned by a corporation; individual unit residents own stock in the corporation and have a proprietary lease in a specific unit or apartment.
Superfund
A fund established by CERCLA to provide a source of funds for clearing up hazardous waste sites: also called the Hazardous Substances Response Fund.
administration of the estate
A general term used to describe the management and settlement of a decedent's estate by a person appointed by the courts.
Leadership in Energy and Environmental Design LEED
A green building rating system created by the U.S. Green Building Council.
syndicate
A group of investors who pool their resources to develop, manage, or purchase real estate.
strict foreclosure
A judicial procedure that terminates the mortgagors equity of redemption and establishes the mortgagees absolute title to mortgaged real property.
legal notice
A knowledge of another's interest in real property sufficient to make the adverse interest legally binding to the prospective purchaser or any other party acquiring interest in the property.
exculpatory clause
A lease clause by which the landlord attempts to be excused from liability for negligence in maintaining the leasehold premises.
gross lease
A lease in which a flat or fixed amount of rent is paid by the tenant.
triple net lease
A lease in which the lessee pays the rent, taxes, insurance, and operating costs.
percentage lease
A lease whose rental is based in part on the gross sales made by the tenant on the premises
partition
A legal action in which a co owner obtains a division of real property, terminating any interest of other co owners in the divided portion. Each former co owner's share in now owned individually.
correlative rights doctrine
A legal doctrine that prohibits depletion of a common pool of oil or gas, sometimes applied to water.
relation back
A legal doctrine whereby the title acquired by a deed relates back to the moment of the first delivery to an escrow agent.
deed of trust
A legal instrument in which a borrower transfers real property to a trustee as security for a debt. The lender is the beneficiary of the trust.
deed
A legal instrument that conveys title to real property on delivery and acceptance by the grantee.
rule of capture
A legal principle of oil and gas law allowing landowners the right to all oil and gas from wells on their land, including oil and gas migrating from the land of others.
trust
A legal relationship in which a person transfers legal title to property to a trustee who manages it for the beneficiaries of the trust.
agency
A legal relationship in which one party called the principal authorizes another called the agent to act on the principal's behalf.
nonconforming use
A legal use that was established prior to zoning or prior to the present zoning classification and is permitted to continue despite its non-conformance with the zoning code.
tax lien
A lien imposed against real property for payment of taxes.
judgment lien
A lien that attaches to real property of a defendant when a plaintiff wins a judgement in the jurisdiction in which the property is located.
exclusive right to sell
A listing in which the seller gives one broker authority
exclusive agency
A listing in which the seller gives one broker authority to procure a buyer for property but also retains the right to sell the property without the brokers services.
net listing
A listing where the broker earns a commission based upon a net amount that the seller wants to clear.
secured debt
A loan that is secured by property
plat
A map of a subdivision indicating boundaries of individual properties; it also includes details such as lot numbers, blocks public easements, and monuments.
alternative dispute resolution ADR
A means of settling legal disputes without using the courts
metes and bounds
A method of describing land using compass directions, monuments or landmarks, and linear measurements.
deficiency judgement
A money judgement awarded to the mortgagee when funds obtained as a result of a foreclosure sale are insufficient to pay the debt.
package mortgage
A mortgage debt secured by both personal and real property.
purchase money mortgage PMM
A mortgage given to a lender to secure part of the purchase price of real property, delivered contemporaneously with the transfer of title to the buyer.
construction mortgage
A mortgage given to secure funds advanced to construct or improve a building.
balloon payment mortgage
A mortgage in which the final payment under a contract is substantially larger than the previous installment payments.
reverse annuity mortgage
A mortgage loan in which the mortgagee advances funds to a homeowner based on the homeowners equity in the real estate.
subprime mortgage
A mortgage that carries a higher than prime interest rate because the mortgagees creditworthiness and or property to be financed (secured) makes it a risky loan.
open end mortgage
A mortgage that permits the mortgagor to borrow additional funds, usually up to the original amount of debt.
profit a prendre
A nonpossessory interest in real property that permits the holder to remove part of the soil or produce of the land.
lis pendens
A notice filed for the purpose of warning people that legal action has been taken that might affect title or possession of specified real property.
limited partnership
A partnership formed according to the provisions of a state limited partnership act. The liability of a limited partner is limited to the amount invested.
