Term
|
Definition
| A property owner who does not reside on the property and who usually relies on a property manager to oversee the investment |
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Term
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Definition
| A compilation of the recorded documents relating to a parcel of land from which an attorney may give an opinion as to the condition of title (a history of title) |
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Term
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Definition
| A condition in a loan contract that permits the lender to require immediate repayment of the entire loan balance of the loan if the contract is breached or conditions for repayment occur, such as sale or demolition |
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Term
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Definition
| A written declaration by a person signing a document, given before an officer authorized to give an oath (notary public), stating that the signing is the person’s voluntary act |
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Term
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Definition
| Giving oral or written notice, presenting a deed, giving verbal notice, or physically moving into a property |
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Term
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Definition
| According to value; annual real estate taxes are ad valorem taxes |
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Term
| Adjustable Rate Mortgage (ARM): |
|
Definition
A mortgage loan with a calculated interest rate
that may increase or decrease during the term of the loan |
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Term
|
Definition
A method of acquiring title by possession under open, notorious,
exclusive, and hostile conditions for seven or more years |
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Term
|
Definition
| A person authorized by a principal to act on the principal’s behalf |
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Term
|
Definition
| A mortgage loan that is fully repaid according to a periodic and consistent schedule that includes both principal and interest |
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Term
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Definition
| A supported, defended estimate of the value of property rights as of a given date |
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Term
|
Definition
| An increase in a property’s value |
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Term
|
Definition
| When payment is due at the end of the term |
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Term
|
Definition
| A fire resistant material believed to be carcinogenic |
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Term
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Definition
| The bringing together of two adjoining parcels of property under one ownership |
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Term
|
Definition
| A property’s value for ad valorem tax purposes as established by the county property appraiser |
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Term
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Definition
| A transfer to another of any property, real or personal, or of any rights or estates in said property |
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Term
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Definition
| The taking over of an existing mortgage by a buyer |
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Term
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Definition
| A final installment payment on a note that is much larger than the previous monthly payments on the note |
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Term
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Definition
| The horizontal line that runs east and west through Tallahassee that is the starting point for all other horizontal lines north and south of Tallahassee |
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Term
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Definition
| The purchase price plus closing costs and other added improvements |
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Term
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Definition
| Survey mark made which is permanently fixed in the ground showing the height of that point in relation to sea level |
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Term
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Definition
| A contract in which both parties enter into mutual promises |
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Term
|
Definition
Mortgage payments that are made every other week (26
payments year) |
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Term
|
Definition
| A mortgage that is secured by two or more items of real property |
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Term
|
Definition
| An advertisement of a principal’s property providing only a telephone number, a post office box, and/or an address without the licensed name of the brokerage firm |
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Term
|
Definition
| The illegal practice of inducing homeowners to sell their property by making misrepresentations regarding the entry or prospective entry of minority persons in order to cause a turnover of properties in the neighborhood; discriminatory acts against sellers |
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Term
|
Definition
| One who is licensed by the State of Florida to carry on the business of dealing in real estate; a broker may receive a commission for his or her part in bringing together parties in a real estate transaction |
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Term
|
Definition
| An individual qualified to be issued a broker’s license but who operates as a salesperson in the employ of another |
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Term
|
Definition
| A parcel of land separating two other parcels or areas, such as a parcel of land between residential and commercial properties |
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Term
|
Definition
| Codes adopted by local governments governing acceptable building construction standards and materials |
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Term
|
Definition
| Performed by local government inspectors before a certificate of occupancy is issued to assure that the structure satisfies code requirements |
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Term
|
Definition
| Written authority by a unit of government (county or city) for the construction of a new building or other improvement or for the repair or demolition of an existing structure |
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Term
| Business Opportunity Brokerage: |
|
Definition
| The marketing and sale of a going-concern operation; Florida requires that business brokers have a real estate license to market business opportunities |
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Term
|
Definition
| The supply of available properties exceeds the demand |
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Term
|
Definition
| License status of salesperson when employing broker’s license is ineffective or void |
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Term
|
Definition
