real estate vocabulary

A federal law passed adding two new protected classes; Handicap and Familial Status

• CIVIL RIGHTS ACT OF 1968

• 1988 AMENDMENTS TO THE FAIR HOUSING ACT

• ACCELERATION CLAUSE

• CIVIL RIGHTS ACT OF 1866

Banned all racial discrimination

• CIVIL RIGHTS ACT OF 1968

• 1988 AMENDMENTS TO THE FAIR HOUSING ACT

• ACCELERATION CLAUSE

• CIVIL RIGHTS ACT OF 1866

Banned discrimination in residential real estate on the basis of race, color, religion, national origin, sex, handicap, or familial status

• CIVIL RIGHTS ACT OF 1968

• 1988 AMENDMENTS TO THE FAIR HOUSING ACT

• ACCELERATION CLAUSE

• CIVIL RIGHTS ACT OF 1866

Mixing escrow money with personal or business funds; illegal

• COMMUNITY PROPERTY

• COMMINGLING

• CONCURRENT ESTATES

• DECREASING RETURNS

Money spent on improvement does not add at least that much or more to the total value

• COMMUNITY PROPERTY

• COMMINGLING

• CONCURRENT ESTATES

• DECREASING RETURNS

A type of loan where the borrower typically pays a down payment of 20%, thus receiving an 80% loan from the lender; there is no government involvement in this type of loan

• HYPOTHECATE

• CONVENTIONAL LOAN

• FULLY AMORTIZED NOTE

• PARTIALLY AMORTIZED NOTE

A loan where the payments apply to principal and interest; however, the principal loan balance is only partially paid down, thus usually requiring a balloon payment at the end of the loan term

• HYPOTHECATE

• CONVENTIONAL LOAN

• FULLY AMORTIZED NOTE

• PARTIALLY AMORTIZED NOTE

A type of mortgage where the lender shares in appreciation plus interest; a form of a participation loan

• HYPOTHECATE

• WRAPAROUND MORTGAGE

• SHARED APPRECIATION MORTGAGE

• ADJUSTABLE RATE MORTGAGE

A note where the interest changes periodically, thereby possibly changing all terms of the loan

• HYPOTHECATE

• WRAPAROUND MORTGAGE

• SHARED APPRECIATION MORTGAGE

• ADJUSTABLE RATE MORTGAGE

A financing arrangement where typically a 2nd lender assumes the note of a 1st lender on behalf the buyer, advances the buyer additional funds to purchase the property with the buyer then making payments on the entire new mortgage made to 2nd lender

• DEED IN MORTGAGE

• WRAPAROUND MORTGAGE

• SHARED APPRECIATION MORTGAGE

• ADJUSTABLE RATE MORTGAGE