Countersignature Vocabulary Worksheet Template Made Easy

Signature vocabulary worksheet template

hi this is Joe with prep agent comm today I want to go over the vocabulary worksheet that you can find on our website when people ask me where to begin studying I always tell them you gotta know the vocabulary it all starts with vocabulary if you know your vocabulary all the rest of learning will become much easier so before you do practice questions watch videos listen to lectures you want to know your vocabulary because then everything you're seeing and reading will make a lot more sense if you don't know your vocabulary when you're watching these videos doing these questions or going to these lectures everything will essentially sound like Greek and you'll have to take a step back every time you see a question or hear a word and learn the work where if you learn the word and then listen to the lectures everything will start to make sense and come together much quicker you got to remember you're essentially learning another language and if you ever had to learn another language you always start with a vocabulary start the vocabulary and then fill in the spaces in between the real estate exam is essentially a glorified vocabulary quiz if you nail down your vocabulary you're guaranteed to get a large percentage of the exam correct those there will be things you'll find challenging and those ones I understand could be tough but there's no reason not to know your vocabulary so that being said I'm Prem pooja comm we offer this vocabulary worksheet you could edit this vocabulary worksheet as you see fit we give it to you as a blank template because we want you to be an active learner what I mean by that is that I want you to fill out the words if I give you the word just filled out or ready then you'll just stare at it and doesn't really sink it it is a proven fact that when you take the time to write the words the words will sink in a lot faster whereas if you're just staring at the words trying to read them you'll just zone out this isn't a story it's not a movie it's nothing interesting it's just vocabulary words so just looking at them hoping they'll sink in is not going to work unless you got some freaky superhero powers I don't know about so we give you this as a blank sheet with the hopes he'll use the e-book and other resources to fill out each word a lot of times people don't know which words to put in I always tell them use as few words as possible when you fill out this vocabulary worksheet the less you have to remember the better and let me show you what I mean so what I'm going to do is show you a vocabulary worksheet that's all filled out I'll go through all the words with you all I'm basically going to do is read them off I want you to notice how few words I use to define each word or concept so here I have a vocabulary worksheet all filled out using as few words as possible I'm going to go through each one if you have any questions in each one please leave comments or send me a message and I'll see if I can answer them now remember these are the words I used you could use whatever words work for you so here we go bubble rights rights an interest of having title such as possession control exclusion right to sell and of enjoyment real property goes to the property generally immovable personal property goes to the property generally movable chattel Riau personal property fixture was personal is now real maria method adaptability lationship and tension and agreement trade fixture personal because it goes to the business repairing rights river moving body of water with all rights lake body of water standing still accretion addition of land avulsion tearing away of land religion gradual rescission of water leaving land permanently uncovered appurtenant runs with the land freehold estate no fixed duration of ownership fee simple estate highs possible ownership also known as a fee simple absolute fee simple defeasible possesses the property as a fee simple subject to a condition life estate ownership of land for the duration of a person's life less than free old estate limited period of time is state for years defined period of time for example 6 months or july 3rd to september 8th periodic tenancy periods of periods such as month to month instead it will end at any time the stated sufferance landlord is suffering as tenant is in possession past agreed upon period of time lease possession but not ownership from lessor to lessee considered personal property percentage lease based on a percentage of gross receipts net lease tenant pays taxes insurance and maintenance gross lease tenant pays fixed amount sandwich lease sandwich lease primary parties lessee and a lessor tenant improvement allowances allowance to customize generally for business purposes some lease grants possession but not responsibility assignment grants possession and responsibility surrender agreement to return the property to the owner before the lease ends constructive eviction landlord fails to do something that he or she has a legal duty to provide deed evidence of transfer a quick claim deed deed releasing a person interest no warranties typically non sales situations warranty deed a deed that guarantees a clear title to the buyer of real property special warranty deed seller only warrants or guarantees the title against defects that may have arise during the period of ownership of the property general warranty deed seller warrants a guarantee of the title against defects that may have risen during the entire life of the property title ownership chain of title history of ownership shows conveyance and encumbrances attractive titles of summary cloud of title defects and title example single woman married the quiet title action lawsuit in order to establish a party's title alienation of title capacity a property or property right to be sold to transferred title insurance ensures clear and marketable title standard policy tunnel insurance standard coverage includes defects are found in