| The positive difference between the sales price and the basis of the property after appropriate adjustments for fix-up expenses, closing costs, allowable depreciation, etc., (taxable profit) |
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Term
|
Definition
| A window hinged on its side so that it can swing open |
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Term
|
Definition
| The resulting amount when annual debt service, tax liability, and capital improvement costs are subtracted from net operating income |
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Term
|
Definition
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Term
|
Definition
If a broker or real estate school changes its business address
or if a real estate licensee or real estate instructor changes their employer without notifying the DRE within 10 days |
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Term
| Certificate of Occupancy: |
|
Definition
Issued after construction is substantially completed
indicating that the premises are habitable |
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Term
|
Definition
| The chronological order of conveyance of a parcel of land from the original owner to the present owner |
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Term
|
Definition
| A 24-mile square that is created when a guide meridian and a correction line intersect |
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Term
|
Definition
| A minor infraction of the license law that generally results in a small fine |
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Term
|
Definition
| To mix together money or a deposit with personal funds; combine |
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Term
|
Definition
| Utilized when the grantor is mentally incompetent |
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Term
| Comparative Market Analysis (CMA): |
|
Definition
An informal estimate of market value performed
by a real estate licensee for the seller to assist in arriving at an appropriate listing price, or, if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price |
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Term
|
Definition
| Any form of remuneration, payment, or value |
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Term
|
Definition
| Having the mental and age capacity to enter into a contract |
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Term
|
Definition
| A charge or accusation that a licensee has committed a specified offense |
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Term
|
Definition
| A state mandate that infrastructure needed to support additional growth must be in place before any new development is permitted |
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Term
|
Definition
| Single unit ownership in a multiple unit dwelling |
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Term
|
Definition
| When the buyer and seller make demands for a deposit |
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Term
|
Definition
| A loan that meets FNMA and FHLMC borrowing requirements |
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Term
|
Definition
A written requirement when a licensee is moving from a
single agent relationship to a transaction broker |
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Term
|
Definition
Notice given by publishing in a newspaper, public records, or
other method |
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Term
|
Definition
| An agreement between two or more competent parties, supported by consideration, to do, or not to do, a certain legal act |
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Term
|
Definition
| An instrument by which a prospective buyer pays for a property in installments; legal title is conveyed in the future after payment of the full price or an otherwise specified amount |
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Term
|
Definition
| An unauthorized act of using the funds or property of another for one’s own use |
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Term
|
Definition
| Form of real property ownership where a corporation or association divides a single property into portions with each user owning stock in the corporation |
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Term
|
Definition
| A parcel of land contiguous to two intersecting streets |
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Term
|
Definition
| An artificial or fictitious person formed to conduct specified types of business activities |
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Term
| Cost-depreciation Approach: |
|
Definition
A method for estimating the market value of a
property based on the cost to buy the site and to construct a new building on the site, less depreciation |
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Term
|
Definition
| On a closing statement, credit refers to money that is paid or payable |
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Term
|
Definition
| Lot located at the end of a street which ends in a rounded, closed end to provide for U-turns |
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Term
|
Definition
Being negligent in a manner that causes a customer or client
monetary damages. |
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Term
|
Definition
| If corrections of a deficiency or defect result in as much added value to a property as the cost to correct the deficiency or defect |
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Term
|
Definition
| A person who is or may be a seller or buyer of real property and may or may not be represented by a licensee |
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Term
|
Definition
| On a closing statement, debit refers to money that is owed or a payment |
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Term
|
Definition
| Annual mortgage payments, including principal and interest |
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Term
|
Definition
| The recorded document that creates a condominium |
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Term
|
Definition
| A deliberate transfer of land by its owner for public use and accepted for such use by the public |
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Term
|
Definition
| Any one of many conveyance or financing instruments, but generally a conveyance instrument given to pass title to property upon sale |
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Term
| Deed in Lieu of Foreclosure: |
|
Definition
A deed from an owner to a mortgage lender to avoid
the necessity of a foreclosure lawsuit |
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Term
|
Definition
| Limitations on the use of property placed in a deed by the grantor which binds all future owners |
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Term
|
Definition
| The quantity of goods or services wanted by consumers |
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Term
|
Definition
| A decline or loss in value for any reason |
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Term
| Designated Sale Associate: |
|
Definition
| A single agent for different parties in the same nonresidential transaction; the buyer and seller must have assets of $1 million or more and sign disclosures stating their assets meet the required threshold |
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Term
|
Definition
| Pre-paid interest charged by the lender at the time of closing; a discount point is equal to 1% of the loan amount |