potentially responsible party PRP
A person covered by the law from whom response costs are sought.
real estate sales associate
A person employed by a real estate broker who lists and sells real estate.
independent contractor
A person who is retained to do a job, using her own judgement as to how the work will be done.
license
A personal privilege to enter another's property for a specific purpose.
state implementation plan SIP
A plan formulated by a state in order to meet the NAAQS.
comprehensive plan
A prerequisite for regulating land use. Its contents can range form a thorough master plan to a zoning code and map.
foreclosure
A procedure in which property used as security for a debt is sold in the event of default to satisfy the debt.
real estate escrow
A process by which money and or documents are held by a third party until the terms and conditions of an agreement are satisfied.
contract
A promise or an agreement that the law will enforce.
consideration
A promise, act, or forbearance bargained for and given in exchange for a promise, act or forbearance.
offer
A proposal intended to create a contract on acceptance by the person to whom it is made.
due on sale clause
A provision found in some mortgages requiring that the mortgagors pay off the mortgage debt if they sell the property.
restrictive covenant
A provision in a deed limiting the uses that may be made of the property.
acceleration clause
A provision in a mortgage giving the mortgagee the right to declare the entire debt due and payable on default.
contingency clause
A provision within a contract that makes performance under the contract conditional on the occurrence of a stated event.
precedent
A published opinion of an appellate court that serves as authority for determining a legal question in a later case that has substantially similar facts.
easement
A right to use another's real property for a particular purpose.
wraparound mortgage
A second mortgage covering an existing mortgage that the lender agrees to service.
fixture filing
A section of the Uniform Commercial Code that allows a security interest to persist in goods (personal property) that later become fixtures.
overlay zoning
A set of additional restrictions to protect natural resources, such as a wetland or scenic vista.
fiduciary deed
A special form of deed similar to a bargain and sale deed in which the fiduciary guarantees only that she has been properly appointed and authorized to sell and convey the property.
estoppel
A statement by a mortgagor that he has no defense against paying the mortgage debt; it also indicates the amount that remains unpaid.
environmental impact statement EIS
A statement describing and analyzing the environmental impacts of a proposed action.
statute of frauds
A statute necessitating that certain contracts to be enforceable be supported by a written memorandum and signed by the party against whom enforcement is sought.
statute of frauds
A statute necessitating that certain contracts, to be enforceable be supported by a written memorandum and signed by the party against whom enforcement is sought.
Comprehensive Environmental Response Compensation and Liability Act CERCLA
A statute providing for cleanup of inactive waste sites that release hazardous substances into the environment.
statute of descent and distribution
A statute that provides for the distribution of an intestate's personal property; it is patterned after the English Statute of Distribution.
Clean Air Act
A statute whose purpose is to cleanse, maintain, and enhance the quality of the nation's water resources.
Clean Water Act
A statute whose purpose is to cleanse, maintain, and enhance the quality of the nation's water resources.
abstract of title
A summary of all the recorded transactions, including deeds, mortgages, judgments, and the like that affect the title to a specific parcel of land.
affidavit of title
A sworn statement verifying facts that satisfy certain objections to title.
allodium
A system in which land is owned without obligation to pay rents; private ownership.
feudalism
A system in which landowners pay rent to a superior.
incentive zoning
A system of incentives given to developers that provide certain community benefits in their projects.
transferable development rights TDRs
A system of land controls that permit the transfer of the right to develop from sites that are desired to be preserved to sites on which maximum development is desired.
special use permit
A system whereby special exceptions to the zoning ordinance are granted by the land use administrator under a permit arrangement.
real estate investment trust REIT
A tax shelter that exempts certain qualified real estate investment syndication's from corporate taxes where 90% or more of the ordinary income is distributed annually to the beneficiaries or investors and other income and asset tests are met.
tenancy at sufferance
A tenancy created when a person is wrongfully in possession of another's land without a valid lease.
tenancy at will
A tenancy that exists until either party chooses to terminate it.
fixed rate mortgage
A traditional fixed term mortgage that has a fixed rate level payment plan and is fully amortized.
dual agency
A transaction in which an agent represents both principals.
secured transaction
A transaction in which the parties agree that personal property or fixtures will secure a loan or the purchase of an item on credit.
