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Flashcards in REAL ESTATE 5 Deck (21)
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1

LEGAL CONTINUED USE OF A PROPERTY THAT DOSE NOT CONFORM TO NEW ZONING RESTRICTIONS

NONCONFORMING USE

2

A LOSS OF VALUE DUE TO MISPLACED IMPROVEMENTS OR ECONOMIC CONDITIONS (EXTERNAL FACTORS)

EXTERNAL OBSOLESCENCE

3

INGESTING LEAD CAN CAUSE SERIOUS DAMAGE, KNOWN LEAD BASED PAINT HAZARDS MUST BE DISCLOSED WHEN RENTING OR SELLING RESIDENTIAL PROPERTY BUILT BEFORE JANUARY 1 1978

LEAD BASED PAINT

4

THE TECHNIQUE OF LAYERING SOIL OVER REFUSE IN A LANDFILL

CAPPING

5

GOVERNMENTAL LIMITATIONS ON AND OWNERSHIP INCLUDING POLICE POWER, ESCHEAT, TAXTION AND EMINENT DOMAIN

P.E.T.E.

6

A CLAUSE IN A DEED LIMITING THE USE OR OWNERSHIP OF PROPERTY

DEED RESTRICTIONS

7

A REDUCTION OF PROPERTY VALUE DUE TO WEAR AND TEAR OF A COMPONENT OR DEFERRED MAINTENANCE

PHYSICAL DETERIORATION

8

A LEASE COMMON IN RETAIL WHERE THE TENANT PAYS A BASE RENT PLUS SOME PERCENTAGE OF SALES

PERCENTAGE LEASE

9

DESIGNED TO IMPLEMENT T-I-L REQUIRING DISCLOSURE TO BORROWERS OF THE COSTS TO OBTAIN A LOAN

REGULATION Z

10

A FEDERAL LAW INTENDED TO PROTECT COSUMERS AND REQUIRE LENDERS TO ADVERTISE LOAN COSTS TRUTHFULLY

TRUTH IN LENDING

11

CERTIFICATE OF REASONABLE VALUE

A VA APPRAISAL

12

A LEASE WHERE THE TENANT PAYS A FIXED AMOUNT AND THE OWNER PAYS ALL PROPERTY EXPENSES

GROSS LEASE

13

INSURANCE PAID BY THE BORROWER THAT PROTECTS THE LENDER AGAINST LOSS INSURING THE TOP 20 PERCENT OF THE LOAN

PRIVATE MORGTGAGE INSURANCE

14

THE TENANTS RIGHT TO OCCUPY UNDER THE LEASE AGREEMENT

LEASEHOLD ESTATE

15

THE LANDLORD, GIVER OF THE LEASE, HAS A LEASED FEE ESTATE

LESSOR

16

THE OWNERS INTEREST WHEN THE RIGHT OF POSSESSION BEEN GIVEN TO A__ LESSEE

LEASED FEE ESTATE

17

THE TENANT, RECEIVER OF THE LEASE, HAS A LEASEHOLD INTEREST

LESSEE

18

TRANSFERRING THE TENANTS RIGHT TO A NEW TENANT, THE ORIGINAL TENANT MAY OR MEY NOT BE RESPONSIBLE FOR THE LEASE PAYMENTS

LEASE ASSIGMENT

19

A CONTRACT BETWEEN THE LANDLORD AND THE TENANT FOR POSSESSION OF A PROPERTY

LEASE

20

A LEASE WHERE THE TENANT PAYS BASE RENT PLUS PROPERTY EXPENSES

NET LEASE

21

FEDERAL NATIONAL MORTGAGE ASSOCIATION, BUYS MORTGAGES ON THE SECONDARY MORTGAGE MARKET

FANNIE MAE