Term
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Definition
| someone who represents another person in a commercial transaction |
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Term
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Definition
| acronym of For Sale By Owner. FSBOs do not have a real estate agent representing them on the sale of the property |
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Term
| goal of real estate agents |
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Definition
| satisfy the needs of people the agent represents in a successful real property transaction |
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Definition
| all property on other than real property and includes items such as money, furniture, cars and livestock. |
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Definition
| the primary home of a property owner |
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Term
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Definition
| is someone representing another person in real estate transactions |
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Term
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Definition
| a permit granted by the state that allows a person to receive compensation for facilitating real estate transactions. minimum requirements for obtaining a real estate license are completing specific approved classes and passing a state exam. |
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Term
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Definition
| a written exam administered by the state to individuals who have completed required real estate classes. passing the exam is required to obtain a real estate license. |
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Term
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Definition
| ownership interests in land and anything permanently affixed to the land (such as a house, utility lines, barns, wells, storage buildings, etc..) |
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Term
| real property transaction |
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Definition
| the legal sale of real property. the legal requirements are varied by state. |
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Term
| residential property transaction |
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Definition
| sale of residential property. includes both primary and secondary residence. |
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Term
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Definition
| occurs when the perceived value meets or exceed expectations. |
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Term
| satisfy the needs of people |
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Definition
| real estate agents must satisfy the needs of people they represent. regardless of the technical skill, hard work, or results obtained by the agent, if the client is unsatisfied the agent will not gain repeat business or favorable recommendations. |
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Term
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Definition
| any residence other than the primary residence of the property owner. some common secondary residences are vacation homes, weekend homes and residences for family members living away from home for work or school. |
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Term
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Definition
| estimate of market value of land and the buildings attached to the land by an appraiser |
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Term
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Definition
| a professional who makes independent estimates of the market value of the land and all structures attached to the land |
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Term
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Definition
| people in a contract must be legally able to sign |
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Term
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Definition
| when an attorney goes back through deeds and ownership records of real property to determine if the seller actually owns the property and if there is any money owed on the property |
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Term
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Definition
| the process when deeds are signed, final payment is made, and real property rights are transferred. closings almost always occur with the supervision of a qualified attorney. |
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Term
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Definition
| a worksheet documenting the sources of funds and the uses of funds in the purchase of real estate. |
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Term
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Definition
| something of economic value. for land sales this is almost always money. it must be exchanged between the buyer and seller for valid contract to sell land. |
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Term
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Definition
| agreement between 2 or more parties to sell property. a contract for real property must contain 5 parts- offer and acceptance, consideration, capacity of parties, lawful purpose, and must be in writing. |
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Term
| covenants, conditions or restrictions |
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Definition
| private (nongovernmental) limits on the way the real property can be used. |
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Term
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Definition
| a legal document used to transfer real property rights to another person |
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Term
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Definition
| cash or check that is held by the broker or in escrow to show that the potential buyer is serious about purchasing the property. |
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Term
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Definition
| used to inspect land for drainage or a building for structural problems |
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Term
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Definition
| banks, savings and loans, or other groups providing home loans. |
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Term
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Definition
| personal property attached to the land or a building. |
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Term
| health and safety inspection |
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Definition
| and inspection of the building and septic system by a professional or government employee to ensure that the building can be safely occupied. |
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Term
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Definition
| are an organization comprised of all owners of property with in a specified area |
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Term
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Definition
| someone who checks for problems with the building or operating systems of the building |
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Term
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Definition
| a valid contract to buy or sell land must be in writing and signed by all parties. |
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Term
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Definition
| the contract must be for some legal act or function |
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Term
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Definition
| right to occupy land or a building |
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Term
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Definition
| the right to live and use the buildings on a piece of land for the life of the person. all of the property rights end when the person dies. |
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Term
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Definition
| potential buyer receives a letter from a financial institution stating that they have qualified for a loan suficient to buy the property. |
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Term
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Definition
| guarantees payment of the mortgage loan in the event that the buyer defaults or dies before the mortgage is payed. |
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Term
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Definition
| ownership interests in land and anything permanently affixed to the land |
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Term
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Definition
| a precise map of real property measured and described by a licensed surveyor. |
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Term
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Definition
| a licensed professional who makes precise maps of real property |
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Term
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Definition
| an insurance policy what protects lenders against faulty ownership claims in the deed. the buyer of the property can also purchase a separate title insurance policy to protect their investment |
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Term
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Definition
| the government allows only some uses of real property in specific areas. |
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Term
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Definition
| after closing the attorney supplies copies of the deed to the proper legal authorities. a copy of the deed is also sent to the purchaser of the property and the financial institution if there is a mortgage on the property. |
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Term
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Definition
| requirement in some states that the real estate professional conduct a reasonably competent and diligent inspection of the property and to disclose to prospective purchasers all facts materially affecting the value or desirability of the property |
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Term
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Definition
| a broker who works as an associate for another broker. the brokers associate may have additional responsibilities such as being an office manager or a branch manager. |
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Term
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Definition
| a permit granted by the state that allows someone to be a real estate broker. the states have higher standards for a brokerage license than they do a real estate license. |
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Term
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Definition
| states where the seller as no obligation to point out defects in the property or buildings before sale. information provided by the seller or agent must still be true and not misleading. |
