Management 3540 Chapter 17
Order by
33 terms
Terms | Definitions |
|---|---|
 Listing Agreement | An agreement authorizing a realtor to be the seller's agent for the purpose of soliciting offers of real estate |
| Exclusive Listing Agreement | Standard form of contract for realtors because it gives realtors exclusive right to be the selling agent for the land |
| Deed | A document which transfers title to land |
| Grantor | Person or entity which transfers title by deed |
| Grantee | Person who receives a deed and title to the real estate |
| Warranty deed | A deed in which the grantor guarantees the title is good |
| Quitclaim Deed | Deed under which the grantor transfers whatever ownership interest the grantor has in the land without any warrenty of title |
| Deed of Release | Deed of a mortgagee releasing a mortgage |
| Tenancy in Common | Co-owner's share of property will go to the heir in the event of the co-owner's death |
| Joint Tenancy | The right to survivorship, under which each owner's share will go to the other co-owners |
| Tenancy of Entireties | Available only for spouses. It is a form of ownership which protects the land from the creditors in the event of a death |
| Transfer of Death Provision | Grantor specifies whom the property will go to in the event of the grantee's death |
| Fee Simple Absolute | Transfers the entirety of the ownership of the land to another property |
| Fee Simple Defeasible | Transfers the entire ownership interest in the land to another party |
| Easement | Permanent right to use a portion of another person's land without owning it |
| License | Revocable right to use land |
| Profits | Right to enter someone's land and remove something of value. i.e. mineral rights and timber rights |
| Mortgages | The right of the lender to foreclose on land in an obligation is breached |
| Life Estate | The right of the holder to exclusive possession of land for a term based upon someone's lifespan |
| Title Theory of Mortgages | A borrower signed a mortgage over to a lender, the lender received title and possession to the property until the date called Law Day |
| Lien Theory of Mortgages | A mortgage that gives the lender the right to foreclose and sell the property but the borrower retains the title of real estate |
| Mortgage | A lien on real estate where the mortgagee personally exercises foreclosure rights |
| Deed of Trust | A lien on real estate where a third party, the trustee holds the lien on real estate in his name and exercises foreclosure rights on behalf of the hold |
| Open-end Mortgage | A mortgage which is used to secure some type of a line of credit |
| Second Mortgage | A mortgage with lower priority and usually late in time than the original mortgage |
| Acceleration Clause | The lender declaring that the entire loan balance is due if there is a default in payment of the loan |
| Power of Sale Clause | Allowing the mortgagee to have a private foreclosure sale |
| Deficiency Judgement | A court order requiring the borrower to pay the amount still after a foreclosure sale on real estate |
| Equity of Redemption | The mortgagor has the right to repurchase the real estate by paying the entire balance due prior to foreclosure |
| Statutory Redemption | Allows the mortgagor to repurchase the foreclosed property after the foreclosure sale |
| Race Statute | First to record a mortgage or deed with the recorder of deeds has priority to the real estate |
| Notice Statute | The first to show interest in the land gets the rights to the land |
| Race-notice Statute | The first to take notice in the land without anyone else showing interest obtains the land |
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