Principles Of Real Estate 2 Part 2

All or part of the rental is based on the gross receipts of the tenants business estate

A lease with a definite begging and ending date lease

The instrument used to create the leasehold estate

A lease in which payments begins at a lower, fixed rate but gradually increase as the lease matures

A lease in which the tenant pays rent plus expenses to pay for taxes, insurance, repairs and utilities

Gives the tenant possession without ownership

Therefore, it is a non-freehold estate

A lease that renews itself automatically for like periods. Month-to-month is a typical example

When the holdover tenant (one who’s lease has ended and refuses to leave) is occupying the leased property against the owners will

A leasehold in which a tenant occupies real estate with the permission of the owner for an uncertain or unspecified length of time .

A lease of property where the landlord pays charges regularly incurred in owners such as taxes, insurance l, utilities and repairs. The tenant only pays rent

A lease of property where the landlord pays charges regularly incurred in owners such as taxes, insurance l, utilities and repairs. The tenant only pays rent

Allows the tenant to buy the property at a present price and terms for a given period

This can also be called a lease with an option to buy

One party sells the property then leases it back, usually for a long-term lease, freeing up capital for the investor-seller

A list of all cash that was received and all expenses paid out during a reporting period

Servicing a property and it’s equipment in order to prevent mechanical failure and keep property values high

Compared each category of income and expense to a prior period’s report so that trends can be identified

The property manager’s employment contract with the owner

Deterioration of a property due to delayed maintenance

Hired by a investor to handle their property.

They are either a employee or general agent to the owner

The act of mixing a client’s funds with a brokers business or personal funds

Contain the funds of numerous clients and properties as long as the broker properly accounts for them

Evidence of an individual’s right to possess land

Document that conveys an interest in real estate from one party to another

Transfers ownership from the government to a individual

A written expression of an individual’s desire of how his/her property will be distributed after death

Divides property between joint tenants

Title that can be transferred to another

Title that can be transferred to another

Title that a reasonable buyer would accept as clear

An interest created by a legal document, such as that held by a buyer with a signed sales contract, who has not yet gone to closing. The buyer has an equitable estate or equitable title

A property owner obtains a certificate like an automobile title that is recorded in the public records

Texas does not use this system

The history or list of all recorded owners back to the sovereignty of the soil meaning all owners since the title of the property was first transferred from the government to an individual

Created when there is a break (any claim or encumbrance)

A property under this cloud cannot be conveyed until the cloud is removed

A statement of the condition of the title at a moment of time. It obligates the title company to issue a policy of insurance after any curative requirements have been met

Any change in the ownership of real property

Can be voluntary or involuntary

Real property conveyed by will

Occurs when an individual dies, leaving to valid will aka dies intestate and their property will be disposed under the provisions of the Texas Statute of Descent and Distribution

Someone who receives property through the Texas Statute of Descent and Distribution after a family member dies intestate

The formal judicial proceeding to prove or confirm the validity of a will to collect the assets of the decedents estate, to pay the debts and taxes and to determine the persons whom the remainder of the estate is to pass

The legal concept that a person received notice of a document or event even though the actual notice was not delivered directly to him or her

The combination of two or more properties into one. The action of combining the properties is usually called assemblage while the increased usability and value are referred to as plottage

A statement made to a notary or one authorized to take oaths, that one’s signature was freely given

Responsible for ensuring the closing follows the terms agreed to by the parties in the sales contract

Usually 1-3% of the sales price of a property

Provides the client with information regarding the general condition of the property

Compensates or reimburses against losses sustained as a result of defects in the title

Firm that replaced the HUD-1 settlement statement

Replaced the Food Faith Estimate, which had been in use since January of 2010

The Loan Estimate form combines elements of the Good Faith Estimate and the initial truth in lending disclosure into one-to-read disclosure form

Under RESPA rules, residential closings must be performed using the Closing Disclosure

The survey is used to determine whether or not the information in the sales contract concerning the property’s boundaries is accurate

Performed to ensure that the home is worth the loan amount being requested

Divided into sections called “schedules” and must be delivered by the title company within 20 days or it’s receipt of the contract

Any number without a fraction

Any number without a fraction

A numerical quantity expressed as a numerator being divided by a denominator

Any number without a fraction

A whole number coupled with a fraction

A numerical expression that includes a percentage sign with 100 assumed as the denominator

1% of the loan amount

When calculating, use a 365-day year, unless stated otherwise

Multiply the length x width x height

The answer will be in cubic units (feet or cubic yards)

Of a rectangle or square-shaped space is equal to its height x width and is reflected in square units

The process of repaying a loan over a period of time in regular installments

Is money paid at a particular rate for the use of money loaned to a person or entity

Is equal to net revenue minus net costs

Is a % of the sale price