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AZ Real Estate Vocabulary Chap 1-7 by ROC

R Miranda AZ Real Estate Vocabulary Chap 7-11 Englisch 200 Karten

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  1. 1The act or process of taking private property for public use, through the government's power of eminent domain.Condemnation
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  2. 2Item of personal property that has been attached to or closely associated with real property to become part of the real property.Fixture
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  3. 3The reversion of property to the state after a person dies without leaving a valid will or any heirs.Escheat
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  4. 4A tax levied only against properties that benefit from a public improvement.Special Assessment
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  5. 5The right of government bodies to take private real estate for public use upon payment of just compensation to the owner.Eminent Domain
  6. 6A concept for property taxes that means "according to value"Ad Valorem
  7. 7The location of a parcel of real property.Situs
  8. 8An instrument in writing that transfers ownership of tangible personal property.Bill of Sale
  9. 9An item of personal property that is annexed to leased property and is necessary to a business; removed at lease termination.Trade Fixture
  10. 10The right of the government to pass legislation protecting the safety, health, and welfare of the public.Police Power
  11. 11Attaching personal property to land so that the law views it as part of the real property.Annexation
  12. 12The physical land itself to the center of the earth and the sky above, anything permanently affixed, and the associated rights.Real Property
  13. 13A person who dies without making a will, causing his or her estate to pass on by the laws of descent and distribution.Intestate
  14. 14For property tax purposes, a percentage of the market value.Assessed Value
  15. 15Farm crops that require annual cultivation.Emblements
  16. 16A concept of land ownership that allows private individuals to own land.Allodial System
  17. 17Owing payment on things for which one has the use but has not yet paid for, such as property taxes.Arrears
  18. 18Court ordered seizure of a defendant's property to satisfy a judgement.Attachment
  19. 19A tract of land between two differently zones areas.Buffer Zone
  20. 20Personal Property.Chattel
  21. 21A special purpose district that has the ability to levy long term bonds to finance public infrastructure.Community Facilities District
  22. 22A system whereby title to property passes by operation of law to heirs of one who dies in owning property without a will.Law of Descent
  23. 23The power of government bodies to take real estate property for public use.Eminent Domain
  24. 24The value of land and improvements as the basis for determining the taxable value of a property tax assessment.Full Cash Value
  25. 25A legal system under which real property was owned by a King.Feudal System
  26. 26An old rule continues to apply to some existing situations where a new rule will apply.Grandfathered
  27. 27The number used to compute property taxes for the maintenance of school districts.Limited Property Value
  28. 28Each piece of land and each building and each house is on a different piece of real estate.Non-Homogeneity
  29. 29The distance between a lot's boundary lines and improvements.Setback
  30. 30A process through which fixtures are detached from the land and revert back to personal property.Severence
  31. 31A permit that allows the holder to build a structure that legally violates the zoning ordinance.Variance
  32. 32The legal term for attaching or affixing personal property to real property.Annexation
  33. 33Used to determine what is or is not a fixture.MARIA
    Method of Attachment
    Agreement
    Relationship
    Intent
    Adaptability
  34. 34Property Rights that go with ownership of real property.Bundle of Rights
  35. 35Personal Property is conveyed with a ______Bill of Sale
  36. 36A document that is used to transfer real property is a ____Deed.
  37. 37Personal Property.Chattel
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  38. 38An interest, such as a leasehold, in an item of immoveable property, such as land or a building.Chattel Real
  39. 39The fractional interest of a husband in the estate of his wife at the time of her death; illegal in Arizona.Curtesy
  40. 40The transfer of an estate to another for years, for life, at will, or by lease.Demise
  41. 41Real property transferred in a will.Devise
  42. 42The fractional interest of a wife in the estate of her husband at the time of his death. Not legal in Arizona.Dower
  43. 43A person receiving a grant of real property.Grantee
  44. 44A person transferring title to real property.Grantor
  45. 45Someone who remains in the property after the lease has expired.Holdover Tenant
  46. 46Primary residence, the equity in which is usually exempt from attachment by creditors to a statutorily preset amount.Homestead
  47. 47Incomplete, as an interest in property, such as a lien that has been filed but not enforced.Inchoate
  48. 48A tenant.Lessee
  49. 49A landlord.Lessor
  50. 50A freehold estate that is not inheritable, the duration of which is limited by the life of the measuring life.Life Estate
  51. 51A life estate that passes to another named person upon the death of the measuring life.Life Estate in Remainder
  52. 52A life estate that reverts back to the grantor upon the death of the measuring life.Life Estate in Reversion
