Colibri Real Estate Vocabulary Questions and Answers
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Course
Colibri Real Estate
Institution
Colibri Real Estate
Colibri Real Estate Vocabulary Questions and Answers
Abstract of Title
A history of the ownership of a parcel of land which lists transfers of title, rights, and liabilities.
Accession
The idea that the owner of land is entitled to all that the soil produces or all that is added to the la...
Colibri Real Estate Vocabulary
Questions and Answers
Abstract of Title - answerA history of the ownership of a parcel of land which lists
transfers of title, rights, and liabilities.
Accession - answerThe idea that the owner of land is entitled to all that the soil
produces or all that is added to the land either intentionally or by mistake. Trade fixtures
not removed are "assessed" by the owner of the property.
Ad Valorem - answerA prefix meaning "based on value." Most local governments levy
an ad valorem tax on property.
Adverse Possession - answerA method of acquiring original title to property by open,
notorious and hostile possession for a statutory period of time; also referred to as
prescription. Poach.
Alienation Clause - answerA provision in a mortgage requiring full payment of the debt
upon the transfer of title to the property, due on sale. Prevents loan assumptions.
Allodial Rights - answerThe free and full ownership of rights in land by individuals, which
is the basis of real property in the United States.
Appurtenance - answerAny right or privilege which belongs to and passes with land.
Arm's Length Transaction - answerOccurs between willing buyer and willing seller with
each party completely knowledgeable about the market.
Arrears - answerNot on time; late in making payments or completing work. Interest is
paid in arrears.
Attestation - answerThe act of witnessing a person's signing of an instrument by a
notary public.
Attorney's Opinion of Title - answerA statement issued by an attorney after analyzing an
abstract as to quality of title.
Avulsion - answerOccurs in cases where there is a sudden loss of land through nature.
, Balloon Payment - answerThe remaining balance, at maturity, on a loan that has not
been completely repaid through periodic payments. Once paid, the outstanding balance
is zero. Partially amortized loan.
Bargain and Sale Deed - answerAn instrument conveying title which recites a valuable
consideration and commonly uses the words "bargain and sale" or words of similar
import.
Bilateral Contract - answerA contract in which a promise is given for the promise of
another. It becomes binding when mutual promises are communicated. (A real estate
contract).
Blanket Mortgage - answerA mortgage which covers more than one piece of real estate.
Often used by a developer in the financing of undeveloped lots. Contains a partial
release clause.
Blockbusting - answerAny activity which attempts to drive prices down for the purpose
of causing transition from one ethnic group to another. This is a violation of Federal Fair
Housing Laws. Also called "panic selling."
Buffer Zone - answerA means by which planners use space to separate two adjoining
districts which have incompatible uses.
Bundle of Rights - answerThe rights of an owner to possess, control, enjoy, sell, lease,
mortgage, and dispose of the property.
Caveat Emptor - answerLatin for "let the buyer beware."
Chain of Title - answerA history of the ownership affecting title to a parcel of land.
Civil Rights Act of 1866 - answerA law which prohibits discrimination in all real estate
transactions based on race.
Cloud on Title - answerAny claim affecting title to property.
Color of Title - answerAdverse possession.
Community Property - answerAny property acquired in certain states by purchase, or as
compensation by either spouse during the period of marriage, is considered to be
owned in an undivided half interest by each.
Common Elements - answerProperty jointly owned on a pro- rata basis with other unit
owners in a condominium regime.
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