Practice Flashcards
(48 cards)
Brokerage
The occupation of a broker. A real estate brokerage is the business of selling real estate through a broker who negotiates the sale for a commission
Multiple Listing Service
A cooperative listing service conducted by a group of brokers for the purpose of marketing listings
Curb Appeal
The impression gained, whether good or bad, of a property when it is first seen, usually from the street while driving by
Surrender
The voluntary giving up of a lease
Estate at Sufferance
A tenancy created when one is in wrongful possession of real estate even though the original possession may have been legal
Percentage Lease
A lease in which the landlord receives a percentage of the gross sales as part or all of the rental payment
Home Inspection
A home inspector examines the readily accessible physical structure, systems, and condition of a home and describes them in a written report
Estate for Years
A leasehold estate with a definite end date; must be renegotiated; commonly used for commercial leases
Earnest Money
Down payment made by a purchaser of real estate as evidence of good faith; or a deposit or partial payment
Estate from Period to Period
A leasehold estate that is automatically renewed for the same term; a conveyance for an indefinite period of time; does not need to be renegotiated upon each renewal; commonly a month-to-month rental
Retaliatory Eviction
An act whereby a landlord evicts a tenant in response to some complaint made by the tenant
Lessor
Landlord; property owner
Indirect Costs
Development costs not related to the land or structure, such as legal and architectural fees, financing, and insurance costs during construction
Net Lease
A lease where the tenant pays such costs as taxes, insurance and repairs, as well as a set amount for rent. A triple net lease is one in which the tenant pays all expenses of operating the property as well as a set amount for rent
Leasehold or Lease
An agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time
Rent
Consideration paid for the use of a property
Landlord
Lessor; property owner
Divided Interest
An interest in various parts of a whole property, such as the interest of the fee owner, lessee, or mortgage
Axial Growth
City growth that occurs outward along main transportation routes; usually star shaped
Sublease
Transfer less than the entire leasehold, with the original lesser being primarily liable
Working Capital
Liquid assets available for the conduct of daily business
Stigmatized Property
Psychologically impacted property that buyers or tenants may avoid for reasons that are unrelated to its physical conditions or features
Redlining
The use of a property’s location to deny financing
Reversionary Rights
The lessor (landlord) grants the right of possession to the lessee (tenant) but retains the right to re-take possession after the lease’s term has expired
