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RE Licensing Exam - Terms Study > Practice > Flashcards

Flashcards in Practice Deck (48)
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1
Q

Probate Sale

A

A court approved sale of the property of a deceased person

2
Q

Graduated Lease

A

A lease calling for periodic increases in the rental payments; sometimes called a stair-step lease

3
Q

Eviction

A

The legal process of removing a tenant from the premise for some breach of the lease

4
Q

Stigmatized Property

A

Psychologically-impacted property that buyers or tenants may avoid, for reasons that are unrelated to its physical conditions or features

5
Q

Estate for Years

A

A leasehold estate with a definite end date; must be renegotiated; commonly used for commercial leases

6
Q

Home Inspection

A

A home inspector examines the readily accessible physical structure, systems, and condition of a home and describes them in a written report

7
Q

Net Lease

A

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 in one in which the tenant pays all expenses of operating the property as well as a set amount for rent.

8
Q

Residential Rental Property

A

Property from which 80% or more of the gross rental income is income from dwelling units

9
Q

Surrender

A

The voluntary giving up of a lease

10
Q

Sublease

A

Transfer less that the entire leasehold, with the original lessee being primarily liable

11
Q

Homeowners’ Association

A

A group of property owners in a common interest development that manages common areas, collects dues, and establishes property standards

12
Q

Earnest Money

A

Down payment made by a purchaser of real estate as evidence of good faith; or a deposit or partial payment

13
Q

Brokerage

A

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

14
Q

Retaliatory Eviction

A

An act whereby a landlord evicts a tenant in response to some complaint made by the tenant

15
Q

Axial Growth

A

City growth that occurs outward along main transportation routes; usually star shaped

16
Q

Unlawful Detainer Action

A

A lawsuit filed with the court against a tenant who remains in unlawful possession of rental property after breaching the terms of a lawful lease

17
Q

Percentage Lease

A

A lease in which the landlord receives a percentage of the gross sales as part or all of the rental payment

18
Q

Manufactured Home

A

A home built in a factory after June 15, 1976 and must conform to the federal Manufactured Home Construction and Safety Standards

19
Q

Divided Interest

A

An interest in various parts of a whole property, such as the interest of the fee owner, lessee, or mortgage

20
Q

Goodwill

A

An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage

21
Q

Curb Appeal

A

The impression gained, whether good or bad, of a property when it is first seen, usually from the street while driving by

22
Q

Steering

A

The illegal practice of only showing clients property in certain areas

23
Q

Business Opportunity

A

Any type of business for lease or sale

24
Q

CC&Rs

A

Restrictions are placed on certain types of real property and limit the activities of owners

25
Q

Sandwich Lease

A

A lease agreement created when a tenant sublets the property to another person, thus creating a sublessor-sublessee relationship. The person in the “sandwich” is a lessee to one party and a lessor to another

26
Q

Redlining

A

The use of a property’s location to deny financing

27
Q

Retrofit

A

Modification of an existing building or facility to include new systems or components

28
Q

Leasehold or Lease

A

An agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time

29
Q

Lessor

A

Landlord; property owner

30
Q

Tenant

A

A renter

31
Q

Estate at Will

A

Possession of real estate belonging to another, with their permission, for an indefinite period of time; can be terminated by either the lessor or lessee; either party must give 30 days notice before ending the tenancy

32
Q

Landlord

A

Lessor; property owner

33
Q

Mobile Home

A

Lessor; property owner

34
Q

Working Capital

A

Liquid assets available for the conduct of daily business

35
Q

Multiple Listing Service

A

A cooperative listing service conducted by a group of brokers for the purpose of marketing listings

36
Q

Bulk Transfer Law

A

The law concerning the transfer in bulk (not a sale in the ordinary course of the seller’s business)

37
Q

Assignee

A

Party to whom a lease is assigned or transferred

38
Q

Trade Association

A

A voluntary, nonprofit organization of independent and competing business units engaged in the same industry or trade, and formed to aid in the industry problems, promote its progress, and enhance its service

39
Q

Rent

A

Consideration paid for the use of a property

40
Q

Demise

A

A conveyance of an estate in real property to someone for a certain length of time, as in a lease

41
Q

Writ of Possession

A

A court order directing the sheriff to remove the tenant and his or her possessions within five days

42
Q

Lessee

A

Tenant; renter

43
Q

Blind Advertising

A

Advertising that fails to disclose that the party is a licensee acting as an agent

44
Q

Indirect Costs

A

Development costs not related to the land or structure, such as legal and architectural fees, financing, and insurance costs during construction

45
Q

Estate from Period to Period

A

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

46
Q

Blockbusting

A

Causing panic selling by telling people that values in the neighborhood will decline because of a specific event, such as the purchase of homes by minorities

47
Q

Revisionary Rights

A

The lessor (landlord) grants the right of possession to the lessee (tenant) but retains the right to retake possession after the lease’s term has expired

48
Q

Estate at Sufferance

A

A tenancy created when one is in wrongful possession of real estate even though the original possession may have been legal