LEASING AND PROPERTY MANAGEMENT Flashcards

1
Q

Exchanging like-kind property for like-kind property, resulting in a deferral of capital gains tax; also called a tax-free exchange

A

1031 EXCHANGE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Written history of property

A

ABSTRACT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A client level duty relating to account of earnest money, actions, etc.

A

ACCOUNTING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Gradual Build up of soil; person gains title to added land built up on property

A

ACCRETION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

A customer level duty relating to disclosure of all material defects (including latent or hidden defects) to any customer; e.g., leaky roofs, leaky basements, etc.

A

ACCURATE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Occurs when a document, such as a deed, is signed by the seller in the presence of a notary public, acknowledging that this is a voluntary act

A

ACKNOWLEDGE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A situation where a person has actual or personal knowledge of a transaction, etc.

A

ACTUAL NOTICE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Based on value

A

AD VALOREM

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Court appointed person to oversee estate distribution of deceased; only applies when one dies intestate (without a valid will)

A

ADMINISTRATOR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Squatters Rights; can gain title by using someone elses property continuously, openly and notoriously (without permission) for a certain period of time

A

ADVERSE POSSESSION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

One who is hired to represent another

A

AGENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

In a real estate context, this relates to the word transfer; e.g., in a mortgage, an alienation clause allows the lender to call the loan due and payable if a property is sold or transferred, in other words, making the loan non-assumable

A

ALIENATION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A right, privilege or improvement that is permanently attached to the land

A

APPURTENANCE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A type of easement that runs with the land - tied to a particular property - given for the benefit of the particular land, e.g., shared driveway

A

APPURTENANT EASEMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A type of insulation wrapped around pipes that could be cancer causing. The best way to remedy is to encapsulate, i.e., seal the asbestos.

A

ASBESTOS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A total transfer of rights in a lease where the original tenant and new tenant are both liable to the landlord for the lease payments

A

ASSIGNMENT OF LEASE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

The title given to someone who has the power of attorney; can sign on others behalf

A

ATTORNEY-IN-FACT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Sudden transfer; e.g., stream changing channel. With an avulsion, the boundary lines for a property remain the same as they were before the sudden change.

A

AVULSION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

A type of deed transferring title from a seller to a buyer where the only promise made by the seller is the covenant of seizing (seller promises ownership of the property and the right to sell)

A

BARGAIN AND SALE DEED

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Transfer of personal property through a will

A

BEQUEST

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Where a party to a contract does not perform according to the terms of the agreement

A

BREACH

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

A commercial site where the possibility of environmental contamination exists

A

BROWNFIELD

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

An area separating two incompatible areas

A

BUFFER ZONE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Profit made on an investment item, such as real estate

A

CAPITAL GAIN

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

A client level duty exercising knowledge and skill

A

CARE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Comprehensive Environmental Response, Compensation and Liability Act. A federal law which prohibits the dumping of hazardous waste on property.

A

CERCLA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

List of recorded documents

A

CHAIN OF TITLE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Another word for personal property; comes from the word “cattle”

A

CHATTEL

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Any claim that impairs title; e.g. forged signatures or no signatures on deed, heirs of prior owner claiming title, etc.

A

CLOUD ON THE TITLE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Refers to a squatter`s rights to ownership once time period has been met

A

COLOR OF TITLE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Property acquired during marriage; spouses have equal interest in property

A

COMMUNITY PROPERTY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Where two or more own property together at the same time

A

CONCURRENT ESTATES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

The PROCESS used to take the property when the government exercises the right of Eminent Domain

A

CONDEMNATION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Property deeded with conditions; e.g., must be used as a school. Also referred to as a defeasible fee

A

CONDITIONAL FEE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

A multi-unit building where the occupants each own their individual units and receive a deed granting ownership of the property

A

CONDOMINIUM

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

A client level duty relating to maintaining confidential information of the client

