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6/29/2012

Glossary Letter D

http://www.amazon.com/Toxic-Assets-Bank-ebook/dp/B004RCLZXI


Glossary for REAL ESTATE TERMS, prepare for the broker DRE exam
Letter D


DATA PLANT

Appraiser’s file of information on real estate

DEBENTURE

Bonds issued without secuirty

DEBTOR

The party owning the property that is subject to a security interest- mortgagor or pledgor

DEDICATION

Appropriation of land by its owner for some public use by authorized officials on behalf of the public

DEED

Instrument when properly executed and delivered conveys title

DEED RESTRICTION

Limitation in the deed to a property that dictates certain uses that may or may not be made to the property

DEFAULT

Failure to fulfill a duty or promise, omission or failure to perform any act

DEFEASANCE CLAUSE

Mortgage clause that gives the mortgagor the right to redeem his or her property upon the payment of obligations to the mortgagee

DEFEASANCE FEE

Sometimes called a base fee or qualified fee, a fee- absolute interest in land that is capable of being defeated or terminated upon the happening of a specified event

DEFICIENCY JUDGMENT

Judgment when the security pledge for a loan does not satisfy the debt upon its default

DEPTH TABLE

Statistical table used to estimate the value of the added depth of a lot

DESIST AND REFRAIN ORDER

Court order to stop a person from committing and act in violation of real estate law

DEVISEE

One who receives a bequest made in a will

DEVISOR

Person who bequeaths by will

DIRECTIONAL GROWTH

The location or direction toward which the residential sections of a city are destined and determined to grow

DISINTERMEDIATION

A sudden rush of withdrawals from savings banks, commercial banks, and life insurance policies. Financial intermediaries who depend on the regular savings lose billions of dollars as owners of those funds held by institutional lenders exercise their right to remove the money.

DISPOSSESS

To deprive one of the use of real estate

DOCUMENTARY TRANSFER TAX

A state enabling act that allows a county to adopt a documentary transfer tax to apply to all transfers of real estate in the county. Notice of payment is entered on the face of the deed or on a separate paper filed together

DONEE

A person to whom a gift is made

DONOR

The person who makes the gift

DOWER

The right a wife has in her husband’s estate at his death

DUAL AGENCY

When a broker represents both the buyer and seller






6/27/2012

Barclay's SHAME





Causes of the foreclosures and the meltdown:
fraud

Will lawsuits follow from consumers against Barclays?

Barclays Chief Executive Bob Diamond ought to be terminated and refund to every homeowner who were fraudlently overcharged based on his and senior executives price fixing on an index that controls interest rates on mortgages on about 90% of all American Adjustable rate loans. (Five Year Seven Year and Ten Year Mortgage rates were manipulated falsely/ increased by this scam.)

Barclays' Bank particular submissions to LIBOR - THE rate compiled daily through a panel of banks quoting the rate at which each bank estimates what they can borrow from one another, in various currencies - were much higher than many competitors.

I would love to read the internal emails and instructional power points that FSA, CFTC were able to view. This certainly is only the tip of the iceberg. Shame on you Bob Diamond

Glossary REAL ESTATE Terms Letter C



Capital Assets

Assets of a permanent nature used in the production of income, such as land, buildings, machinery. Under income tax law they are different than inventory

Capital Gain

Income form the sale of an asset rather than from general business activites, these are taxes at a lower rate

Capitalization

Re: APPRAISALS is the net income and the percentage of reasonable return on the investment, the value of an income property being annual net income by the CAP Rate

Capitalization Rate

Rate of interest that is a good/reasonable return on the investment – also called YIELD RATE necessary to attract an investor. This amortization factor is determined in a couple different ways: for example the straight line depreciation method.

