Term
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Definition
| 43,560 square feet -- 640 square acres in one square mile |
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Term
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Definition
| serve to allocate financial resources among households and firms requiring funds |
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Term
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Definition
| include any fixed structures such as buildings, fences, walls and decks |
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Term
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Definition
| include the components necessary to make the land suitable for building construction or other uses |
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Term
| Institutional grade real estate |
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Definition
| larger, more valuable commercial properties, generally well over $10 million (a.k.a. investment grade real estate) |
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Term
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Definition
| non-physical and include contractual rights (mortgage and lease agreements), financial claims (stocks and bonds), interests, patents, or trademarks |
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Term
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Definition
| may include more than simply the earth; it may also include the improvements to the land |
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Term
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Definition
| refers to things that are movable and not permanently affixed to the land |
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Term
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Definition
refers to anything that can be owned, or possessed
can be tangible or intangible asset |
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Term
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Definition
| a larger area that does not include any improvements |
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Term
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Definition
| the land and its permanent improvements |
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Term
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Definition
| treated interchangeably with real estate |
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Term
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Definition
| physical things, such as automobiles, clothing, land or buildings |
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Term
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Definition
| characterized by competition among users for physical locations and space |
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Definition
| what is used to secure a fair share assessment |
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Term
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Definition
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Term
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Definition
| the automatic right of husband and wife in property of each other |
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Term
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Definition
| a form of ownership combining single person ownership with tenancy in common |
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Term
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Definition
| the official rules and regulations that govern condominium ownership |
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Term
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Definition
| the master deed creating or establishing the condominium corporation |
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Term
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Definition
| a form of individual ownership of apartments, the property is owned by a corporation, of which each resident is a shareholder entitled to a proprietary lease for a particular apartment |
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Term
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Definition
| limitations imposed on the use of land and structures by clauses in a deed |
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Term
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Definition
| a parcel that benefits from a servient parcel in an easement appurtenant |
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Term
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Definition
| a common law provision that grants a wife a one-third life estate in all of the real property of a decedent husband |
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Term
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Definition
| a right that the owners of another property may have to use one's land for a specific and limited purpose |
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Term
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Definition
a right of use that continues from owner to owner that involves a relationship between two parcels of land
a dominant parcel that benefits from a servient parcel |
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Term
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Definition
| the right to use land for a specific, limited purpose unrelated to any adjacent parcel |
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Term
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Definition
| provision that gives a surviving spouse a share of most of the wealth of the decedent |
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Term
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Definition
| interests in real property that include possession |
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Term
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Definition
| an estate in land that provides the owner with a complete set of legal rights, limited only by the powers of government |
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Term
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Definition
| ownership that is subject to a condition or trigger event |
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Term
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Definition
| personal property that becomes real property by virtue of its permanent attachment to the realty |
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Term
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Definition
| estate interests in real estate having unlimited duration, titled interests |
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Term
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Definition
| a security interest or lien that arises out of actions unrelated to ownership of the property |
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Term
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Definition
rent or a charge paid for the use of money (e.g. a mortgage loan, a share or right in property)
interest may also refer to the bundle of rights held by owners of real property |
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Term
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Definition
a form of co-ownership in which two or more owners hold equal shares and have equal rights of possession
the surviving partners divide the interests of a deceased partner |
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Term
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Definition
(estate) the interest or rights of a leasee or tenant in a leased property, including the possessory interests that are a temporary conveyance of the rights of exclusion, use, and enjoyment, but not the right of disposition
the tenant receives in exchange for the payment of rent |
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Term
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Definition
| a life estate created by the action of law |
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Term
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Definition
| the permission to use another's land for a specific and limited purpose |
