Upgrade to remove ads
Terms in this set (132)
The ability of the government to acquire real property against the owner for the benefit of the public.
When real property is conveyed to a party through a will. the real property is referred by what term?
What is the most complete estate in real property?
What is an exaggerated term from a real estate agent,that would be considered not true?
What is the process of arriving at a final market value conclusion from the estimates of three appraisal approaches to value?
A document in which a borrower certificate the amount owed on a mortgage loan and the rate of interest.
This type of mortgage is based on the collateral security pledge of two properties?
The actual, visible, hostile, notorious, taking of another's land under a claim of title for a statutory period of time.
A phrase in a contract that requires the performance of a certain act within a stated period of time.
Time is of the essence
The use of borrowed money to finance the bulk of an investment.
What is another name for Regulation Z?
Truth in Lending Act
What is 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 someone who has not contacted the broker?
What is the official name of a tenant who remains in a leased property after the lease expires.
A typical business arrangement that is created when individual persons invest money for real estate investments
This type of loan in which the principal as well as the interest is payable in periodic installments over the term of the loan.
What is the profit call from the sale of real estate according to the IRS
The fact that value must be exchanged between the parties to a valid deed refers to what real estate term.
What legal action can be sought in court by a mortgagee to recover lost money when the public sale of a forced foreclosed property does not pay off the entire mortgage debt?
Rights to enter and exit land?
Ingress & Engress
What is it called when a lender initiates a court process that will result in the public sale of real property.
What is the legal term for a buyer?
What is the name of the party being represented in an agency relation ship?
What the type of mortgage represents a junior lien in which the in which the second lender is used to payoff the first lender?
This is an attached item to a leased business property that can be removed by the tenant prior to the lease expiration?
What is the contract that allows a junior lien to take priority over the first mortgage?
When title to real property is held by a single person, it is referred to as what form of ownership?
The boundary line of real property and the line indicating where the building can be built.
What type of lease requires the lessee to pay the rent as well as the other cost in maintaining a rented property?
What approach to values used when an appraiser determines the replacement amount of a building, minus depreciation, plus the estimate land amount/
After a buyer's offer to purchase is accepted but before the buyer acquires legal title, what type of interest is held?
The difference between the market value of real property and the mortgage debt represents what value to the owner?
What kind of mortgage is secured by real property as well as appliances?
What is the type of listing contract by which a seller can employ 16 real estate offices simultaneously try to sell her real estate with only one commission be paid to the office that finds a buyer?
What is the limitation that is placed on the use of real property that is generally initiated by a seller when the title is conveyed?
What is a particular parcel of land called over which an easement runs that benefits an adjacent property?
If a victim of fraud or duress challenges the validity of a contract, what type of contract classification would apply?
What is the act of directing prospective buyers toward particular areas of a community without regard to financial qualification?
This describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate.
How many acres are in a square mile?
What legal remedy allows one party in a contract to attempt to solicit the court to force another contract party in default to fulfill the agreed upon contract terms?
Suit for specific performance
How would a contract be described if all the parties had met all their obligations?
With what type of deed does the seller guarantee good title to the buyer based upon the seller's ownership interest?
Special warranty deed
What occurs at the end of a mortgage when the loan amount is not fully amortized?
What is the amount of money called that could be lost to a seller is a buyer breaches the sales contract?
Earnest money deposit
What is a building called that is situated over the boundary line of the real property owner?
Who is the owner of a life estate?
What is the law that requires lending institutions to provide borrowers of federally related mortgages with a booklet explaining settlement cost?
RESPA-Real Estate Settlement Procedures Act
What kind of interest does a condo unit owner have in common elements?Tenancy
Tenancy in Common
If a municipality requires a particular area of the community to have curbs, what is the name of the fee charged to each owner for his proportionate share of this public improvement?
What legal concept identifies the destruction of a property by a life tenant?
What type of ownership exists when two persons own an unequal, fractional interest in real property without the right or survivorship?
