theory and practice: Real Estate Practice : Lesson 3655 (Glossary of Mortgage Terms "J") - 09/01/14 02:18 AM

 
Glossary of Real Estate and Mortgage Terms

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Joint and Several
A liability which allows the creditor to sue any one of the debtors or sue all together. Joint Tenancy
An undivided interest in property, taken by two or more joint tenants. The interests must equal, accruing under the same conveyance, and beginning at the same time. Upon death of a joint tenant the interest passes to the surviving joint tenants, rather than to the heirs of the deceased. Judgement
The decision of a court of law. Money judgments, when recorded, become a lien on real property of the … (8 comments)

theory and practice: Real Estate Practice : Lesson 3654 (Glossary of Mortgage Terms "I") - 09/01/14 02:17 AM

 
Glossary of Real Estate and Mortgage Terms

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Impound Account
Account held by a lender for payment of taxes, insurance, or other Index
The index if the measure of interest rate changes that the lender uses to decide how much the interest rate on an ARM will change over time. You should ask your lender how the index for any ARM you are considering has change in recent years, and where it is reported. Independent Contractor
The term is most important as used to describe the relationship of broker and salesperson, employee or independent contractor. If employee, the broker … (0 comments)

theory and practice: Real Estate Practice : Lesson 3653 (Glossary of Mortgage Terms "H") - 09/01/14 02:15 AM

 
Glossary of Real Estate and Mortgage Terms

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Heir and Assigns
Words usually found in a deed, showing the interest the grantee is receiving. Home Owner Association
An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.   This is a short list, so, on that note, if you can think of anything that I could add to this post please include it in your comment. Many thanks. … (0 comments)

theory and practice: Real Estate Practice : Lesson 3652 (Glossary of Mortgage Terms "G") - 09/01/14 02:13 AM
        
 
Glossary of Real Estate and Mortgage Terms

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General Lien
A lien such as a tax lien or judgment lien which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to a specific property. Ginnie Mac (GNMA)
Government National Mortgage Association. A federal association working with FHA which offers special assistance in obtaining mortgages, and purchases mortgages in a secondary capacity. Grandfather Clause
The clause in a law permitting the continuation of a use, business, etc., which, when was permissible but, because of a change in the … (0 comments)

theory and practice: Real Estate Practice : Lesson 3651 (Glossary of Mortgage Terms "F") - 09/01/14 02:12 AM

 
Glossary of Real Estate and Mortgage Terms

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Federal Home Board
The board which charters and regulates federal savings and loan associations, as well as controlling the system of Federal Home Loan Banks. Federal Tax Lien
A lien attached to property for nonpayment of a federal tax. Fee Simple
An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited. Federal Home Loan Board
The board which charters and forbids discrimination in the sale. Federal Housing Administration
A federal Agency which insures first mortgages, enabling … (0 comments)

theory and practice: Real Estate Practice : Lesson 3650 (Glossary of Mortgage Terms "E") - 09/01/14 02:00 AM

 
 
Glossary of Real Estate and Mortgage Terms

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Easement
A right created by grant, reservation, agreement, prescription, or necessary implication, which one has in the land of another. Eminent Domain
A Government right to acquire private property for public use by condemnation, and the payment of just compensation. Encroachment
Construction onto the property of another, wall, fence, etc. Encumbrance
A claim, line charge, attached to and binding real property. Equity
The difference between the market value of the property and the homeowners mortgage debt. Escrow
Delivery of a deed by a grantor to a third party … (0 comments)

theory and practice: Real Estate Practice : Lesson 3649 (Glossary of Mortgage Terms "D") - 09/01/14 01:58 AM

 
Glossary of Real Estate and Mortgage Terms
 
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Declaration of Restrictions
A set of restrictions filed by a subdivider to cover an entire tract or subdivision. Defective Title
Title to a negotiable instrument obtained by fraud. Title to real property which lacks some of the elements necessary to transfer good title. Depreciation
Decrease in value to real property improvements caused by deterioration or obsolescence. Devise
Real estate left by will. Devisee
One to whom real estate is given by will. Devisor
A testator who leaves real estate. Direct Reduction Mortgage
An amortized mortgage. One on which principal … (0 comments)

theory and practice: Real Estate Practice : Lesson 3648 (Glossary of Mortgage Terms "C") - 09/01/14 01:57 AM