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Term
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Definition
an interest in real property that serves as security for a loan obligation
in case of default the holder of the lien is entitled to have the property sold to satisfy the debt |
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Term
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Definition
| liens that arise from construction and other improvements to real estate |
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Term
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Definition
| rights to the subsurface, including rights to oil, gas, coal and other substances that are mined, and can be separated from land ownership |
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Term
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Definition
a lien or real property as security for a debt
a special contract by which the borrower conveys to the lender a security interest in the mortgaged property |
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Term
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Definition
| estate in which the property owner retains all rights of exclusive possession, use, and enjoyment for life while a subsequent owner holds a remainder interest that follows the life estate |
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Term
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Definition
| any lease agreement that has no definite term at the start |
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Term
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Definition
| objects that are moveable and not permanently affixed to the land or structure, including furniture and tenants fixtures that are often purchased in conjunction with real property acquisitions |
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Term
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Definition
| personal freedoms derived primarily from the Bill of Rights and other amendments and clauses of the U.S. Constitution |
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Term
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Definition
| rights in property that include (exclusive) possession, use (enjoyment), and disposition |
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Term
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Definition
| automatic lien placed by local governments to assure payment of property taxes |
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Term
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Definition
| rights associated with ownership of land and all permanent attachments to land |
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Term
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Definition
| the ownership interest subsequent to a life estate which, upon the death of the life estate owner, becomes a fee simple absolute interest |
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Term
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Definition
a.k.a. deed restriction
limitations imposed on the use of land and structures by clauses in a deed |
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Term
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Definition
| an uncertain interest held by the previous owner (or heirs) associated with a conditional fee |
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Term
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Definition
| the rights of surviving partners in a joint tenancy to divide the interests of a deceased partner |
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Term
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Definition
| the owner of an oil or gas well could claim all that is pumped from it, regardless of whether the oil or gas migrated from adjacent property |
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Term
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Definition
| in community property states, property that the husband or wife acquired prior to the marriage, or gifts, or inheritance received during the marriage |
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Term
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Definition
| a parcel that is constrained or diminished by an easement appurtenant |
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Term
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Definition
| an interest that derives directly from events related to a property, such as property tax and assessment liens, mortgages, and mechanics' liens |
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Term
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Definition
| a tenancy that occurs when a tenant that is supposed to vacate does not, but continues to pay rent, and the landlord accepts it |
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Term
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Definition
| a tenancy granted by landlords to tenants allowing them to remain in possession without written agreement |
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Term
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Definition
| a form of joint tenancy ownership for husband and wife |
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Term
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Definition
| a leasehold interest for a definite period of time exceeding a year |
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Term
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Definition
| the "normal" form of direct co-ownership, which as close to the fee simple asolute estate as is possible, subject to the provision that one owner cannot use the property in a manner that infringes on the rights of co-owners |
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Term
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Definition
property occupancy arrangement in which multiple individuals have use of property but, unlike traditional forms of co-ownership, the interests are at different time intervals rather that simultaneous
a timesharing arrangements may involve true co-ownership, leasehold interests, or simply permission to occupy (i.e. license) |
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Term
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Definition
| growth in size by addition or accumulation of soil to land by gradual, natural deposits |
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Term
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Definition
| confirmation that a deed reflects the intention and action of the grantor |
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Term
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Definition
| an important measure of land area -- 43,560 sq. ft. |
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Term
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Definition
| an assertion of real property interests that is open, continuous, and apparent to all who examine the property |
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Term
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Definition
involuntary conveyance of real property rights by an individual demonstrating a use that is:
1) hostile to the interests of the owner
2) actual
3) open and notorious
4) continuous
5) exclusive |
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Term
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Definition
| a point of reference that runs east and west and is a feature of government rectangular survey |
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Term
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Definition
| a set of deeds and other documents that traces the conveyance of the fee, and any interests that could limit, down from the earliest time to the current owner |
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Term
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Definition
| a component of a grid system, defined as an area of 24 miles by 24 miles, used in a government rectangular survey |
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Term
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Definition
