National Real Estate Flash Cards

An object that has been attached to land so as to become real estate.

Any form of land development, such as buildings, roads, fences, and pipelines.

Imaginary lines running north and south, used as references in mapping land.

A detailed method of land description that identifies a parcel by specifying its shape and boundaries.

An iron pipe, stone, tree, or other fixed point used in making a survey.

A right or interest in things of a temporary or movable nature; anything not classified as real property.

Land and improvements in a physical sense, as well as the rights to own or use them.

A subdivision map filed in the county recorder’s office that shows the location and boundaries of individual parcels of land.

The right of a landowner whose land borders a river or stream to use and enjoy that water.

An article of personal property.

The right or privilege one party has to use land be longing to another for a special purpose not inconsistent with the owner’s use of the land.

The right of government to take privately held land for public use, provided fair compensation is paid.

The unauthorized intrusion of a building or other improvement onto another person’s land.

Any impediment to a clear title, such as a lien, lease, or easement.

One’s legal interest or rights in land.

The largest, most complete bundle of rights one can hold in land; land ownership.

A hold or claim one person has on the property of another to secure payment of a debt or other obligation.

The right to or ownership of something; also the evidence of ownership, such as a deed or bill of sale.

Spouses are treated as equal partners with each owning one-half interest.

Owner ship by two or more persons at the same time.

Owned by one person; sole ownership.

A form of property co-ownership that features the right of survivorship.

A feature of joint tenancy whereby the surviving joint tenants automatically acquire all the rights, title, and interest of the deceased joint tenant.

A form of joint ownership reserved for married persons; right of survivorship exists and neither spouse has a disposable interest during the lifetime of the other.

Shared ownership of a single property among two or more persons; interests need not be equal and no right of survivorship exists.

Ownership by two or more persons that gives each the right to use the entire property.

Acquisition of land through prolonged and unauthorized occupation.

A deed that contains no covenants but does imply that the grantor owns the property being conveyed.

Any claim, lien, or encumbrance that impairs title to property Color of title: some plausible but not completely clear-cut indication of ownership rights.

Anything of value given to induce another to enter into a contract.

A written agreement or promise.

A written document that, when properly executed and delivered, conveys title to land.

The person named in a deed who acquires ownership.

A legal instrument used to convey whatever title the grantor has; it contains no covenants, warranties, or implication of the grantor’s ownership.

Grantor warrants title only against defects occurring during the grantor’s ownership.

An assurance or guarantee that something is true as stated.

A summary of all recorded documents affecting title to a given parcel of land.

A formal declaration by a person signing a document that he or she, in fact, did sign the document.

The linkage of property ownership that connects the present owner to the original source of title.

Notice given by the public records and by visible possession, coupled with the legal presumption that all persons are thereby notified.

Title that is free from reasonable doubt as to who the owner is.

A government-operated facility wherein documents are entered in the public records.

Court-ordered hearings held to determine land ownership.

An insurance policy against defects in title not listed in the title report or abstract.

A state-sponsored method of registering land titles.

Failure,without legal excuse, to perform as required by a contract.

Person considered legally capable of entering into a binding contract.

An act or promise given in exchange for something.

A legally enforceable agreement to do (or not to do) a particular thing.

The application of force to obtain an agreement.

An amount of money specified in a contract as compensation to be paid if the contract is not satisfactorily completed.

A document by which one person authorizes another to act on his or her behalf.

Contract performance according to the precise terms agreed upon.

A contract that has no binding effect on the parties who made it.

A contract that is able to be voided by one of its parties.

A short purchase contract used to secure a real estate transaction until a more formal contract can be signed.

An offer made in response to an offer.

Failure to perform a legal duty, such as failure to carry out the terms of a contract.

Money that accompanies an offer to purchase as evidence of good faith.

The right to demand that title be conveyed upon payment of the purchase price.

A method of selling and financing property whereby the seller retains title but the buyer takes possession while making the payments.

Allows the tenant to buy the property at preset price and terms for a given period of time.

The right to match or better an offer before the property is sold to someone else.

Allows the lender to demand immediate payment of entire loan if the borrower defaults.

A judgment against a borrower if the foreclosure sale does not bring enough to pay the balance owed.

The mortgage loan with highest priority for repayment in the event of foreclosure.

The procedure by which a person’s property can be taken and sold to satisfy an unpaid debt.

Any mortgage on a property that is subordinate to the first mortgage in priority.

The party receiving a mortgage; the lender.

The party giving a mortgage; the borrower.

Allows a mortgagee to conduct a foreclosure sale without first going to court.

A written promise to repay a debt.

Establishes the lender’s right to take possession and collect rents in the event of loan default.

One for whose benefit a trust is created; the lender in a deed of trust arrangement.

A document that conveys legal title to a neutral third party (a trustee) as security for a debt.

Title that lacks the rights and privileges usually associated with ownership.

A document used to reconvey title from the trustee back to the property owner once the debt has been paid.

One who holds property in trust for another.

One who creates a trust; the borrower in a deed of trust arrangement.

A loan requiring periodic payments that include both interest and partial repayment of principal.

Any loan in which the final payment is larger than the preceding payments.

Real estate loans that are not insured by the FHA or guaranteed by the VA.

The market value of a property less the debt against it.

Federal Housing Administration

An account into which the lender places monthly tax and insurance payments.

The expenses a lender incurs in processing a mortgage loan.

A percentage reflecting what a lender will lend divided by the sale price or market value of the property, whichever is less.

The end of the life of a loan.

A loan payment that combines principal, interest, taxes, and insurance.

Private mortgage insurance; a private mortgage insurance source to insure lenders against foreclosure loss.

One percent of the loan amount.

The balance owing on a loan.

Up-front mortgage insurance premium a one-time charge by the FHA for insuring a loan.

The annual percentage rate as calculated under the federal Truth-in-Lending Act by combining the interest rate with other costs of the loan.

Federal law giving an individual the right to inspect his or her file with the credit bureau and correct any errors.

The total amount the credit will cost over the life of the loan.

Asset that is in cash or is readily convertible to cash.

A lender’s refusal to make loans in certain neighborhoods.

Federal regulations that implement the enforcement of the Truth-in-Lending Act.

A federal law that requires certain disclosures when extending or advertising credit.