California Real Estate Salespersons Course Gollasary

Time-share project

A form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis, for a specified period of time.

sale and leaseback

A sale and leaseback is a financial transaction where the owner of an asset sells it and then immediately leases it back from the buyer. The seller becomes the lessee, and the buyer becomes the lessor.

security agreement

An agreement between the secured party, and the debtor, which creates the security interest

Title Search

An examination of public records, laws, and past court decisions, to disclose the current facts regarding ownership or any real estate.

Under improvment

An improvment which, because of its deficiency in size or cost, is not the highest, and best use of the site.

Voluntary Lien

Any lien placed on property with consent of, or as a result of the voluntary act of the owner

Tort

Any wrongul act for which a vivil section will lie for the person wronged.

secured debt

Debt that is backed or secured by collateral to reduce the risk associated with lending.

Transfer disclosure statement (TDS)

Describes the condition of a property and, in the case of a sale must be given to a prospective buyer as soon as practicable and before transfer of title.

Tax

Enforced charge extracted from people, corporations, and organizations by the government to be used to support government services, and programs.

remaining economic life

Equals the economic life minus the effective age.

Title

Evidence of the right to possess property

Sherman Anti-trust Act

Federal legislation including imposition of civil and punitive damages for anti-trust activities.

Testate

Having made a valid will before one dies

Remainderman

In real estate, a remainderman is a property law term that refers to someone who inherits property upon the termination of the estate of the former owner. Usually a life estate

Title Insurance

Insurance to protect a real property owner or lender up to a specified mount against certain types of loss, such as a defective or unmarketable title.

Vendee

Is a purchaser or a buyer

Vendor

Is a seller

Servient Tenement

Land encumbered by an easement

Sales Comparison Approach

One of the three major valuation methods, which compares a subject property's characteristics with those of comparable properties which have recently sold in similar transactions.

Trustor

One who borrows money from a trust deed lender, then deeds the real property securing the loan to a trustee to be held as security until trustor has performed the obligation ot the lender under terms fo a deed of trust.

Trustee

One who holds property in trust for another to secure the performance of an obligation. Third party under a deed of trust.

Redlining

Redlining is a discriminatory practice in which housing professionals and industry officials deny loans or backing for properties in certain neighborhoods. These neighborhoods are often identified as high risk.

Riparian rights

Riparian rights are a type of water right that gives landowners the right to use water from flowing bodies of water, like rivers and streams.

Self Dealing

Self-dealing is a legal concept that refers to when a fiduciary acts in their own best interest, rather than the best interest of their clients.

stare decisis

Stare decisis is a legal principle that requires courts to follow previous judgments when resolving cases with similar facts.

support rights

Support from adjacent land.

Voidable

That which is capable of being adjudged void, but is not void unless action is taken to make it so.

Variance

The authorization to improve or develop a particular property in a manner not authorized by zoning.

Trespass

The wrongfull entry on to the land of another, either in person or by instrumentality.

Subjective Value

What something is worth to an individual person without regard to market conditions.

"Subject to" a Mortgage

When a grantee takes title to real property subject to a mortgage, grantee is not responsible to the holder of the promissory note for the payment of any portion of the amount due.

Unilateral contract

When one party promises to do something if the other party performs a certain act, but the other party does not promise to perform it; the contract of formed only if the other party does perform the requested act.

renunciation

When someone who has been granted something or has accepted something later gives it up or rejects it; as when an agent withdraws from the agency relationship.

Sub-Agent

Works under another agent with the principal's permission to perform some of the acts of agency (agents are also sub-agents of their broker)

Trust funds

money, or other things of value, that a real estate agent receives on behalf of the principal or any other person involved in a transaction.

Truth in Lendig Act (TILA)

name for federal stautes (Regulation Z) borrowers recieve the cost of credit before entering into a transaction.

testator

person who makes a will

statutes of limitations

prescribing a period of limitations for the the bringing of certain kinds of legal action.

Value

present worth of future benefits

stock

represents ownership in a corporation

Yeild

return on investment

substansive law

that statutory, or written law, that defines rights, and duties such as crimies and punishments, civil rights, and responsibilities in civil law.

spot zoning

the illegal rezoning of a certain property in a zoned area to permit a different type of use than that authorized for the rest of the area.

setback

this distance a structure must be placed away from the streets.

subordinate

to make subject to, junior or inferior to

steering

using racial, ethnic, or religious criteria in suggesting, or influencing people regarding locations for purchase or rental of a single family home or rental dwelling.

Time is of the Essence

A condition of a contract expressing the essential nature of performance of the contract by a party in a specified period of time.

Security Instrument

A contract whereby the debtor agrees to use property as security or collateral for the repayment of debt.

Tax Deed

A deed given to a purchaser at a public sale of land held for nonpayment of taxes. It conveys to the purchaser only such title as the defaulting taxpayer had.

Warranty deed

A deed used to convey real property which contains warranties of title, and quiet possession, and the grantor thus agrees to defend the premises against the unlawful claims of third persons. It is commonly used in many states, but in other the grant deed in supplanted it due it the modern practice of securiong title insurance policies which had reduced the importance of express implied warranty in deeds.