designated agency
A transaction whereby dual agency is avoided by a broker designating one agent within the firm to represent the buyer and another to represent the seller.
sublease
A transfer of part of the leasehold interest of the tenant, with the tenant retaining a reversionary interest.
graduated payment mortgage
A type of fixed rate mortgage in which the payment increases gradually from an initial low base level to a desired final level.
adjustable rate mortgage ARM
A type of flexible rate mortgage.
public use
A use that benefits the community.
covenant of quiet enjoyment
A warrant by the landlord that the tenant will have the premises free from interference by the landlord or anyone claiming better right to the premises than the landlord
covenant of fitness of the premises
A warrant by the landlord that the tenant will have the premises free from interference by the landlord or anyone claiming better right to the premises than the landlord.
implied warranty of habitability
A warranty imposed by law on landlords by which they represent that a residential property is safe and sanitary and fit for living at the time the tenant enters and during the period of tenancy.
home warranty plan
A warranty offered by private companies in which for a fee, the company will repair major systems and appliances for a period of time normally one year.
memorandum
A writing that contains essential terms in satisfaction of the statute of frauds.
release
A written agreement used by the holder of an easement appurtenant or in gross to extinguish the easement.
will
A written instrument that permits distribution of an owners property after death.
satisfaction of mortgage
A written statement by the mortgagee that the debt secured by the mortgage has been paid; also called a release of mortgage.
trespass
A wrongful physical invasion of the property of another.
zone change
A zoning amendment made by the legislative body that created the zoning code.
large lot zoning
A zoning classification that requires a minimum of one acre or more of land for each single family house that is constructed.
prescription
Acquisition of an easement through wrongful use of another's land for a period of time designated by statute.
adverse possession
Acquisition of title to real estate by means of wrongful occupancy for a period of time established by statute or commons law.
sick building syndrome
Acute health problems as a result of spending time in a building.
administrative adjudication
Administrative agencies perform several functions, they are authorized to settle disputes and in doing so act like courts. The procedures used in administrative adjudication are generally much less formal than those used by courts. Agency personel of Admin adjudication are are experts in the subject area of dispute and can resolve case more effectively.
nonjudicial foreclosure
Also known as the power of sale foreclosure. Foreclosure based on terms in a mortgage giving a mortgagee or third party the power to sell the security if the borrower defaults.
wrongful eviction
An act that occurs when the landlord without justification deprives the tenant of the possession of the premises.
natural resource damages
An affirmative obligation on federal and state governments to seek to recover damages caused by the release of a hazardous substance.
broker
An agent who facilitates a transaction between parties.
implied authority
An agent's authority to do those acts necessary and proper to accomplish the express terms of the agency.
novation
An agreement in which a creditor agrees to discharge an existing debt and to substitute a new obligation and a new debtor in its place.
escrow agreement
An agreement that directs the escrow agent regarding terms and conditions under which the deed or other instruments are to be delivered to the parties and the disposition of the deed or other instruments on default.
affirmative covenant
An agreement to build fences, maintain party walls, provide railroad crossings, and join and pay dues or annual assessment to a homeowners association for maintenance of for example, road, parks, or similar facilities. Some states do not recognize them as valid because they are too difficult to enforce. Covenants that violate public policy or the Constitution are not enforceable.
real estate purchase contract
An agreement whereby a seller promises to sell an interest in realty by conveying a deed to the designated estate for which a buyer promises to pay a specified purchase price.
liquidated damages
An amount of money stipulated in a contract that will be awarded in a case of a breach, which amounts are reasonably calculated to approximate the actual damages.
section
An area of land approximately one mile square, containing as nearly as possible 640 acres.
township
An area of land approximately six miles square, containing as nearly as possible 23,040 acres and divided into 36 sections.
partnership
An association of two or more persons to organize a business venture and divide the profits.
express grant
An easement created by an owner expressly granting in a deed a specific right to another to use the owner's property.
easement in gross
An easement that exists as a personal right apart from a dominant estate.
easement by necessity
An easement that permits the owner of a landlocked parcel to cross a parcel of land of which the landlocked parcel formerly was a part.
periodic tenancy
An estate continuing from period to period until terminated by proper notice from one of the parties.
leasehold estate
An estate created when the owner of property, known as the lessor or landlord conveys a possessory interest in the real property to another, known as the lessee or tenant, for a specific period of time in exchange for the tenants payment of rent.
