Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Real Estate > Real Estate vocab > Flashcards

Real Estate vocab Flashcards

(100 cards)

Start Studying
1
Q

4C’s

A

capacity, capital, collateral, and credit, which a lender uses to assess a buyer’s ability to repay a loan

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

203(b)

A

FHS financing program for anyone purchasing a primary 1- 4 family, owner-occupied residence

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

1031 exchange

A

way to defer capital gains tax; property owner must re-invest profits from the sale of an investment property into another investment property within 6 months

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

1099

A

independent contractor status according to the IRS tax classifications

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

1099-S

A

tax form used to report real estate sales to the IRS

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

ABAs

A

Affiliated Business Arrangements; service providers; such as mortgage brokers and real estate attorneys, package their services together as an offering to their clients

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

Abandonment

A

when the tenant leaves the property before the lease expires without consent

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

Abatement

A

a reduction of municipal property taxes; must file taxes before requesting

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

Abstract of title

A

a history of property ownership, summarizing all instruments in chain of ownership; provided by lender’s attorney and paid by borrower

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

Abutting

A

neighboring land with a common boundary

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

Acceleration Clause

A

a clause in the note protecting the lender by permitting them to demand the loan balance be paid immediately in the event of a default

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

Acceptance

A

indication by the offeree that they are willing to be bound by terms of offer from offeror

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

Accretion

A

increase of property by gradual natural additions
ex. wind or water

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

Accretion line

A

the water’s edge; often the mean high tide line

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

Accrued depreciation

A

difference between cost of replacing property new as of date of appraisal and present value; already occurs when property is purchased

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

Acknowledgment

A

an act of executing a legal instrument such as a deed, mortgage or discharge before a lawyer or other officer of state such as a notary public

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

Acre

A

43,560 sq ft

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

Action of law

A

a way in which a lease can be terminated

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

Active income

A

income generated from active activities; such as salary; can’t be deducted depreciation from this income unless you are a real estate professional

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

Actual Eviction

A

legal action originated by lessor whereby lessee in default is physically ousted pursuant to a court order