Casement Window

Frames of wood or metal that swing outward from the building

CASH FLOW

Net income generated by a property before depreciation and any noncash expenses

Caveat Emptor

Let the buyer beware, the buyer must investigate and purchase at their own risk

CBD

Central Business District

Certificate of Reasonable Value

The Department of Veterans Affairs appraisal commitment of property value

CHAIN

Unit of measurement used by surveyors, for example a chain is 100 links equal to 66 feet

CHANGE, principle of

The future, not the past is of prime importance in determining appraised value

CHATTEL Mortgage

Claim on personal property used to secure or guarantee a note

CHATTEL real

An estate related to real estate such as a lease

CHATTELS

Goods moveable or not that are not real property

CLAPBOARDS

Siding boards thicker than one inch

Cloud on Title

Conditions that negatively affect the title to property, sometimes must go to court to remove or quitclaim

COLLAR BEAM

A beam that connects the pairs of opposite roof rafters above the attic floor

Collateral Security

A separate obligation attached to a contract to guarantee its performance- transfer property or contracts to ensure the performance of a principal agreement

Collusion

An agreement between persons to defraud another’s rights or to obtain an object forbidden by law

Commercial Acre

The remainder of an acre of recently subdivided land devoted to curbs, gutters etc

Commercial Paper

Bills of exchange used in commercial trade

Common Interest Developments

A project with individual ownership of the buildings but common or joint ownership of the land- condos or PUD

COMMON LAW

Body of law from customs of England

Community Property

Property accumulated through joint efforts of a married couple or registered domestic partners

Competition Principle of

Profits tend to breed competition and excess profits breed ruinous competition

Component

One of the features making up the whole property

Compound Interest

Interest paid on principal and also on the accrued and unpaid interest accumulated

Condemnation

Taking private property for public use, claiming the property is unfit or unsafe

Condition

A qualification of an estate granted that can be imposed only in conveyances. Conditions precedent and conditions subsequent

Condition Precedent

A condition that requires certain action or an event to occur before the estate granted can take effect. Most installment sales state that before a buyer can require transfer of title, all payments must be made by a prescribed date

Condition Subsequent

Re: deeds. Title immediately vests in the grantee, but if the condition is breached grantor has the right to terminate the estate. For example a seller puts a restriction on allowing a bar on the location

Conditional Commitment

A Lender makes a definite loan offer

Conditional Sales Contract

A contract for the sale of property stating that delivery is to be made to the buyer but title is to remain vested in the seller until the conditions of the contract have been fulfilled

Confession of Judgment

An entry of judgment upon the debtor’s voluntary admission or confession

Confirmation of Sale

A court approval of the sale of property by an executor or administrator a guardian or a conservator

Conformity, Principle of

The maximum of value is realized when a reasonable degree of homogeneity of improvements is present

Consideration

Anything of value paid to start the entering into a contract

Constant

The percentage when applied to the face value of a debt develops the annual amount of money necessary to pay a certain net rate of interest on the reducing balance and to liquidate the debt in a specific number of years, IE: a 6% loan amortized over 20 years has a constant of 8.5% and $10000 over 20 years has an annual payment of $850

Constructive EVICTION

Breach of a covenant of warranty of quiet enjoyment. The lessee can take back possession because of some defect in title or hazardous property creation

Constructive NOTICE

Notice given by the public records

Contribution, Principle of

The maximum real estate value are created by the improvements on the site producing the highest net return.

Conventional Mortgage

A  loan without governmental Underwriting standards not FHA insured or VA guaranteed.

Conversion

Change from one character or use to another

Cooperative Ownership

Apartment ownership of shares in a cooperative venture that entitles owner to rent, use or sell an apartment unit

Corner Influence Table

Statistical table to estimate the added value of a corner lot

Corporeal Rights

Possessory rights in real property

Correction Lines

A method to correct inaccuracies in the government rectangular survey system due to the curve of the earth. Every 4th township line, 24 mile intervals is used as a correction line on which the intervals between the north and south range lines are re-measured and corrected to a full six miles

Correlate the Findings

To interpret data and valuations – combine them to make a final conclusion of appraised value