A

CONFIDENTIALITY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

An item of value; one must have consideration to have a valid deed or contract

A

CONSIDERATION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

In leasing, a situation where the landlord constructively evicts the tenant by not maintaining the premises; e.g., no heat in the wintertime; lessee or tenant must actually leave the premises and is released from lease obligations

A

CONSTRUCTIVE EVICTION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Occurs when a document is recorded on the public record at the county courthouse; a person is responsible for knowing facts because of recording on the public record

A

CONSTRUCTIVE NOTICE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

A multi-unit building where the people who occupy the units own stock in a corporation, thereby receiving a right to lease the unit from the cooperative itself

A

COOPERATIVE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

A life estate interest a husband receives in property upon wife`s death, regardless of debts owned on the property

A

CURTESY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Voluntarily giving land to government; typically done by a developer

A

DEDICATION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Property deeded with conditions; e.g., must be used as a school. Also referred to as a conditional fee

A

DEFEASIBLE FEE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Title is transferred from seller to buyer when the deed is delivered and accepted

A

DELIVERY AND ACCEPTANCE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

A transfer of rights in real property through a lease

A

DEMISE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Occurs when one dies intestate; probate judge then determines who receives the property of the deceased, such as children, parents, other family members, etc. In essence, judge determines who property descends or goes to

A

DESCENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Improves the lots

A

DEVELOPER

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Transfer of real property through a will

A

DEVISE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Receiver of real property through a will

A

DEVISEE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

A client level duty relating to disclosing to a client all materials facts regarding the transaction

A

DISCLOSURE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Land benefited or in favor of the easement

A

DOMINANT TENEMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

A life estate interest a wife receives in property upon husband`s death, regardless of debts owned on the property

A

DOWER

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Going from a more active use to a less active use; e.g., multi-family to single family

A

DOWNZONING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

A situation where a broker represents both buyer and seller at the same time; must have written prior permission from both parties and informed consent

A

DUAL AGENCY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Gives someone else the right to use a part of your property while you still retain the ownership rights

A

EASEMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Using someone else`s property continuously, openly and notoriously for a certain period of time - the adverse user then gains an easement to use that land

A

EASEMENT BY PRESCRIPTION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

A type of easement not tied to any land but instead that is owned by a person or company, e.g., utilities, railroads

A

EASEMENT IN GROSS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Growing crops in the field; allows the seller to come back and harvest after the sale

A

EMBLEMENTS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

The RIGHT of the government to take private property for public good. The property owner is paid compensation for the property

A

EMINENT DOMAIN

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Trespassing; an improvement or appurtenance that extends across the property line; e.g., fences, tree limbs, etc.

A

ENCROACHMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Something that burdens or limits your title to a property, such as a lien or deed restriction (or) rights held by someone else in your property, such as through an easement

A

ENCUMBRANCE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

Gradual wearing away of soil; owner loses title to land eroded away

A

EROSION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
63
Q

Liability insurance for real estate agents that protects against claims of failure to perform duties or mistakes being made

A

ERRORS AND OMISSIONS INSURANCE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
64
Q

A lease clause allowing a landlord to pass increased costs along to tenant; i.e., can raise rent to tenant if landlord`s costs go up

A

ESCALATION CLAUSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
65
Q

The right of the government to take private property when an owner dies intestate (no will) and has no heirs; also applies if owner abandons the property

A

ESCHEAT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
66
Q

The degree, quantity, nature and extent of ownership interest in real property

A

ESTATE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
67
Q

A lease with a definite beginning and ending date

A

ESTATE FOR YEARS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
68
Q

A life estate whereby the property goes to a third party (named by the grantor) when the grantee (life tenant) dies

A

ESTATE IN REMAINDER

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
69
Q

A life estate whereby the property reverts back to the grantor when the grantee (life tenant) dies

A

ESTATE IN REVERSION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
70
Q

A clause in a deed that lists any encumbrances the buyer is subject to; many times, referred to simply as the reservations clause

