MasterPrep Flashcards

Clause in trust deed or mortgage giving lender right to call all sums owinghim to be immediately due and payable upon the happening of a certain event.

When the seller's or agent's principal agrees to the terms of the agreement of saleand approves the negotiation on the part of the agent and acknowledges receipt of the depositin subscribing to the agreement of sale, that act is termed an acceptance.

A written agreement or contract between seller and purchaser in which they reach a meeting of minds on the terms and conditions of the sale.

The rights in real property to use the air space above the surface of the land.

The transferring of property to another; the transfer of property and possession oflands, or other things, from one person to another.

The liquidation of a financial obligation on an equal installment basis; also,recovery: over a period, of cost or value.

Affirms that value is created by anticipated benefits to be derived inthe future.

Something annexed to another thing which may be transferred incident to it.That which belongs to another thing, as a barn, dwelling, garage, or orchard is incident to theland to which it is attached.

Value placed on property as a basis for taxation.

Seizure of property by court order, usually done to have it available in event a

Where the final installment payment on a note is greater than the precedinginstallment payments and it pays the note in full, such final installment is termed a balloon payment.

A written instrument given to pass title of personal property from vendor to the vendee.

An agent representing the buyer rather than the seller.

In appraising, determining value of property by considering net income andpercentage of reasonable return on the investment. Thus, the value of an income property isdetermined by dividing annual net income by the capitalization rate

A claim on personal property (instead of real property) used to secure orguarantee a promissory note.