  53. 53A life estate "for the life of another" where the measuring life is someone other than the life tenant.Life Estate in Pur Autre Vie
  54. 54Someone who owns a life estate; the person entitled to possession of the property during the measuring life.Life tenant
  55. 55The judicial process of determining who are the rightful heirs.Probate
  56. 56A third party who has a future interest in property upon the termination of a life estate.Remainderman
  57. 57A future interest that becomes possessory when a temporary estate terminates, and that is held by the grantor.Reversion
  58. 58The characteristic of a joint tenancy by which the surviving joint tenant automatically takes title upon a joint tenant's death.Right of Survivorship
  59. 59Reduction in value caused by destruction, damage of property by someone in possession who holds less than a fee estate.Waste
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  60. 60The gradual addition of land by natural causes, such as shoreline movements.Accretion
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  61. 61A document signer's declaration to an authorized official that he or she is signing voluntarily.Acknowledgement
  62. 62Title to property obtained through open, notorious, hostile, and uninterrupted possession.Adverse Possession
  63. 63The transfer of ownership an interest in property from one person to another, by any means.Alienation
  64. 64To leave or transfer property to someone else via a will.Bequeath
  65. 65An addition to a will that does not revoke the entire will.Codicil
  66. 66Notice given by publication in a newspaper, recording, or other method.Constructive Notice
  67. 67Public records that show the transfer of title of real property from one person to the next.Chain of Title
  68. 68Valid encumbrance affecting title in land, such as a judgment or lien.Cloud on the Title
  69. 69A person who has died.Decedent
  70. 70A written instrument transferring the grantor's ownership of or interest in real property.Deed
  71. 71Real property transferred in a will.Devise
  72. 72A gradual loss of soil due to natural causes, such as the movement of wind or water.Erosion
  73. 73Grantor warrants the title against any and all defects that might have arisen before or during his period of ownership.General Warranty Deed
  74. 74A person receiving a grant of real property.Grantee
  75. 75A person who conveys his or her interest in real property.Grantor
  76. 76A clause in a deed that describes the type of estate granted, known as the "have and to hold" clause.Habendum Clause
  77. 77The state of dying without making a will.Intestate
  78. 78Transfer of title to property during the owner's lifetime without the owner's consent.Involuntary Alienation
  79. 79The disposition of money or property by a will.Legacy
  80. 80An oral will made on a persons deathbed; can only transfer personal property, not real property. Not legal in Arizona.Nuncupative Will
  81. 81The legal process of determining the validity of a will, paying the debts of the deceased and distributing the remaining assets.Probate
  82. 82Grants any interest in property that the grantor may have.Quitclaim Deed
  83. 83The state of dying and having left a will.Testate
  84. 84Someone who has made a will or given a legacy.Testator
  85. 85The right to or ownership of land. (concept)Title
  86. 86Grantor warrants title only against defects arising during the time he owned the property.Special Warranty Deed
  87. 87Title to property is transferred through sale, gift, dedication, or grant.Voluntary Alienation
  88. 88A deed in which the grantor fully warrants good and clear title to the property and agrees to defend the premesis against lawful claims of 3rd parties.Warranty Deed
  89. 89A person's legally binding instructions regarding how his estate should be disposed of after he dies.Will
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  90. 90A mortgage loan that has an interest rate on the note that periodically adjust based on an index that reflects the cost to the lender. 4Adjustable Rate Mortgage (ARM)
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  91. 91A loan clause allowing the lender to demand full payment when the borrower defaults on the terms of the loan.Acceleration Clause
  92. 92A loan clause allowing the lender to demand full payment when the borrower transfers ownership of the property.Alienation Clause
  93. 93Payment of debt in regular, periodic installments of principal and interest (as opposed to interest only)Amortization
  94. 94Something that belongs to property and passes with property, but need not be attached to it.Appurtenance
  95. 95A lump sum payment that is due at the end of a note term, the note used paid only part of the principal and Interest.Balloon Payment
  96. 96A single loan where two or more different parcels of property are offered as security.Blanket Mortgage
  97. 97A loan where payments include principal and interest plus 1/2 of the year's property taxes and hazard insurance premiums.Budget Mortgage
  98. 98A declaration of covenants, conditions, and restrictions.CC&Rs
  99. 99Property pledged as security for a debt.Collateral
  100. 100The interest a creditor may acquire in the debtor's property to ensure the debt will be paid.Collateral Lien Document
  101. 101A three-party security instrument used to finance the purchase of real property.Deed of Trust
  102. 102Requirement for a lender to give a borrower a release of the lien once the loan is repaid.Defeasance Clause
  103. 103A person with easement rights on another's property.Dominant Tenant
  104. 104Property that receives the benefit of an appurtenant.Dominant Tenement
