Real Estate Terms Flashcards

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Questions and Answers

What is an Abstract of Title?

A document showing ownership history of a property

A type of real estate tax

A record of all recorded documents that affect title to a property (correct)

A mortgage provision

What does an acceleration clause in a mortgage allow?

Transfer of ownership

Complete balance payment upon buyer default (correct)

Partial payment of the mortgage

Extension of mortgage term

What is accrued interest?

Interest that is due and payable

What is acknowledgment in terms of document signing?

Notarizing a document Signup and view all the answers

How many square feet are in an acre?

43,560 Signup and view all the answers

What is actual notice?

Direct knowledge of facts Signup and view all the answers

What does ad valorem mean in real estate?

According to value Signup and view all the answers

What is adverse possession?

Illegal possession of another's land Signup and view all the answers

What is an affiliated business arrangement?

Offering various settlement services by affiliated companies Signup and view all the answers

Who is an agent in real estate?

A person authorized to act for another Signup and view all the answers

What is an alienation clause?

A clause that requires full payment if ownership is transferred Signup and view all the answers

What is an amortized loan?

A loan that fully retires the debt with monthly payments Signup and view all the answers

What is annexation in real estate?

Changing personal property to real property Signup and view all the answers

What is an appraisal?

A supportable estimate of value Signup and view all the answers

What is appurtenance in a property context?

A right or improvement that passes with title Signup and view all the answers

What is an appurtenant easement?

An easement that allows one owner to use another's land Signup and view all the answers

What is assemblage in real estate?

Combining two or more parcels into one Signup and view all the answers

What is assignment in contract terms?

Transfer of an existing contract to new parties Signup and view all the answers

What is a balloon payment?

A final loan payment that is much larger than periodic payments Signup and view all the answers

What is a base line in surveying?

A survey line running east and west Signup and view all the answers

What is a benchmark in surveying?

A reference used by surveyors to measure elevation Signup and view all the answers

Who is a beneficiary in a trust?

The person who benefits from the trust Signup and view all the answers

What is a bilateral contract?

An agreement where both parties are obligated to perform Signup and view all the answers

What is a blanket loan?

One loan secured by multiple parcels of property Signup and view all the answers

What is blockbusting?

Inducing owners to sell by claiming negative impacts on property values Signup and view all the answers

What is a breach of contract?

Violation of the terms of a contract Signup and view all the answers

What does the broker protection clause allow?

Broker to claim a commission after listing expires Signup and view all the answers

What is capitalization rate?

Rate of return on investment property Signup and view all the answers

What is capping in landfills?

Layering soil over refuse Signup and view all the answers

What is a certificate of occupancy?

Issued after completion and prior to occupancy Signup and view all the answers

What is a Certificate of Reasonable Value?

A VA appraisal (CRV) Signup and view all the answers

What is a chain of title?

Record of successive transfers of title Signup and view all the answers

What is chattel?

Personal property Signup and view all the answers

Study Notes

Real Estate Terms and Definitions

Abstract of Title: A comprehensive record detailing all recorded documents impacting property title; excludes unrecorded items.
Acceleration Clause: Allows lenders to demand full payment of the loan balance in case of buyer default under mortgage or deed of trust.
Accrued Interest: Interest that has accumulated and is currently due for payment.
Acknowledgment: The process of notarizing a document, often required for its official recordation.
Acre: A unit of area measurement equal to 43,560 square feet.
Actual Notice: Direct knowledge of specific facts that one has been explicitly told.
Ad Valorem: Refers to real estate tax assessments based on property value.
Adverse Possession: Involves illegal possession of another's land that may lead to title acquisition. Requires possession to be open, notorious, continuous for a set duration, and hostile towards the true owner.
Affiliated Business Arrangement: Scenario where several settlement services are provided by one or related companies, requiring disclosure of affiliations and financial benefits to consumers.
Agent: An authorized individual who acts on behalf of another (the principal) in a fiduciary capacity.
Alienation Clause: A provision in a mortgage allowing the lender to demand full loan repayment if the property ownership is transferred by the buyer.
Amortized Loan: A type of loan where monthly payments are structured to completely pay off the debt by the end of the term, avoiding balloon payments.
Annexation: The process that transforms personal property into real property.
Appraisal: A credible estimation or opinion regarding a property's value.
Appurtenance: Any right, privilege, obligation, or improvement that accompanies and transfers with property title.
Appurtenant Easement: An easement linked to a specific property, allowing a property owner to utilize another person's land.
Assemblage: Combining multiple separately owned parcels into one larger parcel to boost overall value.
Assignment: The process of transferring an existing contract to new parties.
Balloon Payment: A final loan installment that significantly exceeds regular payments, reflecting the loan's non-amortization.
Base Line: A survey line in the rectangular survey system, extending east to west.
Benchmark: A reference point employed by surveyors for measuring elevation.
Beneficiary: The individual or entity that benefits from a trust agreement.
Bilateral Contract: A contractual agreement obligating both parties to fulfil promises, typical in purchase agreements.
Blanket Loan: A single loan covering multiple properties, often used for subdivision construction; includes a partial release clause for individual parcel withdrawals.
Blockbusting: The unethical practice of persuading property owners to sell based on fears that the arrival of protected classes may decrease property values.
Breach of Contract: An infringement of the terms outlined in a contractual agreement.
Broker Protection Clause: Also known as "holdover," this clause allows brokers to earn a commission after a listing has expired.
Capitalization Rate: The expected rate of return on investment properties, integral to the income approach (IRV formula) for property valuation.
Capping: The method of covering landfill refuse with layers of soil.
Certificate of Occupancy: Official documentation issued by local authorities, signifying completion of a building's construction and readiness for occupancy.
Certificate of Reasonable Value (CRV): An appraisal specifically for VA loans.
Chain of Title: The documented history of ownership transfers for a particular property, showing the progression from the original owner to the current one.
Chattel: Another term for personal property.

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Description

Test your knowledge of essential real estate terminology with these flashcards. Each term includes a concise definition to help you understand important concepts like 'Abstract of Title' and 'Acceleration Clause'. Perfect for real estate professionals or students.