| legally binding promises for which the grantor becomes liable |
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Term
| Covenant against encumberances |
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Definition
| a promise that the property is not encumbered with liens, easements, or other such limitations except as noted in the deed |
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Term
| Covenant of quiet enjoyment |
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Definition
| a promise that the property will not be claimed by someone with a better claim to title |
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Term
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Definition
| a promise that the grantor truly has good title, and that he or she has the right to convey it to the buyer |
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Term
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Definition
| to convey certain lands of a subdivision to the local |
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Term
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Definition
| a special form of written contract used to convey a permanent ownership interest in real property |
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Term
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Definition
| a deed that conveys the land itself rather than ownership interests through warranties |
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Term
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Definition
| an observable, verifiable intent that the deed is to be given by the grantor to the grantee |
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Term
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Definition
| conveyance or distribution of a decadent's real property through a will |
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Term
| Doctrine of constructive notice |
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Definition
| a common law tradition stating that if a person is capable of knowing about a claim or rule, then he or she can be bound by it |
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Term
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Definition
| the rights of use created if a landowner give an adjacent landowner permission to depend on her land |
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Term
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Definition
the acquisition of a right of easement by open, notorious, and continuous assertion of the right, hostile to the subservient land owner's interest
the amount of time required to attain the right of easement by prescription varies by state |
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Term
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Definition
| an implied right of use that allows the owner of a landlocked parcel the right to use a previously existing path across another property for access and egress |
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Term
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Definition
| unauthorized intrusion of a building or other improvements onto property owned by another |
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Term
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Definition
| substantiation that demonstrates that good and marketable title is being conveyed as part of a real estate transaction |
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Term
| Exceptions and reservation clause |
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Definition
| a clause in a deed that can contain a wide variety of limits on the property interest conveyed |
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Term
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Definition
| highest form of deed in which the grantor becomes liable for all possible covenants, or legal promises, assuring good title |
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Term
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Definition
a deed containing an implied promise that the grantor actually has title and that it is not encumbered in any way, except as described in the deed
a grant deed is very similar to a warrantee deed
it is the predominant form of deed used in California |
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Term
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Definition
| the recipient of a conveyance of a real property interest |
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Term
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Definition
| the person or entity conveying the real property interest to the grantee |
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Term
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Definition
| clause in a deed that defines of limits the type of interest being conveyed |
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Term
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Definition
a right of use not created by an explicit deed or explicit clause in a deed
it often is created when a subdivision map is placed in the public records |
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Term
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Definition
| conveyance of a decedent's property without a will |
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Term
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Definition
| a deed issued through a court ordered proceeding |
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Term
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Definition
| the laws and procedures controlling how a state will convey a decedent's estate among the heirs if no will exists |
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Term
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Definition
| title to real property that is free of reasonable doubt |
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Term
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Definition
| state laws intended to limit the number of years that title search must "reach back" through the title "chain" |
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Term
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Definition
| method of describing real estate in which a mete is a unit of measure (foot, mile) and a bound is a boundary marker |
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Term
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Definition
| special type of deed that conveys title to real property owned by government to a private party |
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Term
| Plat lot and block number |
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Definition
| an unambiguous means to provide a description of property that identifies each parcel in a surveyed map of a subdivision |
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Term
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Definition
| a line of geographic reference that runs north and south in a government rectangular survey |
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Term
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Definition
| state law that governs the disposition procedure of the conveyance of real property upon the death of a property owner |
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Term
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Definition
| deed that conveys an individual's property rights to another but has non of the covenants of the warranty deed |
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Term
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Definition
| a feature of government rectangular survey that separates townships by east and west |
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Term
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Definition
| state laws requiring documents that convey an interest in real property to be placed in real property to be placed in the public records in order to be binding on the public |
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Term
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Definition