  105. 105The non-ownership right acquired by a person to use the land of another for a specific purpose.Easement
  106. 106A legal instrument used by a lender so that so that beyond a certain date the loan balance is correct and no defense to challenge it.Estoppel Certificate
  107. 107A payment structure that allows the borrower to make smaller payments in the early years with payments increasing on a scheduled basis.Graduated Payment Mortgage
  108. 108The pledging of the property to be the security for a Ioan without giving up possession of it.Hypothecation
  109. 109Incomplete, as an interest in property that has been filed but not yet enforced.Inchoate
  110. 110A nonpossessory, financial interest in property, giving the holder the right to foreclose.Lien
  111. 111A person who has a lein against his property; a borrower.Lienee
  112. 112The persion or entity that owns a lein; the lender.Lienor
  113. 113A recorded document giving constructive notice of a pending legal action against a specific piece of property.Lis Pendens
  114. 114A specific lien claimed by someone who performed work on the property (ie. construction).Mechanic's Lien
  115. 115An interest in real property that lacks the usual rights and priviledges enjoyed by an owner.Naked Title
  116. 116An increase in the balance of a loan when payments are not enough to cover the interest.Negative Amortization
  117. 117A written, legally binding promise to repay a debt.Promissory Note
  118. 118Someone who is burdened by easement.Servient Tenant
  119. 119Property that is burdened by an easement.Servient Tenement
  120. 120A recorded legal writ giving the court custody of real property until a creditor's suit is settled.Writ of Attachment
  121. 121A court order directing a sheriff to seize and sell a defendant 's property to satisfy a judgment.Writ of Execution
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  122. 122Allows the lender to call the note all due and payable if the borrower breaches the terms.Acceleration Clause
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  123. 123A carryback document between buyer and seller. The seller does not give the deed to buyer until paid in full.Agreement for Sale
  124. 124One who receives the benefit; refers to the lender in a trust deed.Beneficiary
  125. 125An unexcused failure to perform according to the terms of a contract.Breach
  126. 126Property lien in which a seller assumes the lender's role and carries the unpaid balance of the purchase price as a loan to buyer.Carryback
  127. 127A document that the highest bidder receives at a mortgage foreclosure sale.Certificate of Sale
  128. 128Property pledged as security for a debt.Collateral
  129. 129The interest that a creditor may acquire in the debtor's property to ensure that a debt will be paid.Collateral Lien Document
  130. 130A deed that a trustee signs and gives the trustor (borrower) to convey title back to the trustor when the load has been paid.Deed of Reconveyance
  131. 131A three-party security instrument that conveys naked title to a trustee.Deed of trust
  132. 132A personal judgment against a borrower if a creditor does not receive the amount of the lien plus foreclosure costs.Deficiency Judgment
  133. 133The right of a debtor to redeem the property from foreclosure proceedings prior to a confirmation of sale.Equitable Right of Redemption
  134. 134A legally binding promise to refrain from doing a particular act.Forbearance
  135. 135A procedure through which property is sold to satisfy a debt.Foreclosure
  136. 136The pledging of the property to be the security for a Ioan without giving up possession of it.Hypothecation
  137. 137A lawsuit filed by a lender to foreclose on a mortgage or other lien; a court-ordered sale of property to repay the debt.Judicial Foreclosure
  138. 138Any lien that is in lower priority than another lien.Junior Lien
  139. 139A concept of financing where loans are regarded as liens; title remains with the borrower as long as no default occurs.Lien Theory
  140. 140A security instrument that creates a voluntary lien on real property to secure repayment of a debt.Mortgage
  141. 141The lender.Mortgagee
  142. 142The borrower.Mortgagor
  143. 143An interest in real property that lacks the usual rights and priviledges enjoyed by an owner.Naked Title
  144. 144Foreclosure by a trustee under the power of sale clause without the involvement of a court.Non-Judicial Foreclosure
  145. 145A clause that allows the trustee to sell trust deed property without court supervision, when terms of the trust deed are not kept.Power of Sale
  146. 146Lenders who originate loans directly to borrowers.Primary Market
  147. 147The interest rate determined by individual banks.Prime Rate
  148. 148A written, legally binding promise to repay a debt.Promissory Note
  149. 149A document that a creditor gives to a borrower upon the full repayment of a loan, releasing the mortgage lien.Satisfaction of Mortgage
  150. 150Private investors and government agencies that buy and sell mortgages.Secondary Market
  151. 151A deed issued by the court to a property purchaser from a foreclosure sale or sale under judgement.Sheriff's Deed
  152. 152Allows a debtor to redeem property for a set period of time after a foreclosure sale, regardless of the timing of other events.Statutory Right of Redemption
  153. 153The financing concept under which a mortgagee (or beneficiary) holds naked title to the property until the loan is paid.Title Theory
  154. 154An independent third party that holds the trust instrument in a deed of trust for the benefit of the lender.Trustee
  155. 155The borrower under a deed of trust.Trustor
  156. 156The buyer in an agreement for sale or land contract.Vendee
