Term
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Definition
| To abolish in a public manner or end something when formal steps are needed. |
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Term
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Definition
| A summary or copy of all recorded transfers, conveyances, legal proceedings, and other facts relied on as evidence of title showing continuity of ownership, together with any other elements of record which may impair title. |
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Term
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Definition
| Adjoining, reaching or touching adjacent land. |
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Term
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Definition
| (Tax Term) Depreciation taken at any rate higher then provided by the straight-line depreciation. |
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Term
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Definition
| The clause in a mortgage that allows the lender to demand immediate payment of the balance owed upon occurrence of a specific act. |
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Term
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Definition
| An indication of willingness to be bound by the term of an offer thereby establishing the 'meeting of the minds'. |
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Term
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Definition
| Rights of owners to have ingress an egress to and from their property over adjoining properties. |
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Term
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Definition
| An addition to property through the efforts of man or by natural forces. |
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Term
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Definition
| A method of discharging a contract whereby the parties agree to give and accept something in settlement of a dispute over the performance of the agreement. |
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Term
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Definition
| An addition to land from natural causes as, for example, the gradual action of river waters. |
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Term
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Definition
| The difference between replacement cost and market value. |
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Term
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Definition
| Those incurred expenses which are not yet payable. These are credited to the buyer in a closing statement. |
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Term
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Definition
| A formal declaration made before an authorized person stating that the execution of an instrument is genuine and voluntary. |
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Term
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Definition
| The act or process by which a person procures property. |
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Term
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Definition
| Measurements of lands equal to 43,560 sq ft. |
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Term
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Definition
| Authority given an agent either expressly or impliedly by a principal. |
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Term
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Definition
| When the deed is placed in the possession of the grantee. |
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Term
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Definition
| A Latin phrase meaning according to value is usually used in connection with real estate taxation. |
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Term
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Definition
| ARM; A mortgage note that allows a lender to adjust the interest rate at periodic intervals. Most commonly limited to the movement of published interest indicated by the index (Federal Reserve Rate) |
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Term
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Definition
| the estimated value of a subject of property after adjustments are made for each comparable property. |
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Term
| Adjustments in Appraising |
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Definition
| The process in the market approach of changing dollar or percentage value of similar properties |
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Term
| Administrator/Administratrix |
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Definition
| A person appointed by the probate court to take charge of the estate of a deceased person who died intestate (without a will). |
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Term
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Definition
| The right by which someone occupying a piece of land might acquire title against the real owner, if the occupant's possession has been actual, continuous, hostile, visible, and distinct for a statutory period (15 years in the state of OK). This is different from squatter's rights, an example would be a fence line on someone property. |
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Term
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Definition
| Any paid form of non-personal presentation of goods, services, or ideas to a group by an identified sponsor. |
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Term
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Definition
| One who makes an affidavit (sworn by oath) or gives evidence |
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Term
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Definition
| The relationship between a principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party. |
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Term
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Definition
| One who acts for and with authority from another called the principal. |
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Term
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Definition
| The 4 agents in production are labor, capital, coordination (entrepreneurship or management), and land, the last one of which to be paid in land. |
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Term
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Definition
| A written agreement or contract between seller and buyer in which they reach a 'meeting of the minds' on the terms and conditions of the sale. The parties concur; are in harmonious opinion. |
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Term
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Definition
| the right in real property of reasonable use of the air space above the surface of the land. |
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Term
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Definition
| The area from the surface of land upward. |
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Term
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Definition
| The act of transferring ownership, title, or interest in real estate in one property from person to another. |
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Term
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Definition
| (Due-On-Sale) A clause in a contract giving the lender certain rights in the event of a sale or other transfer of mortgaged property. |
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Term
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Definition
| The person to whom the ownership, title or interest in real estate is transferred. They have the same legal rights, grants, and objectives as the grantor. |
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Term
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Definition
| The real property ownership system that allows free and full ownership right in land by individuals. |
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Term
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Definition
| The soil deposited on a shore or bank of a stream resulting from action of the water through the process of accretion. |
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Term
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Definition