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

Actual notice

A

specific notice of something
ex. being served a lawsuit

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

Ad valorem

A

tax assessment based on actual value

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

Adaptability

A

one of the tests to determine if something is real or personal property

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

Adjacent

A

nearby or abutting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Adjoining
touching and contiguous
26
Adjustments
the proration of costs and income between the buyer and the seller at closing of title
27
Administrator / Administratrix
person appointed by court to probate or prove has been denied due to information on a credit report
28
Adverse action letter
formal written notice from a landlord that a rental application has been denied due to information on a credit report
29
Adverse possession
the right to acquire legal title to privately owned property if held openly, notoriously, adversely, and without permission for 20 years; also known as squatter's rights
30
Aeolian soil
soil deposited by wind, such as sand dunes or silt
31
Affidavit
a sworn written statement
32
Affirmation
a solemn declaration
33
Agency
a contract by which someone represents another in a transaction or area of business
34
Agency for Toxic Substances and Disease Registry
created by the CERCLA as part of the environmental protection programs
35
Agent
an individual, corporation, or other person, acting on behalf of another person with permission and legally binding authority
36
Agreement
one of the tests to determine whether something is real or personal property; buyer and seller agree to make that decision
37
Agreement of sale
a bilateral contract whereby buyer promises to buy and seller promises to sell by execution and delivery that decision; also known as Purchase and Sale Agreement (P&S)
38
Air rights
ownership or lease of air space over a specific parcel if realty, such as a building over a turnpike; also known as air lots or vertical; extend no more than 80-500ft above real estate
39
Alienation
loss of ownership; can be voluntary; such as in a real estate sale or involuntary; such as foreclosure
40
Alienation clause
also known as due on sale clause or assumption clause; permits lender to speed up the due date of the loan in the event of a title transfer; prevents transfer of mortgage to a third party
41
Alluvion
increasing of land area along a shore by deposited alluvium or by the recession of water
42
Alluvium
clay, silt, sand, gravel, or similar detrital material deposited by running water
43
Amenities
the features of a property that make it desirable like fitness centers, access to transport, views, etc.
44
Amortization
the payment of a debt in equal installments; each payment is the same, and pays down the debt over time, with a portion of each payment going to the principal and interest on the loan
45
Anchor tenants
major tenants which draw consumers to a shopping center, such as department stores
46
Annexation
when property that was personal becomes real
47
Annual Property Operating Data (APOD Sheet)
sheet that shows the annual income of a rental property; profit and loss statements for investment properties
48
Anticipation
the benefit a property owner expects to receive over the lifetime of their ownership
49
Appraisal
an estimate of value
50
Appraiser
professional with an appraisal license who estimate what buyers will pay for real estate
51
Appreciation
increase in value resulting from market forces such as demand stronger than supply
52
Approaches to value
three methods used by appraiser to form an estimate of value such as cost, market and income approaches
53
Appurtenance (appurtenant)
an item or right belonging to and passing with a property such as having a right of way through adjoining property
54
ARM
Adjustable Rate Mortgage; loan with an interest rate that adjusts
55
Arm's length transaction
an open and willing sale without cooperation or coordination between the buyer and the seller
56
Asbestos
hazardous material that was used as an insulation material and fire retardant
57
Assemblage
the act or process of combining two or more lots into one
58
Assets
all of the property someone owns
59
Assignment
transfer of one's remaining interest in a lease or option to a third party
60
Assignee
person receiving a portion of rights or obligations under someone else's contract
61
Assignor
person assigning a contract
62
Associate broker
a broker who chooses to work with another broker
63
Assumption of mortgage
method of taking over a mortgage
64
At risk
the total amount a limited partner has invested and can lose
65
Attachment (court action)
a writ issued, beginning or during a legal action commanding sheriff to attach property, rights and effects of defendant to satisfy possible credit demands of plaintiff's favor
66
Attachment (test)
one of the ways to test whether something is real or personal property
67
Attest
affirmation that something id true or authentic
68
attestation
testimony or evidence given under oath
69
Attorney-at-law
licensed lawyer
70
Attorney-in-fact
someone holding a written power of attorney
71
Auction
public sale of property to highest bidder
72
AVM
software-based tool used to assess the value of residential and commercial real estate
73
Avulsion
sudden separation of land from one property and it's attachment to another typically by flooding or changing course of a river
74
Bait and switch
form of fraud where an agent advertises a certain property that may or may not be available, with the intention of switching it out for something more expensive or lower quality when the client comes into the office to view
75
Balance
the notion that value is created and maintained when there is equilibrium in the market
76
Balloon mortgage
principal loan amount paid off in lump sum at end of term as opposed to amortized direct reduction method
77
Bargain and Sale Deed
also known as a certificate of sale
78
Benchmark
mark on stone or cement permanently fixed to ground; used as measuring point by surveyors
79
Beneficiary
someone receiving money from a trust
80
Bequeath
someone receiving money from a trust
81
Bequest
an item of personal property in a will
82
Betterments
improvements adding to a value of realty
83
Biennially
every 2y ears; real estate licenses are renewed on this time frame
84
Bilateral contract
one person's promise in exchange for another person's promise such as purchase and sale agreement
85
Bill of Sale
a written instrument that is the evidence of transfer of one person's right in personal property to another
86
Binder
deposit or earnest money given as evidence of good faith by buyer to secure property until sale is consummated
87
Binding power
agent's ability to enter into a legally binding agreement on the principal's behalf
88
Blanket mortgage
a single mortgage covering more than one piece of real estate as collateral for a loan
89
Blind advertising
when real estate agent advertise property under their own name, without disclosing the name of their broker/brokerage and they are licensed agent
90
Blockbusting
employing fear tactics to induce panic selling or panic peddling in a neighborhood; illegal
91
Bona fide
in good faith and without fraud
92
Bond
a type of insurance that provides a guarantee from a third party that they will make good any loss, up to a certain amount, suffered by someone dealing with the covered party
93
Boot
unreplaced property value or reduced mortgage debt; taxable
94
BPO
Broker Price Opinion; a broker or their subagent's opinion of real estate's value based on evaluating data of comparative properties; used to determine listing price
95
Bounds
directions
96
Breach
violation of the terms of contract
97
Bridge loan
short-term loans designed to bridge the gap in cash flow, such as between development projects
98
Broker
a type of real estate license, must take a course, state exam and be bonded; may handle client money
99
Broker of record
owner of the brokerage; also known as employing broker
100
Brownfields
lands previously used for commercial purposes and are contaminated by hazardous waste or pollution

Real Estate (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions