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Real Estate Vocab

QuestionAnswer
Police power Right to pass laws -promote the health, safety, and general welfare of the public.
Rectangular Government Survey System Is the survey system used in most states.
Base line (survey system) Runs east and west (Part of rectangular government survey system)
Tiers Parallel lines six miles apart divided into rows east and west (Used in rectangular government survey system)
Ranges Parallel lines six miles apart divided into rows north and south. (Used in rectangular government survey system)
Principal meridian (survey system) Runs north and south (Part of rectangular government survey system)
Budget An annual estimate of a condominium corporation or apartment buildings expenses and the revenues needed to balance those expenses.
Blended payments Equal payments consisting of both a principal and an interest component paid each month during the term of the mortgage. The principal portion increases each month while the interest portion decreases, but the total monthly payment does not change.
Fiscal year The 12 month period in which financial affairs are calculated
Few simple A manner of owning land, in one's own name and free of any conditions, limitations, or restrictions.
Interim financing The temporary financing by a lender durning the construction of real property or resale, or while other funds are due.
Law of agency The law of agency entails rules set forth when another individual is doing something on one's behalf in real estate, a principal hires an agent to sell his house, or a principal can hire an agent to purchase a house oh his behalf
Lessee The tenant in tenant space
Sublease The lessee leases part of his or her premises or another user
Lessor The owner of the rental space
Datum An accepting starting point (Used in property descriptions)
Conditional use permit (CUP) Allows for use under certain conditions. (You want a babysitting business out of your home. You will need a CUP. The government may put a limit on how many child can be there at a time.)
Variance Permission to "bend the rules" in zoning requirements. Permits the owner to use his land in a way that is not usually permitted.
Analysis of property The systematic method of determining the performance of investment real estate using a property analysis form.
Amortization period The reduction of a loan through periodic payments in which interest is changed only in the unpaid balance.
Amortization The reduction of a loan brought periodic payments in which interest is charged only the unpaid balance.
Amenities Generally those parts of the condominium of an apartment building that are intended to beautify the premises and that are for the enjoyment of occupants rather than for utility.
Agreement of purchase sale A written agreement between the owner and a purchaser for the purchase of real estate on a predetermined price and terms.
Adjusted cost base The value of real estate property established for tax purposes. It is the original cost plus any allowable capital improvements, plus certain acquisition costs, plus any mortgage interest cost, and less any depreciation taken.
Acceleration clause Usually written into a mortgage to allow the lender to accelerate or call the entire principal balance of the mortgage, plus accrued interest, when the payments become delinquent (late).
Balance sheet A financial statement that indicates the financial status of a condominium corporation or apartment building, or other revenue property, at a specific point in time by listing its assets and liabilities.
Beginning undepreciated capital cost The amour prior to CCA being taken.
CCA A capital cost allowance (CCA) is a yearly deduction or depreciation that can be claimed for income tax purposes on the cost of certain assets. The term capital cost allowance relates (CCA)
Letter of intent Used in place of a formal written contract with a deposit. The prospective purchaser informs he seller, in writing, that he or she is willing to enter into a formal purchase contract upon certain terms and conditions if they are acceptable to seller.
Base rent The fixed rent paid by a tenant. This is separate from any rent paid as a result of extra charges or percentage rent.
Assumption agreement A legal document signed by a home-buyer o assume responsibility for the obligations of s mortgage made by a former owner
Capital budget An estimate of costs replacements and improvements, and the corresponding revenues needed to balance them, usually for a 12 month period.
Assessment fee Also referred to as maintenance fee. A monthly fee that a condominium owner must pay, usually including management fees, cost of common property upkeep, heating cost, garbage removal costs, the owners contribution to the contingency reserve fund, so on.
Fair market value The value established on real property that is determined to be one that a buyer is willing to pay and a seller is willing to sell.
Equalization The adjustment of assessments to correct assessments to correct unfairness in the system.
Buildings The buildings included in a property. In the case of a condominium purchase, usually refers to the parts that are divided into the units and the common area.
Permanence of investment Improvements tent to be long term.
Metes and bounds •begins at a point if beginning •uses man-made and/or natural markers as boundaries
Public controls Laws that control the use of land. Public controls include: -zoning and master plans -nonconforming use
Escheat When owner of a property does with no heirs or will -abandoned property -government will take ownership
Condemnation The actual PROCESS of the government to take private property for public use. Compensation is paid.
Down Zoning Zoning that makes land less valuable (No compensation paid)
Wetlands Wet for certain periods each year.
Coastal of shoreline regulations Regulate land uses on shoes of water bodies
Eminent Domain The RIGHT of a government to take private property for public use, with payment of compensation. Ex: roads and highways
Flood plains Areas subject to flooding
Environmental impact report Determined the impact on the resources of the community.
Certificate of occupancy To use new construction -issuing in error does not protect landowner
Building codes Construction standards -building, demolishing, electrical, sanitary equipment, and fire prevention.
Subdivision regulations Laws regulating how a subdivision is built -private restrictions -deed restrictions
Planned unit development (PUD) Master plan of mixed uses Ex: an apartment building wants a restaurant on the bottom floor
City plan specifications Master plan for a city (Helps guide the city in where business will be and houses will be)
Apprised value An estimate of the fair market value of the property, usually performed by an appraiser.
P-E-T-E Police power of property Taxation, Eminent domain, Escheat.
Spot zoning Changes zoning in ONE lot Ex: residential to commercial
Buffer zone Separates one land use from another Ex: oil plans has land between it and a subdivision due to smell or risk of explosion.
Subdivision plates Recored in the public record and are rectangular government survey system.
Zoning and master plans Local laws that regulate land, buildings and their uses
Nonconforming use When the zoning laws change in and area but the business was there before it changes. (Can be transferred) "Runs with the land"
Situs Area preference. Value due to location location location
Permanent Land is indestructible
Unique or non homogeneous Each piece of land is different
Economic characteristics These affect land value
Immobile The geographic location of land is fixed
Accession The ownership of a thing whether it be real or personal, movable, or immovable, carries with it the right to all the thing producer. (Trade fixture aka business fixture)
Emblements Farm crops The fact that they are harvested annually and still considered personal property.
Method of attachment •adaptation to its surroundings
Trade/ business fixture •specifically for the production of income. •although attached remains personal property •must be removed before the lease expires •if not removes becomes real property by ACCESSION
Real property Land and anything permanently attached to it -includes the rights, interests, and benefits granted by law.
Chattel A personal possession an item other than real estate
Absolutely Null The contract violates a rule of public order, in other worlds, it is not legal to have this contact in the first place; called void in common law.
Abusus Involves the right of the owner to the proceeds from sale or mortgage
Benchmarks Established markers that surveyors may use to measure from.
Township The six mile by six mile area. 36 square miles all together. (Used in the rectangular giver survey system)
Created by: Smithhannah236