Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Cal Real Estate Vocab G-Z > G-Z > Flashcards

G-Z Flashcards

1
Q

Grantor

A

A person who transfers title.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Gratuitous agent

A

An agent who undertakes agency duties without compensation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

GRI (Graduate REALTORS® Institute)

A

A professional designation that requires seminar attendance and courses of study (administered by the state REALTORS® association).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Grid

A

A chart used by a lender in evaluating the property, the area, and the borrower.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Gross lease

A

A lease with a flat or fixed rental rate (flat lease).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Gross multiplier

A

A rough appraisal method in which the yearly or monthly gross income is multiplied by a multiplier, which gives an approximate value for a property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Ground lease

A

A lease of land only.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Ground rent

A

That portion of the rent attributable to the land alone.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Groundwater

A

Underground water that is not flowing.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Group Boycott

A

Sherman Act violation. An agreement not to do business with a person or entity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Guadalupe Hidalgo

A

The treaty that ended the Mexican War in which the United States agreed to recognize the property rights of Mexicans.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Guarantee of title

A

A guarantee by the abstractor based entirely upon recorded documents. It has been replaced by title insurance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Guide meridians

A

North-south survey lines 24 miles apart to compensate for earth’s curvature.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Habendum clause

A

The granting clause of a deed. It defines the extent of ownership transferred and sets forth any exceptions or reservations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Hard-money loan

A

A loan in which actual cash changes hands.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Header

A

A beam placed over a window or a door to spread the load.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Hectare

A

A metric land measurement of 10,000 square meters, or approximately 2.47 acres.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Helping Families Save Their Home Act

A

The act gives HUD the authority to modify FHA- insured loans.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Hereditaments

A

Anything that can be inherited.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Highest and best use

A

The use that provides the greatest net return to the building and/or land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Holder in due course

A

A person who takes a negotiable instrument that is good on its face for value, without notice of any defenses of the maker and before it is overdue.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Hold-harmless clause

A

An exculpatory clause in which a party agrees to make good any loss suffered by the other party (generally because of the condition of the property).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Holdover clause

A

A clause in a lease providing for sharply increased rent should the lessee fail to vacate at the end of the lease. Instead of becoming a tenant at sufferance, he or she becomes a tenant on a periodic tenancy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Holographic will

A

A handwritten and signed will (no witnesses are required).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Homestead

A

A home on which a declaration of homestead has been filed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Homestead exemption .

A

$75,000 for a single person, $100,000 for a head of household, and $175,000 for those over 65 or disabled. It applies to unsecured creditors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Home Valuation Code of Conduct

A

(HVCC) Code prohibiting parties from attempting to influence appraisal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Homologous

A

Of the same kind or structure.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Hope for Homeowners Program (Hope Act)

A

A HUD program allowing loans to be refinanced at fixed rates with equity sharing with FHA.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Hoskold sinking-fund method

A

A sinking-fund method of capitalization in appraising.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Hundred percent location

A

The best retail location

within an area.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Hybrid loans

A

Combination loans such as a number of years as a fixed rate loan that then becomes an adjustable rate loan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Hypothecate

A

To give something as security without giving up possession (borrowing on one’s furniture or one’s home).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Illiquid

A

Asset not readily converted to cash—like real estate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Illusory contract

A

An agreement that is not legally binding on a party, so that there is no contract at all.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Implied agency

A

An agency that is implied by the actions of the parties although not specifically agreed to.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Implied contract

A

A contract that is not expressly stated but is implied by the actions of the parties.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Implied easement (easement by necessity)

A

An easement that is implied when the grantor conveys land to the grantee that is landlocked by another land of the grantor. The grantee has an implied right of access over the grantor’s land.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Impound account

A

An account kept by the lender to provide funds for taxes and insurance. The borrower’s payments include funds for this account. The fund actually belongs to the borrower and not the lender.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Imputed interest

A

Interest that is implied. The IRS will assign an interest if the rate is too low or not stated.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Incentive zoning

A

Zoning requiring a desirable use if developer includes desired feature.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Inchoate incomplete

A

This is said of a right not yet perfected.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Income approach

A

An appraisal method whereby net income is divided by a capitalization rate to estimate value.

44
Q

Incompetent

A

A person who, because of his or her age or mental capacity, lacks the ability to contract.

45
Q

Incorporeal rights

A

Nonpossessory rights in real estate, such as rights to rents and easements.

46
Q

Increment

A

An increase in value.

47
Q

Incurable depreciation

A

Depreciation where cost to cure is not economically feasible.

48
Q

Indefeasible

A

Not voidable.

49
Q

Independent Administration of Estate Act

A

Allows probate sales without open court bids providing all heirs agree to sale.

50
Q

Index lease

A

A lease in which rent is tied to an index, such as the cost-of-living index or the wholesale-price index.

51
Q

Industrial/airport disclosure

A

Disclosure to buyers about airport, industrial, or zoning that could affect buyer’s use and enjoyment of property.

52
Q

Infill development

A

Developing unutilized land or redeveloping to accommodate greater density.

53
Q

Informal description

A

A description of real property by the name and address of the owner (not a legal description).

54
Q

Ingress/egress

A

A way of entering and leaving property.

