Ohio Real Estate Principles & Practices
1 Acre - ANS -43,560 feet
\A contract that can be terminated: - ANS -- genuine assent
- Assignment
- Conditions
- Mutual agreement
\Accord and Satisfaction - ANS -an agreement to accept something different then what the original contract held.
\Alienation - ANS -The transfer of ownership or an interest in property from one person to another, by any means.
\Allodial System - ANS -The system of land ownership under which anyone can own land.
\Ancillary Trustee - ANS -A trustee appointed to
conclude the business of a broker who has
died.
\Annexation - ANS -Attaching personal property to land so the law views it as part of the real property
\Annual Percentage Rate - ANS -The relationship between the cost of borrowing and the total amount financed,
represented as a percentage.
\Appropriation - ANS -Taking private property for public use, through the governments power of eminent domain.
\Appropriative Rights - ANS -Water rights allocated by government permit, according to an appropriation system. It is not
necessary to own property beside the body of water in order to apply for an appropriation permit.
\Appurtenance - ANS -A right that goes with ownership of real property; usually transferred with the property, but may be
sold separately.
\Appurtenant Easement - ANS -An easement that benefits a particular property, the dominant tenant.
\Appurtenant Easement - ANS -Easement that is attached to and travels with the ownership of one parcel allowing the
owner the use of the use of the neighbor's land
\Assumption - ANS -When one party takes over responsibility for the loan of another party and the terms of the loan or
note remain unchanged.
\Attachment Lien - ANS -A lien intended to prevent property transfer pending the outcome of litigation.
, \Balloon Payment - ANS -A final payment at the end of a loan term to pay off the entire remaining balance of principal and
interest not covered by payments during the loan term.
\Bilateral contract - ANS -a contract involving mutual promises (each part is both promisor and promisee)
\Bilateral Contract - ANS -a contract involving mutual promises (each part is both promisor and promisee)
\Blockbusting - ANS -The illegal practice of inducing owners to sell their homes by suggesting the ethnic or racial
composition of the neighborhood is changing, with the implication that property values will decline as a result.
\Bump Clause - ANS -A provision in a purchase agreement that allows the seller to keep the property pm the market until
a condition in the contract is fulfilled.
\Bundle of Rights - ANS -All real property rights that are conferred with ownership, including:
- Right of Use
- Right of Enjoyment
- Right of Disposal
\Buydown - ANS -Additional funds in the form of points paid to a lender at the beginning of a loan to lower the interest rate
and monthly payments.
\Call Provision - ANS -Clause that lets a lender demand full payment of a loan immediately.
\Certificate of Eligibility - ANS -Certificate issued by the Veteran's Administration to establish the status and amount of a
veteran's eligibility to qualify for a guaranteed loan.
\Certificate of Judgement - ANS -A summary of the provisions of a court judgement; when recorded, it creates a lien on all
real property of the debtor in the county where recorded.
\Codicil - ANS -Addition to, or revision of, a will.
\Codification - ANS -Collection and organization of various laws into a comprehensive statutory code.
\Commingling - ANS -The illegal act by a real estate broker of placing client or customer funds with personal funds. By law
brokers are required to maintain a separate trust or escrow account for other parties funds held temporarily by the broker
\Comparative Negligence Rule - ANS -When parties share liability based on their partial fault or negligence in causing the
injury or tort.
\Condominium - ANS -housing consisting of a complex of dwelling units (as an apartment house) in which each unit is
individually owned
\Consideration - ANS -Something of value that gets a person to enter into a contract; owner of property promises to
convey marketable title and the buyer promises a certain amount of money
1 Acre - ANS -43,560 feet
\A contract that can be terminated: - ANS -- genuine assent
- Assignment
- Conditions
- Mutual agreement
\Accord and Satisfaction - ANS -an agreement to accept something different then what the original contract held.
\Alienation - ANS -The transfer of ownership or an interest in property from one person to another, by any means.
\Allodial System - ANS -The system of land ownership under which anyone can own land.
\Ancillary Trustee - ANS -A trustee appointed to
conclude the business of a broker who has
died.
\Annexation - ANS -Attaching personal property to land so the law views it as part of the real property
\Annual Percentage Rate - ANS -The relationship between the cost of borrowing and the total amount financed,
represented as a percentage.
\Appropriation - ANS -Taking private property for public use, through the governments power of eminent domain.
\Appropriative Rights - ANS -Water rights allocated by government permit, according to an appropriation system. It is not
necessary to own property beside the body of water in order to apply for an appropriation permit.
\Appurtenance - ANS -A right that goes with ownership of real property; usually transferred with the property, but may be
sold separately.
\Appurtenant Easement - ANS -An easement that benefits a particular property, the dominant tenant.
\Appurtenant Easement - ANS -Easement that is attached to and travels with the ownership of one parcel allowing the
owner the use of the use of the neighbor's land
\Assumption - ANS -When one party takes over responsibility for the loan of another party and the terms of the loan or
note remain unchanged.
\Attachment Lien - ANS -A lien intended to prevent property transfer pending the outcome of litigation.
, \Balloon Payment - ANS -A final payment at the end of a loan term to pay off the entire remaining balance of principal and
interest not covered by payments during the loan term.
\Bilateral contract - ANS -a contract involving mutual promises (each part is both promisor and promisee)
\Bilateral Contract - ANS -a contract involving mutual promises (each part is both promisor and promisee)
\Blockbusting - ANS -The illegal practice of inducing owners to sell their homes by suggesting the ethnic or racial
composition of the neighborhood is changing, with the implication that property values will decline as a result.
\Bump Clause - ANS -A provision in a purchase agreement that allows the seller to keep the property pm the market until
a condition in the contract is fulfilled.
\Bundle of Rights - ANS -All real property rights that are conferred with ownership, including:
- Right of Use
- Right of Enjoyment
- Right of Disposal
\Buydown - ANS -Additional funds in the form of points paid to a lender at the beginning of a loan to lower the interest rate
and monthly payments.
\Call Provision - ANS -Clause that lets a lender demand full payment of a loan immediately.
\Certificate of Eligibility - ANS -Certificate issued by the Veteran's Administration to establish the status and amount of a
veteran's eligibility to qualify for a guaranteed loan.
\Certificate of Judgement - ANS -A summary of the provisions of a court judgement; when recorded, it creates a lien on all
real property of the debtor in the county where recorded.
\Codicil - ANS -Addition to, or revision of, a will.
\Codification - ANS -Collection and organization of various laws into a comprehensive statutory code.
\Commingling - ANS -The illegal act by a real estate broker of placing client or customer funds with personal funds. By law
brokers are required to maintain a separate trust or escrow account for other parties funds held temporarily by the broker
\Comparative Negligence Rule - ANS -When parties share liability based on their partial fault or negligence in causing the
injury or tort.
\Condominium - ANS -housing consisting of a complex of dwelling units (as an apartment house) in which each unit is
individually owned
\Consideration - ANS -Something of value that gets a person to enter into a contract; owner of property promises to
convey marketable title and the buyer promises a certain amount of money
