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Real Estate > Real Estate vocab (2) > Flashcards

Real Estate vocab (2) Flashcards

(100 cards)

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1
Q

Buffer zones

A

used to ease transitions between zoning areas

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2
Q

Building code

A

regulations establishing minimum structural requirements; a police power

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3
Q

Building inspector

A

a municipal employee who ensures that buildings are built in accordance to local rules

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4
Q

Building line

A

line drawn certain distance from lot lines

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5
Q

Build out

A

the modifications of the leased premises to fit a particular business

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6
Q

Building permits

A

approval to build something

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7
Q

Bundle of rights

A

all of the rights that included with the ownership of realty; include rights of possession, exclusion, control, disposition and enjoyment

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8
Q

Buy down mortgage

A

the seller pays to subsidize the interest rate on a buyer’s loan for a number of years

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9
Q

Buyer’s agent

A

broker or their subagent who represents a buyer

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10
Q

Buyer’s agency agreement

A

agreement that covers exclusivity of buyer and their broker

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11
Q

Calling the note

A

first step in the foreclosure process; when the lender accelerates the maturity date of the loan

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12
Q

Capital expenditures

A

also known as capital improvements

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13
Q

Capital gains

A

tax paid on profits from the sale of an investment property

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14
Q

Capital reserves

A

money held in a reserve fund account by condo associations and investors to pay for improvements to a property

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15
Q

Capitalization

A

process of computing current value from expected future income by dividing annual net income by selected rate of return desired for that type of property

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16
Q

Capitalization rate

A

also known as cap rate; profit expressed as a percentage that an investor expects from an investment on a yearly basis

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17
Q

Carrying charges

A

any expenses incurred from holding a property while awaiting zoning or construction approvals

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18
Q

Cash flow

A

profit left over after debt service and capital expenditures are paid from net operating income

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19
Q

Cash on cash return

A

percentage of total investment received as cash flow, before taxed

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20
Q

Caveat emptor

A

let the buyer beware

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21
Q

Certificate of no defense

A

also known as an estoppel certificate; used to confirm debt or a lease when a property is sold

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22
Q

Certificate of occupancy

A

shows that a building has been inspected and found to satisfy building codes

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23
Q

Certificate of reasonable vale (CRV)

A

document issued by the VA determining the maximum value for a VA guaranteed loan

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24
Q

Certificate of title

A

a written opinion by an attorney or title company that certifies condition of title; registers land