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Term
|
Definition
| When depositors withdraw money from savings for direct investment with a borrower |
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Term
|
Definition
| A roof section that rises vertically above the main roofline |
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Term
|
Definition
| A type of window that opens vertically from the top to bottom |
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Term
|
Definition
| Representing both principals in a transaction |
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Term
|
Definition
| A mortgage clause that causes the entire loan balance to become due upon the sale of the property |
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Term
|
Definition
Money given as evidence of good faith to accompany an
offer to purchase or rent |
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Term
|
Definition
| The legal right that a party has to use another’s property |
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Term
|
Definition
| The total period over which improvements to real estate contribute to the value of the property |
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Term
|
Definition
| The legal right that government and quasi-government agencies have to take property from individuals for public use |
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Term
|
Definition
| A physical intrusion or trespass that can be detected by an up-to-date survey |
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Term
| Environmental Impact Statement (EIS): |
|
Definition
| A report of the probable effect of a development on the surrounding area |
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Term
|
Definition
| The difference between the market value of a property and the mortgage debt |
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Term
|
Definition
The right of a mortgagor, before a foreclosure sale, to reclaim
forfeited property by paying the entire indebtedness |
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Term
|
Definition
| When a person dies intestate (without a will) and with no heirs, all real and personal property transfers to the state of Florida |
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Term
|
Definition
| A depository account in a bank, trust company, title company or attorney having trust powers, credit union, or savings and loan association within the state of Florida where funds are placed and held in trust until disposition is authorized |
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Term
|
Definition
| A depository account in a bank, title company, credit union, savings association, or trust company used solely for safekeeping customer funds and not for deposit of personal funds; impound account |
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Term
|
Definition
| A lease that has a beginning date, has an ending date, and is in writing |
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Term
|
Definition
| A written statement by a mortgagee verifying the balance due on the mortgage |
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Term
|
Definition
The borrower is not personally responsible for the debt (a non-
recourse loan); the lender will not seek a deficiency judgment |
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Term
| Exclusive Agency Listing: |
|
Definition
| Listing agreement whereby the seller may find a buyer without owing a commission although the seller agrees not to list the property with any additional brokers |
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Term
|
Definition
Listing agreement whereby the broker earns a commission
no matter who procures the buyer |
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Term
|
Definition
| Real property excused for payment of ad valorem taxes |
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Term
|
Definition
| Refers to the status of a pregnant woman or a family with children under 18 years of age |
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Term
|
Definition
| A selected and limited geographical district to which a salesperson devotes special attention and study |
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Term
| Federal Related Transaction: |
|
Definition
| Any loan that is insured, guaranteed, or funded by the federal government or a federally chartered institution |
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Term
|
Definition
| The most popular type of estate with the greatest “bundle of rights” available |
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Term
|
Definition
| A person in a position of utmost trust and confidence with respect to another person |
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Term
|
Definition
| A glass window with no movable parts |
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Term
|
Definition
| Personal property that is permanently attached to real property |
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Term
|
Definition
| A roof that is almost level except for a slight grading for drainage |
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Term
|
Definition
| A person who has resided in Florida for at least four months or a person who is residing in Florida with an intent to remain for at least four months |
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Term
|
Definition
| A post-closing communication initiated by a licensee to maintain customer contact and goodwill |
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Term
|
Definition
| An outline of charges brought by the DBPR against an applicant or licensee after a finding of probable cause |
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Term
|
Definition
| An estate that consists of ownership rights of an unknown duration |
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Term
|
Definition
| The grantor agrees to obtain and deliver any legal documents or instruments that might be required to clear title in the future |
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Term
|
Definition
| A roof with two sloping edges of approximately equal size |
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Term
|
Definition
| A roof with two sloping edges with the lower edge being more inclined |
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Term
|
Definition
An agreement whereby the agent represents and may bind the
principal on transactions falling within a specific range of activities |
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Term
|
Definition
Two or more parties in business together, each to share the
profits and losses of business |
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Term
|
Definition
The most common type of conveyance instrument with full
covenant and warranty |
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Term
|
Definition
| The value of a business considered as an operating enterprise as opposed to its value merely as a collection of assets and liabilities |
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Term
|
Definition
| When circumstance creates the overwhelming belief that a dispute may occur |
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Term
|
Definition
| An intangible asset (value) of a business based on its reputation or expectation of customer loyalty |
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|
Term
| Government Survey System: |
|
Definition
A method of describing land developed by the U.S.