A

EXCEPTIONS AND RESERVATIONS CLAUSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
71
Q

Only for owner-occupied properties; a person can write off up to $250,000 of capital gains if single, $500,000 if married; must have been your personal residence for 2 of the past 5 years; can use exclusion repeatedly, not just once in a lifetime

A

EXCLUSION ON HOMES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
72
Q

A type of listing where the owner and one broker are authorized to sell and receive a commission

A

EXCLUSIVE AGENCY LISTING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
73
Q

A type of listing where only one broker is authorized to sell and receive a commission

A

EXCLUSIVE RIGHT TO SELL LISTING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
74
Q

One named in will to carry out will

A

EXECUTOR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
75
Q

Type of deed used by the executor to transfer property to those named in will

A

EXECUTOR`S DEED

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
76
Q

Refers to a contractual obligation where all parties have clearly stated their intentions

A

EXPRESSED

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
77
Q

A title insurance policy that may cover more things than a standard policy, such as unrecorded liens, etc.

A

EXTENDED POLICY

78
Q

A customer level duty relating to treating all customers fairly

A

FAIR

79
Q

The maximum rights one can have in owning real estate; also called fee simple absolute.

A

FEE SIMPLE

80
Q

Loyalty and trust; what an agent owes to a principal (client)

A

FIDUCIARY

81
Q

Going from personal to real property; item that was once personal property but is now attached

A

FIXTURE

82
Q

What we usually think of as OWNERSHIP. There is no definite ending date and it is for at least a lifetime.

A

FREEHOLD ESTATES

83
Q

A promise made by the seller in a general warranty deed assuring the buyer that the seller will provide or sign documents in the future if necessary to help prove buyer`s title

A

FURTHER ASSURANCE

84
Q

A person who represents someone else in several areas on an ongoing basis; e.g., property manager to owner; also salesperson to broker

A

GENERAL AGENT

85
Q

Tax on land plus improvements; pays for school, police and fire protection, etc.

A

GENERAL ASSESSMENT

86
Q

Insurance a real estate brokerage can obtain to protect against someone being harmed or injured on the brokerage premises

A

GENERAL LIABILITY INSURANCE

87
Q

A lien that applies to all of one`s property, real and personal

A

GENERAL LIEN

88
Q

The instrument used to transfer title from a seller to a buyer whereby seller gives buyer greatest protection; seller promises the covenant of seizin, quiet enjoyment, against encumbrances, further assurance and warranty forever

A

GENERAL WARRANTY DEED

89
Q

A lease where the payments can go up or down, but are pre-determine

A

GRADUATED LEASE

90
Q

The person receiving title to real property; typically the buye

A

GRANTEE

91
Q

Words of conveyance in a deed; using property wording and verbiage in a deed

A

GRANTING CLAUSE

92
Q

The person transferring title to real property; the seller

A

GRANTOR

93
Q

A lease where the landlord pays taxes, assessments, insurance, etc.

A

GROSS LEASE

94
Q

A lease for ground; usually long-term; e.g., farmers, gas stations, et

A

GROUND LEASE

95
Q

In a deed, contains just these words: “To have and to hold”

A

HABENDUM

96
Q

Insurance a real estate brokerage can obtain on business property to protect against vandalism

A

HAZARD INSURANCE

97
Q

A law that protects a family`s home from creditors; does not apply to real estate taxes or home mortgage

A

HOMESTEAD

98
Q

A customer level duty relating to being honest with customers

A

HONEST

99
Q

Refers to a contractual obligation that is created by one`s action

A

IMPLIED

100
Q

A lien for non-payment of income tax to the IRS (Internal Revenue Service)

A

INCOME TAX LIEN

101
Q

A lease where the payments can go up or down but are based on some type of index, such as the consumer price index

