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Real Estate Vocab 8

ASREB Real Estate School Vocabulary for Chapter A-8

13th Amendment (1865) to the Constitution declared that "Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction.
ADA (Americans with Disabilities Act) Law in 1990. The ADA is a civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public.
Assistive Animal The ADA defines a service animal as any dog that is individually trained to do work or perform tasks for the benefit of an individual with a disability, including a physical, sensory, psychiatric, intellectual, or other mental disability.”
Bad Debt expense represents amount of uncollectible accts receivable that occurs in a given period. Bad debt expense occurs as a result of a customer being unable to fulfill its obligation to pay an outstanding debt due to bankruptcy or other financial problems.
Block Busting Was a business process of U.S. RE agents and building developers to convince white property owners to sell their house at low prices, which they did by promoting fear in those house owners that racial minorities would soon be moving into the neighborhood.
Capitalization Rate is the rate of return on RE investment property based on the income that the property is expected to generate. The cap rate is used to estimate the investor's potential return on his or her investment. Cap Rate = NOI / Current Market Value.
Capital Expenditures money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment.
Capital Improvement capital improvement is the addition of a permanent structural change or the restoration of some aspect of a property that will either enhance the property's overall value, increases its useful life or adapts it to a new use.
Cash on cash return is the ratio of annual before-tax cash flow to the total amount of cash invested, expressed as a percentage. It is often used to evaluate the cash flow from income-producing assets.
Civil Rights the rights of citizens to political and social freedom and equality.
Debt something, typically money, that is owed or due.
DCR (Debt Coverage Ratio) Coverage Ratio (DSCR) is a measure of the cash flow available to pay current debt obligations. The ratio states net operating income as a multiple of debt obligations due within one year, including interest, principal, sinking-fund and lease payments.
Depreciation Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life. Businesses depreciate long-term assets for both tax and accounting purposes.
EGI (Effective Gross Income) Income produced by a piece of property, plus miscellaneous income, less vacancy costs and collection losses. Effective gross income is a metric commonly used to evaluate the value of a piece of investment property.
Equality Opportunity Act 1972 is the act which gives the EEOC authority to sue in federal courts when it finds reasonable cause to believe that there has been employment discrimination based on race, color, religion, sex, or national origin.
Familial Status means having a child under age 18 in the household, whether living with a parent, a legal custodian, or their designee. It also covers a woman who is pregnant, and people in the process of adopting or gaining custody of child/children.
Fair Housing Act (1974) act in the US intended to protect the buyer or renter of a dwelling from seller or landlord discrimination. Its primary prohibition makes it unlawful to refuse to sell, rent to, or negotiate with a person's inclusion in a protected class.
GRM (Gross Rent Multiplier) is the ratio of the price of a real estate investment to its annual rental income before accounting for expenses such as property taxes, insurance, utilities, etc.
Hadicap/Disability Impairment: any loss or abnormality of psychological, physiological or anatomical structure or function.
LTV (Loan to Value) Ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased.
Marital status a person's state of being single, married, separated, divorced, or widowed.
NOI (Net Operating Income) is a calculation used to analyze real estate investments that generate income. Net operating income equals all revenue from the property minus all reasonably necessary operating expenses.
Pro Forma a Latin term, literally means “for the sake of form” or “as a matter of form.” In the world of investing, pro forma refers to a method by which financial results are calculated. This method of calculation places emphasis on present or projected figures.
Protected Classes = Protected Categories sex; any group which shares a common race, religion, color, or national origin; people over 40; and people with physical or mental handicaps.
Redlining Refuse (a loan or insurance) to someone because they live in an area deemed to be a poor financial risk. Lenders do this.
Steering refers to the practice in which RE brokers guide prospective home buyers towards or away from certain neighborhoods based on their race. E.G Advising customers to purchase homes in particular neighborhoods on the basis of race.
Dred Scott V. Sanford (1857) Supreme Court ruled that Americans of African descent, whether free or slave, were not American citizens and could not sue in federal court. The Court also ruled that Congress lacked power to ban slavery in the U.S. territories.
Plessy V. Ferguson (1896) A landmark constitutional law case of the US Supreme Court. It upheld state racial segregation laws for public facilities under the doctrine of "separate but equal".
Brown V. Board of Education (1954) Case in which the Court declared state laws establishing separate public schools for black and white students to be unconstitutional. The decision overturned the Plessy v. Ferguson
Jones V. Mayer Is a landmark US Supreme Court case, which held that Congress could regulate the sale of private property to prevent racial discrimination-bars all racial discrimination, private as well as public, in the sale or rental of property
Civil Rights Act of (1866) landmark civil rights and US labor law in the United States that outlaws discrimination based on race, color, religion, sex, or national origin.
Civil Rights - Title VIII (1968) Title VIII of the Civil Rights Act of 1968 (Fair Housing Act) prohibits discrimination in the sale, rental and financing of dwellings based on race, color, religion, sex or national origin.
U. S Constitution (1787) The Articles of Confederation and Perpetual Union was the first constitution of the United States. It was drafted by the Second Continental Congress from mid-1776 through late-1777, and ratification by all 13 states was completed by early 1781.
Changes to Title VIII (1988) Prohibits discrimination in the sale, rental and financing of dwellings based on race, color, religion, sex or national origin. Title VIII was amended in 1988 (effective March 12, 1989) by the Fair Housing Amendments Act
Equal Employment Opportunity Commission (EEOC) Is a federal agency that administers and enforces civil rights laws against workplace discrimination.
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