Government using surveying lines; the entire state of Florida is mapped out in a large checkerboard |
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Term
|
Definition
| The person or party receiving the deed |
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Term
|
Definition
| Words of conveyance found in the premises clause |
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|
Term
|
Definition
| The person or party giving the deed |
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Term
|
Definition
| A lease in which a tenant pays a specified rent payment and the landlord pays any operating expenses required for maintenance |
|
|
Term
| Gross Rent Multiplier (GRM): |
|
Definition
| The quotient of the sales price by the monthly gross rent |
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Term
|
Definition
|
|
Term
|
Definition
| License issued to sales associates and broker associates when there is proof that ownership or control of various properties is substantially held by the same individual(s), although the properties are owned in the name of different interlocking or affiliated entities |
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Term
|
Definition
| Utilized when the grantor is under 18 years of age |
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Term
|
Definition
| The clause in which the type of estate is declared (i.e.: fee simple) |
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Term
|
Definition
| Federal or state status for an individual unable to perform mental or physical functions under normal conditions |
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Term
|
Definition
| Local laws that protect the health and well-being of the citizens in a community |
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|
Term
|
Definition
| A principle of value that focuses on a property’s most profitable, legal use |
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Term
|
Definition
| A roof with four sloping sides that rise to meet a ridge; usually found on garages or church steeples; sometimes referred to as a pyramid roof |
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Term
|
Definition
| A mortgage secured by a personal residence up to the value of the mortgagor’s equity |
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Term
|
Definition
| The dwelling of the head of household that is afforded certain privileges such as protection from judgment liens and a special real estate tax exemption |
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Term
|
Definition
| Type of window or door that opens horizontally |
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|
Term
|
Definition
| One individual, or a group of individuals, living in one dwelling unit |
|
|
Term
|
Definition
| Real property that is never assessed or required to pay ad valorem taxes, such as government buildings |
|
|
Term
| Income Capitalization Approach: |
|
Definition
A method for estimating the market value of a
property based on the income the property can be expected to generate |
|
|
Term
|
Definition
| When the cost of curing a deficiency or defect is greater than the value added by the cure |
|
|
Term
|
Definition
| Financial indicator that will be the basis for an adjustable rate mortgage interest fluctuation |
|
|
Term
|
Definition
| When a license is suspended, cancelled, or ceases to be in force |
|
|
Term
|
Definition
When the buyer pays the purchase price over time in separate
installment payments |
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Term
|
Definition
| Materials that hinder the passage of sound, cold, heat, or electricity |
|
|
Term
|
Definition
| The price paid for the use of borrowed money |
|
|
Term
|
Definition
| Parcel of land not located on a corner |
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|
Term
|
Definition
| The process of depositing funds in financial institutions that serves as “intermediaries” for flow of funds for investment and borrowing |
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Term
|
Definition
| A legal proceeding where the disputed money is deposited with the Court and the Judge decides who should receive the money |
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Term
|
Definition
| When a person dies without a will |
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|
Term
|
Definition
| A licensee fails to renew his or her license in a timely manner |
|
|
Term
|
Definition
| Fixed or adjustable slats (louvers) in a door or window |
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|
Term
|
Definition
| Ownership by two or more persons with the “unities” of time, title, interest, and possession present plus the right of survivorship |
|
|
Term
|
Definition
| A fair and reasonable value; the property appraiser is required to assess properties at their just value |
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Term
|
Definition
| A strategically located lot and the location ads value to itself and adjacent lots. Also, a lot adjacent to a corner lot along the rear property line with frontage along the secondary street |
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|
Term
|
Definition
| A portion of monies received because of an agreement for referring a party to a particular vendor for services |
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|
Term
|
Definition
| An agreement in which the seller of real estate obligates him or herself to deliver a merchantable title to the buyer upon buyer’s performance of certain agreed upon conditions such as payment of a certain number of installment payments; also known as a Contract for Deed |
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Term
|
Definition
| Actual surface of the subject property |
|
|
Term
|
Definition
An interest in real property where ownership or possession is
measured in calendar time (non-freehold estate) |
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|
Term
|
Definition
| A method of geographically identifying a parcel of land which is acceptable in a court of law |
|
|
Term
|
Definition
| When the initial complaint alleges a violation of any Florida Statute, DBPR rule, or FREC rule |
|
|
Term
|
Definition
| A method for amortizing a mortgage whereby the borrower pays the same amount each month |
|
|
Term
|
Definition
| The use of borrowed funds to finance the purchase of an asset |
|
|
Term
|
Definition
A document issued by the Department of Business and Professional Regulation which certifies that the licensee is or was duly licensed on the effective
date shown |
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|
Term
|
Definition
| An encumbrance against a property for money, either voluntary or involuntary |
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|
Term
|
Definition
| Legal concept that regards a mortgage as a just claim (lien) on specific property pledged as security for a mortgage debt |
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Term
|
Definition
| An ownership in real property that is tied to the death of a pre-determined party |
|
|
Term
|
Definition
| Sets the upper and lower interest limits for an adjustable rate mortgage |
|
|
Term
|
Definition
An exchange of one property for another with a deferral of tax
consequences; also known as a “1031 exchange” |
