real estate definitions

14. Closing - answer-the final state of the real estate purchase transaction, when the deed and the purchase money are exchanged. 20. Comprehensive Plan - answer-A prerequisite for regulating land use Its contacts can range from a thorough master plan to a zoning code / map 21. Constructive evidence - answer- 22. Community property - answer-A form of co- ownership between husband and wife in which each has a one-half interest in the property acquired through labor or marriage. 23. Cooperative - answer-A form of ownership in which lands and buildings are owned by a corporation. 24. Co-Ownership - answer-Ownership of real estate in which two or more people have undivided interests. 25. Easement - answer-A right to use antiheroes real property for a particular purpose. 26. Easement in Gross - answer-An easement that exists as a personal right apart from dominant state. 27. Discharge - answer-The release of contacts obligations 28. Eminent domain - answer-Right of the state to take the private property for public use. compensation myst be paid to the owner. 29. Easement Appurtenant - answer-The right of an owner of a parcel of land to benefit teh use of another land. 30. Dual Agency - answer-A transaction in which an agent presents both principals. 31. Default - answer-Nonperformance of a duty or obligation as part of the mortgage transaction. 32. Deed of Trust - answer-A legal instrument in which a borrower transfers real property to a trustee as a security for a debt. 33. Eminent Domain - answer-REPEAT 34. Escheat - answer-Reversion to the state of title of person ding without hers or leaving a will. 35. Eviction - answer-The legal procedure by which a landlord has the tenant removed form the premises. 36. Fixture - answer-An item that was once used as personal property but now, because of the nature of it's relation to the property. 37. Floodplains - answer-Areas near waterways that are prone to flooding. 38. Foreclosure - answer-A procedure in which property used as security for a debt in the event of default to satisfy debt. 39. Fair Housing - answer-The term used to express a national policy against most types of discrimination in housing. 40. Estoppel - answer-A statement by a mortgagor that he has no defense against paying the mortgage debt. 41. Exculpatory Clause - answer-A lease clause by which the land-lord attempts to be excuse form the liability for negligence. 42. Fee Simple Absolute - answer-The most extensive estate in real property that an owner can possess. 43. Fee Simple Determinable - answer-A defensible free that terminates automatically if a stated act or even occurs. 44. Feudalism - answer-A system in which landowners pay rent to a superior. 45. General warranty deed - answer-Conveys the sutlers title and contains convenience of title or warranties. These covenants provide the biker with some protection. 46. Freehold estate - answer-An interest in real property created to last for an uncertain period of time. 47. Gross lease - answer-A lease in which a flat or fixed amount of rent is payed by the tenant. 48. Intestate succession - answer-Distribution of property of a person who die without leaving a will or whose will is invalid. 49. Graduated mortgage - answer-A type of fixed - rate mortgage in which the payment increases gradually from an initial low base level to a desired, final level. 50. Leasehold estate - answer-An estate created when the owner of the property, known as the lesson or landlord covers prepossess interest real property to another. Abandonment - answer-nonuse of an easement for a substantial. Acceleration - answer-a provision in a mortgage giving the mortgagee the right to declare the entire debt due and payable on default. Acceptance - answer-asset to the terms of an offer Agency - answer-a legal relationship in which one party, called the principal, authorized another called the agent, to act in the principal's behalf