Cost approach

A method used by appraisers by analyzing the value by estimating the cost to replace the improvements, then deduct from accrued depreciation and add back the value of the land

Counter Flashing

Flashing on chimneys at the roofline to cover shingle flashing preventing rain and moisture to enter

CPM

Certified property manager designated by the Institute of Real Estate Management

CUBAGE

The number or product resulting from the multiplication of the width of a thing by its heght nad by its debt and length

CURABLE DEPRECIATION

Items of physical deterioration that are repaired or replaced by a good property owner

CURTAIL SCHEDULE

List of the amounts by which the principal sum of an obligation is to be reduced by partial payments and the dates these are due

CURTESY

The right of a husband in his wife’s estate at her death













6/18/2012

Glossary B

Blue Pot for Letter B

Base and Meridian
Imaginary lines used by surveyors ti find and describe the location of private or public lands
Bench Marks
A location indicated on a durable marker by surveyors
Bequeath
To give or hand down by will
Bequest
That property given by will
Binder
Agreement to consider a down payment for the purchase of real estate as good faith. OR a notation of coverage in an insurance policy
Blanket Mortgage – Cross Collateralization
Single mortgage covering more than one piece of real estate
Board Foot
Unit of measurement of lumber that is one foot wide, one foot long and 1 inch thick, 144 cubic inches
Bona Fide
In good faith
Boot
Cash notes personal property unlike property received in an exchange that creates tax liability
Broker
A person employed by another for a fee to carry on any of the activities listed in the license law
BTU
British Thermal Unit quality of heat to raise the temperature of one pound of water one degree Fahrenheit
Building Line
A line set by law a certain distance from a street line in front of which and owner cannot build his or her own lot. In Orange County this also applies to views and setbacks from the ocean. An owner can not push the footprint of their home out past this imaginary line and block other’s access.
Bundle of Rights
Beneficial interest or rights

6/17/2012

Real Estate Terms A

Glossary for the DRE Real Estate Test
Letter A words
ALTA Owner’s Policy
Or ALTA-R Residential Title policy with extended coverage
ALTA Title Policy
American Land Title Association covering standard risks plus mechanics liens, unrecorded physical easements, water and or mineral rights, facts a survey would reveal, rights such as tenants in possession
Abandonment
The act of allowing the property to be unused
Absolute Fee-Simple Title
The best title on can have
Abstract of Judgment
Condensed explanation of a court judgment
Abstract of Title
Summary of conveyances, transfers or recordings that relate to title of a particular property
Abstraction
Method of Valuing land where the value of improvement is subtracted from the sales price
Acceleration Clause
Clause in a trust deed/ mortgage that gives the lender the right to declare all sums immediately due.
Acceptance
The seller or agent’s principal agrees to the terms of the sale and approves the negotiation. They acknowledge the deposit receipt and subscribe to the terms of agreement of sale. Statement of intent to be bound by the terms of the offer.
Access Right
The rights of owner to have ingress and egress or right of way to and from his property. Not landlocked.

Accretion
Addition to land from the action of rivers, streams or ocean. Any gradual eroding away is referred to as "reliction". Any increase of soil or sand to land adjacent or contiguous to a water course formed by Accretion becomes the possession of the riparian or littoral owner. Also erosion or reliction due to the gradual actions of nature become lands lost by the riparian or littoral owner.
AVULSION is different, it is the sudden and perceptible change formed by nature is referred to avulsion. A violent storm may suddenly change the flow or construction of a water course or the lands abutting thereon. Unlike with accretion, land so divided by avulsion remains the property of the original owner as if the water course had not been moved.
Accrued Depreciation
The difference between the cost of replacement new as of the date of appraisal and current appraised value.
Accrued Items of Expense
Incurred expenses that are not yet payable such as the seller’s accrued expenses are credited to the purchaser in a closing statement.
Accrued Interest
Interest that remains in an account instead of being paid immediately to the depositor.
Acknowledgement
Formal declarations before a duly authorized officer. This executes the instrument as voluntarily signed. Usually with a notary.
Water images because of the alluvion words and to break up the boring
Acre
Measure of land that has 160 square rods, or 4840 square yards, or 43560 square feet, or tract of about 208.71 feet square
Actual Eviction
Result of legal action brought by lessor. Lessee is physically removed
Ad Valorem
Latin for “according to value” – for real estate tax.
Adjacent
Near or next but not necessarily touching
Adjoining
Actually touching, abutting