term tenancy
An estate for a specified period of time that has a specific beginning date and a specific ending date. when the ending date arrives, the state is terminated without notice by either party.s
quitclaim deed
An instrument that conveys the grantor's interest in the property.
freehold estate
An interest in real property created to last for an uncertain period of time.
trade fixture
An item added to land or buildings by a tenant to be used in the tenant's trade or business.
trade fixture
An item added to land or buildings by a tenant to be used in the tenants trade or business.
fixture
An item that was once personal property but now because of the nature of its relation to the property is deemed permanently affixed and thus treated as part of the realty.
constructive eviction
An occurrence that results when the actions of the landlord so materially interfere with the tenant's enjoyment as to make the premises uninhabitable.
multiple listing service MLS
An organization among brokers who have contracted to agree to share listings with each other.
life estate
An ownership interest in real property created to last for a persons life.
nuisance
An unreasonable interference by one party with others use or enjoyment of their land.
coastal zone
Area including coastal waters and the adjacent shorelands.
critical area
Areas legislatively identified as containing natural limitations, or ones that are important to maintaining the ecosystem.
floodplains
Areas near waterways that are prone to flooding.
net lease
As contracted with the gross lease, a type of lease in which the tenant agrees to pay the taxes, insurance, repairs, and other operating expenses of the premises.
annual percentage rate APR
As defined in the Truth in Lending Act the percentage that the total finance charge calculated on an annual basis bears to the amount of the loan or credit.
acceptance
Assent to the terms of an offer.
express authority
Authority a principal confers on an agent explicitly; in a deed a specific right to another to use the owners property.
transaction broker
Brokers who act as finders, putting sellers and buyers in contact with one another, thereby facilitating the progress of the deal. The brokers only responsibility in order to be pad, is to conclude the deal.
CHAPTER 1
CHAPTER 1
CHAPTER 10
CHAPTER 10
CHAPTER 11
CHAPTER 11
CHAPTER 12
CHAPTER 12
CHAPTER 13
CHAPTER 13
CHAPTER 14
CHAPTER 14
CHAPTER 15
CHAPTER 15
CHAPTER 16
CHAPTER 16
CHAPTER 17
CHAPTER 17
CHAPTER 18
CHAPTER 18
CHAPTER 19
CHAPTER 19
CHAPTER 2
CHAPTER 2
CHAPTER 20
CHAPTER 20
CHAPTER 21
CHAPTER 21
CHAPTER 22
CHAPTER 22
CHAPTER 23
CHAPTER 23
CHAPTER 24
CHAPTER 24
CHAPTER 25
CHAPTER 25
CHAPTER 26
CHAPTER 26
CHAPTER 3
CHAPTER 3
CHAPTER 4
CHAPTER 4
CHAPTER 5
CHAPTER 5
CHAPTER 6
CHAPTER 6
CHAPTER 7
CHAPTER 7
CHAPTER 8
CHAPTER 8
CHAPTER 9
CHAPTER 9
ready, willing, and able
Capable of present performance.
steering
Channeling of prospective home-buyers to or away from certain areas.
joint tenancy
Co ownership in which the entire estate passes to the survivor on the death of the other joint tenant or tenants.
tenancy by the entirety
Co ownership of real property by spouses. The right of survivorship is a characteristic of a tenancy by the entirety.
rules and regulations
Complement and add specificity to condominium or homeowners association bylaws.
growth management
Comprehensive plans that dictate both when and where growth will occur.
general warranty deed
Conveys the sellers title and contains covenants of title, or warranties. These covenants provide the buyer with some protection against claims that might interfere with ownership. Also called a full warranty deed.
easement by prescription
Created through wrongful use of another's land for a period of time.
easement by implication
Created when courts presume that the parties intend to create an easement because certain facts exist when real estate is conveyed.
waste
Damage caused by the tenant, including failure to protect the premises from decay and ruin caused by the natural elements.
ecological constraints
Definable limits to the capacity of natural system to serve human needs.
redlining
Denial of a loan by a lending institution or the exacting of harsher terms for loans in certain parts of a city for unlawful discriminatory reasons.
trial court
Determines the facts of a case and applies the relevant law to these facts.
per capita distribution
Distribution of an intestate's property in equal shares to persons who have the same relationship to the decedent without reference to the share an antecedent would have taken.
per stirpes distribution
Distribution of intestate property to persons who take the share allocated to a deceased ancestor.
intestate succession
Distribution of property of a person who dies without leaving a will or whose will is invalid.