Tenancy In Common
What is the type of deed that is used to transfer ownership of real estate from a trustor to a trustee?
What is the attempt by real estate licensees to get listings by persuading owners to see their homes as the result of a concern about potential buyers who are of a particular minority group?
To what real estate concept do the following expressions refer: control within the law, exclusion, disposition, enjoyment and possession?
Bundle of Rights
What is the title of the person who has overall responsibility for the real estate transactions of a limited partnership?
What are man made addictions to land called?
What is the relationship of trust that a seller has with a real estate broker as the result of both parties entering into a listing contract?
According to the Rules and Regulations of the Pennsylvania State Real Estate Commission, what type of listing contract requires certain words to be printed in bold face type?
Exclusive Right to sell
What is the name of a third party who receives title to real property upon the death of a life tenant?
What laws prevents real estate brokers from engaging in the discussion of setting fixed rates of compensation?
What is claim that is made against a real property owner where the property is held as collateral security because of a debt?
What is the opportunity of one party to use the land of another for a special purpose?
What is the court suit that is filled to terminate the co-ownership interest in tenancy in common or joint tenancy?
Suit to Partition
What is the basic right that permits a mortgagor in
default to recover a property from a foreclosure sale by paying all owed costs on the property?
What is the name of a new contract that is used for the purpose of eliminating and replacing an existing contract?
What is created when sellers change the buyers' terms in a written agreement of sale and then the sellers sign the document?
In or for the transfer of title of real property to take place between two parties in a deed, what must occur?
Delivery and Acceptance
What type of deed gives to the grantee that weakest form of title position?
In order for a document to have the capacity to be recorded in Pennsylvania in must meet what requirement in addition to being in writing and signed?
What principal of value indicates that the worth of expensive real estate is decreased by the proximity to inexpensive real estate?
What is the transfer of interest in a mortgage from the holder of the mortgage in the primary mortgage market to a new owner for the mortgage in the secondary mortgage market?
What clause in a mortgage prevents a seller from allowing a buyer to assume the seller's existing mortgage?
What is the type of life estate that is based on the life of someone other than the life tenant?
Pur Autre Vie (For the life of another)
What principle of value indicates that uniting two adjoining parcels of land into one may result in a higher combined land value?
What is the type of real estate financing arrangement by which the seller becomes the lessee of the same property?
Sale and Leaseback
What is the public awareness that is given to everyone when a document is recorded?
What type of deed is used to transfer ownership from the trustee to the beneficiary of a trust?
What is the right of a real property owner that defines the property boundary line next to a stream?
What is the real estate principle used in some states that indicates that the right to use water in controlled by the state?
What covenant in a general warranty deed guarantees that the seller owns the property and has the right to convey the title?
What is the particular interest that is held when a life estate is ended and the ownership goes back to the original owner?
In what part of condominium property does the owner of a condominium unit have a tenancy in common?
In what type of real estates contract involving a transfer of title does the seller usually initially keep the title to the property?
Under what government power does a municipality have the right to enforce building codes?
What is a property called that was in existence before the passage of the present zoning laws and is permitted to operate contrary to those same laws?
What is the ending place in a metes and bounds legal description of real property?
Point of Beginning
In what type of lease does the lessor pay for the property expenses?
The actual words of conveyance of title are found in what part of a deed?
What concept expresses the simultaneous representation by a broker of two parties with conflicting interests to a real estate transaction?
What variable figure expressed as an appraisal term is used to multiply the estimated gross rent of a property for the purpose of arriving at a market value of that property?
Gross Rent Multiplier
What status does a contract have that fails to contain all the essential elements?
What us the name of the party who golds the title to real estate in a trust?
What type of concurrent ownership of real property is held solely by a husband and wife?
Tenancy by the Entirdy
What type if lien affects the ownership of only one particular piece of real estate?
What type of mortgage would exist if the real property offeree provides the financing for the offeror?
Purchase Money Mortgage
What is it called when a land owner is given municipal approval to build a house higher than is currently allowed by the local ordinances?
