Allied Flashcards 2022

An act prohibiting discrimination in the sale or rental of housing on the basis of race, color, religion or national origin sex, handicap and familial status.

The physical control of real property.

A mortgage subordinate to a first mortgage; also referred to as a junior mortgage (Recorded Second)

The price negotiated for a parcel of real estate in a competitive market where both buyer and seller are free to act and under no undue pressure.

A formal declaration made by the grantor conveying the property to the grantee - a necessary element for validity of a deed.

A 6-by-6 mile area containing 36 sections each 1 mile square. A division of land in rectangular survey method of land description.

A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land.

The simultaneous buying of property and leasing it back to the seller.

Method of land description used in about 30 states based on imaginary lines of longitude (meridians) and latitude (base lines); also referred to as the US government survey system.

As arrangement whereby part of the rent payment is applied to the purchase price, and when the prearranged total amount has been paid, title is transferred.

Property that is free and clear of any liens.

Certain restrictions, easements and covenants are part of the ownership of land and thus are not terminated when title is transferred but remain in effect from owner to owner.

Contains covenants in which the grantor formally guarantees that good and marketable title is being conveyed. Highest deed - 5 covenants.

Occurs when two or more sites are combined, with the result that the value of assembled site is worth more than the value of the sum of each of the individual sites.