Equal Credit Opportunity Act ECOA
Federal statute prohibiting discrimination in an applicant's credit transaction.
brownfield
Former industrial sites in urban communities that have fallen into disuse and decay.
limited liability company LLC
Has characteristics of both the partnership and the corporate forms of ownership. LLC's offer an alternative to the limited partnership because the LLC form does not require at least one general partner with unlimited liability; instead all partners enjoy limited liability.
right of possession
In all jurisdictions the right of possession implicitly resides in the tenant; that is no one will have possessory rights inconsistent with those granted to the tenant.
acknowledgment
In conveyancing, the act by which a person who has executed an instrument, before an authorized officer, usually a notary, declares that the instruments is genuine and executed voluntarily.
tort
In general, the person who has possession and control of the premises owes a civil duty to third parties to maintain the premises in a reasonably safe condition.
blockbusting
Inducing (for profit) the sale or rental of any dwelling by indicating that a particular class of person (for example, nonwhite) has entered or will enter the neighborhood.
seller assist
Instance in which the seller pays a portion of the buyer's closing costs and prorations.
mortgage insurance
Insurance provided by government agencies or private corporations protecting mortgage lenders against loss caused by a borrowers default.
waiver
Intentional surrender of a known right or privilege.
real estate
Land and its improvements: mines, minerals, and quarries under the land; air and water rights associated with land; and other rights and privileges related to land.
littoral land
Land that borders an ocean, sea or lake.
riparian land
Land that borders on a stream or watercourse.
real property
Land, buildings and other improvements permanently affixed to land.
wetlands
Lands that have groundwater levels at or near the surface for much of the year or that are covered by aquatic vegetation.
judge made law
Law based on the written opinions of appellate courts, called precedent.
statutory law
Law enacted by local and state legislative bodies and by Congress.
recording statutes
Laws that require the entry into books of public record the written instruments affecting the title to real property.
condemnation
Legal action by which the government acquires private property for a public use; based on the right of eminent domain.
implied notice
Legal notice that is imposed by the law when conditions exist that would lead a reasonable person in inquire further into the condition of the title; also called inquiry notice.
caveat emptor
Let the buyer beware.
caveat venditor
Let the seller beware
dower
Life estate of a widow in one third of any real estate to which her husband had legal title during the marriage.
annual cap
Limits the amount of increase or decrease a rate could adjust in any one adjustment period usually 2%.
security deposit
Money deposited by the tenant, usually at the inception of the lease, over and above the advance payment of rent for the security of the landlord.
damages
Money recoverable by one suffering a loss or injury due to breach of the contract.
default
Nonperformance of a duty or obligation as part of the mortgage transaction.
abandonment
Nonuse of an easement for a substantial period of time.
holdover tenant
One who failed to vacate or surrender possession of the premises on the ending date of a term tenancy.
parol evidence
Oral or other evidence extraneous to a written contract.
co ownership
Ownership of real estate in which two or more people have undivided interests.
variance
Permission obtained from the appropriate governmental authorities to deviate somewhat from the designations under the zoning code.
cluster development
Permits housing density greater than that required by the zoning ordinance in order to increase community open space.
zoning exceptions
Permitted uses provided for in the ordinance that are inconsistent with the designated zone.
indoor pollution
Pollution within buildings that is recognized as a health problem.
diversity jurisdiction
Power of federal courts to hear cases involving citizens of different states.
appeal
Process in which a higher court reviews alleged legal errors made by a lower court or an administrative agency.
personal property
Property that is not real property, generally characterized as having substance and being movable.
building code
Protects the public health, safety, and welfare by regulating building and construction standards.
National Contingency Plan NCP
Provides a step by step procedure that must be followed in carrying out a removal action or a remedial action at a site.