Administrator/trix
Person appointed by probate court to administer the estate of a deceased person
Advance Commitment
Institutional investor/ lender’s prior agreement to offer long term financing
Advance FEE
Paid before services rendered, asking for fee before advertising property for sale, can be violation of real estate law
Adverse Possession
The open hostile and notorious possession and occupancy under and evident claim of right, in denial or opposition to the title of another claimant
Affiant
A person who makes and affidavit
Affidavit
Statement or declaration in writing sworn under oath
Affidavit of title
Seller swears they have no bankruptcy pending, judgment, divorce, unpaid repairs, defects in title…
Agency
Relationship between principal and agent arising out of contract. Agent is employed to do certain things dealing with third parties
Agreement of Sale
Written contract between seller and buyer on all terms of sale, deposit receipt
Alienation
Transferring property to another
Alienation Clause
Clause that lender can call a loan due on sale
Allodial System
Method of land ownership held free and clear with no rent or service due to the government, free, opposite of feudal system
Alluvion / Alluvium
Soil deposited by accretion- increase in size on the banks of a river
Amenities
Satisfaction and enjoyment from a home, beneficial improvements
AMO
Accredited Management Organization
Amortized Loan
Loan paid off with principal and interest payments- level payment loan
Annuity
Series of assured equal payments over period of time or lump-sum type in future. Could be landlord, lender, etc
Anticipation principle of
Affirms value created by the benefits to be received in the future
Appurtenance
Something annexed to another thing that may be transferred incident to it for example a barn, a garage, an orchard
Assessor
The official who determines assessed values for property taxes
Assignment
Transfer or making over to another of the whole of a property, real or personal
Assignor
One who assigns or transfers the property
Attest
To affirm to be true- official
Avulsion
Sudden tearing away of land by water
Axial growth
City growth along main transportation routes- star shaped from the center






6/15/2012

Succulent Crafty Trend





A big trend in Orange County home gardens is using succulents as landscaping and in pots. I believe the fashion is stirred several things. First there is an interest in conserving water. My local water company Mouton Niguel Water put limits on the days, times and amounts of yard watering we are allowed to sprinkle. The strange thing is the Home Owner Associations seem to rebel against the look of a low water landscaped front yard. In fact numerous homeowners in Association tracts are fined if they don’t have sixty percent grass lawn in the front. The second reason I believe this is one of the dominant plant types at our local nurseries is - because they are cheap. The plants are not cheaper to buy, but they require little or no maintenance.

I am not the greatest fan of succulents, I am more interested in California natives, organic produce and cottage flowers but here is my crafty salute to gifts or new versions of potted succulents you can make in ten minutes. Little or no cost and a five year old can help you.


Items needed: find some recycled wire frames (old Christmas wreaths or recycled wire pots) sphagnum moss and some clippings from neighbors succulents. Offer to make them one in exchange for the clippings.
(I keep a large piece of cardboard on the one side of our garage for painting project tarps)

Spray paint the metal with some gloss paint to keep rust down. Make a nest of sphagnum that has been soaked in water and push in the plants. I added an epiphytic orchid that I have growing wild that I know requires little care. I used these garden labels that you can use a pencil to write a note or the name of the plant. I then took some old nail polish and just brushed it over the words to be able to read the label better.

I will practice and let this one grow. I have a number of antique wire baskets and I am toying with using them. Perhaps if you do a mortgage with me I will give you some...


"Enthusiasm Changes The World." Caroline Gerardo copyright 2012