Wine Tasting Invitation to Realtors

To celebrate our new office please contact me
directly for tickets
(949) 637- 8190
C. G. Barbeau

Guacamole Mask?

I read this recipe on Pinterest for an avocado and apricot mask and since I have these in our garden, why not?

After blending the ingredients and applying a lumpy paste to my face, I decided to go back out and pick a lemon, get some cherry tomatoes and chop a red onion very fine. The mask was a total fail, but guacamole with bell peppers and a twist or two, the experiment paid off. When life gives you lemons make guacamole.

2 ripe avocados (save the pits to keep from turning brown fast), Juice of one lemon, Hot sauce to taste, ½ Finely chopped red or Maui onion ,+ eight cherry tomatoes smashed

Fresh Thyme (yes, not cilantro this time) and a tiny bit fresh basil

I cheated and used Lawry’s salt to eat it fast with yellow and red bell peppers

When life gives you a lumpy face make something else.

Italian Lemons in the garden (Sorrento)

Cherry tomatoes growing high enough that Coco can't steal them. (one of our dogs eats all the perfect tomatoes)

Glossary Real Estate Terms G -H

Real Estate Terms LETTER G

GABLE ROOF

Pitched roof with sloping sides

Gabled roof on Pacific Palisades, California house that sold this year

 

GAMBREL ROOF

House sold in Berkeley, California with Dutch Colonial style and Gambrel roof line

 

Curb roof, step lower slope flatter upper slope above

GENERAL LIEN

Lien on all property of a debtor

GIFT DEED

Deed for which the consideration is love and affection

GIRDER

Ground level at the foundation

GRADUATED LEASE

Lease provides varying rental rate- based on a future determination such as periodic appraisals, used in long term leases

GRANT

Conveyance of deed signifies the intent to transfer title of the land

GRANT DEED

Deed in which the word grant is used as the word of conveyance- free from encumbrances

GRANTEE

The purchaser a person to whom the grant is made

GRANTOR

Seller of property who signs the deed

GRI

Graduate Realtors Institute

GRID

Chart used in rating borrower risk, property and neighborhood

GROSS DOMESTIC PRODUCT

Total value of all goods and services produced in an economy at a given time using the local resources

GROSS INCOME

Total income before any expenses

GROSS RATE

Method of collecting interest by adding the total interest to the loan at the start (you pay the interest even if you pay off early)

GROSS RENT MULTIPLIER

Figure when multiplied by gross income of a property produces an estimate of value

GROUND LEASE

An agreement for use of the land only

GROUND RENT

Earnings of the improved property credited to earnings of the ground itself after allowance for earnings of improvements- also called economic rent

H

HABENDUM CLAUSE

“to have and to hold” clause in a deed

HEADER

A beam placed perpendicular to joists & which joists are nailed in framing for a chimney. Stairway or opening

HIGHEST AND BEST USE

Appraisal term at time of appraisal the greatest net return on property over a given period of time, starting point for an appraisal

HIP ROOF

Pitched roof with sloping sides and ends

HOLDER IN DUE COURSE

One who has taken a note, check etc. in due course before it is overdue in good faith and for value without any knowledge that is was dishonored (still good)

HOLDOVER TENANT

Tenant who remains in possession of leased property after the expiration of term

HOMESTEAD

Home upon which an owner has recorded a Declaration of Homestead, protects against some judgments

HUNDRED PERCENT LOCATION

City retail business location that is the best location

HYPOTHECATE

To give a thing as security without the necessity of giving possession of it up

Glossary F

Glossary letter F Real Estate Terms from Mr. Fuddy

FAÇADE

Front of building

FAIR MARKET VALUE

Money paid for property on the open market available for a reasonable time, without pressures to buy or sell

FARMERS HOME ADMINISTRATION

Department of Agriculture gives financing help to farmers and others living in rural areas

FEDERAL DEPOSIT INSURANCE CORPORATION FDIC

Agency of Federal government that insures deposits at commercial banks and savings banks

FEDERAL NATIONAL MORTGAGE=FANNIE MAE

Private mortgage corporation taken over by our government to buy and sell existing mortgage on the secondary market

FEE

An estate of inheritance in real property

FEE SIMPLE

Fee – old English same as Fee Simple absolute is greatest power of owner to sell, trade or will

FIDELITY BOND

A security posted for the discharge of an obligation of personal services

FIDUCIARY

Person in a position of trust and confidence as between a principal and a broker. Broker owes fiduciary loyalty that cannot be broken under the rules of agency.