REVIEW QUESTIONS CHAPTER 12
REVIEW QUESTIONS CHAPTER 12
1031 exchange
Refers to Section 1031 in the Internal Revenue Code and defers taxes on the sale of investment business, or rental properties when the net proceeds are reinvested in other business real estate.
familial status
Refers to a family with one or more children under 18 years of age with a parent or other legal guardian.
environmental tobacco smoke ETS
Refers to the exposure of smokers and nonsmokers to the unhealthy effects of tobacco smoke in various environments.
aesthetics
Regulation to retain visual and scenic beauty.
rent paid in advance
Rent payments due prior to the beginning of the lease period.
subdivision regulations
Restrictions on the division of a parcel of land into two or more units. A subdivision will require prior approval by an administrator such as a planning board.
escheat
Reversion to the state of title to property of a person dying without heirs or leaving a will.
eminent domain
Right of the state to take private property for public use. Just compensation must be paid to the owner.
common expenses for buyers and sellers at closing.
SELLER mortgage payoff real estate commission inspection credits owners title insurance escrow/ closing fees recording fees/ government costs tax and or other prorations BUYER lender fees hazard insurance home inspections lenders title insurance escrow/closing fees recording fees/ government costs tax and or other prorations pg 482
STUDY QUESTIONS CHAPTER 1
STUDY QUESTIONS CHAPTER 1
STUDY QUESTIONS CHAPTER 10
STUDY QUESTIONS CHAPTER 10
STUDY QUESTIONS CHAPTER 11
STUDY QUESTIONS CHAPTER 11
STUDY QUESTIONS CHAPTER 13
STUDY QUESTIONS CHAPTER 13
STUDY QUESTIONS CHAPTER 14
STUDY QUESTIONS CHAPTER 14
STUDY QUESTIONS CHAPTER 15
STUDY QUESTIONS CHAPTER 15
STUDY QUESTIONS CHAPTER 16
STUDY QUESTIONS CHAPTER 16
STUDY QUESTIONS CHAPTER 17
STUDY QUESTIONS CHAPTER 17
STUDY QUESTIONS CHAPTER 18
STUDY QUESTIONS CHAPTER 18
STUDY QUESTIONS CHAPTER 19
STUDY QUESTIONS CHAPTER 19
STUDY QUESTIONS CHAPTER 2
STUDY QUESTIONS CHAPTER 2
STUDY QUESTIONS CHAPTER 20
STUDY QUESTIONS CHAPTER 20
STUDY QUESTIONS CHAPTER 21
STUDY QUESTIONS CHAPTER 21
STUDY QUESTIONS CHAPTER 22
STUDY QUESTIONS CHAPTER 22
STUDY QUESTIONS CHAPTER 23
STUDY QUESTIONS CHAPTER 23
STUDY QUESTIONS CHAPTER 24
STUDY QUESTIONS CHAPTER 24
STUDY QUESTIONS CHAPTER 25
STUDY QUESTIONS CHAPTER 25
STUDY QUESTIONS CHAPTER 26
STUDY QUESTIONS CHAPTER 26
STUDY QUESTIONS CHAPTER 3
STUDY QUESTIONS CHAPTER 3
STUDY QUESTIONS CHAPTER 4
STUDY QUESTIONS CHAPTER 4
STUDY QUESTIONS CHAPTER 6
STUDY QUESTIONS CHAPTER 6
STUDY QUESTIONS CHAPTER 7
STUDY QUESTIONS CHAPTER 7
STUDY QUESTIONS CHAPTER 8
STUDY QUESTIONS CHAPTER 8
STUDY QUESTIONS CHAPTER 9
STUDY QUESTIONS CHAPTER 9
time share
Several different types of ownership including ownership of an interest in the real property and mere rights of use with no interest in the property itself.
national ambient air quality standards NAAQS
Standards set by the Environmental Protection Agency concerning air pollution.
performance standards zoning
Standards set to limit the adverse off site impact of an owner's use. For example, standards can be established for odors, noise, and signs.
licensing law
State laws that require a person to obtain a license to act as a real estate broker or sales associate and regulate the conduct of those who act as brokers or sales associates in real estate transactions.
enabling legislation
State statutory authorization granting a local government the right to regulate in a specific area.
puffing
Statements of opinion made by a seller to induce the purchaser to buy.
race notice statutes
Statutes providing that a subsequent buyer will prevail only if she has no notice of the prior transaction at the time of conveyance.
notice statutes
Statutes providing that the subsequent buyer prevails over all interested parties who have not recorded their interest a the time the buyer accepts the conveyance and pays consideration for the land without notice of the pre existing conveyance.
