02 Flashcards
(25 cards)
property where each owner has a separate interest in their own unit and undivided interest in the common areas.
condominium
portions of a shared ownership property not controlled by any one owner or tenant; examples include parking lots, fitness centers, elevators, etc.
common elements
property where each owner owns shares in a corporation that owns a building, then has a proprietary lease for their unit.
cooperative (co-op)
a subdivision that includes residential dwellings along with nonresidential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be co-owned by PUD lot owners as tenants in common.
planned unit development (PUD)
a form of co-ownership where each owner has use of the property at a different prescribed period of time; aka interval ownership.
timeshare
a tax calculated according to the assessed value of a piece of real estate.
ad valorem tax
an exemption that a homeowner can file to reduce the amount of ad valorem taxes paid on their homestead.
homestead tax exemption
to divide or allocate expenses between buyers and sellers based on the actual period of usage of the item or service.
prorate
the process of paying off a debt/mortgage in regular installments based on a fixed payment schedule.
amortization
payment the occurs at the end of a period to compensate for charges accrued during that time.
arrears
stands for Comprehensive Loss Underwriting Exchange, a database used by insurance agencies that contains information on any claims made in the past five years by property owners on specific properties.
CLUE reports
the components of a mortgage payment; principal, interest, taxes, and insurance.
PITI
the act of dividing or allocating expenses between buyers and sellers based on the actual period of usage of the item or service.
proration
plants or crops intended for harvest and treated as personal property; aka emblements.
fructus industriales
trees, perennial plants, and uncultivated plants usually treated as real property because of their permanence.
fructus naturales
any unattached, movable asset on the property not considered real estate (land plus improvements); aka chattel or personalty.
personal property
personal property that is owned by and needed for a tenant’s business.
trade fixture
an unauthorized action taken on behalf of a principal which is accepted and legitimized after the fact by the principal.
agency by ratification
a license holder designated to work with a client as part of an intermediary transaction
appointed license holder
agency created by a clear, specific agreement; can be written or oral.
express agency
a form of agency relationship In which agents are limited in scope and are only authorized to perform acts permitted by their principal.
special agency
a broker who negotiates a contract between two parties that are both being represented by that broker.
intermediary broker
agency that is created by the actions, conduct, and words of either or both parties without ever being expressly requested.
implied agency
an individual with authority to act on behalf of another, a state licensee is required to operate as an agent in real estate.
agent
