Estoppel - ANSWER one promises to do something and another relies on that promise and is harmed by them not following through
Encroachment - ANSWER illegal intrusion or trespass into or over the property of another. such as a wall or fence
Nuisance - ANSWER Interferes with quiet enjoyment and...
Estoppel - ANSWER one promises to do something and another relies on that promise and is harmed by
them not following through
Encroachment - ANSWER illegal intrusion or trespass into or over the property of another. such as a wall
or fence
Nuisance - ANSWER Interferes with quiet enjoyment and is an encroachment. Private nuisance= small
area and can take court action
Public Nuisance = large area and takes city action
Rectangular Survey System - ANSWER system of rectangles to locate and specify the boundaries for land
parcels.
Baselines run EAST and WEST.
Meridians run NORTH and SOUTH.
this unit of land approx 24mi sq. is divided into areas 6 miles sq. called townships. Townships are divided
into 36 sections.
Primary Mortgage - ANSWER lenders who originate funds to borrowers. the lenders retain mortgage
investments for themselves or sell them to investors
Secondary Mortgage - ANSWER firms/agencies who buy mortgages from those lenders who originate
them (FNMA-Fannie Mae).
Net Listing - ANSWER illegal - get me $ and everything else is yours
,Open Listing - ANSWER listing with several brokers in which any of them can sell. a seller may sell home
himself without paying a commission
Exclusive Listing - ANSWER 1 broker can list and show the property. usually given for a period of time
during which the seller reserves right to sell house himself without paying a commission.
Exclusive Right to Sell - ANSWER a listing that gives the broker the right to collect a commission no
matter who sells the property during the listing period
Disclosing Agency - ANSWER first meet in person to discuss a specific property
Financing Procedure - ANSWER After P&S= Mortgage Application
Bank Approval steps: appraisal, ability to pay, credit check, p&s financing clause
Mortgage Contingency Clause - ANSWER allows the buyer to secure financing, and if the buyer cannot do
so, the agreement of
sale terminates.
Truth in Lending - ANSWER The name given to the federal statutes and regulations (Regulation Z) which
are designed primarily to insure that prospective borrowers and purchasers on credit receive credit cost
information before entering into a transaction.
Air Rights - ANSWER The rights to use the air above the land.
Subsurface Mineral Rights - ANSWER Rights beneath the actual surface of land, including rights to the
minerals found there.
Real Property - ANSWER land and anything attached to it
corporeal- land and physical items affixed to it
wall to wall carpeting
, Personal Property - ANSWER Portable
Tangible - physical
Intangible - rights /trademarks
Fixture - ANSWER Personal property, which has been converted to real property by method of
attachment, character and adaptation or contractual intent of the parties
Interest Rate - ANSWER risk=profitability
lower risk=lower interest
amount figured by computing the total yearly interest based on the balance of the loan divided by
payments per year
Appraisal - ANSWER supported estimate of defined value from physical, economic, social and political
influences affecting it.
4 elements of value - ANSWER utility, scarcity, demand, transfer-ability.
why get appraisals? - ANSWER transfer of ownership
financing/credit issues
compensation in condemnation proceedings
establishes a basis for taxes
Condominium - ANSWER community living with absolute ownership and access to facilities. purchaser
arranges his own fiancing, receives a deed to his unit when he takes title and makes mortgage/tax
payments.
owns from studs in
Condo Fee - ANSWER monthly to cover insurance/repair/maintenance
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