55
Q

Injunction

A

A court order to cease or desist from performing an act.

56
Q

Institutional lender companies).

A

A financial intermediary that pools the money of its depositors to make loans (includes banks, savings and loan associations, and life insurance

57
Q

Instrument

A

A legal document.

58
Q

Integration clause

A

Contract cannot be altered by prior or contemporaneous parol evidence.

59
Q

Intermediation

A

Depositing of funds into savings institutions.

60
Q

Internal rate of return

A

A sophisticated formula that determines the present value of projected income expressed as an annual rate.

61
Q

Interpleader action

A

An action in which, when two or more parties claim an interest in property held by a third person, that third person can ask the court to determine the rights.

62
Q

Interstate Land Sales Act

A

A federal disclosure act for undeveloped property sold in interstate commerce.

63
Q

Inter vivos

A

A between-the-living conveyance; as opposed to testamentary transfer.

64
Q

Intestate

A

Without a will. The estate passes to the heirs of the deceased based on their relationship.

65
Q

Inundation

A

Covered by floodwater.

66
Q

Inverse condemnation

A

A process whereby a property owner forces a governmental unit to buy his or her property when, by its action, it has wrongfully restricted his or her use.

67
Q

Involuntary conversion

A

An involuntary exchange, as in condemnation or destruction by fire and obtaining of insurance proceeds.

68
Q

Involuntary lien

A

A lien imposed without the agreement of the property owner (such as a tax lien).

69
Q

Inwood compound-interest method

A

Use of annuity table in appraising property (prior to computers).

70
Q

Irrevocable

A

Incapable of being changed.

71
Q

Irrigation district

A

A quasi-political subdivision created under the law to provide water for an area.

72
Q

IRS Form 1099-S

A

Form used to report gross sale price to IRS.

73
Q

IRS Form 8300

A

Form used to report cash amount received in a transaction over $10,000.

74
Q

Jalousie window

A

A type of window with glass slats, like a venetian blind.

75
Q

Jamb

A

The lining of a door or window frame.

76
Q

Joint liability

A

Liability whereby each person is equally liable for the entire amount.

77
Q

Jointly and severally

A

Together and separately.

78
Q

Joint tenancy

A

A tenancy whereby several owners having rights of survivorship who took title at the same time by the same instrument have equal interest and equal rights of possession.

79
Q

Joint venture

A

A partnership created for one particular undertaking.

80
Q

Joist

A

A horizontal beam supporting a floor or ceiling.

81
Q

Judgment

A

The final order of a court.

82
Q

Jumbo loan

A

A home loan for an amount that exceeds Fannie Mae and Freddie Mac home loan purchase limits.

83
Q

Junior lien

A

A subordinate lien.

84
Q

Jurisdiction

A

The area in which a court or officer has authority.

85
Q

Key lot

A

A lot having on its side the rear yards of a number of other lots. Considered undesirable for residential purposes

86
Q

Key money

A

Money paid for the lease (in addition to rent).

87
Q

Kiosk

A

An open-sided, usually free-standing structure, often in a mall or parking lot.

88
Q

Laches

A

Loss of rights because of inexcusable delay in bringing an action.

89
Q

Land contract

A

A contract in the sale of real property whereby the seller retains title and the buyer obtains possession. (It is used for CALVET loans and when the buyer has a very small down payment.)

90
Q

Land-residual method

A

An appraisal method in which the income attributable to the improvements is deducted from the total income to determine the income attributable to the land alone. This income is then capitalized to determine land value.

91
Q

Landslide inventory report

A

Potential for landslides and mud flows is a material fact and should be revealed.

92
Q

Lateral support

A

The physical support that a landowner must provide to the property of his or her neighbors (deep excavation could endanger a neighbor’s property).

93
Q

Lath

A

Wood, metal, or gypsum board used as a base for plaster.

94
Q

Lease

A

A tenancy contract between a landlord and a tenant.

95
Q

Leasehold

A

A leased estate (personal property).

96
Q

Legacy

A

A gift of personal property (usually money) by will.

97
Q

Legal description

A

A description of real property relating to government surveys, recorded maps, or metes and bounds.

98
Q

Leverage

A

Use of other people’s money to make money by purchasing property with a low down payment.

99
Q

Libor rate

A

London interbank offering rate used as an index for some adjustable rate loans.

100
Q

License

A

A privilege to use the land of another; unlike an easement, it may be revoked.

101
Q

Lien

A

An encumbrance that makes the property security for the debt (trust deeds, mortgages, mechanic’s liens, and taxes).

102
Q

Life estate

A

An estate that does not terminate until the death of a named party.

103
Q

Like for like

A

An exchange of similar property to postpone capital gains taxes.

104
Q

Limited common elements

A

Common areas in a subdivision for the exclusive use of designated owners, such as storage lockers and designated parking areas.

105
Q

Limited liability company

A

A company offering limited liability but fewer restrictions than an S corporation.

106
Q

Limited partnership

A

A partnership in which some partners are inactive and are liable only to the extent of their investment.

107
Q

Line of credit

A

A prearranged borrowing limit allowing borrowers to borrow from lenders to meet immediate financial needs.

Cal Real Estate Vocab G-Z (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions