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Flashcards in Practice Deck (48)
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1
Q

Retrofit

A

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

2
Q

Lessee

A

tenant, renter

3
Q

CC&Rs

A

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

4
Q

Business Opportunity

A

any type of business for lease or sale

5
Q

Unlawful Detainer Action

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

6
Q

Estate at Sufferance

A

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

7
Q

Sandwich Lease

A

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

8
Q

Redlining

A

the use of property’s location to deny financing

9
Q

Mobile Home

A

factory-built home fabricated prior to June 15, 1976. constructed on a chassis and wheels

10
Q

Divided Interest

A

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

11
Q

Goodwill

A

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

12
Q

tenant

A

a renter

13
Q

MLS

A

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

14
Q

Curb Appeal

A

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

15
Q

Eviction

A

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

16
Q

Surrender

A

voluntary giving up of a lease

17
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

18
Q

Blind Advertising

A

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

19
Q

Demise

A

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

20
Q

Steering

A

illegal practice of only showing clients property in certain areas

21
Q

Leasehold or Lease

A

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

22
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

23
Q

Bulk Transfer Law

A

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

24
Q

Assignee

A

party to whom a lease is assigned or transferred

25
Q

Sublease

A

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

26
Q

Probate Sale

A

court approved sale of the property of a deceased person

27
Q

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

28
Q

Retaliatory Eviction

A

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

29
Q

Lessor

A

landlord; property owner

30
Q

Working Capital

A

liquid assets available for the conduct of daily business

31
Q

HOA

A

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

32
Q

Brokerage

A

occupation of a broker - real estate brokerage in the business of selling real estate through a broker who negotiates the sale for a commission

33
Q

Writ of Possession

A

court order directing the sheriff to remove the tenant and their possession within 5 days

34
Q

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

35
Q

Manufactured Homes

A

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

36
Q

Earnest Money

A

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

37
Q

Trade Association

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

38
Q

Home Inspection

A

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

39
Q

Rent

A

consideration paid for the use of a property

40
Q

Landlord

A

lessor; property owner

41
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

42
Q

Graduated Lease

A

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

43
Q

Percentage Lease

A

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

44
Q

Residential Rental Property

A

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

45
Q

Estate for Years

A

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

46
Q

Reversionary Rights

A

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

47
Q

Axial Growth

A

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

48
Q

Stigmatized Property

A

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