| Features, both tangible and intangible that add value or desirability to real estate. |
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Term
| Annual Percentage Rate (APR) |
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Definition
| A uniform measure of the cost of credit that includes interim discount points and loan fees. |
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Term
| Principle of Anticipation |
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Definition
| Affirms that value is created by anticipated benefits to be derived in the future. |
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Term
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Definition
| That authority which the principal, by words or conduct to others, has led those others to believe that the agent has an agency relationship with the principal. Also known as ostensible agency. |
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Term
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Definition
| The various ways to value determination, the most common being market, cost, and income. |
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Term
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Definition
| Something adapted to the use of the real property to which it is connected or belongs, and which was intended to be a permanent addition to the land. It passes as an incident to said land. |
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Term
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Definition
| Area preference; the choice and preferences of people for a given area within a geographic location. |
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Term
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Definition
| A transaction in which the parties are dealing from equal bargaining positions. Parties are said to deal 'at an arm's length' when all stand upon the strict letter of their rights and conduct the business in a formal manner without trusting the fairness or integrity of the others and without being subject to the control or dominant influence of the others. |
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Term
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Definition
| Artful and skillful contriving or trickery, involving deceit or misleading strategy. |
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Term
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Definition
| Value established by the county assessor as the basis for determining Ad Valorem tax levies. |
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Term
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Definition
| One who assigns or transfers property. |
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Term
| Association of Real Estate License Law Officials (ARELLO) |
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Definition
| An organization of state licensed law officials which promotes uniform policies, standards, and enforcement in the real estate industry. |
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Term
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Definition
| Where the buyers obligate themselves to repay and existing loan as a condition of the sale. |
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Term
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Definition
| One who is authorized by another to perform certain acts for another under a power of attorney; power of attorney may be limited to a specific act or acts or be general. |
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Term
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Definition
| A sudden and perceptible loss of gain of land by the actions of waters, such as a sudden change in the course of a river. |
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Term
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Definition
| Location indicated on durable markers by surveyors. |
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Term
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Definition
| An improvement upon property which increases the property value and is considered as a capital asset as distinguished from repairs or replacements where the original character or cost is unchanged. |
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Term
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Definition
| A written instrument by which one person transfers or conveys right, title or interest in personal property to another. |
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Term
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Definition
| An agreement to consider a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser. Also a notation of coverage on an insurance policy, issued by an agent, and given to the insured prior to issuing of the policy, |
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Term
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Definition
| Where a person finds a seller of a piece of property and put them together with a buyer. The seller and buyer make their own contract and pay a fee to the person who introduced them (finder's fee). The OREC considers this licensable activity. |
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Term
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Definition
| A mortgage secured by more than one piece of property. |
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Term
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Definition
| An advertisement that does not include the name and address of the person placing the add. |
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Term
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Definition
| An illegal and discriminatory practice whereby one person induces another to enter into a real estate transaction from which the first person may benefit financially. This is done by representing that a change in the neighborhood with respect to race, religion, sex, ect of the occupants may occur which may result in lowering property value. |
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Term
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Definition
| An offer made in good faith, authentic, and without intent to defraud. |
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Term
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Definition
| The amount that an asset is carried on the financial books of a person, partnership, association, or corporation. (Capitalized cost of an asset less depreciation taken for accounting purposes; It is the adjusted basis of an asset, and usually differs from appraised or market value). |
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Term
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Definition
| A mortgage with payments set up to cover more than interest and principal reductions, usually taxes and insurance. |
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Term
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Definition
| The concept of land ownership that means ownership of all legal rights to the land- for example, possession, control within the law, and enjoyment- rather than ownership of the land itself. |
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Term
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Definition
| Going through a neighborhood or to homeowners soliciting listings. |
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Term
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Definition
| The process of converting future income from a property into a current value for the property. In appraising, determining value of property by considering net income and percentage reasonable return on the investment. (Value= Annual Net Income/Capitalization Rate) |
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Term
| Capitalization Rate (CAP Rate) |
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Definition
| The rate of return (ROR) that an investor expects to earn on invested money. (Net Operating Income/Value) |
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Term
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Definition
| A clause (sometimes referred to as a safety clause) a listing which provides that a broker is still entitled to a commission for a set period of time after the listing has expired if the property is sold to a former prospect of the broker. |
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Term
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Definition
| A latin phrase meaning 'Let the Buyer Beware'. The buyers must examine the goods or the property and buy at their own risk. |
