Term
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Definition
| land, improvements attached to the land, and the rights to use them. |
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Term
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Definition
| a right or interest in things of a temporary or moveable nature; anything not classed as real property- Chattel, Personalty. wnership is transferred by Bill of Sale. |
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Definition
| personal property that has been attached in such a way as to make it real property. |
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Definition
| required to carry out a business, they must be removed from leased property prior to termination of lease. |
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Definition
| no two pieces are exactly alike |
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Definition
| no two pieces are exactly alike |
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Definition
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| durability- it will always be there |
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Definition
| in short supply where demand is great |
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Term
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Definition
| land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land. |
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Term
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Definition
| land and buildings and other improvements to land are considered fixed or permenant investments |
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Definition
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Term
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Definition
| terminal points and angles (always has a p.o.b.)might use street names. oldest and most common |
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Term
| lot, block and subdivision |
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Definition
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Term
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Definition
| permanent surveyor markers |
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Term
| rectangular survey system |
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Definition
| (Government Survey System) townships/sections |
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Term
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Definition
| limitation on your rights.(liens, claims, judgements, encroachments, leases, easements, deed restrictions) |
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Term
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Definition
| charge against property as security for a debt. |
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Term
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Definition
| taking out mortgage or home improvement loan. not effective or enforcable until recorded. |
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Term
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Definition
| created by law. can be statuatory or equitable. tax and judgement liens. |
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Term
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Definition
| withholds title to a part of the land described in the deed. |
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Term
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Definition
| when a structure or improvement overlaps onto anothers property |
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Term
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Definition
| can be created by express or implied grant, agreement, reservation, limitation |
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Term
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Definition
| belongs to a person or corporation. |
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Term
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Definition
| permission to do a particular act upon the land or property of another (theater ticket, sports event ticket) |
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Term
| adverse possession (squatters rights) |
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Definition
| occurs when property is acquired from the rightful owner through the Statute of Limitations. |
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Term
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Definition
| interest in real property |
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Term
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Definition
| ownership; indeterminate length |
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Term
| fee simple/ fee simple absolute |
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Definition
| the owner has all the available rights to the property ans can always pass it to his heirs. |
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Term
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Definition
| ownership for the duration of someone's life |
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Term
| defeasible fee/ conditional fee |
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Definition
| ownership with condition or terms which if violated could cause the ownership interest to be defeated or terminated. |
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Term
| estate in severalty/ sole ownership |
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Definition
| ownership by one person (corporations/partnerships use this |
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Term
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Definition
| ownership by two or more without rights of survivorship. most common type of joint ownership. |
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Term
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Definition
| ownership by two or more with rights of survivorship. 4 unities required for this:time, title, interest and possession |
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Term
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Definition
| when a property is held by one party for the benefit of another |
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Term
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Definition
| when two or more properties join together to create and operate a real estate investment |
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Term
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Definition
| possession without ownership. |
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Term
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Definition
| lease with a specific starting and ending date |
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Term
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Definition
| lease with a fixed period that is automatically renewed unless the tenant or landlord acts to terminate it. |
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Term
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Definition
| lease that can be terminated by either party at will w/o notice. |
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Term
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Definition
| lease expires and the tenant refuses to move out. |
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Term
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Definition
| community property, homestead- created by law |
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Term
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Definition
| power given to a municipality to regulate and control the character and use of property for the health, safety and general welfare of the public |
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Term
| non-conforming use in zoning |
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Definition
| use was permissible under former rules, but new rules prohibit it. |
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Term
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Definition
| can be requested if your property violates zoning |
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Term
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Definition
| an area of land seperating one land use from another, such as residential from commercial |
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Term
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Definition
| the right of government to take private property for public use through the action of condemnation. |
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Term
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Definition
| property taxes are the highest priority lien on real property. |
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Term
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Definition
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Term
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Definition
| value of your property for tax purposes |
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Term
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Definition
| property reverts to the state when someone dies leaving no will and no heirs or no kindred. |
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Term
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Definition
| right to use water from a river or stream that borders property. |
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Term
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Definition
| the price a willing seller will sell for, and the price a willing buyer will pay. (no pressure). most probable price. |
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Term
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Definition
| estimate of the future benefits to be derived from the proprerty. |
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Term
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Definition
| generally what one must pay for a property. |
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Term
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Definition
