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113 Cards in this Set
- Front
- Back
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Appreciation |
Appreciation is any gain in the value of a property over time from any cause |
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What is MLS |
Multiple listing service is a service used by a group of real estate brokers. It connects listings together under one adverts large umbrella |
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Adverse possession |
Adverse possession is the legal principal in which a person who does not have legal right to a property acquires获得 legal ownership based on continuous occupation of the land without the permission of its real owner |
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Bilateral contract |
Bilateral contract is an agreement between at least two people or groups. Most business and personal contracts fall into this category. |
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Realtor |
A realtor is a real estate agent who is a member of the National Association of realtors. Realtor have a specific association协会, code of ethics, and rules. If you are a real estate agent, you are not automatically a realtor. The terms realtor and real estate agent although commonly used interchangeably, are actually two different titles. |
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Property management |
The overseeing of real estate and property |
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Land trust 土地信托 |
A land trust is a legal agreement in which a property owner transfers the title to a property to a trustee 受托人 |
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Ballon Loan |
A ballon loan is a mortgage which does not fully amortize 缓冲over the term |
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Real estate |
Real estate is a term used to describe property or buildings |
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Eminent domain 征用权 |
eminent domain is described as the right of the government to take over privately owned real estate usually despite the owners’ wishes. This often happens for land that is required for infrastructure基础设施 like highways, major pipelines, railroads铁路，etc |
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Taxation 税收 |
The process of taking a portion of worth from a person or business and using that for the greater welfare福利 of the public |
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deed restrictions 契约限制 |
Deed resgeictions are limitations to the use of the property imposed by a past or current owner and are usually legally bonded forever |
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Involuntary liens 非自愿留置权 |
Involuntary liens aren’t created by the homeowner. It is a claim imposed against 强行实行a property without the consent of its owner
In California common example of an involuntary lien would be a tax lien. If you don't pay your federal income taxes, the government will place a tax lien on your house. This also includes property taxes, special assessments, and state tax liens. |
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LLC |
Full term: Limited liability company The structure of LLC’s vary from state to state, but an LLC is a hybrid混合legal法人entity实体that has certain characteristics特征 of both a corporation公司 and a partnership合资企业or sole proprietorship 独资企业 |
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emblements 象征物 |
Emblements are annual crops produced by cultivation栽培 legally belonging to the tenant with the implied right for its harvest, and they are treated as the tenants property. |
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unilateral contract |
Unilateral contract is a one sided agreement. Only one party makes a promise to perform. One party pays the other party to perform a certain duty. If the first party fulfills the duty, the second party is obligated to transfer the specified funds. |
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Conspiracy to boycott |
Conspiracy to boycott occurs when two or more persons or entitles授权 conspire合谋 to restrict the ability of someone from competing. This unethical and highly illegal. |
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Avulsion |
Avulsion is the immediate action of adding or tearing away land by violent acts from natural causes. An example of Avulsion is a dam breaking or a hurricane. |
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Corporation |
Corporation may be formed for profit or nonprofit purposes. A corporation is managed and operated by a board of directors. A corporation has certain rights, privileges特权， and liabilities beyond those of partnerships. Doing business as a corporation has its advantages and disadvantages. |
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Equity |
Equity is the difference between the market value of your home and the amount you own the lender who holds the mortgage. |
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Government survey system |
is the system of land description that applies to much of the land in the U.S. It is based on pairs of principle meridians and base lines, which these are being used to govern the surveys in a designated area. See also: legal description. CONTACT CAREERS RESOURCES DEVELOPERS.
The system is based on sets of two intersecting lines :north south line called Principal meridians and the east west line called base lines.