public records forged documents and competent grant doors incorrect marital status improper delivery of Deeds ulta policy of title insurance protects real property owners and mortgage lenders against losses defects in title extended policy of title insurance includes everything with a standard policy plus defects found in property inspection which would include unrecorded rights of properties possession examination of survey unrecorded liens not known by the policyholder several team sole ownership concurrent estate ownership with others joint tenancy to tip time title inch possession and write a survivorship tenancy in common unity of possession encumbrances limitations easements right to cross dominant tenement gaining the benefit of the easement serbian tenement suffers the burden of the easement even by prescription granted after you use the property in a hostile continuous open manner for a statutory prescribed number of years a pertinent easement right to use the adjoining property at transfer to land easement in gross no dominant tenement government powers peat police power is cheap taxation eminent domain please power states the ability to regulate for the betterment of the health safety morals and general welfare in the community zoning police power that divides into areas for designated use variance exception to the rule down zoning commercial residential grandfather clause exempt from the new rule non-conforming use a type of zoning variance where a parcel of land may be given an exception from a current zoning ordinance due to improvements made by a prior owner or before the current zoning oranges made the desired use non-conforming under local law building codes protects public health safety and general welfare it's cheap reversion of property to the state when the owner dies without heirs intestate no will test state has a will probate executor of the state of the deceased person to sell property in order to divide the property among the beneficiaries holographic will written by hand taxation financial charge by state to fund various public expenditures marginal tax rate percentage taken for your next dollar of taxable income 1031 tax deferred exchange defers taxes identify 45 days acquire within 180 days of closing previous property boot fair market value of other property received in an exchange ad valorem Latin for according to value eminent domain government's ability to take private property for public use combination process of compensating a person when a property is taken by eminent domain inverse combination suing the government for just compensation with properties taken encroachment when a structure is built in part on a neighbor's property liens money owed general lien lien against all property specifically --nz lien that is on a single property voluntary lene lene that exists because of an action taken by debtor involuntary liens liens that were posed on an individual example taxes and judgment liens mechanic's lien lien on behalf of those who have supplied labor and material that have approved the property judgment lien lien placed by the court these pendants lawsuit pending involving either the title to the property or claimed ownership interest in it injunctions court order that compels a party to do or refrain from specific acts constructive notice signifies that a person should have known as a reasonable person would have actual notice personally given to somebody escrow neutral third party debit money owed credit money received in pounds money set aside by a lender to pay for rear current costs that take priority over the loan such as taxes and insurance RESPA eliminating kickbacks or referral fees which add unnecessary cost to settlement services Tila Truth in Lending Act inform use of consumer credit Tila through the lending acts inform use of Castillo credit required disclosure by its terms and cost to standardize the manner in which costs associated with borrowing or calculating disclosed Fair Housing Act 1968 act banning refusal to sell or rent a dwelling to any person because of race color religion sex or national origin Jones versus mayor 1968 court case that barred all racial discrimination private as well as public in the sale or rental of property based upon the Thirteenth Amendment Sherman Antitrust Act bans anti-competitive behaviors such as price fixing America with Disabilities Act 1990 Act prohibited discrimination against people with disabilities in employment transportation public accommodation communications and governmental activities material fact of fact if known may have caused a virus seller of real estate to make a different decision steering buyers you should live by those people blockbusting sellers you better sell because you don't want to live by those people henyk selling penny peddling same as blockbusting redlining denying services such the loan either directly or through selectively raising prices to residents of certain areas based on race or ethnicity misrepresentation the action or offence of giving a false misleading account of the nature of something actual fraud fraud committed with the actual intent to deceive and thereby injure another constructive fraud a person gain an unfair advantage over another by unfair methods intent does not need to be shown commingling mixing of funds puffing gross exaggeration of facts caveat emptor latin for buyers beware essential of a valid contract mutual consent lawful object consideration cable parties void contract lacks one of the four essential elements voidable contract option to rescind bilateral promise for a promise example would be an exclusive listing unilateral promise act example would be an open listing or an option contract executed contract a contract that has been fully performed execute or contract a contract that has not yet been fully performed the statute of frauds state with contracts must be writing statute of limitations states timeframes for certain contracts Novation latin for new as it relates to contracts codicil amendment agency