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Term
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Definition
| a real estate professional representing the buyer in an agency relationship. |
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Term
| buyers representation agreement |
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Definition
| a legal agreement between the buyer and the broker to represent the interests of the buyer in purchasing property |
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Term
| continuing education requirement |
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Definition
| additional courses required after passing the real estate exam to hold a real estate or brokerage license |
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Term
| Department of Housing and Urban Development (HUD) |
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Definition
| agency of the federal government responsible for enforcing the fair housing act and other housing issues. |
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Term
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Definition
| there is an agency relationship between the real estate professional and both the buyer and the seller of a specific piece of property |
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Term
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Definition
| the real estate agent has a duty to account for all money or property belonging to their client. they also have a responsibility to safeguard any other important items intrusted to their care by the client. |
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Term
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Definition
| the agent must at all times in the best interest of their client. |
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Term
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Definition
| a real estate agent has a duty to inform their client about any material information concerning real estate issues that a reasonable person would find of interest |
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Term
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Definition
| a real estate agent must follow the lawful instruction of their client. |
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Term
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Definition
| a real estate agent is required to use reasonable care and diligence when representing the affairs of their client |
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Term
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Definition
| a property owner grants a broker to the right to find a willing buyer for some specific time period for agreed upon compensation. the owner reserves the right the sell the property themselves with out having to compensate the broker. |
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Term
| exclusive right to represent agreement |
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Definition
| the potential buyer grants a broker the right to find an appropriate property during a specific time period for agreed upon compensation. if the buyer found and purchased a property on their own, the broker would still be paid |
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Term
| exclusive right to sell listing |
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Definition
| a property owner grants a broker to the right to find a willing buyer for some specific time period for agreed upon compensation. the broker is paid if the property sells within the time frame of the contract |
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Term
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Definition
| prohibits discrimination in the sale, rental, and financing of dwellings and in other housing transactions based on demographics. |
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Term
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Definition
| a real estate professional charges some fee for some very specific and limited real estate assiatance. |
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Term
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Definition
| when the real estate agent charges a set hourly rate for limited real estate assistance |
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Term
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Definition
| a legal agreement between the seller of the property and the broker which grants the broker permission to attempt to sell the property |
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Term
| multiple listing service (MLS) |
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Definition
| a system where participating brokers make the information on a property listing available to all other brokers in the system. the listing broker shares the commission on the sale on the property if another broker finds a willing buyer. |
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Term
| National Association of REALTORS |
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Definition
| the largest trade association in the real estate profession. |
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Term
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Definition
| an agreement granting the broker nonexclusive right to find a property for a potential buyer. the broker would be paid only if the found an appropriate property that the buyer purchases. |
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Term
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Definition
| a listing agreement granting a broker the nonexclusive right to find a willing buyer for some specific time period for an agreed upon compensation. |
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Term
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Definition
| when competitor act to raise, stabilize or lower prices. price fixing also includes collusion between competitors to limit the supply of availability of services. |
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Term
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Definition
| are ethical real estate trade practices that go beyond what is required by law. |
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Term
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Definition
| is guiding people towards or away fro properties or neighborhoods because of factors covered in the fair housing act. |
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Term
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Definition
| a real estate professional providing limited representation to both the buyer and seller of a specific piece of property without providing a full agency relationship to either party. |
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Term
| uniform deceptive trade practices act |
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Definition
| a law adopted by all 50 states and the DC prohibiting specific trade practices. |
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Term
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Definition
| all the people making a decision or influencing a purchase |
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Term
| conservation (cluster) subdivisions |
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Definition
| a subdivision that contains woodlands, surface water resources, or other green space that is deeded to the neighborhood association. the remainder of the property is sub divided for residential area. |
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Term
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Definition
| people who can make the decision to purchase |
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Term
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Definition
| income left after taxes and other payments mandated by the government such as cild support or alimony. |
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Term
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Definition
| no investment is unprofitable if a greater fool can be found to purchase the investment at a price higher than what the current owner paid. |
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Term
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Definition
| the sales value of the home minus what is owed on the property. |
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Term
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Definition
| a loan against the value of the home |
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Term
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Definition
| total assets of a household minus total household debt |
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Term
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Definition
| are fees on new homes charged by the local government |
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Term
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Definition
| a home loan where the owner only pays the interest on the loan for a number of years with no payment on the principle. |
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Term
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Definition
| is the lump sum borrowed or owed on a loan |
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Term
| negative amortization mortgage |
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Definition
| a mortgage where less than the full interest on the principle is paid in the early years if the loan. this causes the principle owed on the loan to increase each year until payments are made that exceed the current interest on the principle |
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Term
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Definition
| occurs when the cash from the sake if the property is less than the costs if sale and what is owned on the property. |
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Term
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Definition
| what the seller of a property will gain or lose on a transaction after all direct costs are paid. |
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Term
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Definition
| is the value of all assets minus all debts |
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Term
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Definition
| is the percentage increase in population for a market area over a given time period |
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Term
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Definition
| is the total number of people living in the market area. |
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Term
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Definition
| taxes paid annually on the value of land and buildings by property owners |
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Term
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Definition
| is an individuals perception of the enjoyment gained from living in a specific community |
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