|
|
Term
| Limited Liability Company: |
|
Definition
A business entity that may operate a real estate
brokerage having characteristics similar to a partnership and a subchapter “S” corporation |
|
|
Term
| Limited Liability Partnership: |
|
Definition
An alternative, hybrid business entity with the
combined characteristics and benefits of both limited partnerships and “S” corporations |
|
|
Term
|
Definition
A business entity consisting of one or more general partners
and one or more limited partners |
|
|
Term
|
Definition
A broker who offers to buyers and/or sellers representation
as a transaction broker without offering full fiduciary duties |
|
|
Term
|
Definition
A specific dollar amount of damages to be paid by a breaching
party as specified in the contract |
|
|
Term
|
Definition
Comparing the value of assets to liabilities, the difference
typically representing minimum value |
|
|
Term
|
Definition
| The ability to convert assets to cash or its equivalent within a reasonable period of time |
|
|
Term
|
Definition
| Constructive notice of a pending legal action |
|
|
Term
|
Definition
| A separate fee charged by a mortgage lender added to the closing costs of the buyer |
|
|
Term
|
Definition
| Collecting and processing payments on behalf of the mortgagee |
|
|
Term
|
Definition
The relationship between the loan amount to the value of a
property |
|
|
Term
|
Definition
| A common type of legal description used for single-family properties located in subdivisions (recorded plat maps) |
|
|
Term
|
Definition
A four-sided roof with each side having two separate slopes of different angle degrees; the lower slope is at a steeper angle than the upper slope
[image] |
|
|
Term
|
Definition
| The additional rate of interest charged over and above the index rate in an adjustable rate mortgage |
|
|
Term
|
Definition
| The most probable price a property will bring from a fully informed buyer, willing but not compelled to buy, and the lowest price a fully informed seller will accept if not compelled to sell |
|
|
Term
| Marketable Record Title Act: |
|
Definition
| If a continuous chain of title has existed for at least 30 years, any potential title defect more than 30 years old is considered cured |
|
|
Term
|
Definition
| An agreement and understanding between the parties concerning the intent of their contractual terms |
|
|
Term
|
Definition
| The most accurate method to legally describe both regular and irregular shaped parcels of real estate and is based on distances (metes) and directions (bounds); also known as the “surveyor’s system” |
|
|
Term
|
Definition
| One one-thousandth (.001) |
|
|
Term
|
Definition
| Mortgage Insurance Premium; payment for mortgage insurance which protects the lender in the event of default |
|
|
Term
|
Definition
| An object used to establish boundaries (both natural and man-made) |
|
|
Term
|
Definition
| A document providing written evidence of a creditor’s right to have a debtor’s real property sold upon default and foreclosure |
|
|
Term
|
Definition
| The lender; the one to whom the property is pledged |
|
|
Term
|
Definition
| The borrower; the one pledging the collateral as security for a debt |
|
|
Term
|
Definition
Additional license(s) issued to a broker when necessary for the
conduct of brokerage business |
|
|
Term
|
Definition
When the monthly payment is insufficient to pay the
accumulated interest for that month resulting in an increase in the amount of the principal |
|
|
Term
|
Definition
| A lease in which the tenant pays a specified rent plus a portion of typical landlord costs |
|
|
Term
|
Definition
| A listing agreement whereby the broker keeps any funds over a definite net amount to be received by the seller |
|
|
Term
|
Definition
| A plea of no contest entered in a criminal court of law |
|
|
Term
|
Definition
A loan that does not meet FNMA and FHLMC borrowing
requirements |
|
|
Term
|
Definition
A use of property which no longer conforms to the current
zoning regulations, but its continued use is allowed because the use was lawfully established and maintained prior to the change in zoning |
|
|
Term
|
Definition
| Real estate brokers working with buyers and/or sellers but not representing them as single agents or transaction brokers; if a buyer or seller chooses not to be represented, a licensee can still work with them |
|
|
Term
|
Definition
Legal evidence of a debt that must accompany a mortgage in Florida; a legally
executed pledge to pay a stipulated sum of money |
|
|
Term
| Notice of Non-Compliance: |
|
Definition
A warning that allows a licensee 15 days to correct a
minor infraction without consequence |
|
|
Term
|
Definition
| Substitution of a new contract for an existing contract between the same or different parties |
|
|
Term
|
Definition
| Listing agreement whereby the seller promises to pay a broker a commission if that broker procures a buyer; the seller may sell the property without owing a commission, and the seller may enter an open listing with several different brokers simultaneously |
|
|
Term
|
Definition
| A right, given as a continuing offer, to purchase real property upon specific terms within a given period of time |
|
|
Term
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Definition
| A partnership formed, not by agreement, but by the representations or conduct of two or more parties that cause others to believe that a partnership exists; the parties become liable for the actions of the other |
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Term
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Definition
| An addition or change to a property not consistent with its highest and best use, or a betterment that costs more than the value added to the property |
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Term
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Definition
| A debt secured by pledge of both real property and personal property such as range, refrigerator, or furniture |
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Term
| Partially Amortized Mortgage: |
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Definition
| Mortgage loan repayment with equal monthly payments, but with a large balloon payment due at the end of the term |
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Term
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Definition
| A lease in which a tenant pays a specified rent to the landlord plus a percentage of the income the property generates |
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Term
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Definition
| Limits the time period interval for ARM interest rate adjustments |
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Term
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Definition
| All property that is not real property such as a car, a boat, stocks, or a mortgage; also known as a chattel |
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Term
| Personal Representative’s Deed: |
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Definition
| Utilized when the grantor is deceased |
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Term
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Definition
| A mortgage payment that includes principal, interest, taxes, and insurance |