a cold accountability care obedience loyalty and disclosure fiduciary a position of trust good faith and honesty actual authority expressly conferred by a principle to an agent to act on the principles behalf a sensible authority authority granted by acceptance of action on the principles behalf dual agent buyer and seller have the same broker general agent authorized to perform any and all acts associated with the job a real estate license acting capacity of a property manager special agent limit Authority granting him or her through a principal relationships with the principal is not expected to be continuous listing contracts created special agency estoppel prevents asserting something contrary to what is implied by a previous action or statement listing bilateral employment contract exclusive listing one broken you've-you've aid exclusive agency listing owner sells and gets nothing you need to show that you're the procuring cause in order to be compensated exclusive authorization and right to sell listing broker gets paid of the property sold regardless of recurring cause open listing seller could hire multiple brokers broker that provides for current cause will be compensated net listing money receives above and beyond a designated amount protection period clause also known as the safety clause compensated after listing expires if you can prove you're the procuring cause contingency Clause defines a conditioner action that must be met in order for real estate on track to become binding hold harmless clause also known as a liability waiver agreement whereby parties agreed not to hold the other responsible for any laws damage or legal liability that may arise under the agreement interim occupancy agreement staying after the sale deposit placing something a value to show you're serious about your offer value what a willing able buyer will pay on the open market is central elements of value stud scarcity transferability utility demand prints low substitution no prudent person would pay for a property when another one is readily available that has the same use design and income for Less principal contribution how much does an item contribute to the net income of the property principle regression the value of a more expensive home place in the neighborhood of a less expensive homes will drop in value principle progression the value of less expensive properties will increase from place an area of more expensive properties principle of highest and best use how much of a net return can you get by building on the property if the use of temporary it would then be considered the in term use plotted one plus one equals three appraisal estimate of value narrative appraisal a comprehensive appraisal report market data comparison approach examination comparison of actual sales comparable properties best used to find values of houses and vacant lots cost replacement approach find out how much it would cost replace the building brand new better for new buildings not old capitalization income approach converts income into value a property that could prove to bring in more income will increase the value most appropriate for a shopping center gross multipliers price divided by rent cap rate higher crop rate represents higher risk acre 43,560 square feet depreciation loss and value tended caused physical deterioration wear and tear functional obsolescence poor planning economic obsolescence outside causes more it's a voluntary specifically in mortgage brokers intermediary between consumers and lenders mortgage brokers originate loans while the mortgage lender funds the loans mortgage banker a direct mortgage lender interest rent on money leverage barb capital to increase the potential return of an investment amortization the payment of a debt negative amortization enters paid but debt increases balloon loan loan that does not fully amortize over its term appreciation increase in value over time construction loan short-term loan used to finance the building of a property obligatory advances money given during construction loan at agreed-upon stages participation loan a loan that requires interest plus a portion of the profits as payment in term loan short-term financing take out loan long-term loan that replaces interim financing such a short term construction loan usually mortgages with fixed payments that are advertised subject to seller liable by are not liable assume you leave seller buyers liable hypothec eight pledging an asset as collateral for a loan while retaining ownership subordination clause current debts will take priority over debts made in the future prepayment Clause provision that permits a borrower to satisfy debt before it's due date prepayment penalty regulates what the borrower is allowed to pay off and when due on sales Clause balance alone may be called to repay in full upon sale primary mortgage market where lenders make mortgage loans directly to borrowers secondary mortgage market resale marketplace insurance companies prefer income producing properties and long term large industrial projects frequently demand to be able to participate in the loan Savings and Loan Association a state or federally chartered financial intermediary that accepts deposits from the public and invest those funds primarily in residential loans FHA down payment card ensures the lender does not make loans unconventional loans because they are backed by the government no prepayment penalty one to four units owner-occupied va loan does not require down payment however the lender can require one owner-occupied house condo or townhouse Ginnie Mae a governmental part of the secondary market that deals primarily into recycling VA and FHA loans Fannie Mae federally sponsored private corporation which provides a secondary market for housing mortgages there you have it that is the vocabulary worksheet that you can find on prep Beijing comm once again you can fill it out and modify it as you see fit if you have any questions let us know remember to pass your exam go to prep agent comm