| receding water line that leaves dry land to be added to an adjacent landowner's property |
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Term
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Definition
| a specifically surveyed and identified square mile within the framework of the rectangular survey system |
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Term
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Definition
| identical to a general warranty deed except that the covenant against encumberances applies only to the time that the grantor owned the property |
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Term
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Definition
provision adopted by all states requiring that all deeds, long-term leases and mortgages must be in writing to be enforceable
derives from the original statute of Frauds in 1677 |
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Term
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Definition
| conveyance of real property upon the death of a property owner in accordance with a will |
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Term
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Definition
| a feature of a government rectangular survey that serves to number townships south or north from the base line |
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Term
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Definition
| the compilation of all documents summarizing the chain of title into a chronological volume and then given to an attorney for final interpretation |
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Term
| Title abstract with attorney's opinion |
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Definition
| traditional evidence of title |
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Term
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Definition
insurance paying monetary damages for loss of property from unexpected superior legal claims of for litigation to protect title
deemed superior to the traditional abstract with opinion since it offers insurance in addition |
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Term
| Title insurance commitment |
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Definition
| a commitment to issue a title insurance policy |
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Term
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Definition
| the task of examining the evidence of title in the public records |
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Term
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Definition
| a rarely used means of providing evidence of title |
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Term
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Definition
| a unit within the government rectangular survey system having an area of six miles by six miles, and containing 36 fully described, one square mile sections |
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Term
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Definition
| a deed issued by the trustee in a court-supervised disposition of property for example by an executor and administrator of an estate, a guardian of a minor, a bankruptcy trustee, or possibly by an attorney in divorce proceedings |
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Term
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Definition
| early in the deed will be words such as "does hereby grant, bargain, sell and convey unto..." that serve to assure the grantor clearly intends to convey an interest in real property and indicates the type of deed offered by the grantor |
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Term
| Townships/section/acre measurements |
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Definition
Township = 36 sections
Section = 1 sq. mi. = 640 acres
Acre = 64,560 sq. ft. |
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Term
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Definition
the seller is assured a certain fixed net price for the property and the broker is allowed to retain any amount of the actual sales price above that figure
sometimes viewed as unethical and may be prohibited in some places |
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Term
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Definition
fee paid to the broker
typically paid by the seller, but may be paid by buyers - or in some unusual situations - by both sellers and buyers |
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Term
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Definition
real estate brokers and salespersons operate under it
gives a broker or salesperson the right to act for a principal in trying to buy of sell a property
must look out for the principal's best interests and can do nothing to compromise a principal's interests, position or bargaining power |
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Term
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Definition
| in brokerage, the person giving authority to an agent |
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Term
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Definition
| to whom a principal delegates the power to act in all matters that can be delegates in place of the principal |
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Term
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Definition
delegated by the principal to act within confines of a business of employment relationship
ex. A property manager is a general agent because he or she rent apartments, collect rents, handle tenant relations, supervise maintenance, and perform accounting functions, but is not an employee of the property owner. |
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Term
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Definition
authorized by the principal to handle only a specific business transaction or to perform only a specific function
in most cases a real estate broker is a special agent in representing the buyer or seller to purchase or dispose of a property |
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Term
| Fiduciary relationship and its six responsibilities |
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Definition
agents have fiduciary relationships with their principals
"COALDS"
1) Confidentiality
2) Obedience
3) Accounting
4) Loyalty
5) Disclosure
6) Skill and care |
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Term
| Fiduciary responsibility: Confidentiality |
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Definition
| never betray confidential information about their principals, their financial status, or their motivations |
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Term
| Fiduciary responsibility: Obedience |
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Definition
follow the instructions of their principal to the limits of what is legal
if agents regard the orders of the principal to be legal but unethical, they should withdraw from the relationship rather than disobey |
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Term
| Fiduciary responsibility: Accounting |
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Definition
| keep the prinicpal informed about financial aspects of their assignment |
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Term
| Fiduciary responsibility: Loyalty |
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Definition
| never subordinate the best interest of their principal to the interests of others |
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Term
| Fiduciary responsibility: Disclosure |
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Definition
| be completely open and honest with their principals |
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Term
| Fiduciary responsibility: Skill and care |
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Definition
| represent the interests of their principals to the best of their ability - in the same way they would represent themselves, acquiring and applying the necessary skills, knowledge, and information about relevant laws and regulations, the market, and subject property |