negligent misrepresentation
Supplying false information and failing to exercise reasonable care in obtaining or communicating that information.
delivery
Surrender of possession and control of a document to a third party.
rectangular survey system
System of land description that applies to most of the land in the United States.
effluent standards
Technology based standards imposed on major industrial sources of water pollution.
call
Term used to refer to the different monuments, courses, and distances that make up a metes and bounds description.
authority
Terms used in the law of agency denoting the agent's power to perform acts authorized by the principal see also express authority ; implied authority.
indemnification
The act of compensating another in the event of loss.
just compensation
The award to the owner when property is taken by the government through eminent domain.
note
The borrowers written promise to repay a loan according to its terms.
rent
The compensation paid by the lessee for the possession of the leased property.
title insurance
The comprehensive indemnity contract that insures the titleholder against title defects and encumbrances that may exist at the time the policy is issued.
equal protection
The constitutional mandate that all people be treated equally under the law.
conservation easements
The conveyance of development rights to the grantee to protect the current use or nonuse of the land.
individual unit deed
The deed for each individual condominium unit in the development.
estate
The extent and character of a persons ownership interest in real property. See also life estate.
substantial performance
The extent of compliance under the terms of a contract that discharges a party from further obligation although failing to perform totally under the contract.
condominium
The fee simple ownership of one unit in a multiple unit structure, combined with an ownership of an undivided interest in the land and all other parts of the structure held in common with the owners of the other individual units in the structure.
closing
The final state of the real estate purchase transaction, when the deed and the purchase money are exchanged.
Loan Estimate form
The form that is required for mortgage creditors to provide borrowers within three days of their application that contains information about the terms of the loan.
closing disclosure form
The form that is required for mortgage lenders to provide to borrowers and includes the closing costs, fees, adjustments, commissions, and other expenditures, including the escrow account monthly deposits and a quick summary of the loan terms.
rent control law
The formula for capping rental increases the identification of rental units that are covered the various exceptions to the controls and the administrative process for altering the limitations.
dedication
The grant of real property such as a public street to a governmental unit for pubic use.
title theory
The historical theory that the mortgage conveys title to the mortgagee.
police power
The inherent right of the state to regulate to protect the public health, safety, or welfare of its citizens.
constructive notice
The knowledge of certain facts that might be discovered by a careful inspection of public records, provided that such information is within the history of title, or discovered by an inspection of the premises.
covenant to deliver possession
The landlord's promise to deliver the right of possession to the tenant at the time the lease is scheduled to start.
capacity
The legal ability to enter into a contract.
eviction
The legal procedure by which a landlord has the tenant removed from the premises because the tenant has breached the lease agreement.
probate
The legal proceeding that establishes the validity of a will.
forfeiture
The loss of the right to a down payment on real estate as a result of a breach of contract; a buyers loss of an interest in property under a land installment contract, due to breach of the contract.
lifetime cap
The maximum a rate can adjust up or down over the life of a loan. usually 5-6%.
fee simple absolute
The most extensive estate in real property that an owner can possess.
Housing and Economic Recovery Act of 2008
The most sweeping housing legislation since the Great Depression; also known as the Hope for Homeowners Act.
condominium association
The organization stipulated by statute to administer the operation of the common elements of the condominium.
dominant estate
The parcel of land that benefits from an easement appurtenant; also called dominant tenement.
servient estate
The parcel of land that is subject to an easement appurtenant; also called servient tenement.
common elements
The parts of the development property that are necessary or convenient for the residents of a condominium and are owned in common by all the condominium residents.
perfection of lien
The performance of those steps required by statute to sell real property under mechanic's lien laws.
settlement clerk
The person who is designated to coordinate the exchange of documents at the closing.
jurisdiction
The power of a court to hear a case.
