Maryland Real Estate Flash Cards

Bilateral Contract

Unilateral Contract

Breach of contract.

Assignment.

Novation

A Tort

Executory

An opportunity to acquire property at some time in the future which is fixed as to price terms and time.

An opportunity to acquire property before it is conveyed to someone else.

Before confidential information has been disclosed.

Open listing.

Exclusive listing.

Harmless Exaggeration

January 1, 1978

Subdivision

43,560

640

36

Subdivision Control Act.

The Land Division Act

A leasehold estate.

Freehold Estate

An estate based upon the lifetime of the life tenant or the lifetime of another is called.

Life tenant.

Remainderman or reversioner.

Tenancy in Severalty.

Survivors.

The rights, which belong to landowners through whose property a natural watercourse runs, to the benefit of such stream for all purposes to which it can be applied.

No, the land can’t be separated from the riparian rights.

Avulsion

Reiction

Refuse the Listing

Escheat

Goes to the heirs as determined by the state’s order of intestate succession.

A deed.

General Warranty Deed

Quitclaim Deed

Agreement, Merger, Abandonment

Variance

The assessed value which is one-half the market value of the property.

Market Comparison Approach

Cost Approach

Capitalization Rate

Length x Width

Length x Width x Depth.

6%

Zero

Veterans or spouses of deceased veterans.

Blanket Mortgage

Mortgagor

$100,000

ARM (Adjustable Rate Mortgage)

Charging more than the legal interest rate.

Eminent Domain

Blueprint

Circuit box.

8%

Comparative Market Analysis

Redlining

Racial Steering

Blockbusting

Abatement

Accretion

Ademption

Vacancy

Agent

A sudden loss or addition to land, which results from the action of water.

Bequest

Bilateral Contract

Foreign Investments in Real Property Tax Act

Department of Housing and Urban Development

Real Estate Mortgage Trust

Real Estate Excise Tax

Federal Trade Commission

An acronym for a mortgage payment that is the sum of monthly principal, interest, taxes, and insurance.

For Sale By Owner

A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed.

The depreciation of a property’s value unrelated to the property itself (i.e bad economy).

An acknowledgment of the grantor’s signature.

Loan arrangement in which an item of movable personal property is used as security for the loan. A chattel mortgage is a loan that is secured by chattel rather than by real property.

A loan to be completely repaid, principal and interest, by a series of regular equal installment payments.

Prohibits harassment and discrimination in employment because of race, color, religion, sex, gender, gender identity, gender expression, sexual orientation, marital status, national origin, ancestry, mental and physical disability.

Ownership by one person.

A concept in property law which describes the various ways in which property is owned by more than one person at a time. If more than one person own the same property, they are referred to as co-owners, co-tenants or joint tenants.

When two or more persons are owners of undivided interests in the title to real property.

Any document, claim, unreleased lien or encumbrance that might invalidate or impair the title to real property or make the title doubtful.

A type of lien that exists because of an action taken by a debtor. This is the opposite of an involuntary lien that occurs by law.

Claim imposed against a property without the consent of its owner(s).

A guarantee of payment to builders, contractors and construction firms that build or repair structures.

No

Incorporeal Hereditament

Any type of property, such as an estate or land, that is owned by one person and leased to another.

Bundle of Rights

Enables a person to take part of the soil or produce of land that someone else owns.

Ad Valorem Tax

36 Sections

16.5 Feet