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Real Estate > Real Estate vocab (6) > Flashcards

Real Estate vocab (6) Flashcards

(100 cards)

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1
Q

Profit

A

a financial gain; difference between amount earned and amount spent

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2
Q

Progression/Regression

A

the increase and decrease of property value caused by substitution

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3
Q

Promulgate

A

to publish or make publicly known

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4
Q

Property manager

A

a person (legal or natural) hired to care for and maintain a rental property on behalf of the property’s owner. They are hired to represent the property owner, and granted agency authority, in a property management agreement

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5
Q

Property tax lien

A

when a property owner doesn’t pay their property taxes, the town will place a lien on their real property, involuntary, specific lien

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6
Q

Proprietary leases

A

lease that a corporation of a cooperative gives to its unit owners

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7
Q

Prorate

A

proportionally distributing money paid and owed for taxes, rents, etc.

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8
Q

Prospectus

A

an advertisement of a particular offering, most often securities, to members of the public

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9
Q

Protected class

A

group of people with a common characteristic who are legally protected from discrimination on the basis of the characteristic

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10
Q

P&S

A

Purchase & Sale Agreement; an agreement signed between buyer and seller, typically 5-14 days after the offer which outlines both buyer and seller promises and obligations

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11
Q

Public restriction

A

a government law or regulation restricting the use of real estate

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12
Q

Puffing

A

an exaggeration made by a salesperson or found in an advertisement that concerns the quality of goods offered for sale

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13
Q

Pur Autre Vie

A

“for another’s life”; life estate not based on grantee’s life, but not on another third party’s life

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14
Q

Purchase money mortgage (PMM)

A

also known as seller financing, this is when the buyer gives a note and a mortgage to the seller in exchange for the property

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15
Q

Qualified lenders

A

lenders who can originate government insured loans, such as FHA, VA or USDA

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16
Q

Quantity survey method

A

determine the cost of rebuilding the property as it appears today using local construction costs, permits, etc.; used for reproduction costs

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17
Q

Quiet enjoyment

A

the right of a property owner or tenant to possession of realty without interference

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18
Q

Quieting title

A

a land court action to determine the owner of a property

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19
Q

Quitclaim deed

A

also known as non-warranty deed; grantor not liable for any claims against title; recovery only whatever interest grantor has at the time of title transfer

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20
Q

Radon

A

colorless, odorless gas that is the result of the natural breakdown of radioactive elements in the soil; causes cancer

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21
Q

RAM

A

Reverse Annuity Mortgage; banks makes payments to the borrower against the equity in their home; only for homeowners 62 years of age or older

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22
Q

Rate of Return

A

method to calculate the current or potential profit from an investment

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23
Q

Real Estate

A

land and the property attached to it, although not necessarily all of the rights of that land

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24
Q

Real Estate professional

A

under depreciation rules, someone who spends at least 750 hours annually actively engaged in real estate activities, such as managing property

