Real Estate Terms

Bundle of Rights

“DeepC” disposition,exclusion, enjoyment , postion , control

Real Property

Immovable

Personal Property

Movable

Chattel real

Cattle cows MOOOOOOOvable

Fixture

MARIA
Method, adaptability,Relationship,Intentional Agreement

Trade Fixture

Business ( personal property )
( ex: a dentist chair )

Riparian Rights

River , Creek

Littoral Rights

Sea, lake

Appurtenances

Run with the land ; goes with the property

Percentage Lease

Landlord gets paid on percentage of your sales

Net Lease

Pay for your tax , insurance and maintenance

Estate for Years

Fixed period of time

Estate at Sufferance

Deadbeat tenant,Doesn't want to leave

Title

Ownership

Severalty

By yourself

Concurrent estate

With others

Joint Tenancy

TTIP
Time, Title , Interest,Possession right of survivorship

Tenancy in Common

Possession

Community Property

Marriage,Husband, and Wife

Encumbrances

Limitation on your Property

Police Power

Zoning Keeping people safe

Government Powers

PETE
Police Power,Eminent Domain,Taxation,Escheat

Zoning Oridances

ULTBS
Use of land,Lot sizes,Types of structures Permitted,Building heights,Setbacks

Encroachment

Trespassed

Liens

Money owed

Lis Pendens

Lawsuit Pending

Injunction

Court order to stop

A Cloud on title

Title is not Clear
(When something is wrong with the titl

Variance

Request of alternation From zoning ordinance

Down Zoning

Commercial to Residential

Eminent Domain

Takes property for public use

Consideration

Compensation

Fiduciary RELATIONSHIP

ACOLD
Accountability
Care and skill
Obey legal instruction
Loyal to your client
Due care

Inverse Condemnation

Sue the government

Escheat

No will , No heirs, Govt. takes property

Intestate

Without a will

Testate

With a will

Deeds

Evidence of the transfer of title

Title

Ownership

Chain of Title

History of ownership

Title Insurance

Make sure the ownership transfers correctly, clear and marketable title

Abstract of Title

Summary giving details of the title deeds that can prove owners right

Impounds

Taxes and insurance due

Escrow

Middle man ; Neutral Party

Misrepresentation

Whoops my bad Without intention

RESPA (Real Estate Settlement Procedures Act)

1-4 Residential , prevent kickback

Abandonment

When a tenant leaves unit Voluntary

Subleases

Possession but not responsibility

Steering

Push buyers to a certain neighborhood

Blockbusting

You should SELL bc of these certain people are moving near you

A Valid Contract

Capable , mutual consent, consideration, legal

Bilateral Contract

Promise for a promise,A listing Agreement

Unilateral Contract

One Promise for a Act ,Option Contract (Reward poster )

Executed Contract

Both parties signed

The Statue of Frauds

Contracts need to be in writing

Statute of limitations

Time ( a lease under 1 year)

Novation

Buyer assumes sellers loan ; new contract has been created.

A Listing

Bilateral employment contract - Seller - Broker - to find a ready willing able buyer

Exclusive Listing

1 brokers exclusively

Exclusive Agency Listing

1 broker ; owner can still sell

Exclusive Agency Listing

Provides protection to broker for a commission still regardless who sell

Voidable contract

Still have the option, can cancel or keep

Void contract

Minor

Net Listing

Broker authorized to sell property the seller agrees to accept a SET PRICE

Puffing

Exaggerate

Value

STUD
Scarcity
Transferability
Utility
Demand

Plottage

1+1= 3 Combine units and the value increases more

Less than Freehold estate

Apartment building

Estate for years

No notice before you move out; designated period of time
SUMMER RENTAL

Lease

Personal property

Specific Lien

Loan on your house

General Lien

Judgement lien,Go to court bc u owe $

Easement

Right of passage

Fiduciary

Agent Failed to CARE for their client

Concurrent Estate

When you own it with others

Market Data Approach

Comparing other properties to your to find your value

Equity

Interest in the property ; the money above and beyond what you owe .

4 government powers

PETE
Police Power
Eminent Domain
Taxation
Escheat

Gross Rent Multiplier

Price divided by rent l

Physical Deterioration

Property falling apart

Cost Approach

Special purpose properties
Libraries

The Principal of Regression

Other properties will go down

License

Granted permission to do something

Abandonment

Terminating by not using it anymore

Specific Performance

Requires a party to perform their specific Act that they said they were going to do in the contract

Life estate Pur Autre vie

Based upon a life of another

Easement in Gross

Limited right of one person to use another's land; attaches personally to the owner not the land.

“TILA” Truth In Lending Act

Disclosed information of credit cost

Interest

Rent on MONEY

Capitalization Income Approach

Converts income into value

Ballon payment

Final payment; pay entire payment plus interest due.

Usury Laws

Limit amount of interest that may be charged

Negative Amorization

Ur debt goes up as you pay off your loan

Fee appraiser

The one you hire when ur selling homes

Staff appraiser

Who works for a company that had a salary

Situs

The location of the property affecting value

Deficiency Judgement

Foreclosure

Buy down

Pay money upfront to lower the interest rate

Straight Note

Periodic payments of interest only

Alienation

Transferring title /ownership