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Term
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Definition
| Convenants, conditions, and requirements usually placed on a property by the developer. |
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Term
| Certificate of Reasonable Value |
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Definition
| Certificate issued by the VA indicating the appraisal value of the property and the maximum VA guaranteed loan a private lender may make. |
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Term
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Definition
| Consumer Financial Protection Bureau. This was established by the Dodd-Frank Act |
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Term
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Definition
| a history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in the current owner. |
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Term
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Definition
| The law of cause and effect is at work; Social economic, government and environmental forces that affect real estate values are constant, inevitable transition. |
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Term
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Definition
| Utility, Scarcity, Demand, and Transferability. |
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Term
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Definition
| Personal property, must be movable, not real property. |
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Term
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Definition
| Claims on personal property (instead of real property) used to secure or guarantee promissory notes. |
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Term
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Definition
| The meridian from which the oklahoma panhandle is legally described. It parallels the New Mexico border with Oklahoma. The baseline is the Texas border of the pan handle. |
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Term
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Definition
| 1866-1964-1968 The Congressional Acts which provide the basis of the fair housing regulations which prohibit discrimination in real estate. |
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Term
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Definition
| A mortgage in which the principal amount may not be increased. Further borrowing us not permitted using the same mortgage as collateral. |
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Term
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Definition
| An accounting of funds to the buyer and seller at the completion of a real estate transaction. |
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Term
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Definition
| A claim, encumbrance, or condition which impairs the title to real property until disproved or eliminated. Example through a quitclaim deed or a quiet title legal action. |
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Term
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Definition
| Where 2 or more parties secretly have a joint part in an action regarded as fraudulent or decietful. |
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Term
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Definition
| Some plausible, but not completely clear-cut indication of ownership rights. |
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Term
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Definition
| The mixing of funds of clients with personal or business funds of the broker or licensee. |
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Term
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Definition
| The body of law that grew from customs and practices developed and used in England. |
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Term
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Definition
| Property acquired by husband and/or wife during a marriage when not acquired as the separate property of each spouse. Each spouse has equal rights of management, alienation and testamentary disposition of community property. (Oklahoma is not a community property state) |
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Term
| Competitive Market Analysis (CMA) |
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Definition
| A method of evaluating real property based on the principle of comparison. The value of property is figured by comparing the prices paid for similar properties, prices being asked for similar properties, and prices for which comparable properties did not sell. |
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Term
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Definition
| A judicial or administrative proceeding to exercise the power of eminent domain; the power to take private property for public use. Value is estimated by the market value of the property being purchased. |
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Term
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Definition
| The property values of an area maximized when there are reasonable degrees of architectural homogeneity and compatibility of land uses in that area. |
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Term
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Definition
| Anything of value given or promised by a party to induce another to enter into a contract. It is one of the essential elements of a contract. |
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Term
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Definition
| If a deed is recorded, it is presumed to have been delivered. |
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Term
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Definition
| Notice of certain facts which may be discovered by diligence or inquiry into the public record; a legal presumption that a person is responsible got knowing these facts. |
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Term
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Definition
| In close proximity; adjoining or abutting; near. |
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Term
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Definition
| When a broker uses a buyer's earnest money fort personal use. |
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Term
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Definition
| A written instrument that transfers interest or title in real property from one person to another, such as a deed. |
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Term
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Definition
| Individuals own share in an association that controls the property end each individual leases dwelling space from the association or corporation. |
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Term
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Definition
| Possessory rights in real property. |
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Term
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Definition
| An appraisers files or information on real estate. |
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Term
| Double Declining Balance Method |
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Definition
| A procedure used to calculate depreciation deductions at accelerated rates such as 150% or 200% times the straight-line rate. |
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Term
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Definition
| The transfer of privately owned property to the public, with the intent that the land will be accepted and used for public purposes. |
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Term
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Definition
| A document that when properly executed and delivered by a grantor, conveys title to land. |
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Term
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Definition
| A deed of conveyance which operates in effect as a release of whatever interest the grantor has in the property. |
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Term
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Definition
| Provisions in the deed controlling or limiting the use of land. |
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Term
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Definition
