Terminology For Module 1 Flashcards
Appreciation
The increase in the value of a property due to changes in market conditions, inflation, or other causes
Associate broker
One who is qualified as a real estate broker but works for another broker
Broker
Any person, partnership, association, limited liability partnership, limited liability company or corporation, who for a few sells lists leases exchanges negotiates or otherwise deals in the real estate of others and represents publicly that he or she does so.
Civil penalties
Monetary relief in the form of fines or surcharges against an individual as restitution for wrongdoing by the individual.
Code of ethics and standards of practice
Any person who has a real estate license is a real estate licensee and must abide by this document first published in 1913
Condominium
A property developed for coownership with each co-owner having a separate interest in an individual unit combined with and undivided interest in the common areas of the property
Cost of money
The interest rate that people or businesses must pay to use another’s money for their own purposes
Criminal litigation
A lawsuit in which the government Sue’s someone to punish the wrongdoer and protect society
Economic base
The main business or industry in an area that a community uses to support and sustain itself
Eminent domain
Governments constitutional power to take private property for public use as long as the owner is paid just compensation
Escheat
When property reverts to the state after a person dies without a valid will or heirs
Fiduciary duties
Obedience loyalty disclosure confidentiality accountability and reasonable care are owed to all clients in an agency relationship
Immobility
A physical characteristic of real estate referring to the fact that real estate can’t move from one place to another
Improvements
Additions to real estate property can be natural but usually they are man-made substantial fixtures such as buildings
Inflation
And increase in the cost of goods or services or too much money chasing too few goods
Land-use controls
Public or private restrictions on how land may be used
Management
The cost and complexity of monitoring investment. Management occurs at two levels asset management and property management. Asset management involves monitoring the financial performance of an investment and making changes as needed. Property management involves the day today operations of the property and physical maintenance of the building
Moral suasion
Trying to use persuasive influences on the public and financial markets to perceive credit in a specific way. It is the application of pressure, not force, by an authority to get members to adhere to a policy.
Multiple listing service
A service whereby local member brokers agreed to share listings and commissions on a properties sold jointly.
What is the NY SAR?
The new York State Association of realtors
Police power
Constitutional power of state and local governments to enact and enforce laws that protect the public’s health, safety, morals, and general welfare
Real estate licensee
A person licensed to practice real estate. State laws require that any person, partnership, or corporation who, for a fee, cells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others, or represents publicly that he or she so deals, must be licensed
Realist
Any real estate licensee who is a member of the national Association of real estate brokers
Realtor
Any real estate licensee who is a member of the national Association of realtors and his or her affiliation state and local boards. Only members may use the term realtors
