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.