Real Estate law final Exam 100% correct(graded A+)

abandonment - ANSWER The relinquishment of property, title or rights without the idea of returning to them Agricultural lands - ANSWER lands that are being actively used for grazing and or crop production Annual cap - ANSWER Limits the amount of increase or decrease a rate could adjust in any on adjustment period (usually 2 percent) agency - ANSWER A relationship in which one party (the principal) authorizes another (the agent) to act on the principals behalf acceptance - ANSWER assent to the terms of an offer annual percentage rate (APR) - ANSWER as defined in the truth in lending act, the percentage that the total finance charge calcuulated on an annual basis bears to the amount of the loan or credit Balloon payment mortgage - ANSWER a mortgage in which the final payment under a contract is substantially larger than the previous installment payments Bylaws(condo) - ANSWER the rules governing the internal operation of a condominium unit development chain of title (recorded history; to original grant) - ANSWER the recorded history of events that affect the title to a specific parcel of land , usually beginning with the original patent or grant. Common elements - ANSWER the parts of the development property that are necessary or convenient for the residents of a condominium and are owned in common by all condo residents. consideration - ANSWER a promise, act or forbearance bargained for and given in exchange for a promise act or forbearance. contract. - ANSWER a promise or agreement that the law will enforce. Deed - ANSWER a legal instrument that conveys title to real property on delivery and acceptance by the grantee. building code - ANSWER protects the public health, safety, and welfare by regulating building and construction standards. broker - ANSWER an agent who facilitates transactions between parties breach of contract - ANSWER the unexcused failure to perform an obligation under contract closing - ANSWER the final state of the real estate purchase transaction when the deed and the purchase money are exchanged condominium - ANSWER the fee simple ownership of one unit in a multiple-unit structure, combined with an ownership of an undivided interest in the land an all other parts of the structure held in common with the owners of the other individual units of the structure Acceleration - ANSWER a provision in a mortgage giving the mortgagee the right to declare the entire debt due and payable on default. comprehensive plan - ANSWER a prerequisite for regulating land use. its contents can range from a thorough master plan to a zoning code and map constructive evidence - ANSWER an occurrence that results when the actions of the landlord so materially interfere with the tenants enjoyment as to make the premises uninhabitable community property - ANSWER a form of co-ownership between husband and wife in which each has one-half interest in property acquired through the labor of either during cooperative - ANSWER a form of ownership in which the land and the buildings are usually owned by a corporation; individual unit residents own stock in the corporation and have a proprietary lease in a specific unit or apartment co-ownership - ANSWER ownership of real estate in which two or more people have undivided interests easement - ANSWER a right to use another persons real property fir a particular purpose