| Sometimes called base fee estates or qualified fee estates; fee simple absolute interest in land that are capable of being defeated or terminated upon the happening of specified events. |
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Term
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Definition
| Income received but not earned. |
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Term
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Definition
| Transfer of real property under a will. |
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Term
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Definition
| A tax on deeds, payable at the time of recordation. |
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Term
| Dominant/Servient Parcels |
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Definition
| Parcels of land which benefit from an easement across other parcels of land; parcels of land which are burdened by an easement for the benefit of other parcels. |
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Term
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Definition
| Down payment made by the purchaser of real estate as evidence of good faith. |
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Term
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Definition
| A right to use another's real property or a portion thereof. |
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Term
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Definition
| An easement expressly granted in a deed conveying the property; an easement that attaches to and runs with the land for its benefit. |
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Term
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Definition
| An implied easement, created by necessity, in some cases having on obvious prior usage. |
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Term
| Economic Characteristics of Land |
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Definition
| Scarcity, improvements, area preference, and prominence of investment. |
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Term
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Definition
| The period which a property will yield a return on the investment over and above the economic or ground rent due to land. |
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Term
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Definition
| Loss of value due to influences external to the subject property. |
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Term
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Definition
| The percentage of interest that is actually being paid by the borrower for the use of money, distinct from nominal interest. |
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Term
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Definition
| A way to exit or leave from property. |
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Term
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Definition
| Crops produced annually by labor and industry as distinguished from crops that grow naturally on the land. |
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Term
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Definition
| Anything which affects, limits, or burdens the fee simple title to, or value of property. (i.e. mortgages, easements, liens, ect.) |
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Term
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Definition
| The interest held by a contract buyer. The concept stems from the fact that the buyer can sue in equity to get specific performance if the seller refuses to sell after a contract for sale is signed and is signed and the buyer tenders performance. |
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Term
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Definition
| The reverting of property to the state when the heirs capable of inheriting are lacking. |
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Term
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Definition
| the degree or quantity of interest that a person has in land; the nature of the right, its duration, and its relation to the rights of others. |
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Term
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Definition
| an estate in real property granted for a definite and certain term of years under the condition of a lease, terminating only by agreement of the parties, conditions in the lease, operation of law or merger. |
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Term
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Definition
| Provision barring a person from asserting or denying a fact because of the person's acts or words. |
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Term
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Definition
| A document by which mortgagor's verify amount owed and the rate of interest. Once mortgagors sign the document they are 'estopped' or prevented from claiming they did not owe the amount stated on the certificate; certificate of no defense. |
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Term
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Definition
| Lease clauses by which landlord attempt to excuse themselves from liability in maintaining the leasehold premises. |
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Term
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Definition
| Contract in which something remains to be done. |
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Term
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Definition
| An acronym nickname for Federal National Mortgage Association. |
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Term
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Definition
| Federal laws designed to maintain and preserve business competition. |
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Term
| Federal Consumer Credit Protection Act of 1969 |
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Definition
| Requires creditors to clearly show how much borrowers are paying for their credit in both dollar terms and percentage terms before committing to the loan. (Truth-in-Lending) |
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Term
| Federal Home Loan Bank Board (FHLBB) |
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Definition
| The agency which control federal charted savings and loan associations. |
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Term
| Federal Home Loan Mortgage Association (FHLMA;Freddie Mac) |
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Definition
| A federal agency providing a secondary mortgage market facility for savings and loan associations. |
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Term
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Definition
| The greatest and most complete ownership in land. |
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Term
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Definition
| An estate similar to fee simple absolute, limited only by the happening of an event or condition. |
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Term
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Definition
| The fee simple in real estate that may be determined by the grantor if the grantee violates the term of the conveyance, the estate reverting back to the grantor. |
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Term
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Definition
| A relationship of trust , responsibility, and confidence for another such as a broker for a client. |
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Term
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Definition
| A fee paid by a real estate broker to another for procuring a buyer or seller; also called a referral or bird dog fee. |
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Term
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Definition
| The general principles by which a government is guided in monetary control end regulation. |
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Term
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Definition
| Appurtenances attached to land or improvements, which cannot usually be removed without agreement because they become real property. |
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Term
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Definition