A lien filed by a lumber yard against a particular indebted property owner would most probably be an example of what type of lien?
According to the law of agency, what kind of fiduciary representative is the selling salesperson to the property owner as the result of a single agency listing agreement?
A real estate property manager typically operates within what type of agency with the property owner?
What covenant in a warranty deed indicates that the grantor will pay the grantee for any necessary damages if the conveyed title is not good and the grantee suffers a monetary loss?
What type of listing contract provides the greatest protection of compensation for a real estate broker?
Exclusive Right to Sell
What type of contract is created neither by a written agreement nor by orally spoken words but only by the actions of the parties?
What type of leasehold estate represents the illegal occupation of the leased premises by the lessee?
Tenancy at Sufference
What is the difference called between the rate of interest on an adjustable rate mortgage that is based on an economic indicator and the rate of interest on the same adjustable rate mortgage that is charger to borrowers?
What principle of value refers to the face that the highest values occur where real properties are similar to each other?
What is the name of the contract that creates a fiduciary relationship between a selling broker and a buyer?
Buyer Agency Contract
What is the name of the IRS status of a real estate agent in which 90% or more of the income of the agent comes from sales production and through which the agent is individually responsible for paying income and social security taxes?
What is the name of the type of mortgage default arrangement where the mortgagor gives title to the mortgagee instead of the traditional legal procedure?
Deed in Lieu of forclosure
What is the name of the process for changing real property into personal property?
What is a seasonal crop referred to that requires routine care and is considered to be personal property?
What type of easement allows access to land-locked land?
Easement by necessity
What us the loss of the right of a property owner to file for a court injunction to prevent the violation of a restrictive covenant because of delay or inaction by a property owner?
What is the term for the legal status of a person who dies without a will?
What is the official name of the party in a contract who accepts an offer?
What is the term that refers to the breach of a contract?
What occurs when the rate of interest increase on an adjustable rate mortgage and a payment cap prevents an increase in the monthly mortgage payment?
What characteristic of tenancy by the entirety allows the widow of a deceased real property owner to retain the property title?
Right of Survivorship
What type of lease typically allows for the construction of improvements over a long period of time?
Through what means is the title to personal property transferred?
Bill of Sale
What is is the name of the list of previous owners of real property along with a record of their transfers of title?
Chain of Title
What is the name of the compensatory amount money that is typically available to be awarded to the non-defaulting party in a contract as the result of a break of contract?
What is the opportunity of a party to a contract to have the exclusive privilege to react to an offer prior to any other party?
Right of First Refusall
What is the process of pledging real property as collateral security to obtain a mortgage without giving up possession of the property?
What is the financing arrangement in which borrower pays an up-front fee to reduce the payments on the loan for the several years?
In the valuation of real property what is the sold price of real property called?
What protection is needed by a lending institution when a conventional mortgage is given to a borrower who makes a down payment of less than 20%?
P.M.I. Private Mortgage Insurance
What us the type of real property ownership in which the title to real property is help by a corporation and the occupants have title to shares of stock?
What are the standards of construction called that are requires by most municipalities for building houses?
In what type of listing is the fee to a real estate broker any amount of the sale price that exceeds a guaranteed amount to the seller?
What mortgage clause allows the lender to increase the maturity of the debt when the mortgagor has breached the terms of the agreement?
What is the name of a contract condition upon which the contract is dependent?
For the purchase of real property, what is the result of subtracting the amount of financing from the sale price of the property?
THIS SET IS OFTEN IN FOLDERS WITH...
Real Estate Exam Prep
YOU MIGHT ALSO LIKE...
PSI REAL ESTATE
PA real estate exam
Real Estate Fundamentals
Real estate chapter 1-13
OTHER SETS BY THIS CREATOR
Chapter 4: Fair Housing Laws Terms
Ch 6: Property disclosures and environmental issues
Modern Real Estate Unit 12: Real Estate Financing