Define diversity jurisdiction and federal question jurisdiction
The power of federal courts to hear cases involving citizens of different states is called diversity jurisdiction (pg 12). The power of federal courts to hear cases that arise under the Constitution, treaties, and federal statutes is called federal question jurisdiction (pg 12).
usury
The practice of charging interest on a loan in excess of a rate allowed by law.
historic preservation
The preservation of buildings, and perhaps archaeological sites, from destruction by new development.
perfection
The process by which the secured party establishes priority in the collateral over claims of third parties.
fracking
The process of extracting oil or gas by injecting liquid at high pressure into subterranean rock sand matter to force open existing fissures.
chain of title
The recorded history of events that affect the title to a specific parcel of land, usually beginning with the original patent or grant.
assessments
The regular monthly payments for upkeep of the common elements, as well as payments required for special expenses or improvements to those common elements.
zoning
The regulation by the public, usually a municipality, of structures and uses of land within designated zones.
discharge
The release of contractual obligations.
mitigation of damages
The requirement imposed on a landlord to reduce the losses caused by a tenant's breach, usually by re-renting the premises.
third person guaranty of rent
The requirement that a third person guarantee performance on a rental agreement.
equitable right of redemption
The right of a mortgagor or another person with an interest in real estate to reclaim it after default but before foreclosure.
statutory right of redemption
The right of a mortgagor to redeem the property after a foreclosure sale.
vendor's lien
The right of a seller to a lien against land conveyed for any unpaid or unsecured portion of the purchase price.
easement appurtenant
The right of an owner of a parcel of land to benefit from the use of another's land. See also dominant estate; servient estate.
mechanic's lien
The right of owns who renders services or supplies materials in connection with improvements to real property to seek a judicial sale of a realty to satisfy unpaid claims.
mineral rights
The right to extract minerals from under the land, which may be legally assigned to or owed by someone other than the surface owner.
possession
The right to occupy and control real estate to the exclusion of all others.
natural flow doctrine
The riparian rights principle that each riparian owner possess the right to the ordinary flow of water along her land undiminished in quantity and unimpaired in quality.
bylaw
The rules governing the internal operation of a condominium development.
elective share
The share of a deceased spouse's property that the surviving spouse may claim if the decedent left no will or the decedent spouse did not will the minimum specified by law to the surviving spouse.
land
The solid surface of the earth and the natural elements (water and minerals) associated with it.
privity of estate
The successive relationship of the parties to the land.
wrongful abandonment
The tenant's vacating of the premises without justification and with the intention of no longer performing under the terms of the lease.
fair housing
The term used to express a national policy against most types of discrimination in housing.
lien theory
The theory that a mortgage is a lien, as it is a device used by debtors and creditors to secure a debt.
nonownership theory
The theory that oil and gas are not the subject of ownership because of their migratory nature.
ownership theory
The theory under which oil and gas are minerals and are therefore as subject to absolute ownership as coal or any other solid mineral.
escrow agent
The third party who is the depositary in an escrow transaction.
ad coelum doctrine
The traditional theory that whoever owns the soil owns to the heavens.
involuntary alienation
The transfer of title to land against the owners wishes.
breach of contract
The unexcused failure to perform an obligation under a contract.
after acquired title
Title acquired by a grantor subsequent to conveyance to a buyer; this ordinarily invests the buyer wit the after acquired title.
actual notice
Title information that is acquired personally by the interest holder.
exemption
Transactions that would otherwise meet the definition of a security but that have been statutorily excused from the laws restrictions.
assignment
Transfer of a property right from one person ( the assignor) to another ( the assignee).
assignment
Transfer of a property right from one person (the assignor) to another (the assignee).
testate succession
Transfer of property when a person dies leaving a will.
prevention of significant deterioration region PSD
Under the 1977 amendments to the Clean Air Act, the air quality control regions that attained national ambient air quality standards (NAAQS).
prior appropriation
Water rights doctrine giving primary rights to first users of water.
percolating water
Water that passes through the ground, not flowing in a clearly defined underground stream or supplied by streams flowing on the surface.
surface water
Water upon the surface of the earth in flowing streams and lakes
navigable waters
Waters that have the capacity to be useful for commerce or travel.
express reservation
Where a property owner conveys title to another by deed specifically reserving within the deed an easement for himself or a third party.
Discuss the major duties of a person appointed to settle a decedents estate.
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settlement costs booklet
home loan toolkit? pg 472 ask instructor abt definition.
property
legal rights that a person possesses with respect to a thing, rights that have economic value.
Diagram the relationships and describe the function of each of the following; state supreme court, intermediate appellate court, courts of general jurisdiction, and special courts
pg 18
Describe the benefits of alternative dispute resolution, the forms it may take, and how it may be imposed.
pg 19