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Term
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Definition
an agreement between an owner of real estate and a real estate broker that obligates the broker to attempt to sell the property under specified conditions and terms
it obligates the property owner to pay a commission to the broker if the broker is successful in obtaining a ready, willing, and able buyer for the property on terms specified or on terms acceptable to the seller |
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Term
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Definition
a broker agrees to use his or her best efforts to find properties meeting the requirements of the buyer
buyer agrees to pay the broker a commission or a fee upon consummating a purchase or to permit the broker to share a commission paid to the seller's broker |
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Term
| Multiple listing service (MLS) |
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Definition
broker's have access to each other's listings
brokers who are members of the MLS can make their listings available to be sold by other broker member, and the commission is split between them |
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Term
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Definition
the agency role of a broker s extended to one or more additional brokers, who also become a fiduciary of the principal and are empowered to act on his or her behalf
the subagent shares any commission with the original broker
this agency chain can extend through multiple agents in the case of multiple-list services |
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Term
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Definition
broker is an agent of both a seller and a buyer, and the broker owes equal loyalty to both
must be disclosed to all parties in the transaction, and both principals must give their informed written consent
cannot be undivided loyalty |
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Term
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Definition
when a brokerage firm is serving both a buyer and seller as clients, the broker appoints a separate salesperson to represent each client
charged to maintain an "arm's-length" relationship within the firm, though the broker remains privy to the affairs of both clients |
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Term
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Definition
a.k.a. facilitating or intermediary broker
broker assists with a transaction between a buyer and seller, but the broker does not represent either party
required to exercise skill, care, and diligence in dealing with the parties, and they must deal honestly and fairly with both parties |
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Term
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Definition
most complete license because only a broker is permitted to own and operate a real estate brokerage business
brokers are responsible for the completion of documents used in sales and leases negotiated by people in their business, for handling money held in trust for clients (earnest money on deposits or rent collected), and for the actions of their employees
each real estate office must have at least one licensed broker |
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Term
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Definition
to enter the brokerage business, must first obtain this license
can be an employee of a broker, but more commonly is an independent contractor of the brokerage firm
may perform business activities, such as negotiating listing contracts or contracts for sale, but must perform them in the name of the broker
laws and regulations usually strictly forbid salesperson from holding client moneys; these funds must be delivered to an appropriate broker's trust account shortly after receiving them |
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Term
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Definition
appointed commission responsible for overseeing the implementation and administration of a state's real estate license law
it usually is empowered to grant, revoke, or suspend licenses, and otherwise discipline real estate brokers operating in the state |
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Term
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Definition
established by states with moneys from license fees
can be used to pay some types of judgments against licensees |
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Term
| Errors and omission insurance |
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Definition
| some states require to purchase this insurance to cover damages arising from professional mistakes |
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Term
| National Association of Realtors (NAR) |
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Definition
a principal trade or professional organization of real estate brokers
members agree to abide by a code of ethics |
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Term
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Definition
| to identify submarkets in which they can specialize and concentrate |
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Term
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Definition
segment or portion of a market in which all of the properties are considered to be close substitutes by a relatively homogenous group of potential buyers
properties all provide similar utility of satisfaction |
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Term
| Discrimination in housing |
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Definition
| Federal and state laws prohibit discrimination in housing on the basis of race, color, religion, national origin, sex, familial status and handicap |
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Term
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Definition
Declares the following acts to be illegal:
1) refusing to sell, rent, or deal with any person
2) offering terms and conditions that differ among buyers or renters, influenced by the prohibited characteristics
3) advertising housing is available only to certain buyers
4) denying that housing is available for sale or rental until it is actually available
5) blockbusting - persuading someone to sell housing by telling him or her that minority groups are moving into the neighborhood
6) denying home loans or varying home loan terms on the basis of prohibited characteristics
7) denying or limiting the use of real estate services to anyone on the basis of prohibited characteristics
8) coercing, intimidating, or interfering with any person in the exercise or enjoyment of these federal rights |
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Term
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Definition
use of the Internet to advertise real estate services, to market properties, and to provide information about specific properties
while few properties are sold exclusively through the Internet, it has become a central tool to real estate marketing today |
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Term
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Definition
a contract between a property owner and a broker that gives the broker the right to market the property
lack of exclusivity
if the owner sells the property themselves, none of the brokers will be owned for a commission |
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Term
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Definition
requires the sellers to pay a commission to the broker if the property is sold by anyone other than the owners
owners retain the right to sell the property without incurring liability for a commission
is used infrequently because it provides far less protection to the broker than other |
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Term
|
Definition
regulate persons and companies that engage in the brokerage business
a license is required to conduct real estate brokerage activities, which include the purchase, sale, renting, leasing, auctioning, and managing of real estate for others |