The east west line are referred to as township lines The northern south lines are range lines It’s is sometimes referred to as the rectangular矩形 survey system. |
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Index lease |
A lease that determines the rental price by evaluating the annual consumer index指数 and determining fair rental price. |
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FHA Appraisal |
The process done by an approval FHA appraiser to appraise a property for an FHA loan. |
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FHA Appraisal |
The process done by an approval FHA(federal housing administer) appraiser to appraise a property for an FHA loan. |
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FHA Appraisal |
The Federal Housing Administration (FHA) is a government agency that promotes affordable, easy-to-qualify-for home loans. FHA loans are only available through approved lenders. If you're a first-time homebuyer without a substantial credit history, an FHA loan could be an attractive option. |
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Closing |
Closing is the final step in executing a real estate transaction. It is when official ownership and payment is transferred to the rightful parties. Closing usually takes place after a purchase agreement is made and the titles is now ready to transferred |
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Endorsement |
Signing paper normally a contract |
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Errors and omissions遗漏 insurance |
Some but not all states requires this form of insurance. It is a type of liability insurance that protects professionals against claims of inadequate不足的 work or negligent疏忽的 actions. |
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void contract 无效合同 |
A void contract has no legal force or effect because it lacks one or more legal requirements. |
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discount points |
Discounts points also know as mortgage points Discount points are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “ buying down the interest rate” One discount point cost 1% of he amount borrowed ( or 1000 for every 100000 borrowed) 4000,000 x 0.04/4% =4000 |
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Title contingency |
If the title for the property is under review the buyer can add a title contingency to the offer. During this process. A title report will be done witch may reveal a conflicting ownership status所有权状态冲突， in which the buyer then can opt选择 out 退出 of the sale. |
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agreement of sale |
A form that states the buyer consents to purchase a property and the seller agrees to sell the property with the terms and conditions illustrated in from both parties. |
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agreement of sale |
A form that states the buyer consents同意 to purchase a property and the seller agrees to sell the property with the terms and conditions illustrated in from both parties. |
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fee simple defeasible 可废止的 |
A defeasible estate is created when a condition is added on a fee simple estate. If the condition is met, the estate may be lost. Fee simple defeasible is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the conditions of ownership are violated, the property may be returned to the grantor or to a specified third party. |
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Financial contingency |
A financial contingency provides a way for buyers to back out of the sale of the property if their loan falls through |
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Amenities 便利设施 |
amenities are a useful feature or add on to a house that typically adds value to the property. |
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Depreciation |
depreciation is any loss in the value of a property over time from any cause. |
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Antitrust laws 反垄断法 |
Antitrust laws are a collection of federal and state government laws that regulate the conduct and organization of business corporations, normally to promote fair competition for the benefit of consumers. |
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Antitrust laws 反垄断法 |
Antitrust laws are a collection of federal and state government laws that regulate the conduct 规范行为 and organization of business corporations 商业公司组织 normally to promote fair competition for the benefit of consumers.通常是为了促进公平竞争以造福消费者 |
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Rezoning |
The legal government approved process of adjusting a zone. 合法政府批准掉调整区域的程序 |
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Rezoning |
The legal government approved process of adjusting a zone. 合法政府批准调整区域的程序 |
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Listing agreement |
A listing agent is a document with a property owner contracts with a real estate agent to find a buyers for the owner’s property. |
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Listing agreement 上市协议 |
A listing agreement is a document with a property owner contracts with a real estate agent to find a buyers for the owner’s property. |
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Erosion 消弱； 逐步的破坏 |
The opposite of accretion渐增；erosion is the wearing away of land or soil by the action of wind, water, currents电流，or ice. Long term erosion can decrease the size of a property. |
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co-ownership |
Co-ownership is when a title to one parcel of real estate 但一个房产的所有权is held by two or more individuals, those parties are called co-owners or concurrent同时owners. Individuals may co-own property as tenants in common, joint tenants共同承租人，or tenants by the entirety or lastly community property. |
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littoral rights沿海权利 |
littoral lands pertain to land owners 与土地所有者有关 whose land boarder large土地边界大，navigable可通航lakes or oceans. Landowners with littoral rights have unrestricted access to the waters but own the land only to the median high-water mark. After this point, the land is owned by the government.
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Riparian rights |
A riparian right entitles the landowner to use a correlative share of the water flowing past his or her property. Riparian rights do not require permits, licenses, or government approval, but they apply only to the water which would naturally flow in the stream. |
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liquity |
The net price and speed of how long it would take to sell an asset and convert it into cash |
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Freehold estate |
A freehold estate is an estate in which you have an exclusive right to enjoy the possession of a property indefinitely. Contrasts to a leasehold estate, where possession is limited by time period. |
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General contractor |
A general contractor is the term used to describe some one whose main responsibility is the construction , improvement or renovation of a property or project. |
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Condominium |
A condominium often a shorted to condo. Is a type of living space which is similar to an apartment but which is independently sellable and therefore regarded as real estate. |
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Recovery fund |
A fund set up by commissions in a few states to protect the public from real estate agents committing harmful acts. Basically, an insurance policy of states, homeowners and their agents. |
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Abutting |
Means an area of land or a building has common boundary with another |
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Acceleration加速clause条款 |
Acceleration clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions. An accelerated clause is typically invoked the borrower materially breached 违反the loan agreement.