  157. 157The seller in an agreement for sale or land contract.Vendor
  158. 158A property acquired by a lending institution through foreclosure.REO
  159. 159Title limited to carrying out the power of sale (naked title).Bare Legal Title
  160. 160The purchase price of a property (basis) minus accumulative depreciation, plus acquisition costs, plus capital improvements.Adjusted Basis
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  161. 161Sales price minus costs of sale (commission and closing costs).Adjusted Sales Price
  162. 162An increase in the value of property due to a positive improvement in the area or the elimination of negative factors.Appreciation
  163. 163A buyer's initial cost for a real estate purchase for determining gain, loss, or depreciation on the sale of the asset.Basis
  164. 164Taxable, not like-kind property used in an exchange, such as cash or other personal property.Boot
  165. 165A legal entity owned by its shareholders that has limited liability. The Corp is taxed as an entity as well as dividends received by shareholders.C Corporation
  166. 166The gain from the sale of a capital asset, i.e., one held for investment purposes.Capital Gains
  167. 167The net spendable income from an investment after operating and fixed expenses including debt service.Cash Flow
  168. 168Cash flow divided by the down payment and settlement costs, expressed as a percentage.Cash on Cash Return
  169. 169A loss in value as an accounting procedure for use as a tax deduction for income tax purposes.Depreciation
  170. 170A risk management technique that mixes a wide variety of investments within a portfolio.Diversification
  171. 171The amount of an owner's interest in a parcel of real estate which is the fair market value in excess of the mortgaged indebtedness.Equity
  172. 172The corresponding reduction of principal and growth of equity on a mortgage through amortized payments.Equity Build Up
  173. 173Because real estate may not be easily converted into cash, real estate is more non liquid.Frozen Asset
  174. 174A saleable, intangible asset arising from a good business reputation; a capital asset but not a depreciable asset for tax purposes.Goodwill
  175. 175An investment, usually long term, that keeps pace with inflation.Inflation Hedge
  176. 176Two or more individuals or companies joining together for one project, but not as an ongoing business.Joint venture
  177. 177The use of borrowed money to finance an investment.Leverage
  178. 178The ability to convert an asset into cash quickly without the loss of principal.Liquidity
  179. 179The investor's percentage yield based on a property's income production.Rate of Return
  180. 180Joint venture with at least 100 investors through which real estate is purchased.Real Estate Investment Trust (REIT)
  181. 181The possibility that an investment will decrease in value or not generate enough income to show a profit.Risk
  182. 182An association of people or entities formed to operate an investment business; not a recognized legal entity.Syndicate
  183. 183Allows a taxpayer to sell an investment property and purchase another investment property to defer taxes on capital gains.Tax Deferred Exchange
  184. 184A phrase commonly used to describe an investment sheltered by deductions for cost recovery, taxes, and interest.Tax Shelter
  185. 185A legal form that a creditor files with the state that it has an interest in the personal property of a debtor.UCC-1 Financing Statement
  186. 186A standard set of business laws that regulate financial contracts.Uniform Commercial Code (UCC)
  187. 187The relationship between the cost of borrowing and the total amount financed, represented as a percentage.Annual percentage rate
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  188. 188A loan made by a lender with real estate as security for the loan that the government neither guarantees nor insures.Conventional Loan
  189. 189The relationship of a borrower's total monthly debt obligations to income, expressed as a percentage.Debt Ratio
  190. 190Failure to fulfill an obligation, duty, or promise.Default
  191. 191A fee charged by a lender to increase the yield on a lower-than-market interest rate loan.Discount Point
  192. 192A mortgage loan insured by the Federal Housing Administration that protects the lender against losses from default.FHA Insured Loan
  193. 193A credit scoring system where a number from 300-850 is assigned to a consumer's credit history.FICO Score
  194. 194The relationship of a borrower's total monthly housing expense to gross monthly income, expressed as a percentage.Income Ratio
  195. 195A right or share in something; A charge that a borrower pays to a lender for the use of the lender's money.Interest
  196. 196A required disclosure including an estimate of closing costs, loan terms, and the costs associated with the loan, including APR.Loan Estimate
  197. 197The amount of money borrowed, compared to the value (or price, whichever is less) of the property, expressed as a percentage.Loan to Value (LTV)
  198. 198The fee charged for FHA mortgage insurance coverage, due at loan consummation and monthly thereafter.Mortgage Insurance Premium
  199. 199The person who gives authority to an agent, thus creating a fiduciary relationship.Principal
  200. 200Coverage offered by private companies to protect a lender in the event of borrower default on a loan.Private Mortgage Insurance (PMI)
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Beschreibung
This provides vocabulary lessons for Chapters 1 through half of chapter 7.
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R Miranda
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