| A uniform residential appraisal report in which the information used in determining value is reported in a standard FNMA Form No 1004. |
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Term
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Definition
| A nickname for the Federal Home Loan Mortgage Association (FHLMA). |
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Term
| Federal National Mortgage Association |
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Definition
| A private agency which provides a secondary mortgage market for mortgage loans. |
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Term
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Definition
| A possessory estate of indeterminate length in real property, held by one who owns title. |
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Term
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Definition
| Depreciation that results from improvements that are inadequate, overly adequate, or improperly designed for present needs. |
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Term
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Definition
| An acronymic nickname for for the government. |
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Term
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Definition
| A preliminary accounting of expected closing costs for both parties based on the offered price and terms of the contract. |
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Term
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Definition
| Portions of fractional sections that are less than one quarter section in size. |
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Term
| Government National Mortgage Association (GNMA) |
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Definition
| Ginnie Mae; A federal agency that sponsors a mortgage-backed securities program and provides subsidies for residential loans. |
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Term
| Graduated Payment Mortgage |
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Definition
| A mortgage with a fixed interest rate rate loan wherein the monthly payment starts low and then increases. |
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Term
| Grand Incident of Joint Tenancy |
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Definition
| Right of survivorship in joint tenancy and tenancy by the entirety whereby the remaining co-owners acquire the deceased's undivided interest. |
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Term
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Definition
| The "to have and to hold" clause which may be held in a deed. |
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Term
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Definition
| Every sort of inheritable property, such as real, personal, corporeal, and incorporeal. |
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Term
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Definition
| A physical characteristic of land which implies that no two parcels of land are exactly alike. |
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Term
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Definition
| Handwritten will signed by the grantor or testator, but not witnessed. |
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Term
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Definition
| Made of same or similar kind. |
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Term
| The Department of Housing and Urban Development (HUD) |
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Definition
| U.S. cabinet level agency created in 1965 and is responsible for the major housing programs in the United States, such as FHA and Fair Housing Laws. |
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Term
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Definition
| Pledging things as security without delivery possession. |
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Term
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Definition
| A contract in which promises are inferred by actions of the parties. (Oral) |
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Term
|
Definition
| That which is erected or constructed upon land to release the income-earned potential of the land; buildings or appurtenances on land. |
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Term
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Definition
| An appraiser's evaluation process that places emphasis on the future stream of income that property is expected to produce. |
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Term
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Definition
| Nonpossessory rights in real estate, arising out of ownership, such as rent. |
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Term
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Definition
| The act of entering, Power of entrance; access; opposite of egress. |
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Term
| Installment Sales Contract |
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Definition
| Commonly called contract of sale or 'land contract'. Purchase of real estate wherein the purchase price is paid in installments over a long period of time, title is retained by seller and upon default by buyer the payment may be forfeited. |
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Term
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Definition
| The cost to reproduce a structure only; does not include the value of the land. |
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Term
|
Definition
| A portion, share or right in something. Partial not complete ownership. |
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Term
|
Definition
| A loan in which a fixed amount of principal is repaid in installments along with interest accrued each period on the amount of the then outstanding principal only. |
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Term
|
Definition
| Short-Term, temporary loans used until permanent financing is available (i.e. construction loans) |
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Term
|
Definition
| Should the parties become involved in a dispute as to the ownership or correct distribution of the escrow funds, the escrow agent has court action available as an option. The escrow agent pays the funds into the registry of the court and the court decides who is entitled to the funds. |
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Term
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Definition
| The act of transferring title or some interest in real property against the owner's will; opposite of voluntary alienation. Examples are adverse possession, condemnation, and tax sales. |
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Term
|
Definition
| One who has received a decree or judgement of court for money owed. |
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Term
|
Definition
| A mortgage recorded subsequently to another mortgage on the same property or made subordinate by agreement to a later recorded mortgage. |
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Term
|
Definition
| The authority by which judicial officers take cognizance of and decide causes; the power to hear and determine a cause; the right and power which a judicial officer has to enter upon the inquiry. |
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Term
|
Definition
| A land description recognized by law; a description by which property can be definitely located by reference to government surveys or approved recorded plats. |
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Term
|
Definition
| The mortgagee does not acquire any form of title to the mortgaged property; title remains with the mortgagor. |
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Term
| Liquidated Damages Clause |
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Definition
| A clause in a contract by which the parties by agreement fix the damages for a breach of contract. |
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Term
|
Definition
| A notice filed or recorded for the purpose of warning all persons that the title or right to the possession of certain real property is in litigation. |
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Term
|
Definition
| The rights to the water and ownership of the land up to the high-water mark of land abutting or bordering navigable waters. |
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Term
|
Definition