A

INDEX LEASE

102
Q

Dying without a valid will

A

INTESTATE

103
Q

A form of ownership where two or more parties own property together; carries the right of survivorship (when an owner dies, the ownership interest goes to the surviving owners, not the heirs of the deceased)

A

JOINT TENANCY

104
Q

A lien for personal debts; covers all real and personal property

A

JUDGMENT LIEN

105
Q

A spot on the earth that goes down to the center of the earth and up to infinity

A

LAND

106
Q

A federal law concerning lead based paint mandating the following disclosures prior to contract obligation for residential properties built prior to 1978: 1) buyers being given a pamphlet concerning lead based paint, 2) sellers disclosure to buyers of any known lead based paint on property and 3) buyers being given a 10 day inspection period regarding lead based paint.

A

LEAD BASED PAINT LAW

107
Q

What we usually think of as RENTING or LEASING. It is for a definite period of time, i.e., a limited duration.

A

LEASEHOLD ESTATES

108
Q

Receiver of lease (tenant)

A

LESSEE

109
Q

Giver of lease (landlord)

A

LESSOR

110
Q

Personal permission to use someone else`s property; does not encumber title as an easement does

A

LICENSE

111
Q

A money encumbrance against a property

A

LIENS

112
Q

A property that is deeded to someone for their life or the life of another

A

LIFE ESTATES

113
Q

Latin for “pending litigation or action”

A

LIS PENDENS

114
Q

Property bordering a lake or ocean

A

LITTORAL

115
Q

(Fiduciary) A client level duty relating to doing what is in your client`s best interest

A

LOYALTY

116
Q

Plan for a cities future growth

A

MASTER LAND PLAN

117
Q

A lien designed for people who make improvements on property and are wrongfully not paid; e.g., contractors, sub-contractors and material vendors who are not paid for work performed or materials supplied

A

MECHANIC`S LIEN

118
Q

A fungus that tends to grow in moist areas; very common in areas of high humidity or in properties that are too air-tight

A

MOLD

119
Q

A voluntary lien where one uses property as security for a loan

A

MORTGAGE LIEN

120
Q

(lender) A title insurance policy covering a lender for the outstanding loan balance

A

MORTGAGEE`S POLICY

121
Q

A lease where the tenant pays all or part of taxes, assessments, insurance, etc. Taxes paid by tenant would be tax deductible for the tenant.

A

NET LEASE

122
Q

Normally illegal; this is where the real estate commission is the sale price less the seller`s required proceeds

A

NET LISTING

123
Q

Before zoning; similar to a grandfather clause; allows continued use of a property that is technically in violation of the current zoning law because the owner was using the property a certain way before the zoning change. Property can be sold as non-conforming use if buyer uses it the same as the seller had; however, if property burns down, generally property then must conform to the new, current zoning use.

A

NON-CONFORMING USE

124
Q

A clause in a lease and lending document allowing for continuation of a lease even if the property is foreclosed on

A

NON-DISTURBANCE CLAUSE

125
Q

Without permission (hostile); this is a requirement for a person claiming rights to a property either through adverse possession or an easement by prescription

A

NOTORIOUS

126
Q

(Performance) A client level duty following instructions of a client

A

OBEDIENCE

127
Q

A type of listing where everyone is authorized to sell and receive commission, including the owner; the only one who gets paid is the one who is the procuring cause (found the buyer)

A

OPEN LISTING

128
Q

Costs incurred in a property management situation, such as utilities and repairs; does not include vacancies

A

OPERATING COSTS

129
Q

Refers to a contractual obligation that is created by what appears to be; similar to implied

A

OSTENSIBLE

130
Q

A situation where two structures share the same wall; e.g., a duplex

A

PARTY WALL

131
Q

A lease where the rent is based on a percentage of sales; normally used in retail leases

A

PERCENTAGE LEASE

132
Q

A lease that runs from period to period; e.g., a month-to-month lease

A

PERIODIC TENANCY

133
Q

Anything that is easily movable; e.g., camera, grill, etc.