 
Glossary of Real Estate and Mortgage Terms
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Cap
A limit on how much the interest rate or monthly payment of an ARM can change, either at each adjustment or during the life of the mortgage. Payment CAP's don't limit the amount of interest the lender is earning so the may cause negative amortization. Certificate of Eligibility
A certificate obtained by a veteran from a Veteran's Administration office which states that the veteran is eligible for a V.A. insured loan. Certified Copy
A true copy, attested to be true by the officer holding the original. Cestui que trust
(0 comments)

theory and practice: Real Estate Practice : Lesson 3647 (Glossary of Mortgage Terms "B") - 09/01/14 01:55 AM

 
Glossary of Real Estate and Mortgage Terms
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Balloon Note
A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a "Balloon" is due at maturity. Balloon Payment
The final payment of a mortgage which is larger than the regular payment; it usually extinguishes the debt. Binder
A report issued by a title insurance company setting forth the condition of title and setting forth conditions, which, if satisfied, will cause a policy of title insurance to be issued. Blanket Mortgage
A … (0 comments)

theory and practice: Real Estate Practice : Lesson 3646 (Glossary of Mortgage Terms "A") - 09/01/14 01:53 AM
 
Glossary of Real Estate and Mortgage Terms ============================================
     Abstract A summary; an abridgment. Before the use of photostatic copying public records were kept by abstracts of recorded documents.
Abstract of Title

A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an option as to the condition of title. Still in use in some states, but giving way to the use of title insurance. Acre
A measure, usually of land, equal to 160 sq. rods (43,560 sq. ft.) in any shape. Action to Quiet Title
A court action to establish ownership … (0 comments)

theory and practice: Real Estate Practice : Lesson 3645 (The American Dream) - 09/01/14 01:31 AM

 
The "American Dream" has never been clearly defined by the cheerleaders of recently faultering industry as to whether or not that dream would become a good dream or a nightmare, and, indeed, the American Dream became the "American Nightmare" for millions of homeowners in this nation.
I deplore the use of the term "American Dream" when referring to homeownership because it attempts to delineate or mask unfairly the lines of qualification needed to benefit from this privilege, and places it in the perspective of the surreal or unrealistic, and is further characterized by fantastic imagery and incongruous juxtapositions.
I encourage … (0 comments)

theory and practice: Real Estate Practice : Lesson 3644 (Bicycle Insurance) - 09/01/14 01:18 AM

I was a little guy.
Didn't say much.
Minded my own business.
But I loved my bicycle.
The other kids knew it.
One of the bigger guys in the neighborhood knew how much I loved my bike and confronted me one day and said:
"Saks, you know, that bike of yours is pretty nice. What if somebody took a baseball bat and busted it up real good, bent the spokes, slashed the tires or stole it? You know what you need...you need bicycle insurance. And I just happen to be in that business. As a matter of fact my rates are … (0 comments)

theory and practice: Real Estate Practice : Lesson 3643 - 09/01/14 01:06 AM

It was 100 degrees in Memphis. 
A hot day.
You could see the mirage on the asphalt on the avenue.
Stray dogs looking for a cool drink of water.
Nobody walking down the street.
All the car windows up and the air conditioners on.
I was a dog day in the Delta, and the local daily newspapers and business journals still crammed with foreclosures and bankruptcies.
I guess everything is local, huh?
I helped a childhood pal move furniture, appliances clothes and other stuff into his new digs in the blistering heat, and up two flights of … (0 comments)