| The relationship between the amount of the mortgage loan and the appraised value of the security, expressed as a percentage of the appraised value. |
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Term
|
Definition
| Land which barely pays the cost of working or using. |
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Term
|
Definition
| (Direct Sales Comparison) The evaluation procedures based on value in exchange, making a comparison with similar properties. |
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Term
|
Definition
| a perfect title free and clear. |
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Term
|
Definition
| A lien in favor of one who furnishes labor or materials for the improvement of real property. |
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Term
|
Definition
| Acts of conduct contrary to justice, honesty, modesty, or good morals. |
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Term
| Mutual Mortgage Insurance |
|
Definition
| Insurance required on all FHA loans for the protection of the mortgage in case of default. |
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Term
|
Definition
| An appraisal report which includes all pertinent information about the area and the subject property, as well as the reasons and computations for the value conclusion; gives the complete reasoning of the appraiser as well as the value conclusions. |
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Term
|
Definition
| A plea by the defendant in a criminal prosecution, which without admitting guilt, subjects him to conviction. |
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Term
|
Definition
| A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area. |
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Term
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Definition
| The substitute or exchange of a new obligation or contract for an old on by the agreement of the parties. |
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Definition
| Loss in value due to reduced desirability and usefulness of a structure because its design and construction is becoming obsolete. |
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Term
| Oklahoma Association of REALTORS (OAR) |
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Definition
| The state-wide association of local real estate boards affiliated with NAR for the advancement of the real estate profession. |
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Term
| Oklahoma Fair Housing Law |
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Definition
| 1985 legislature extending the coverage of discrimination prohibition to include age and handicap. |
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Definition
| A mortgage containing a clause which permits the mortgagor to borrow additional money after the loan has been reduced without renewing the mortgage. |
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Definition
| A federal law which prohibits discrimination in the sale of real estate because of race, color, or religion of buyers. Also known as the Federal Fair Housing Law, Title VIII, Civil Rights Act of 1968. |
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Definition
| A right given for a consideration to purchase or lease a property upon specified terms within a specified times, without obligating the party who received the right to exercise the right. |
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Definition
| A form of implied relationship created by the actions of the parties involved rather than by written agreement or document. |
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Definition
| Owned by one person only. Sole ownership, severed from all others. |
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Term
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Definition
| A rule of evidence designed to achieve a degree of certainty in a transaction and to prevent fraudulent and perjured claims. If the parties have reduced the contract to writing, the writing is the best evidence of the terms of their agreement; and neither party, in the even of a suit, will be permitted to offer parol (oral) evidence to alter or vary the terms of the writing. |
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Term
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Definition
| Court proceedings by which co-owners seek to sever their joint ownership. A legal procedure in which an estate held by tenants in common is divided and title in severalty to a designated portion passed to each of the previous tenants in common. |
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Term
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Definition
| A grant or a franchise of land from the United States Government. |
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Definition
| A major source of money for real estate come from savings for retirement. |
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Term
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Definition
| An interest in leased property that continues from period to period, week to week, month to month, or year to year. |
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Term
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Definition
| the capacity of the states to regulate behavior and enforce order within their territory for the betterment of the health, safety, morals, and general welfare of their inhabitants. |
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Term
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Definition
| distinguished from an interest in the title to property, which may not include the right to immediately occupy the property. Example: a long-term lease. |
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Term
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Definition
| if he conveys a fee simple determinable, which is a fee simple subject to some condition. For instance, if the grantor conveys land to be used to build a church, and the grantee does not build a church, then the land will revert back to the grantor automatically. |
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Term
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Definition
| An estate that occurs during the life time of another. While it is similar to a life estate, it differs in that a person's life interest will last for the life of another person instead of their own. |
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Term
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Definition
| Obtaining title to property by adverse possession by occupying it for the period determined by law to bar action for recovery. |
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Term
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Definition
| is a "mutual or successive relation to the same right in property" such as the relationship between a landlord and tenant. Thus, refers to the legal relationship that two parties bear when their estates constitute one estate in law. |
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Term
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Definition
| The process of verifying the legality of a will and carrying out its' instructions. |
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Term
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Definition
| The evaluation technique wherein the different quantities of material needed to replace the structure are calculated and multiplied by the price of each to estimate material cost. |
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Term
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Definition
| contains no warranties of title at all. The quitclaim deed only operates to convey to the seller's interest in the property to the buyer. This means that if a seller owns a building, he can give a quitclaim deed to the buyer and the seller's entire interest has been transferred. |
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Term
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Definition
| 'First to record is first in right'. A legal principle stating the the first person to record and instrument is reasonably protected. The person must be innocent of prior conveyance. |
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Term
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Definition
| formally approving something. |
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Term
| Real Estate Settlement Procedures Act (RESPA) |
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Definition