Forex ample: assume a borrower with a 5 year mortgage loan fails to make a payment in the third year. The terms of the loan include an acceleration clause which state a the borrower must repay the remain balance instantly if one payment is missed |
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Accretion |
Accretion is a slow process of growth or acquisition of land, typically when soil is deposited被沉淀的by the natural action of water. Long term accretion can actually increase the size of a property. |
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Active property |
If you and your client sees a home listing with just “active” as their status, this indicates that the property is available for sale. |
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Active property |
If you and your client sees a home listing with just “active” as their status, this indicates that the property is available for sale. |
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Actual fraud |
Actual fraud is an intentional of misrepresentation of fact or in plain terms lying. |
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Active property |
If you and your client sees a home listing with just “active” as their status, this indicates that the property is available for sale. |
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Actual fraud |
Actual fraud is an intentional of misrepresentation of fact or in plain terms lying. |
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Ad valorem |
The Latin phrase ad valorem means” according to value” |
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Adjustable rate mortgage |
Short term of ARM An adjustable rate mortgage has a flexible interest rate. Adjustable rate mortgages have a fixed period during which the initial interest rate remains the same, after that the interest rate adjusts at a pre-arranged frequency. The fixed rate period can vary significantly anywhere from one month to 10 years. |
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Agent / Licensee |
The licensed individual who represents their Cliend(principal) |
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Air rights |
Air rights are the rights to use the space above the earth |
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Air rights |
Air rights are the rights to use the space above the earth |
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Alienation （财产或权利的）转让 |
alienation is the act of transferring title, ownership, an estate, on an interest in real estate from one party to another. |
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Air rights |
Air rights are the rights to use the space above the earth |
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Alienation （财产或权利的）转让 |
alienation is the act of transferring title, ownership, an estate, or an interest in real estate from one party to another. |
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Alienation clause |
Also known as due on sale clause, is a real estate agreement that requires a borrower to the remainder of their mortgage loan balance off immediately during the sale or transfer of a property title and before a new buyer can take ownership. |
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Amendments 修正 |
amendments allow home buyers and sellers to adjust key terms of an agreement (such as sale price or closing date) without needing to create a new contract. Both signing parties or their agents must agree to the proposed changes before executing an amendment to a contract. |
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Amortization 分期付款 |
Amortization is a way to pay off debt in equal 等同的installments 分期付款that include varying amounts of interest不同额数的利息 and principle payments over the life of the loan. 和本金在贷款期限内的 An amortization schedule is a fixed table that shows how much of your monthly payment goes toward interest and principal each month for the term of the loan. |
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Appraisal |
An appraisal is the best way to estimate your property’s fair market value based on the location, condition and recent sales of similar homes in the surrounding area. Beyond an estimate of how much your property is worth, an appraisal also indicates the amount a lender will let you borrow for a property. |
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offeror Offeree |
Offeror the person making the offer
Offeree the person reviving the offer |
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Grantor Grantee |
The grantor is the party in a transaction who conveys ownership of an asset传递资产的所有权. During a real estate transaction, the grantor sells the property rights to the grantee.