Will

A legal, written declaration of a person his desires for the disposition of the persons property after his death

Syndicate

A partnership organized for participation in a real estate venture. Partners may be limited or unlimited in their liability.

Tenancy at will

A property tenure that can be terminated at any time by either the tenant or the owner (landlord). It exists without a contract or lease, and is unspecific in duration or the exchange of payment.

sub-prime mortgages lending

A type of loan granted to individuals with poor credit histories (often below 600), who, as a result of their deficient credit ratings, would not be able to qualify for conventional mortgages.

substantial performance

The fullfillment of the bligations agreed to in a contract, with only slight variance from the exact terms, or unimportant minor defects.

Subjacent support

The right to have one's land supported from below.

Sublease

The transfer of only part of a lease term with reverson to the lessee; a lesser lease estate.

scarcity

a lack of supply

Tenancy in Partnership

an ownership relation that exists between partners under the legislation governing partnerships

Zoning

dividing an area into zones , as to restrict the number of types of building and their uses

Validity

having mutual assent and consideration

VA Loan

A loan made to qualified veteran for the purchase of a home, where the department of veterans affairs guarantees the lender payment of the mortgage.

Sellers Market

A scarcity of supply, and great demand.

section 1031 exchange

A section of the internal U.S. Internal Revenue Service Code that allows investors to defer capital gains taxes on any exchange of like-kind properties for business or investment purposes.

Short sale

A seller's attempt to sell the real estate whereby the liens are greater than the value of the property.

straight note

A straight note is a type of note in real estate that requires interest-only payments during the mortgage term, with a balloon payment at the end to pay off the principal balance.

Variable Interest Rate

An interest rate in a real estate loan which by the terms of the note varies upward and downward over the term of the loan depending on money market conditions.

Unsecured debt

An obligation of debt that does not have specific property serving as collateral for payment of the debt.

Underwriter

An person working at a financial institution who determines credit worthiness, in order to qulify a person for a loan.

Tentative Map

The Subdivision Map Act requires subdividers to submit initially a tentative map of their tract to the local planning commission for study. The approval or disapproval of the planning commission is noted on the map. Thereafter, a final map of the tract embodying any changes requested by the planning commission is required to be filed with the planning commission.

Regulation Z

The Truth in Lending Act of 1968 is United States federal law designated to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.

Utility

The ability to give satisfaction, or excite desire for possession, an element of Value.

Universal Agent

The agent who has complete authority, over any activity of principle, for example, Power of Attorney.

supply

The amount of a certain good or service that is availbale in the market.

Riscission

The cancellation of a contract, and restoration of the parties to the same position they held before the contract was entered into.

Secondary Mortgage Market

The marketplace whereby the loans that were originated in the primary mortgage market are bought and sold.

selling agent

The person who finds the buyer, or seller for the property

The right of Lateral support

The right of a land owner to have the natural physical support of the adjoining piece of land.

Suspension

The right of the DRE to deactivate a brokers' or salespersons's license for wrongdoing.

Water rights

The rights of a land owner, or occupier to use adjacent bodies of water in a reasonable fashion.

speciality contractor

a contractor who specializes in a specific area of work, and performs contruction work that requires specialized skill.sp

Special Warranty Deed

a deed in which the grantor warrants or guarantees the title only against defects arising during grantor's ownership of the property and not against defects EXISTING befor the time of grantors ownership.

Sociological Jurisprudence

a law being implemented in an effort of positively reform a society or a standard of society.

special assessment

a legal charge against real estate by the city to pay for the cost of public improvement such as street lights, sidewals, and street improvement.

tort liability

a legal obligation of one party to a victim or a resulty of a civil wrong doing.

Time Share Use

a license or contractual membership right of occupancy in a timeshare project which is not coupled with an estate in the real property.

specific lien

a lien that attaches to one specific property only

Unconventional Loan

a loan where there is goverment participation or cooperation.

Straightline depreciation

a method of depreciation under which improvement are depreciatesd at a constant rate throughout the estimated useful life of the improvement.

statutory will

a simple will that uses a standard legal form, containing provisions required by state law.

Vacarious Liability

a situation where someone is held responsible for the actions of another person.

statutes of fraud

a state law requiring certain contracts to be in writing and signed befor they will be enforceable a law. Example: contracts for the sale of real property, contracts that are more than a years

side yard

a yard that extends along a side lot from the front yard to the rear yard

statutes

an act of a legislature that declare, prescribes, or commands something.

specific performance

an action to compel performance of an agreement: for example, sale of land an alternative to damages, or rescission.

single agent

an agent who works only for the buyer or seller.

special agent

an agent with limited authority to act of behalf of the principal, such as created by a listing contract.

Tenancy in common

an ownership of realty by two or more persons, each of whom has an undivided interest, without the "right's of survivorship.

Township

in the survey of public lands of the U.S a territorial subdivision 6 miles long, 6 miles wide, and containing 36 sections, Each 1 mile square, located between 2 range lines, and 2 township lines.