A

PERSONAL PROPERTY

134
Q

(PUD) Diverse uses of land in one area; requires special zoning (referred to as overlay, cluster or density zoning)

A

PLANNED UNIT DEVELOPMENT

135
Q

Keeping things in order; e.g., zoning and building codes fall under police power

A

POLICE POWER

136
Q

A written document authorizing one to sign legal documents on behalf of another

A

POWER OF ATTORNEY

137
Q

One who hires an agent for representation

A

PRINCIPAL / CLIENT

138
Q

A special court for handling estates upon one`s death. Court determines who gets what property and in what amounts if the deceased died intestate (without a valid will)

A

PROBATE COURT

139
Q

An agreement between an owner and property manager that shows basic duties of the property manager; generally this agreement does not contain a vacancy rate

A

PROPERTY MANAGEMENT AGREEMENT

140
Q

A lien for non-payment of real estate taxes; this always takes priority getting paid off at a foreclosure sale

A

PROPERTY TAX LIEN

141
Q

Protects broker in case negotiations extend past the expiration date of listing; this clause is normally standard in an agency agreement

A

PROTECTIVE PERIOD CLAUSE

142
Q

(for anothers life) A life estate where the grantee owns a property based on someone elses life

A

PUR AUTRE VIE

143
Q

A promise assuring no third party claims; e.g., in a lease, a tenant receives the right of quiet enjoyment from a landlord, thus relieving tenant from having to worry about another party claiming rights to that same space

A

QUIET ENJOYMENT

144
Q

Court action to clear a cloudy title; e.g., ownership disputes, adverse possession claims, encroachments, etc.

A

QUIET TITLE SUIT

145
Q

A type of deed transferring title from a seller to a buyer where NO promises are made by the seller. The seller says IF I own it, but I`m not saying I do, I give you whatever rights I MAY have. This deed is typically used to quiet cloudy titles.

A

QUITCLAIM DEED

146
Q

Naturally decaying radioactive gases in the ground that can infiltrate built structures, such as houses; can be cancer causing

A

RADON GAS

147
Q

Government regulations relating to subdivisions; e.g., most cities require streets, sewers, easements, etc.

A

REGULATIONS

148
Q

Third party who receives fee simple title upon death of the grantee (life tenant)

A

REMAINDERMAN

149
Q

A form of life estate where the seller sells the property but retains (reserves) a life estate interest in that same property for the seller`s lifetime

A

RESERVATION

150
Q

A private agreement contained in a deed that restricts the use of a property; e.g., certain types of fences or roofs required. Also referred to as restrictive covenants or deed restrictions.

A

RESTRICTIONS

151
Q

A private agreement contained in a deed that restricts the use of a property; e.g., certain types of fences or roofs required. Also referred to as deed restrictions

A

RESTRICTIVE COVENANTS

152
Q

Upon expiration of a lease, the property goes back to original lessor (landlord); also, a life estate in reversion is where once a grantee (life tenant) dies, the property goes back to original grantor

A

REVERSION

153
Q

Found in joint tenancy, when one owner dies, the ownership interest passes to the surviving owners

A

RIGHT OF SURVIVORSHIP

154
Q

Property bordering a flowing waterway; e.g., river or stream

A

RIPARIAN

155
Q

A title insurance clause stating that certain items are excluded from coverage; e.g., government regulations such as zoning

A

SCHEDULE OF EXCEPTIONS

156
Q

Seized of title; A term where seller promises ownership of property and has the right to sell

A

SEIZIN

157
Q

Property acquired before marriage; individual spouses retain sole ownership interest

A

SEPARATE PROPERTY

158
Q

Land burdened by the easement

A

SERVIENT TENEMENT

159
Q

A situation where one person only owns the property; also, how corporations take title

A

SEVERALTY

160
Q

Going from real to personal property; e.g., cutting down a tree

A

SEVERANCE

161
Q

Transfers property to buyer at foreclosure sale; e.g. for non-payment of mortgage