A grantee is the person in a transaction who receives something - aka the buyer. In terms of real estate transaction, the grantee receives ownership of the property after the closing process ends. |
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Vendor Vendee |
The seller who gives the land contract (contract for deed). The seller retains legal title but conveys equitable title to the vendee
Vendee is The purchaser who receives the land contract. The vendee receives equitable title but not legal title |
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Optionor Optionee |
The owner who gives the option agreement
The person who receives option agreement. |
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Assignor Assignee |
The person who gives the assignment contract, the person who assigns their interest in a contract to another
The person who receives the assignment contract, the person to whom an interest has been assigned. |
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The mortgagor The mortgagee |
The borrower, the owner of a property that is being used as security for a mortgage
The lender of holder of the mortgage |
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Trustor Trustee Beneficiary |
The owner of the property under a deed of trust(the owner)
The third party who holds a deed of trust(the 3rd party)
The person designated to receive a benefit as in a deed of trust(the lender) |
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Trustor Trustee Beneficiary |
The owner of the property under a deed of trust(the owner)
The third party who holds a deed of trust(the 3rd party)
The person designated to receive a benefit as in a deed of trust(the lender) |
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Promissory Note |
Is a loan document whereby the borrower promises to repay the debt over a specified period of time and rate Maybe secured or unsecured |
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Trustor Trustee Beneficiary |
The owner of the property under a deed of trust(the owner)
The third party who holds a deed of trust(the 3rd party)
The person designated to receive a benefit as in a deed of trust(the lender) |
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Promissory Note |
Is a loan document whereby the borrower promises to repay the debt over a specified period of time and rate Promissory note can be secured or unsecured I’m the case of borrowing money for the vehicle and the bank asking for the title to the vehicle that’s what we called a secured note If you’ve got a signature loan where you just went down to the bank and borrowed a couple thousand bucks, in fact overdraft for your checking account透支你的支票账户， is considers an unsecured promissory note because their is nothing the bank can repossess. In the case of default违约 payment |
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Mortgage |
An instrument措施 a legal document that “pledges” 保证 誓约or give the actual the real property as security(collateral抵押品) for the loan in case of default |
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appraisal contingency |
Most big lenders or banks require the buyer to have an appraisal done to the property before the loan is granted. This is to ensure the house is worth somewhat 稍微close to the price of the accepted offer. |
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Appraiser |
An appraiser, is a person that develops an opinion of the market value or other value of a product, most notably real estate. |
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Appurtenance |
It’s a none, Describing an item that is attached to something. In real estate, after something is installed onto a property, it can be called an appurtenance. Meaning it is passed on to a new owner if the property is sold.
Talking about run with the land Original word Appertain means, to relate to, be appropriate, it applicable |
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Appurtenant |
It’s an adjective.从属的 附属的 Refers to rights or restrictions that run with the land. The term is generally used in the context of easements地役权 or covenants契约， and is distinguished区别，分清 from rights or restrictions in gross 全部，which only benefit or burden a particular person. |
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Easement |
An easement 地役权是一个人对另一个人的土地使用权is a right held by one person to use the land of another for a specified purpose. |
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Ingress |
Enter |
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Ingress |
Enter |
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Egress |
To exit |
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Ingress |
To Enter |
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Appurtenant easement |
Invokes two properties owned by two different owners. The 2 property involved are called the dominant and servant tenement |
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Appurtenant easement |
Invokes two properties owned by two different owners. The 2 property involved are called the dominant and servant tenement |
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Dominant |
Dominant they are dominating therefore they are in charge |
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Appurtenant easement |
Invokes two properties owned by two different owners. The 2 property involved are called the dominant and servant tenement The appurtenant easement attaches itself to a piece of property and it says to run with the land this means that whenever property sold the new owner has the same right to use the easement as the previous owner did. Under each state statute of frauds law 防止诈骗法 easement must be in writing to be valid |
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Dominant |
Dominant they are dominating therefore they are in charge |
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Servient |
They are serving so the servient tenement is serving the dominant tenements purpose
In more tangible terms更明确的术语， the dominant tenement is walking over the servient renements property
In real word situation the dominant tenement property is typically smaller then the servient tenements property |
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Easement in gross |
Another easement is called easement in gross… An easement in gross has no dominant tenement because the people cross the land are not using it to get to another property Utility companies are common examples of an easement in gross For example the electric company may want to connect the power lines between two poles if they need to across your property to do this they will be granted an easement in gross |
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Easement by necessity |
It’s created by court Are issued when someone must cross over someone else’s land to gain access to their property For example, property owner Ann sells a back protein of her land to buyer Dave but neglects to give Dave an easement for access if Ann refuses to give Dave the easement Dave can go to court and have an easement by necessity必须的 必要的不可避免的granted 授予
