Ohio Real Estate Principles and Practices Accurate 100%

Ohio Real Estate Principles and PrPeriodic Tenancy - ANSWER Leasehold estate for a duration of time, not a specific date. Alienation - ANSWER The transfer of ownership or an interest in property from one person to another, by any means. Allodial System - ANSWER The system of land ownership under which anyone can own land. Annexation - ANSWER Attaching personal property to land so the law views it as part of the real property Constructive Annexation - ANSWER Personal property associated with real property in such a way that the law treats it as a fixture, even though it is not physically attached to the real property. Annual Percentage Rate - ANSWER The relationship between the cost of borrowing and the total amount financed, represented as a percentage. Appropriation - ANSWER Taking private property for public use, through the governments power of eminent domain. Appropriative Rights - ANSWER 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 - ANSWER A right that goes with ownership of real property; usually transferred with the property, but may be sold separately. Assumption - ANSWER When one party takes over responsibility for the loan of another party and the terms of the loan or note remain unchanged. Balloon Payment - ANSWER 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. Blockbusting - ANSWER 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 - ANSWER 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 - ANSWER All real property rights that are conferred with ownership, including: - Right of Use - Right of Enjoyment - Right of Disposal Buydown - ANSWER 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 - ANSWER Clause that lets a lender demand full payment of a loan immediately. Certificate of Eligibility - ANSWER 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 - ANSWER 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 - ANSWER Addition to, or revision of, a will. Codification - ANSWER Collection and organization of various laws into a comprehensive statutory code. Commingling - ANSWER 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 - ANSWER When parties share liability based on their partial fault or negligence in causing the injury or tort. Condominium - ANSWER housing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned actices Accurate 100%