1 Glossary A Abandonment Property that has been abandoned for a statutory period may also escheat to the state or county. Absorption The amount of available property that becomes occupied over a period of time. Affirmative Easement An easement allowing a use, such as right-of-way Alienation Transfer of title to real estate, occurs voluntarily and involuntarily. Amendatory Instrument An instrument, for example a will, that it can be changed at any time during the maker's lifetime. Anti-trust laws Laws designed to prevent monopolies and unfair trade practices. ARELLO ARELLO is the Association of Real Estate License Law Officials. ARELLO is an international association of real estate regulators. It promotes consistent policies and standards for license law and enforcement of license law. () Asset Sale The purchaser takes possession of some or all of the assets of the business, as well as the real estate, in exchange for the sale price. Assignment An assignment of the lease is a transfer of the entire leasehold interest by a tenant, the assignor, to a third party, the assignee. Attorney's opinion of abstract An attorney's opinion of abstract states that the attorney has examined a title abstract, and gives the attorney's opinion of the condition and marketability of the title.
2 B Beneficial interest The beneficiary's interest in a land trust is personal property, not real property. Beneficiary Statement The holder of a note secured by a trust deed will provide a beneficiary statement that shows any unpaid balance. Benefited party The receiver of the easement right. Blockbusting The practice of inducing owners in an area to sell or rent to avoid an impending change in the ethnic or social makeup of the neighborhood that will cause values to go down. Broker One who is authorized and licensed to operate a brokerage business. Even though contracts and legal rights of those involved in real estate transactions are concerns of the broker, brokers may not give legal advice. Bulk Sales Act The Bulk Sales Act protects creditors against loss of collateral in an indebted business through the undisclosed sale of the business' inventory. Burdened party The giver of the easement right Buyer's Walk-Through A final inspection of the property. Should be conducted as close to the closing date as possible.
3 C Chain of title Refers to the succession of property owners of record dating back to the original grant of title from the state to a private party. Civil Rights Act of 1866 Prohibits discrimination in housing based on race. The prohibition relates to selling, renting, inheriting, and conveying real estate. Closing The culmination of the real estate transaction. Closing is where the buyer exchanges purchase price payment for the title to the property from the seller.
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- Fall '16
- Real property law