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| A condensed history of the title, cconsisting of the various links in the chain of title, together with a statment of all liens, charges, or ecumbrances affecting a property |
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| A clause in a mortgage atating that upon default of payment due, immediate and full payment of the balance of the loan becomes payable |
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| Addition to the land through natural causes, usually by change in water flow |
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| Taking titile to land against the real owner, where possession has been for the statutory period of 30 years if in "bad faith" or 10 years if in "good faith" with color of title |
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| A measure of land equal to 43,560 square feet |
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| Direct knowledge; anything of whicch a person has first hand knowledge |
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| A person appointed by the court to administer the estate of a deceased person who dies intestate |
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| Tax according to valuation; property tax |
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| The right of an occupant of land to acquire title against the real owner where possession has been actual, continuous, hostile, visible, and distinct forthe ststutory period (called acquisitive prescription in LA) |
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| A relationship created when one peerson, the principal, delegates to another, the agent, the right to act on his/her behalf in business transactions and to exercise some degree of discretion while so acting |
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| One who represents another from whom he has derived authority. In a listing agreement, the broker is the agent, and the salesperson is a sub-agent |
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| The rights to all or any person of the space above the ground |
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| The increse of soil on a shore or bank of a river as the result of accretion |
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Definition
| The gradual paying off a debt on an installment basis, some principal and some interest in each payment |
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Definition
| An estimate of value of real estate |
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Term
| Appraisal by Capitalization |
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Definition
| Determining the value of property by diving net annual income by the capitalization rate. Used on income producing properties |
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| Appraisal by Cost Approach |
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Definition
| Estimating the value of a piece of property by adding to the estimated land value the estimate of the replacement cost or reproduction cost of the building, then deducting depreciation |
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| An appraisal of property through the examination and comparison of actual sales of comparable properties |
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| That which has been added to a property, which becomes an inherent part of the property, and will pass with it when conveyed |
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| A measur of land in LA based upon an old French measure, generally .84 of an acre |
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| An assessment of property values by the government for the purpose of taxation |
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Definition
| The person whom assigns and transfers an agreement or contract to another |
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Definition
| The method or manner by which a right or contract is transferred from one person to another |
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| A perty who assigns or transfers an agreement or contract to another |
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| One who is authorized to perform certain acts for another under a power of attroney |
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| The sudden removal of land of one owner and depositing on the land of another when a stream changes its channel |
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| Imaginary lines used by survveyors in locating and describing land under the rectangular survey method. The north-south line is the meridian, the east-west line is the baseline |
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| Original cost of property plus value of any improvements put on by the seller and minus the depreciation taken by him |
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Definition
| A contract in which booth paries have reciprocal obligations towards each other |
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| A written insturment which passes title to personal property from seller to buyer |
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| One mortgage covering two or more specific parcels of realty |
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Definition
| The discriminatory practice of encouraging members of one race to move into a neighborhood, and then persuading residents to sell their houses at lower prices |
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Definition
| State laws requiring the registration of securities (bonds, stocks, limited partnerships,etc.) to protecct inexperienced buyers from fraud |
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Definition
| An instrument used in conveying LA properties, wherby the seller retains title after execution until such time as designated amount has been paid |
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Definition
| Paying a lender points to lower the interest rate on a mortgage |
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Definition
| A desired rate of return for an investment, which is divided into the net income to determine a property's value |
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