FILTERING DOWN

Process of making housing available to successively lower income groups

FINANCIAL INTERMEDIARY

Commercial banks, savings banks, mutual savings banks and life insurance companies receive small sums of money from the public and invest them in the form of larger sums, some loaned on real estate

FINISH FLOOR

Finish floor strips are applied over wooden joists , deadening felt and diagonal subflooring before the finish floor is installed- final covering linoleum, tile or carpet…

FIRST MORTGAGE= FIRST TRUST DEED

Legal document pledging collateral for a loan that has priority over all claims but taxes and bonded debts

FISCAL CONTROLS

Federal tax EARNEST MONEY

Down payment made by a purchaser of property as evidence of good faith

FIXITY OF LOCATION

Physical characteristic of real estate influenced by its surroundings (location)

FIXTURES

Appurtenances attached to the land of improvements – plumbing fixtures

FLASHING

Sheet metal or other material to protect a building from seepage of water

FOOTING

Base or bottom of a foundation wall, pier or column

FORECLOSURE

Property pledged is sold to pay the debt

FORFEITURE

Loss of money resulting from failure to perform

FRANCHISE

Privilege awarded by a government or business to have exclusive dealership

FRAUD

Intentional and successive employment of any cunning, collusion used to cheat a person

FREEHOLD

Estate of interminable duration- fee simple or life estate

FRONTAGE

Land bordering the street

FRONT FOOT

Property measurement for sale or valuation purposes- property measures by the front foot on its street line extending to the depth of the lot

FRONT MONEY

Minimum amount to initiate a real estate venture

FROSTLINE

Depth of frost penetration, differs by climate, footings need to be below this line

FUNCTIONAL OBSOLESCENCE

Loss of value by negative factors that affect the utility of the structure

FURRING

Strips of wood or metal to even it, to form an airspace or give appearance of thicker wall

FUTURE BENEFITS

Anticipated benefits the property owner will receive in future

Glossary Real Estate Letter E

EARNEST MONEY

Down payment made by a purchaser of property as evidence of good faith

EASEMENT

Created by grant for a specific purpose, right privilege or interest one party has in the land of another. For right of way

ECOLOGY

The relationship between organisms and their environment

ECONOMIC LIFE

The period over which a property will yield a return on the investment, over and above the economic or ground rent due on the land

ECONOMIC OBSOLESCENCE

Loss in value of real estate caused by factors away from the subject

ECONOMIC RENT

Number of years of age that is indicated by the condition of a structure

EFFECTIVE INTEREST RATE

Percentage of interest that is actually being paid by a borrower for the use of money

EMINENT DOMAIN

Government right to acquire property for necessary public or quasi-public use by condemnation, paying the owner the fair market value- 5^th AMENDMENT Right

ENCROACHMENT

Anything that affects or limits the fee-simple title to the property. Such as mortgages, easements, restrictions

ENDORSEMENT

Signing one’s name on the back of a check or note

EQUAL CREDIT OPPORTUNITY ACT

Federal Law prohibits lenders from discriminating based on sex. Race, color, religion, age amritial status or handicap etc.

EQUITY

Interest or value an owner has in real estate over and above the liens against it

EQUITY OF REDEMPTION

Right to redeem property during foreclosure period

EQUITY SHARING

Where an owner occupant and a non-owner investor pool their money to buy a home- contract

ESCALATION

Lender can increase payments upon the happening of a certain event

ESCALATOR CLAUSE

A clause in the contract providing upward or downward adjustment of items to cover contingencies

ESCHEAT

Reverting the property to the state when heirs capable of inheriting are lacking

ESTATE

Quality of interest, share, right or equity of which riches or fortune may consist in real property

ESTATE OF INHERITANCE

Estate descending to heirs- freehold

ESTATE FOR LIFE

Freehold estate not and estate of inheritance but is held by the life of the tenant for his or her own life or the life of one or more persons- ie: you can live here until you die or your Child X dies

ESTATE FROM PERIOD TO PERIOD

An interest in land with no definite termination date but rents are weekly monthly or annual, also called periodic tenancy

ESTATE AT SUFFERANCE

Estate where tenant wrongfully holds over after expiration of his term. Landlord can evict

ESTATE OF WILL

Occupation of lands and tenements for an indefinite period. Can be terminated by either party- not recognized in California

ESTATE FOR YEARS

Interest in lands by virtue of a contract for the possession of them for a limited time- A LEASE

ESTIMATED REMAINING LIFE

Time period remaining for improvements to become useless

ESTOPPEL

Doctrine bars one from asserting rights that are inconsistent with a previous position or representation

ETHICS

Moral science, idealism, justness and fairness in the duties that a member of a profession owes to the public

EVICTION

Process of law depriving a person of possession of lands

EXCHANGE

IRS CODE 1031 owner trades one property for another to defer income tax

EXCLUSIVE AGENCY LISTING

One agent has specific rights to sell a property for a specific time, but owner can sell without a commission

EXCLUSIVE RIGHT TO SELL LISTING

Written agreement giving agent right to collect commission if anyone buys during the set time

EXECUTE

To complete, perform, sign, seal deliver

EXECUTOR/TRIX

Person named in a will to carry out provisions

EXPANSION JOINT

A bitumous fiber strip that separates concrete to prevent cracking

Glossary Letter D

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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

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 4^th 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

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

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