it also considered a permanent easements that will now run with the land |
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Easement by prescription |
Is a type of easement created by the actions of one person against the interests of another pers
Example: every night when your neighbor Joe comes home he drives his car across the corner of your property you see him but never stop him and he does it for a long time eventually you get tired of him driving across your property and tell him to stop but he says no way I have an easement by prescription Joe takes the matter to court and the court agrees with him the fact that Joel’s actions persisted坚持不懈 over a long period of time are big factor in the court granting him the easement and now joe now has a permanent easement by prescription across your property Easements by prescription are the results of lawsuit so court order is required for them to be granted the length of time时限 a property must be crossed and creating easement by prescription varies according to what state you are in You saw joe across your property, he use was open and notorious臭名昭著 which in legal terms meaning not hidden is also hostile which just means it was not in your best interest. By not telling joe to stop sooner you gave him implied permission to use your property so the court granted joe the easement |
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Easement by prescription |
Is a type of easement created by the actions of one person against the interests of another pers
Example: every night when your neighbor Joe comes home he drives his car across the corner of your property you see him but never stop him and he does it for a long time eventually you get tired of him driving across your property and tell him to stop but he says no way I have an easement by prescription Joe takes the matter to court and the court agrees with him the fact that Joel’s actions persisted坚持不懈 over a long period of time are big factor in the court granting him the easement and now joe now has a permanent easement by prescription across your property Easements by prescription are the results of lawsuit so court order is required for them to be granted the length of time时限 a property must be crossed and creating easement by prescription varies according to what state you are in You saw joe across your property, he use was open and notorious臭名昭著 which in legal terms meaning not hidden is also hostile which just means it was not in your best interest. By not telling joe to stop sooner you gave him implied permission to use your property so the court granted joe the easement |
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Terminating easements |
Easements can be terminated in several ways, you could terminate an easement with an agreement or release解除 The person who possesses the easement also known as the dominant tenement agrees to give up the easement or release it to the person whose property is being crossed also known as the Servient tenement
Can Also end an easement by merging For example, Ashley has an easement across Brittany’s property Brittany that buys Ashley’s property the easement disappears since obviously Brittany would not need an easement to cross her own property |
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Easement by prescription |
Is a type of easement created by the actions of one person against the interests of another pers
Example: every night when your neighbor Joe comes home he drives his car across the corner of your property you see him but never stop him and he does it for a long time eventually you get tired of him driving across your property and tell him to stop but he says no way I have an easement by prescription Joe takes the matter to court and the court agrees with him the fact that Joel’s actions persisted坚持不懈 over a long period of time are big factor in the court granting him the easement and now joe now has a permanent easement by prescription across your property Easements by prescription are the results of lawsuit so court order is required for them to be granted the length of time时限 a property must be crossed and creating easement by prescription varies according to what state you are in You saw joe across your property, he use was open and notorious臭名昭著 which in legal terms meaning not hidden is also hostile which just means it was not in your best interest. By not telling joe to stop sooner you gave him implied permission to use your property so the court granted joe the easement |
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Terminating easements |
Easements can be terminated in several ways, you could terminate an easement with an agreement or release解除 The person who possesses the easement also known as the dominant tenement agrees to give up the easement or release it to the person whose property is being crossed also known as the Servient tenement
Can Also end an easement by merging For example, Ashley has an easement across Brittany’s property Brittany that buys Ashley’s property the easement disappears since obviously Brittany would not need an easement to cross her own property
Abandonment Simply means stop using it For one tease or another gig stop crossing the property unlike a dog when you abandon it an easement will cease to exist不复存在， so the need no longer exist, if you could prove that need no longer exist then the easement will no longer exist either. |
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All about easement |
Appurtenant easement Easement in gross Easement by necessity Easement by prescription Terminating an easement through abandonment, merging , easement through release |
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Arbitration 调停 |
Is a way to resolve disputes解决争端 typically real estate arbitration happens when two homeowners want to resolve an issues and do not want to directly involve the courts. Example, two people are getting divorce and can not agree on terms and allow a 3rd party to come in to help them negotiate |
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Attorney in fact |
Someone authorized to act on behalf of another person, typically in business or for some sort of business transaction. |
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Avulsion |
Avulsion is the immediate action of adding or tearing away of land by violent act from natural causes me. example, dam breaking or a hurricane |
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Assessor |
One who estimates value of property for tax purposes |
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1031 Tex deferred exchange |
Process which allows investors to sell a property and invest the proceeds into a new property (as part of a qualifying like-kind exchange) while postponing the payment of capital gain taxes |
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Assessment评估 估价 Lien 留置权 |
An assessment lien is a legal claim or “hold” on an owner’s unit or lot making the property collateral against delinquent 有过失的 assessments, whether regular or special assessments, owned to the association. |