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25
Real property
land and everything attached to it along with the property rights of that land
26
Reality of consent and competence
agreement to a contract must be real and free from fraud, duress, under influence, misrepresentation and error
27
REALTOR
members of the Nation Association of REALTORs
28
Reappraisal lease
a lease where rent is based on an appraiser's opinion of rent, rather than landlord and tenant negotiating it
29
Reciprocity
a state recognizing the license of another
30
Recordation
act of making title transfer public record at the county registry of deeds
31
Reconciliation
the last step of the appraisal process; the appraiser weights each finding through the sales, cost or income approach
32
Redlining
credit discrimination
33
Refinanced
paying off a loan by getting a new loan that replaces the old one
34
Reliction
an increase of the land by the sudden retreat of the sea or a river
35
Remainder depreciation
depreciation that occurs after purchase of property
36
Rent to own
when tenant rents a home for a certain period of time with option to buy before the lease expires
37
Rental fee disclosure
given at first personal meeting with a tenant
38
Rentable square footage
the total amount of square footage including any common area load
39
REO
Real Estate Owned; a bank owned property which happens if a banker buys its own foreclosure property
40
Reproduction cost
cost to replicate a property
41
Rescission
the cancellation of a contract by mutual agreement
42
Residential
refers to property that is lived in
43
Reserves
cash on hand
44
Reserve requirement
amount of cash that banks must have against their deposits and liabilities
45
Restrictive covenant
clause in deed limiting certain realty use
46
Revisionary interest
when a grantor or landlord have a right to regain possession of a property in the future
47
Revocation
cancellation or taking back
48
Right of first refusal
effectively "dibs" on a property; provides the person holding the right to match a future offer and buy the property ahead of anyone else
49
Right of way
right of one person to pass over the land of another
50
Riparian
rights to or along a running body of water
51
Riverfront areas
land between mean high-water line of a river or stream and 200ft from that mean high water line or 25 ft in densely populated areas
52
Rod
16 feet 6 inches
53
Run with the land
stays with the property, not the property owner
54
Sale-leaseback
when property owner sells to an investor and rents back their property
55
Sales comparison approach
also known as the Market Data Approach; this is the most common appraisal methos used for most residential properties, where an appraiser looks at recent comparable sales in the last 6 months and makes adjustments to them to determine appraised value
56
Salesperson
a type of real estate license; must take a 40-hour course, pass state exam and work under a broker
57
Satisfaction piece
also known as a mortgage discharge; this is the recorded evidence of the payment of a debt
58
Secondary financing
junior mortgages, not to be confused with secondary mortgage market
59
Secondary mortgage market
the marketplace for existing mortgages that were originated on the primary market
60
Security deposit
any money held in escrow by a landlord to pay for damage to a leased property by the tenant
61
Seisin
possession of real property with a freehold claim; also can be spilled seizin
62
Seller's agent
also known as listing agent; broker or their subagent who represent a seller
63
Separate property sale
a state where married person may own property separated and in their own name
64
Servient tenement
the property owner encumbered by the right of an easement appurtenant
65
Setback
the minimum distance from a road or other established line before you can build
66
Settlement
also known as the closing; when seller transfers ownership to the buyer
67
Severability clause
states that if a portion of the contract is voided, the rest of the contract shall remain in effect
68
Severalty
ownership by one person
69
Severance
property that was real becomes personal
70
Severance damage
a property owner may receive this, if the government takes only a portion of land under eminent domain
71
Shared appreciation mortgage (SAM)
a loan where an investor makes the down payment for a buyer in exchange for a share of equity in the property
72
Shared equity loan
a loan where the lender. in addition to providing financing also pays a portion of the down-payment on behalf of the buyer
73
Sheriff's deed
a deed used to convey title to property sold to satisfy a court judgment
74
Sheriff's sale
the sale of property to satisfy a court judgement
75
Short sale
a settlement with the lender where the lender accepts a payment of less than what is owed on the home loan
76
Simple interest mortgage
non-compounding mortgage where interest is calculated daily
77
Sinking fund
money saved over time to pay for future improvements and capital expenditures
78
Single family
a property containing only one unit
79
Special agent
may represent the principal on a particular matter or transaction ex. a broker
80
Special assessment
bill to property owners for a specific improvement project
81
Special warranty deed
also known as a limited warranty deed; grantor guarantees that they did not cause any issues with title when they owned the property
82
Specific lien
a lien on one specific piece of property
83
Specific performance
a court order to do something previously agreed to in a contract
84
Spot zoning
permitted use inconsistent with zoning area
85
Square feet
length x width
86
Square mile
640 acres
87
Stachybotrys
genus of mold that contains 50 different species
88
Statue
a law
89
Statutory lien
a lien put in place by law (statue)
90
Statue of Frauds
the law that only written real estate contracts are enforceable
91
Steering
directing clients to or a away from certain areas or properties based on protected class status
92
Stick built home
a wooden house constructed entirely or largely on the sit where it will remain
93
Stigmatized property
property that is psychologically impacted by events such as death, criminal, activity, etc.
94
Straight line depreciation
method of calculating depreciation which calculates the annual loss in value based on economic life of the property; IRS uses economic life of 27.5 years for residential and 39 years for commercial
95
Straight mortgages
interest only mortgages; principal is paid in one lump sum on the last payment date
96
Strict foreclosure
when a foreclosure auction is not required because the lender can sue the borrower for the amount owed in court and if borrower doesn't pay, the lender automatically receives title in a timeframe ordered by the court
97
Subagent
an agent working on behalf of another agent to represent the client
98
Subdivision
the legal division of one parcel of land into two or more parcels
99
Subject to
a method for taking over a mortgage; original mortgagor is legally responsible for the loan and any deficiencies after a foreclosure; best for buyer
100
Sublet
transfer of a portion of one's interest in a lease to a third party

Real Estate (8 decks)

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