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Term
| Exclusive right of sale listing |
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Definition
| broker gets commission even if other broker or seller sells the property within the contracted time frame |
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Term
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Definition
the transfer of the original lessee's rights under the lease contract to another tenant
the original lessee and the new tenant may be coliable if rent payments are not made |
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Term
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Definition
| event at which possession and title to real estate normally are transferred from seller to buyer |
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Term
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Definition
| anything of value given to induce another party to enter into a contract |
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Term
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Definition
specific requirements that must be satisfied by or for a party to a contract
makes the sale conditional on the buyer's obtaining something such as financing or a favorable engineering report |
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Term
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Definition
the legal document between a buyer and seller that states the purchase price and other details of the transaction, and the detailed manner in which ownership rights are to be transferred
is generally regarded as the most important contract in real estate |
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Term
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Definition
| the detailed requirements of a fully enforceable contract, such as the down-payment, any seller financing, provisions for inspections, type evidence of title, type of deed, dates, and other details of the transaction process |
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Term
| Contracts with contingencies |
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Definition
| an agreement for sale that makes the sale conditional on the buyer's obtaining something such as financing or a favorable engineering report |
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Term
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Definition
| a cash deposit by a buyer at the time of the offer to establish credibility of the offer, and to provide recourse to the seller if the buyer reneges |
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Term
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Definition
| the right of someone to obtain full, legal title to real estate, provided the terms and conditions of the document creating equitable title (usually a contract for sale) are fulfilled |
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Term
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Definition
the status of real estate transactions that are closed through the help and intercession of a third party, called an escrow agent
the deed is delivered to the escrow agent for delivery to the buyer on performance of a condition (payment of the purchase price) |
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Term
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Definition
a person or company that performs the closing function for a fee
escrow agents collect all needed documents and funds for disbursement at the closing |
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Term
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Definition
an estimate of all the costs to be incurred at a real estate closing
most commonly, the estimate is provided by a lender, in accordance with the requirements of the Real Estate Settlement Procedures Act |
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Term
|
Definition
ownership of property
for real estate, a lawful claim, supported by evidence of ownership |
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Term
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Definition
a contract that requires a service or action on the part of one party
this includes leases and mortgage loans, for example, which require regular payments
generally, these contracts are not fully assignable in that the lessee or mortgagor remains liable for the obligation |
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Term
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Definition
| allocation of costs and revenues between buyer and seller of real property at closing, based on the time of ownership by each party |
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Term
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Definition
| filing of a document with the appropriate public official or office in order to provide constructive notice to the public of a sales transaction or legal contract |
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Term
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Definition
the termination of a contract by cancellation
under the Truth-in-Lending Act, a borrower's right to cancel a loan contract within three days is secured by his or her principal residence |
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Term
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Definition
| a legal action brought in a court of equity, compelling a party defaulting on a contract to carry out the exact requirements of the contact rather than, for example, settling for damages |
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Term
| At closing, who pays purchase price |
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Definition
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Term
| At closing, who pays earnest money deposit |
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Definition
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Term
| At closing, who pays assumed mortgage |
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Definition
| buyer takes over from seller |
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Term
| At closing, who pays purchase money mtg, prorated items |
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Definition
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Term
| At closing, who pays interest on assumed mortgage |
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Definition
| buyer pays, receives credit |
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Term
| At closing, who pays existing insurance |
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Definition
| Seller paid, receives credit |
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Term
| At closing, who pays property taxes |
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Definition
| buyer pays, receives credit |
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Term
| At closing, who pays owner's title insurance |
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Definition
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Term
| At closing, who pays lender's title insurance |
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Definition
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Term
| At closing, who pays state mortgage taxes |
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Definition
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Term
| At closing, who pays state tax deed |
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Definition
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Term
| At closing, who pays intangibles tax |
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Definition
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Term
| At closing, who pays recording of new mortgage |
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Definition
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Term
| At closing, who pays recording of deed |
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Definition
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Term
| At closing, who pays brokerage commission |
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Definition
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