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Term
| Planned Unit Development: |
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Definition
Residential project with mixed land uses and high
residential density |
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Term
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Definition
| An increase in value of property experienced through assemblage |
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Term
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Definition
The reference point that is the starting place for all metes and
bounds legal descriptions |
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Term
| Point of Contact Information: |
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Definition
Any means by which to contact the brokerage firm or
individual licensee including mailing address (es), physical or street address (es), e-mail addresses (es), telephone number(s), or facsimile telephone number(s) |
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Term
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Definition
| Legislated power given to governments to protect the public’s health, safety, or welfare (zoning ordinances and building codes) |
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Term
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Definition
| On-site review and inspection of a property shortly before closing |
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Term
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Definition
| Mortgage provisions permitting the borrower to make loan payments in advance of their due dates |
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Term
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Definition
| Mortgage provision that allows a monetary penalty to be imposed if the loan is paid off ahead of schedule |
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Term
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Definition
| Evidence that is valid and admissible on its face requiring no further proof of authenticity |
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Term
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Definition
| A party employing the services of an agent |
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Term
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Definition
| The north and south line that runs through Tallahassee and is the starting place for all other meridian lines that help measure distances east and west throughout Florida |
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Term
| Principal of Substitution: |
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Definition
A valuation principle which states that a prudent purchaser
would pay no more for real property than the cost of acquiring an equally desirable substitute on the open market |
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Term
| Private Mortgage Insurance (PMI): |
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Definition
Non-governmental mortgage insurance needed
to insure the portion of the mortgage balance that exceeds an 80% loan to value ratio |
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Term
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Definition
| Reasonable grounds or justification for prosecution |
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Term
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Definition
| The difference between the selling price and the cost price of an asset |
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Term
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Definition
| The tendency of a property to increase in value at a faster rate in order to conform to surrounding properties |
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Term
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Definition
The process of directing, controlling, operating, and
maintaining real estate for a third party |
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Term
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Definition
| A brief summary of a subdivision property |
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Term
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Definition
| A lease that is created for individual use within a cooperative |
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Term
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Definition
| To apportion an expense between the buyer and seller so that each party pays his or her pro rata share |
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Term
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Definition
A hotel, motel, or other facility to which the general public has
access to |
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Term
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Definition
A mortgage given by the buyer as part or all of the
purchase price consideration for real property |
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Term
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Definition
| The grantor guarantees the grantee peaceful possession undisturbed by other claims of title |
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Term
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Definition
| The grantor deeds property to the grantee but provides no warranty of title or promise of ownership; often used to cure defects in title |
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Term
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Definition
| A vertical strip of land six miles wide that runs north and south and helps determine distances east and west across Florida |
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Term
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Definition
| The vertical lines six miles apart that border a range |
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Term
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Definition
A commercial activity in which the sale, purchase, leasing,
rental, exchange, or management of real property is conducted by qualified and licensed individuals acting either for themselves or for others for compensation |
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Term
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Definition
| The land and all improvements permanently attached to the land (tangible) |
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Term
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Definition
| Appraise, buy, advertise, rent, sell, auction, lease, and exchange (A BAR SALE) |
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Term
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Definition
| Real estate plus the legal “bundle of rights” that a person acquires by having an interest in real estate |
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Term
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Definition
| A final report prepared by an Administrative Law Judge (hearing officer) containing finding of facts, conclusions, and suggested penalties, if any. |
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Term
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Definition
