01 Flashcards
(24 cards)
a real estate license holder who locates dwelling units for prospective tenants.
apartment locator
an educational requirement that must be completed in the first two years of being licensed as a real estate agent.
sales agent apprentice education (SAE)
the economic principle that says that real estate exists in a fixed location and cannot be moved.
fixity
the surface of the earth, including all permanently attached natural features, extending downwards to the center of the earth and upwards to infinity.
land
any unattached, movable asset on the property not considered real estate (land plus improvements); aka chattel or personalty.
personal property
land plus improvements.
real estate
land from the surface of the center of earth and upward into space, including everything attached by humans or nature as well as the bundle of legal rights of ownership.
real property
the economic significance of a property’s location.
situs
a broker’s opinion of the value of a piece of real property, given in writing.
broker price opinion (BPO)
a report that compares the prices of recently sold or listed homes (“comparable”) in order to estimate the market value of a similar property (the “subject property”) located in the same area.
comparative market analysis (CMA)
any claim to or encumbrance on the title to a property that affects transferability.
cloud
the act of mixing personal funds with a client’s funds.
commingling
a statement, written or spoken, that is false or misleading.
misrepresentation
a person involved in a contract for sale, lease , or agency.
party
the making of exaggerated claims (technically opinions) in order to achieve a sale or some other objective.
puffing
a plea where a defendant does not admit guilt to a crime they are accused of, but do accept punishment as though they have been found guilty.
nolo contendere (no contest)
a relationship where one party is authorized to act on behalf of the other.
agency
rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property.
littoral rights
the right to use the airspace above the surface of land.
air rights
any permanent human-made addition that is attached to the land.
improvement
rights that govern the use of flowing water, such as rivers and streams that pass through or border a property.
riparian rights
ownership rights to all that is found beneath the surface of the tract of land owned, extending downward to the center of the earth; aka mineral rights.
subsurface rights
the rights to access the surface area of a parcel of real property.
surface rights
the right of a property owner on a waterfront to access and use that water.
water rights
