Real Estate Glossary
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Someone who believes that illegal discrimination has happened can file a complaint with HUD within a year of the act. After a complaint has been filed and received HUD will decide if there is reasonable cause to charge illegal discrimination. Most cases are attempted to be resolved through conciliation. But they do have the right to an administrative hearing or even civil action in federal court within two years of the act.
Computerized Loan Origination (CLO)
computer network connected into a major lender that lets agents everywhere to initiate loan application in their own offices.
is the process or legal action required by the government to exercise its power of eminent domain.
are adjustments made by the appraiser to estimate a subject's value accounting for the homeowner maintenance, or the lack thereof. The appraiser must obtain detailed information about the subject’s condition and the condition of the comparables in order to accurately adjust for this factor.
Condition adjustments can be based on the cost to cure the deficiency. Generally, when the typical purchaser is evaluating a potential purchase they will take into account the cost to cure known maintenance issues. If a roof needs to be replaced, the typical purchaser will discount the price to be paid by the cost to replace the roof covering.
The appraiser can use the cost to cure to adjust for condition differences when estimating value.
is property ownership whereby each owner of a single unit also owns some common area jointly (as tenants in common) with the other unit owners.
Document filed to create a condominium which establishes the owner’s intent to create this special category of real estate ownership. Declaration includes the full legal description and the administrative structure of the condominium and the Condominium Association; including identifying and creating board positions, election procedures as well as powers and duties.
Condominium’s Rules and Regulations
document filed with the condominium declaration which will contain rules passed by the condominium’s administrative officers who may limit certain activities such as the ability to rent units, the ability to park certain vehicles, the assignment of parking spaces, and rules that may affect a variety of other activities.
in a deed means that something of value is being given in exchange for the rights being aquired.
is one of the three ways the law presumes an individual has notice of an event. Constructive notice is making information available for public discovery. The deed recording system provides a means of legally providing notice (albeit constructive) to the world.
is an agreement made between two or more parties where each promises to do something; or promises to refrain from doing something. If a breach occurs, the law provides a remedy.