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49 Cards in this Set
- Front
- Back
Non Freehold |
Leasehold, estate with a length determined by agreements or statue. |
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Non Judical/Foreclosure by Advertisement |
A form of foreclosure that does not require court action to conduct a foreclosure sale (foreclosure under power sale) |
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Net Lease |
1 in which the lessee pays a fixed amount of rent plus the cost of operation of the property. |
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Nonconforming Use |
Utilization of land that does not confirm to the use permitted by a zoning ordinance for the area; be lawful or unlawful |
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Net Listing |
A method of establishing the listing broker's commiss7 as all money above a specified net amount to the seller. |
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License |
A personal privilege to do a particular act/acts on the land of another. |
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Laches |
Loss of legal rights became of failure to assert them on a timely basis. |
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Acceleration |
A provision in a mortgage/Deed of trust that permits the lender to declare the entire principal balance of the debt immediately if the borrower default. |
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Alienation |
Transfer of title to real property. |
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Bargain and sale deed |
A form of deed with or without covenants of title. |
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Bill of Sale |
An instrument transferring ownership of personal property. |
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Blanket Loan( Mortgage) |
Two or more parcel of real property are pledged to secure payment of the note. |
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Blockbusting |
Induce someone for profit by targeting based on race, religion, sex or national origin. |
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Brownfield |
Abandoned Property Due to enviromental contamination. |
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Carryover Provision Protection Period (Extender Clause) |
Statement in a listing contract protecting the broker's commission entitlement for a specified time after the contract expires. |
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Caveat Emptor |
Latin meaning "Let the buyer beware" applies to sales talk and not statements of material facts. |
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Chattel |
Personal Property |
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Commingle |
An agent's mixing money or property of others with agents personal/business funds/ other property. |
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Curtesy |
Husband's interest in the real property of his wife. |
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Deed in Lieu |
Conveyance of title to the mortgage by a mortgagor in default to avoid a record of foreclosure (Friendly foreclosure) |
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Designated Agency |
The client has an agency relationship with only those named in the listing contract/buyer agency contract. |
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Emblement |
Personal property growing in the soil, planting & cultivation; annual crops. |
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Escheat |
The power of government to take title to property left by a person who has died without leaving a valid will qualified heirs. |
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Estate at sufferance |
Continuing to occupy property after lawful authorization has expired; a form of leasehold estate. |
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Estate at will |
leasehold estate that may be terminated at the desire of either party. |
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Estate for years |
A leasehold estate of definite duration. |
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Exclusive Agency Listing |
A listing given to one Broker only. |
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Exclusive right to sell |
One broker only who entitled to commission during the time of the listing contract. |
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Executory Contract |
An agreement that has not been fully performed. |
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Fiduciary |
Someone placed in a position of trust in relation to the person for whose benefit the relationship is created. |
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Freehold |
A right of title to land. |
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Fully Amortized Loan |
1 in which the scheduled uniform payments will pay off the loan completely over the mortgage term. |
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General Agent |
One with full authority over one property of the principal such as a property manager. |
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General Lien |
1 that attaches to all of the property of a person within the court's jurisdiction. |
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Gross Lease |
1 in which the lessor pays all costs of operating and maintaining the property and real property. |
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Ground lease |
A lease of unimproved land. |
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Judicial Foreclosure |
A court proceeding to require that property be sold to satisfy a mortgage lien. |
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Partially Amortized |
Uniform payment will not completely satisfy the debt over the mortgage term. A larger final payment is needed to satisfy the debt(balloon payment) |
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Parlo Evidence Rule |
A concept allowing that oral explanations can support the written words of a contract but cannot contradict them. |
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Perc Test |
A test of soil to determine if it is sufficiently porous for installation of a septic tank. |
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Police Power |
The power of government to regulate the use of real property for the benefit of the public. |
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Profit |
The right to participate in profits of another's land. |
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Percentage Lease |
Rental amount a combination of a fixed amount plus percentage of the lessee's gross sales. |
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Primary Market |
lender's making mortgage loans to individual borrowers. |
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Promissory Note |
A written promise to pay a debt as set forth in the writing. |
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Promulgate |
To put in effect by public announcement; to put into operation. |
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Puffing |
An exaggeration of a property's benefits. |
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Wraparound Mortgage |
A junior mortgage exceeding a first mortgage against the property. |
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Usury |
Charging a rate of interest higher than the rate allowed by law. |