| The process by which an appraiser evaluates, chooses, weighs, and selects from among two or more alternative conclusions or indications to reach a single answer (final value estimate) |
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Term
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Definition
| A lending institution’s illegal refusal to make mortgage loans in certain areas |
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Term
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Definition
| Authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses |
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Term
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Definition
| The tendency of a property to decrease in value, or at best, appreciate at a slower rate in order to conform to surrounding properties |
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Term
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Definition
| When a life estate terminates, the property reverts to a pre- determined third party, not the original grantor |
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Term
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Definition
| A residential property up to four units, a vacant parcel zoned for residential up to four units, or agricultural property of 10 acres or less |
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Term
| Reverse Annuity Mortgage: |
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Definition
| A loan arrangement in which a lender makes payments to the borrower |
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Term
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Definition
| Surviving owners in a Joint Tenancy or Tenancy by the Entireties absorb all interest and rights in a property |
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Term
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Definition
| The ability to recover from default by bringing current all payments due |
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Term
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Definition
| Insulation rating number; the higher the R-value, the greater amount of resistance to temperature fluctuation is provided |
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Term
| Sales Comparison Approach: |
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Definition
| A method for estimating the market value of a property by comparing similar properties to the subject property |
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Term
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Definition
| A licensed individual who, for compensation, is employed by a broker or owner/developer |
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Term
| Satisfaction of Mortgage: |
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Definition
| Document signed by mortgagee indicating the entire loan is satisfied and the mortgage is discharged |
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Term
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Definition
| A one-mile square found within a township |
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Term
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Definition
| A statement of ownership or title to real property |
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Term
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Definition
| The demand is greater than the supply of homes available |
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Term
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Definition
| A broker who represents either the buyer or the seller in a transaction but not both; the broker is the fiduciary of the party that is being represented |
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Term
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Definition
| Relationships and influences created by location of a property which affect value (e.g., accessibility, personal reference) |
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Term
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Definition
| Operating as an individual in business |
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Term
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Definition
| The relationship between a principal and broker wherein the broker is acting for the principal in one specific transaction or activity only |
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Term
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Definition
A one-time tax assessed against a property that will directly
benefit from some public improvement |
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Term
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Definition
| An individual ruling in which a property is granted the right to a use otherwise contrary to law |
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Term
| Special Flood Hazard Area: |
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Definition
Flood zones “A” and “V” are considered to be areas prone
to flooding at least 1% of the time each year |
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Term
| Special Purpose Property: |
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Definition
Properties that are unique and have no comparable such
as a courthouse or church |
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Term
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Definition
| Body of law that states that certain types of contracts must be in writing to be enforceable |
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Term
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Definition
| Establishes time limits for filing litigation |
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Term
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Definition
| The illegal practice of directing buyers to or from certain neighborhoods based on minority status; prohibited by federal, state, and local fair housing laws |
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Term
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Definition
| The relationship of a salesperson working under a broker’s supervision with the broker acting as a principal and the salesperson as an agent |
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Term
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Definition
The layout of a subdivision showing lots, roads, and other
infrastructure by the developer to a local government agency |
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Term
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Definition
| A tract of land partitioned into lots for homes or other uses and improved by roads, water and sewage systems, etc. |
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Term
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Definition
| The real property under discussion or appraisal |
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Term
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Definition
| A grantee taking title to real estate “subject to the mortgage” is not assuming personal liability to the mortgagee for the payment of the mortgage note; in the event of a default on payment of the note, the grantee could lose the property and any equity he has in the property in a foreclosure sale |