| A consumer protection statute, first passed in 1974. It ensures that consumers throughout the nation are provided with more helpful information about the cost of the mortgage settlement and protected from unnecessarily high settlement charges caused by certain abusive practices. |
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Term
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Definition
| A practice by some lending institutions which restricts the number of loans or the loan-to-value ratio in certain areas of a community. |
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Term
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Definition
| prohibits certain practices relating to payments made to compensate mortgage brokers and other loan originators. The goal of the amendments is to protect consumers in the mortgage market from unfair practices involving compensation paid to loan originators. |
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Term
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Definition
| The gradual recession of water from the usual water level resulting in an increase in land. |
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Term
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Definition
| The person to whom the remainder of an estate passes at the termination of a life estate; the remainder is the estate that is left over at the termination of a life estate. |
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Term
| Reverse Annuity Mortgage (RAM) |
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Definition
| A mortgage where the lender makes a monthly payment to the homeowner who later repays in a lump sum. |
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Term
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Definition
| The person to whom the remainder of an estate reverts at the termination of a preceding estate. |
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Term
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Definition
| The legal right of the remaining co-owners to acquire the deceased's undivided interest. |
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Term
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Definition
| The right of ownership on non-navigable waters is to its midpoint. Title is only to the river bed at midstream. |
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Term
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Definition
| A document indicating that the provisions of a mortgage have been satisfied. |
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Term
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Definition
| Possession of real estate by one entitled thereto. |
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Term
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Definition
| Deed given by court in connection with sale of property to satisfy a judgement. |
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Term
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Definition
| Deed given by court order in connection with sale of property to satisfy a judgement. |
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Term
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Definition
| 360 days, 12 months, and 30 days in a month. |
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Term
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Definition
| A state law, based on an old English statute, requiring certain contracts to be in writing and signed before they will be enforceable at law. |
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Term
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Definition
| Channeling potential buyers of one race into one area and potential buyers of another race into a second area. |
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Term
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Definition
| The right for an insurer to pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid to the insured for the loss. |
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Term
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Definition
| The chief characteristic of a joint tenancy which automatically passes the interest of the deceased to the surviving tenant(s). |
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Term
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Definition
| A guess that is scientific but wild. |
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Term
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Definition
| An organization of investors usually in the form a of a limited partnership who have joined together for the purpose of pooling capital for the acquisition of real property interests. |
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Term
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Definition
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Term
| Tenancy by the Entireties |
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Definition
| An estate held by husband and wife which cannot be terminated without the consent of both parties. |
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Term
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Definition
| Two or more persons own undivided interests in one parcel of land, without right of survivorship. |
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Term
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Definition
| Mortgages requiring interest only payments until the maturity date at which times the entire principal is due. |
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Term
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Definition
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Term
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Definition
| The mortgagee acquires some form of title to the mortgaged property in order to secure a debt. |
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Term
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Definition
| A method of registering land title that is similar to that of automobile ownership registration. |
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Term
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Definition
| A civil wrong committed against person or property, independent of any contractual agreement. |
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Term
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Definition
| An appraisal method which estimates replacements costs by breaking the building down into major functional parts or units. |
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Term
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Definition
| Clauses in typical conventional mortgages governing interest in property if it is sold or transferred without paying off the existing debt. |
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Term
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Definition
| A deed which conveys real estate to a 3rd person to be held for the benefit of a beneficiary. |
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Term
| Uniform Vendor and Purchaser Risk Act |
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Definition
| The statute which places the burden of loss on the seller until legal title is transferred or until possession by the purchaser, whichever is first. |
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Term
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Definition
| Charging a interest rate higher than is permitted by law. |
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Term
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Definition
| the power to satisfy human wants and needs. |
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Term
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Definition
| A contract that can be formed by an express offer stating that the offer can only be accepted through performance. |
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Term
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Definition
| The granting of some beneficial right, interest, profit, or the suffering of some legal detriment or default by one party in return for the performance of another, usually as an inducement for a contract. |
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Term
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Definition
| Sometimes called imputed liability, attachment of responsibility to a person for harm or damages caused by another person in either a negligence lawsuit or criminal prosecution. |
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