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25
CFCs
Chlorofluorocarbons; non-toxic, non-flammable chemicals used as refrigerants and cause ozone layer depletion
26
Chain
66 feet
27
Chain of title
the history of ownership for a piece of property
28
Change
with respect to principals of value, real estate cycles are cyclical and change over time in response to economic climate, interest rates, employment rates, inflation, etc
29
Chattel
an article of personal property
30
Chattel mortgage
mortgage where personal property is used as collateral
31
Chlordane
used to treat pest infections, such as terminate. during the 1940s-1980s by acting as a chemical barrier around the home
32
Clear title
also known as good and clear title or marketable; title free of encumbrances
33
Client
person who hires the agent
34
Closing costs
costs to transfer real estate
35
Closing disclosure
a written accounting of funds to seller and buyer at passing of papers
36
Cloud on title
outstanding claim or encumbrance that, if proved to be valid, would impair title and marketability of property
37
CMA
Comparative Market Analysis; used to determine listings price
38
Collateral
property pledged to satisfy a debt if payment is not made
39
Collusion
agreement to defraud another
40
Color of title
someone has instrument which appears to provide good title, but actually does not
41
Commercial
refers to property that may be used for business
42
Commingling
the mixing of client money with the broker's personal or business funds; prohibited under licensing law
43
Commission
money paid to a broker for services rendered; negotiable
44
Common area load
the percentage of rentable square footage; typically covers shared common areas ex. lobbies, elevators, etc.
45
Community property state
states where married persons share the ownership of all property, even if it was purchased before they were married
46
Comparative-unit method
cost of recently constructed similar properties divided by their square footage to produce a price per square foot cost of construction
47
Competition
with respect to principals of value, profit attracts competition; leads to supple which drives down price
48
Comprehensive Loss Underwriting Exchange (CLUE)
records past consumer claims that are used in homeowner's insurance underwriting when determining insured value
49
Comprehensive (Master) Plan
a land use and infrastructure plan that sets forth local goals, objectives, and policies for community growth and/or redevelopment over a specified period
50
Comps
comparative properties used to help determine value
51
Condemnation
the taking of private property by eminent domain
52
Conditional sales contract
a contract in which owner retains title until buyer has met all terms and conditions
53
Conditional use permit
also known as limited variance or special use permit
54
Condominium
a form of ownership where owners share common space but own their individual unites separately
55
Consideration
something of value exchanged between parties of a contract
56
Consistent use
value can't be based on a higher speculative use
57
Construction loan
used in property construction, borrower receives money from lender in stages or draws during construction
58
Construction eviction
tenant may vacate a property and end their obligations under a lease if the landlord violates the covenant of quiet enjoyment making the premises unfit for tenancy
59
Constructive notice
public notice of something ex. recordation of a title transfer at the registry of deeds
60
Contingency clause
makes the contract reliant on something else occurring
61
Contract
a legal instrument between two parties to do or not to do somethin; in realty, it must be in writing to be enforceable
62
Contribution
additional investment in piece of property as measured by an increase in value
63
Conventional Loan
loans outside of the government insured programs
64
Converted use properties
properties that have received a limited variance and changed from one zoning category to another
65
Convey
to transfer and grant; most commonly refers to transfer of title in a deed
66
Cooperative
shared property owned by a corporation or company
67
Corporation
a legal person created under state or federal law and owned by one or more people
68
Cost approach
uses construction costs to determine a property's value
69
Cost of reproduction
cost to create an exact duplication of property
70
Cost to cure
method that calculates depreciation costs based on how much it will cost to repair anu curable depreciation, plus incurable depreciation
71
Counter offer
an offer made in response to an existing offer
72
Covenant
promise or guarantee in a deed
73
Covenant against encumbrances
grantor warranties that the property is unencumbered under general warranty deed
74
Covenant of further assurances
grantor promises to obtain and deliver any instruments necessary for obtaining marketable title under a general way
75
Covenant of quiet enjoyment
tenant's right to undisturbed of the property
76
Covenant of seizin
grantor warrants they own and may convey a property a under general warranty deed
77
Covenant of warranty forever
grantor promises to compensate grantee for any losses associates with claims against title now and in the future under a general warranty deed
78
Covert
hidden or concealed
79
Cross-default provisions
a provision in a bond indenture or loan agreement that puts a borrower in default id the borrower defaults on another obligation
80
Cubage
length x width x height of interior
81
Cul de sac
a road with one entrance and exit, usually ending in a circle
82
Curable depreciation
loss in property value that can possibly be fixed, such as a leaky roof
83
Curtesy
rights of husband to share in wife's realty upon her death only
84
Customer
an unrepresented party ex. a buyer at an open house without an agent
85
Damages
monetary payment as compensation for harm
86
Debenture
an unsecured not or debt
87
Debt service
mortgage payments
88
Decedent
deceased person
89
Dedication
to convey private property over to public use, such as the giving of land for conservation use
90
Deed
receipt for real estate
91
Deed executed pursuant to a court order
deeds issued as a result of a will or court decision
92
Deed of trust
also known as a trust deed; in some states used instead of mortgage deed
93
Deed restriction
language in a deed somehow limiting the use of a property
94
Default
failure to perform under a contrct
95
Defeasance clause
the clause in a mortgage which remove the mortgage in full payment of the loanD
96
Defendant
the person being sued
97
Deferred payments
payments to be made at future dateD
98
Deficiency judgment
court award to a lender if an auction sale does not fully pay off a debt
99
Delinquency
a loan in a default or overdue
100
Delivery
transfer of something, like a deed at closing

Real Estate (8 decks)

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