A

SHERIFF`S DEED

162
Q

A federal law that prohibits groups of brokers setting a fixed price for services

A

SHERMAN ANTI-TRUST LAWS

163
Q

A person who represents someone else one time in one area; e.g., broker to seller

A

SPECIAL AGENT

164
Q

Property tax for improvements that benefit certain properties; e.g., sewers and sidewalks

A

SPECIAL ASSESSMENT

165
Q

A type of deed transferring title from a seller to a buyer. However, the seller only makes promises regarding ownership, encumbrances, etc. during the time period in which the seller owned the property, no promises before that.

A

SPECIAL WARRANTY DEED

166
Q

A lien that applies only to one specific property

A

SPECIFIC LIEN

167
Q

Changing the zoning of one particular spot; normally for public good

A

SPOT ZONING

168
Q

A title insurance policy that covers forged documents, undisclosed heirs, etc.

A

STANDARD POLICY

169
Q

An agency situation where one agent is authorized to use another agent to represent the client; historically, this is where two brokers, the listing and selling broker, both represent the seller; buyer is a customer and is unrepresented

A

SUB-AGENCY

170
Q

Divides land into lots for sale

A

SUBDIVIDER

171
Q

A partial transfer of rights in a lease where just the original tenant remains liable for the lease payments; the new tenant is a lessee of the original tenant

A

SUBLEASING

172
Q

Signing over rights in a claim to a title insurance company in return for getting paid off

A

SUBROGATION

173
Q

A lawsuit where one of the owners institutes court action to force sale of property by all parties

A

SUIT TO PARTITION

174
Q

A public official who appraises property for tax purposes to determine only the assessed value

A

TAX ASSESSOR

175
Q

Total of all assessed values

A

TAX BASE

176
Q

Transfers property to buyer at foreclosure sale for non-payment of taxe

A

TAX DEED

177
Q

Exchanging like-kind property for like-kind property, resulting in a deferral of capital gains tax; also called a 1031 exchange

A

TAX-FREE EXCHANGE

178
Q

A lease where the tenant stays over without permission; landlord suffers

A

TENANCY AT SUFFERANCE

179
Q

A lease where the tenant does have permission to occupy but nothing is in writing; e.g., a landlord continuing to accept rent from a tenant even after expiration of the original lease

A

TENANCY AT WILL

180
Q

Very similar to joint tenancy, with the difference being that the owners must be husband and wife

A

TENANCY BY THE ENTIRETIES

181
Q

An individual interest in group ownership; the ownership interest can be unequal, the parties all share possession, and the heirs of the deceased receive the property upon the death of one of the owners (ownership does NOT transfer to the other co-owners)

A

TENANCY IN COMMON

182
Q

Dying with a valid will

A

TESTATE

183
Q

Deceased person who had made a will

A

TESTATOR

184
Q

Fee simple ownership to a unit for a set period of time each year; interval ownership

A

TIME SHARING

185
Q

Insures the title to a particular piece of property

A

TITLE INSURANCE

186
Q

Item installed by a commercial tenant for business use; e.g. display cases

A

TRADE FIXTURES

187
Q

After zoning; this is a small deviation in the current zoning law that still conforms to the over all general plan for the area. Variances are generally granted for things like setback requirements, front footage requirements, etc

A

VARIANCE

188
Q

A type of easement for viewing across another`s propert

A

VIEW EASEMENT

189
Q

A promise made by the seller in a general warranty deed that says if the seller provides faulty title, the seller will return the purchase price money back to the buyer; in essence, a money back guaranty

A

WARRANTY FOREVER

190
Q

Difference between earth`s surface and percolating water

A

WATER TABLE

191
Q

A procedure where a sheriff seizes property and sells to satisfy a judgment

A

WRIT OF EXECUTION

192
Q

The regulation of structures and uses of property within designated areas

A

ZONING