| Term | Definition |
|---|
| Bi Lateral Contract | Type of contract in which two parties are legally bound to act |
| Functional Obolescence | kind of real property depreciation caused by poor design |
| Grantee | name of the party who acquires the title to real property in a deed |
| Biennial | one word that indicates how often a Pennsylvania salesperson's license is required to be renewed |
| Testate | the condition when a person dies with a will |
| Lis Pendens | the recorded legal notice that shows existing court action against real property |
| Capitalization | the process of estimating the value of real property by using the rate of return and annual net income |
| .072 | decimal form of seventy two mills |
| Open End Mortgage | the type of mortgage in which the mortgagor could receive future advances by increasing the debt up to its original amount |
| Redlining | the act of denying mortgages to applicants from a certain area based on factors other than financial qualification |
| $2800 | How much money would be charged as the result of a four point origination fee on a $95000 property on which there is a $70,000 mortgage |
| Statue of Frauds | the name of the state law that requires agreements of sale to be in writing |
| Construction Eviction | The name of the process by which a tenant is allowed to abandon a leased property without legal consequence if the landlord causes that leased property to become uninhabitable |
| Usury | the practice of charging a rate of interest that is higher than is allowed by state law |
| Title Theory | lender is the owner of the mortgaged real estate according to what theory of mortgae law |
| Action to Quiet Title | what is filed in court to settle a cloud on the title and determne the ownership of real property |
| Satisfaction of Mortgage | what recorded document indicates that the mortgage note has been paid in full |
| Debit | what is any amount of money that is charged to someone on a closing statement and is required to be paid |
| Easement In Gross | the right of way held by a railroad is an example of what type of easement |
| Avulsion | the unexpected and dramatic loss of land as the result of an earthquake is represented by what real estate term |
| 43,560 | how many square feet are within an acre of land |
| Ad Valorem | type of real estate tax that is levied according to value |
| Blue Sky Laws | state and federal laws that regulate real estate when it is sold as a security are known by what general name |
| Chattels, Personalty | two terms that mean personal property |
| Abstract of Title | list of recorded documents on a particular real property called |
| Eminent Domain | what is the ability of the government to acquire real property against the wish of the owner in order to benefit the general public |
| Devise | when real property is conveyed to a party through a will, the real property is referred to by what term |
| Fee Simple | the most complete estate in real property |
| Dower | what is an exaggerated comment called that is made by a real estate agent about real property that would not be considered to be factual |
| Reconciliation | the process of arriving at a final market value conclusion from the estimates of the three appraisal approaches to value |
| Estoppel Certificate | When an existing mortgage is assigned to the secondary mortgage market or when it is assumed, what document indicates the unpaid mortgage balance and the date that the last mortgage payment was made |
| Blanket Mortgage | type of mortgage is based on the collateral security pledge of two properties |
| Adverse Possession | what means can a person make a claim of title by taking over the real estate of another through continuous, visible and hostile possession for the statutory period of time |
| Time is of the Essence | the legal phrase used in contracts to bind the parties to complete a contract by the specified dates in the contract |
| Leverage | the principle that allows and investor to purchase real estate by relying primarily on borrowed money is know by what term |
| Truth In Lending Act | what is another name for Regulation Z |
| Exclusive Agency | the type of listing contract in which the owners employ one real estate broker but the owners pay no commission fee if they sell their real estate to someon who has not contacted the broker |
| Holdover Tenant | the official name of a tenant who remains in a leased property after the lease expires |
| Syndicate | the typical business arrangement called that is created when individual persons invest money collectively as a group through pooled shares in a real estate investment property |
| Amortized | what is the type of a loan in which the principal as well as the interest is payable in periodic installments over the term of the loan |
| 11 | How many members are on the Pennsylvania Real Estate Commission |
| Capital Gain | What is the profit called that is earned from the sale of real property according to the U.S. Internal Revenue Service |
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