theory and practice: Real Estate Practice : Lesson 3642 - 09/01/14 12:51 AM

While banks were collapsing, hundreds of mortgage brokerages being shut down, corrupt government, foreclosures in the hundreds of thousands, corporate executives hauled off to prison and bankruptcies by the millions I thought we could use a nice message from the Great Schnozzola as a reminder.
Seems the government refused to admit that the country was in a recession for a long time.
Maybe somebody should tell the people that live high on the hog in government that America was in a nasty recession and that many thousands of people and their families were evicted from their homes and had to … (2 comments)

theory and practice: Real Estate Practice : Lesson 3641 - 09/01/14 12:42 AM

Do you get those stupid '5% cash back at the pump' offers ?
Isn't it insulting ?
Fuel is already being pirated and it seems
like there's not a damned thing we can do about it !
Our colleagues are having the rear end of their trousers ripped out because of the cost of gas.
So what difference does it make whether or not you use a 5% cash back card at the pump when your interest rate on the stupid gas card is 19% or more?
Why don't the pirates just lower the interest rates on the cards? 
North … (0 comments)

theory and practice: Real Estate Practice : Lesson 3640 - 09/01/14 12:35 AM

Do the math.
 
Financing was once a bargain. 
 
Cheap money was everywhere when home prices were high.
 
The joke was that if your FICO score was -50, if you were a day out of bankruptcy, 12 hours out of foreclosure, you could still buy a house.
 
When home prices were plummeting, sinking, dropping, devolving, diminishing, and descending everywhere what was the obvious solution to offset the losses ?
Raise the lending rate ?
 
Require 20% down on all loans ? 
 
What else could some lenders do to offset their losses ?
 
What were the natural things … (0 comments)

theory and practice: Real Estate Practice : Lesson 3639 (Are Designations a Ripoff ?) - 09/01/14 12:25 AM

Do you wonder why every time you turn around the national, local or state board is mandating or hawking some 3, 4, 6, 8, 12 hour or more continuing education class? Some classes free, some costing hundreds or thousands of dollars?
 
If we weren't required to belong to the national or local boards because our respective brokerages belong to them, would we have to endure all of this continuing education or need all of these designations?
 
How much continuing education does a real estate agent have to have?
 
Is some of it becoming ridiculous and needless? … (2 comments)

theory and practice: Real Estate Practice : Lesson 3638 - 09/01/14 12:14 AM

I've put together a short list of what I consider benefits to the agent when taking a listing. If you can think of others jump right in.
1. You've got lots of other people working for you.
Every time someone shows the listing, the showing agent and the agent's possible buyer are cooperating with the listing agent to sell the property. Usually, after the cooperating agent finds a buyer, the listing agent is given credit for making the sale.
2. Potential for growth and increased business, higher earnings benefit and profit.
I believe that buyers are looking for brokerages and agents … (0 comments)

theory and practice: Real Estate Practice : Lesson 3637 - 09/01/14 12:12 AM

When you accept a listing your building your inventory, the expansion of your sales portfolio, the volume of which may be considered a condition of success.
If your inventory is a small one the possibility for lower commission is there due to a combination of negative circumstances which include less selection for your buyers and fewer properties for your brokerage to compete with in the marketplace.
Having more listings is a good thing in a recession.
1. More listings support and hold a company steady, as if with a brace, when times are tough.
2. When a big part of the economic climate is slammed, having more listings can … (0 comments)

theory and practice: Real Estate Practice : Lesson 3636 - 09/01/14 12:10 AM

What constitutes a great listing, a good listing, a mediocre listing, a lousy listing?
Is the routine of listing a house decent enough for you to cope with ? Are you just looking for volume sales ? When an agent takes a listing there should be some level of quality to the product. All properties are not created equal, so I've heard. What do you place your emphasis on when you take a listing ? Do you search for quantity, quality, or combine these attributes ? In a tough market is combining the effort more desirable so an agent might … (0 comments)

 
David Saks, Memphis, Tennessee (The Real Estate Mart of Tennessee, Inc.) Rainmaker large

David Saks

Memphis, Tennessee

Memphis, TN

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The Real Estate Mart of Tennessee, Inc.

Address: 4040 North Watkins, Suite #4, Memphis, TN, 38127

Office: (901) 357-4663

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