| an estimate of past expenditures. |
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Term
| 4 basic characteristics of value (dust) |
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Definition
| demand, utility, scarcity, transferability |
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Term
| comparative market analysis CMA |
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Definition
| helps sellers determine a realistic price for their property |
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Term
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Definition
| opinion of an estimate of present value |
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Term
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Definition
| primarily in residential. comparison with known sales in area. should use 3-5 sales no more than 6 months old. |
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Term
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Definition
| income producing properties |
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Term
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Definition
| used for unique properties, such as churches or government buildings. it is used when there are no comparables for a particular property. most accurate for new construction. |
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Term
| 3 types of depreciation in cost approach |
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Definition
| physical deterioration (ordinary wear and tear) functional obsolescence (inferior materials) economic obsolescence (incurable, zoning) |
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Term
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Definition
| the legal use that gives the greatest return in money and/or amenities. |
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Term
| principle of substitution |
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Definition
| sets an upper limit on price. |
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Term
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Definition
| states that maximum value is found when there is a reasonable degree of similarity or homogeniety. |
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Term
| principle of increasing and decreasing returns |
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Definition
| invest in property whenever each dollar invested will return a dollar or more of increased value and stop when each dollar invested returns less than a dollar in value. |
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Term
| principle of contribution |
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Definition
| the value of a part is determined by its contributionto the total value of the property rather than by its cost. |
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Term
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Definition
| the presence of lower valued properties in the neighborhood leads to a decline in the value of your property. |
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Term
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Definition
| an increase in competition will result in decreased profits for current providers. |
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Term
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Definition
| change is constant and reflected in values. |
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Term
| principle of anticipation |
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Definition
| purchase price is affected by the expectation of future appeal and benefits. |
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Term
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Definition
| combining several parcels of land into one. |
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Term
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Definition
| pledge of real property as security for a promissory note. |
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Term
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Definition
| used in texas - allows for non-judicial foreclosure. |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| 3rd party, selected by beneficiary; in a fiduciary relationship with beneficiary. they can release the lien when note is paid or foreclose in the event of default. |
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Term
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Definition
| a provision in a written mortgage, or note, stating that in the event of default the whole amount of the principal becomes due and payable. |
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Term
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Definition
| "due on sale" clause states that the balance of the secured debt becomes due if the property is sold by the mortgager without the mortgagee's approval. |
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Term
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Definition
| states that the lien is defeated when the debt is repaid. |
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Term
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Definition
| allows the lender to raise the existing interest rate. |
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Term
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Definition
| a statement in mortgage that the mortgagor can pay the entire amount or the stated amount prior to the due date in the note. |
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Term
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Definition
| allows a lender to move to or take a lower lien position. |
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Term
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Definition
| states that in the event a loan is assumed by new owners, those buyers are obligating themselves to pay off that loan. |
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Term
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Definition
| the new buyer is approved and takes over payments and liability. |
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Term
| FHA (federal housing administration) |
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Definition
| government loan program. insures loans which protects the lender. |
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Term
| MIP (mortgage insurance premium) |
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Definition
| the insurance on the FHA loan. |
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Term
| VA (Veterans Administration) |
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Definition
| guarantees repayment of the loan. 100% finance. |
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Term
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Definition
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Term
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Definition
| neither federally insured or guaranteed. |
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Term
| fixed rate amortized loan |
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Definition
| equal regular payments of principal and interest until the loan is repaid. Interest is paid in arrears. |
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Term
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Definition
| interest only until the end of the term, when the entire principal is repaid. |
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Term
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Definition
| covers more than one piece of property. (several lots on one note.) |
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Term
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Definition
| includes real property plus personal property. |
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Term
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Definition
| includes principal, interest, taxes, and insurance in the monthly payment. know as PITI. |
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Term
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Definition
| partially amortized loan with a final payment substantially larger than the others. |
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Term
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Definition
| two or more lenders own a share. |
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Term
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Definition
| permits additional borrowing on the same note. |
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Term
| adjustable rate mortgage (ARM) |
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Definition
| loan with an interest rate subject to change as conditions in the market change. |
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Term
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Definition
| short term loan with funds advanced periodically during the stages of construction. |
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Term
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Definition
| a new mortgage on a property is placed in a secondary lien position. |
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Term
| GPM- graduated payment mortgage |
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Definition
| payments rise over a period of years, and then usually level off for the remaining term of the loan. |
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Term
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Definition
| allows elderly homeowners to borrow against their equity. |
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Term
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Definition
| loans with risk based pricing- the rates are not published. |
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Term
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Definition
| where consumers go to borrow money (mortgage companies, banks, etc.) |
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Term
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Definition
| where lenders go for money |
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