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Term
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Definition
| A tenant who transfers less than the entire leasehold estate |
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Term
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Definition
| An agreement whereby the holder (mortgagee) of a higher priority mortgage agrees to subordinate or relinquish its priority position to an existing or subsequent mortgage |
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Term
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Definition
| A legal process of ordering a witness to appear and testify before a court of law or formal administrative hearing |
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Term
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Definition
| Emergency or immediate suspension of a license |
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Term
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Definition
| The product (properties) that is available at any given time |
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Term
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Definition
| The millage rate; the tax rate is multiplied by the taxable value of a property to determine the levy |
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Term
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Definition
| An investment that shields income or gain from payment of income taxes; a term used to describe some tax advantages of owning real property (or other investments), including postponement or even elimination of certain taxes |
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Term
|
Definition
| Income that is subject to taxation |
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Term
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Definition
| Value of property for tax purposes determined by subtracting all exemptions from the assessed value |
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Term
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Definition
| Below-market introductory rate for an adjustable rate mortgage |
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Term
|
Definition
When a lease expires and no agreement has been made as
to future occupancy (the tenant is a holdover) |
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Term
|
Definition
| A lease agreement that is not in writing or does not have a beginning date and an ending date or both (a month-to-month tenant) |
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Term
| Tenancy by the Entireties: |
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Definition
| Ownership of real property by husband and wife only |
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Term
|
Definition
| Ownership of real property whereby the co-owners may or may not have acquired title at the same time, may or may not have the same interest and right of use, and do not have the right of survivorship |
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Term
|
Definition
| A mortgage loan that provides for periodic payments of interest only with a balloon payment at the end of the loan term |
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Term
|
Definition
| A person who dies with a will |
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Term
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Definition
| Selling or leasing a single unit to multiple owners or tenants with specific rights to use |
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Term
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Definition
| A concept in lending whereby title temporarily transfers to the mortgagee until the debt is repaid |
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Term
|
Definition
| The evidence one has of ownership to real property |
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Term
|
Definition
| The horizontal lines six miles apart that border a township (tier) |
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Term
|
Definition
| A six-mile square area that is created when two six-mile wide bands called townships (tiers) and ranges intersect. |
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Term
|
Definition
| The horizontal strip of land six miles wide that runs east and west and helps determine distances north and south across Florida |
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Term
|
Definition
| A hazardous substance found in soil or water |
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Term
|
Definition
| Any adopted or fictitious name used to designate a business concern |
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Term
|
Definition
| A broker who provides limited representation to either the seller or the buyer or both in a real estate transaction (no fiduciary requirements) |
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Term
|
Definition
| Up Front Mortgage Insurance Premium; lump-sum mortgage insurance premium paid at closing for FHA loans |
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Term
| Underground Storage Tanks: |
|
Definition
Below ground containers used typically for petroleum
product storage |
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Term
|
Definition
| Status of a contract when it violates the Statute of Frauds |
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Term
|
Definition
A contract whereby only one party undertakes a promise or
obligation |
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Term
|
Definition
| Rules and guidelines that must be followed by any professional conducting an appraisal |
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Term
|
Definition
| The percentage of rental units unoccupied |
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Term
|
Definition
| When a contract satisfies all legal requirements |
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Term
|
Definition
| The tenant pays rent based on a pre-determined index |
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Term
|
Definition
| An exception to strict compliance with zoning regulations or ordinances granted to relieve a hardship |
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Term
|
Definition
| Having no legal force or binding effect |
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Term
|
Definition
| Contract involving a minor or other incompetent party wherein the incompetent part has a choice to enforce or rescind the contract |
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Term
|
Definition
| When a licensee chooses not to have an active license or files the proper form with the DRE requesting inactive status |
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Term
|
Definition
| Creating a new second mortgage (generally owner financing) that encompasses any existing mortgages |
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Term
|
Definition
| Lot with no setback requirements |
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Term
|
Definition
| Local law that restricts the use of land to various classifications, such as residential and commercial |
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