Exam (elaborations)
Colibri Real Estate Vocabulary Exam Questions and Answers
- Course
- Institution
Colibri Real Estate Vocabulary Exam Questions and Answers
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
Colibri Real Estate Vocabulary ExamQuestions and Answers
Abstract of Title - -A history of the ownership of a parcel of land which lists
transfers of title, rights, and liabilities.
- Accession - -The idea that the owner of land is entitled to all that the soil
produces or all that is added to the land either intentionally or by mistake.
Trade fixtures not removed are "assessed" by the owner of the property.
- Ad Valorem - -A prefix meaning "based on value." Most local governments
levy an ad valorem tax on property.
- Adverse Possession - -A method of acquiring original title to property by
open, notorious and hostile possession for a statutory period of time; also
referred to as prescription. Poach.
- Alienation Clause - -A provision in a mortgage requiring full payment of
the debt upon the transfer of title to the property, due on sale. Prevents loan
assumptions.
- Allodial Rights - -The free and full ownership of rights in land by
individuals, which is the basis of real property in the United States.
- Appurtenance - -Any right or privilege which belongs to and passes with
land.
- Arm's Length Transaction - -Occurs between willing buyer and willing
seller with each party completely knowledgeable about the market.
- Arrears - -Not on time; late in making payments or completing work.
Interest is paid in arrears.
- Attestation - -The act of witnessing a person's signing of an instrument by
a notary public.
- Attorney's Opinion of Title - -A statement issued by an attorney after
analyzing an abstract as to quality of title.
- Avulsion - -Occurs in cases where there is a sudden loss of land through
nature.
, - Balloon Payment - -The remaining balance, at maturity, on a loan that has
not been completely repaid through periodic payments. Once paid, the
outstanding balance is zero. Partially amortized loan.
- Bargain and Sale Deed - -An instrument conveying title which recites a
valuable consideration and commonly uses the words "bargain and sale" or
words of similar import.
- Bilateral Contract - -A contract in which a promise is given for the promise
of another. It becomes binding when mutual promises are communicated. (A
real estate contract).
- Blanket Mortgage - -A mortgage which covers more than one piece of real
estate. Often used by a developer in the financing of undeveloped lots.
Contains a partial release clause.
- Blockbusting - -Any activity which attempts to drive prices down for the
purpose of causing transition from one ethnic group to another. This is a
violation of Federal Fair Housing Laws. Also called "panic selling."
- Buffer Zone - -A means by which planners use space to separate two
adjoining districts which have incompatible uses.
- Bundle of Rights - -The rights of an owner to possess, control, enjoy, sell,
lease, mortgage, and dispose of the property.
- Caveat Emptor - -Latin for "let the buyer beware."
- Chain of Title - -A history of the ownership affecting title to a parcel of
land.
- Civil Rights Act of 1866 - -A law which prohibits discrimination in all real
estate transactions based on race.
- Cloud on Title - -Any claim affecting title to property.
- Color of Title - -Adverse possession.
- Community Property - -Any property acquired in certain states by
purchase, or as compensation by either spouse during the period of
marriage, is considered to be owned in an undivided half interest by each.
- Common Elements - -Property jointly owned on a pro- rata basis with other
unit owners in a condominium regime.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now