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Real Estate Vocab 10
ASREB Real Estate School Vocabulary for Chapter A-10
| Term | Definition |
|---|---|
| A. A. C. | Arizona Administrative Code is where the official rules of the state of Arizona are published. State agencies, boards and commissions, are given rulemaking authority from the State Legislature. Rule sections are published in Chapters under Titles. |
| Administrative Fine | An administrative fine is a financial penalty imposed on citizens and officials who have committed an offense |
| ADRE | Arizona Department of Real Estate |
| Advisory Board | An advisory board is a body that provides non-binding strategic advice to the management of a corporation, organization, or foundation. |
| Affidavit of Disclosure | Arizona Affidavit of Disclosure Form. Before a transfer of real property is finalized, Arizona law requires the seller to disclose material facts about the relevant property to the buyer in a seller's disclosure report. |
| Arbitration | Arbitration is an alternate way to resolve disputes without having to go to court. Instead of a judge, an intermediary renders a final decision. And unlike a trial decision, which can be appealed, a decision may be binding. |
| Arizona | 48th state in the US |
| Administrative Code | (AAC) is where the official rules of the state of Arizona are published. The AAC is the official compilation of rules that govern state agencies, boards, and commissions. |
| A.R.S | |
| Associate Broker | licensed broker whose license is held by another broker. An associate broker qualifies to be a real estate broker but still works for and is supervised by another broker. Associate brokers ( broker-associates, broker-salespersons or affiliate brokers.) |
| Attorney-at-Law | a lawyer who is qualified to represent a client in court. |
| Attorney General | The principal legal officer who represents a country or a state in legal proceedings and gives legal advice to the government. the head of the US Department of Justice. |
| Bonding | A mortgage bond is a bond secured by a mortgage or pool of mortgages. These bonds are typically backed by real estate holdings and/or real property such as equipment. |
| Branch office | A secondary place of business apart from the principal or main office from which real estate business is conducted |
| Broker | A real estate broker or real estate salesperson (often called a real estate agent) is a person who acts as an intermediary between sellers and buyers of real estate/property and attempts to match up sellers who wish to sell and buyers who wish to buy. |
| Broker's Trust | Real estate trust fund accounts, also called earnest money or escrow accounts, are accounts that a brokerage company will set up at a bank or some other recognized depository. |
| Account | A report or description of an event or experience. |
| Brokerage | the business or service of acting as a broker. |
| CC&R's | Covenants, Conditions & Restrictions (CC&Rs) Covenants, Conditions & Restrictions (CC&Rs) Limits and rules placed on a group of homes by a builder, developer, neighborhood association or Homeowners Association |
| Cease and Desist | denoting a legally enforceable order from a court or government agency directing someone to stop engaging in a particular activity. |
| Civil Law | denoting a legally enforceable order from a court or government agency directing someone to stop engaging in a particular activity. |
| Commingling | Most often applied to funds or assets. When a fiduciary, a person entrusted with the management of funds other than their own in trust, mixes trust money with that of others, the fiduciary is commingling funds and thereby breaching their fiduciary duty. |
| Commission | an amount of money, typically a set percentage of the value involved, paid to an agent in a commercial transaction. |
| Commissioner | a person appointed to a role on or by a commission. |
| Common Law | the part of English law that is derived from custom and judicial precedent rather than statutes. Often contrasted with statutory law. |
| Conversion | Any unauthorized act that deprives an owner of personal property without his or her consent. ... It must be personal property, because real property cannot be lost and then found. |
| Consent Order | A consent order is governed by federal and state laws, which vary by jurisdiction. It is generally a voluntary agreement worked out between two or more parties to a dispute. |
| Cooperating Broker | A broker who participates in facilitating a RE transaction along with the broker who listed the property. Often, the cooperating broker is the agent who locates a buyer for the property and represents the buyer's interests during negotiation |
| Covenants | covenant is a type of contract in which the covenantor makes a promise to a covenantee to do (affirmative covenant) or not do some action (negative covenant). In real property law, the term real covenants is used for conditions tied to the use of land. |
| Conditions | any contract can have any condition. In real estate, there are common purchase contract conditions like the buyer obtaining adequate financing, or the buyer doing a home inspection |
| Restrictions | Deed restrictions are private agreements that restrict the use of the RE in some way, and are listed in the deed. The seller may add a restriction to the title of the property. ... A deed restriction is a clause in a deed that limits the use of land. |
| Common Law | The part of English law that is derived from custom and judicial precedent rather than statutes. Often contrasted with statutory law. |
| Designated Broker | A natural person with a controlling interest in the firm who is designated by a legally recognized business entity such as a corp, LLC, LLP, or partnership real estate firm, to act as a designated broker on behalf of the real estate firm |
| Dual Agent | Legally; a dual agent is a RE broker/agents working for the same broker, who act on behalf of both the seller and buyer in a transaction. A broker is permitted to act as a dual agent only if the buyer and seller are aware of & consent to the dual agency. |
| Earth Fissures | Use fissure in a sentence. noun. The definition of a fissure is an opening in the Earth, or a disagreement or split on an issue. A long and narrow crack in the earth that forms an opening is an example of a fissure. |
| Employing Broker | Firm name or Entity, not a person. Definition. Employing Broker. Term. A real estate broker working for a designated broker |
| Entity | A person, partnership, organization, or business that has a legal and separately identifiable existence. |
| Earnest Money | Money paid to confirm a contract. |
| Ethics | Moral principles that govern a person's behavior or the conducting of an activity. |
| Exempt Sale | A sales tax exemption certificate is needed in order to make tax-free purchases of items and services that are taxable. Certain sales are always exempt from tax. Means a purchaser does not need an exemption cert to make purchases of these items/services |
| Expansive Soil | Expansive soils are soils that expand when water is added, and shrink when they dry out. This continuous change in soil volume can cause homes built on this soil to move unevenly and crack. |
| Felony | A crime, typically one involving violence, regarded as more serious than a misdemeanor, and usually punishable by imprisonment for more than one year or by death. |
| Finder's Fee | a fee paid by a business to a person or organization for bringing to its attention financial investors, potential new employees, or buyers or sellers whose relationship with the business will materially benefit it. |
| Force and Effect of Law | A phrase referring to the principle that an administrative regulation has the same significance and legal weight as a law or act of legislature. |
| Fraud | wrongful or criminal deception intended to result in financial or personal gain. |
| Groundwater | Water held underground in the soil or in pores and crevices in rock. |
| Overdraft | Overdrafting is the process of extracting groundwater beyond the safe yield or equilibrium yield of the aquifer. |
| Improved Lot | Though a building is considered an improvement to land, when we speak of improved land in RE and in our listings, it's generally land that has certain utilities and services available to it. These would include electricity, telephone, water, sewer, etc |
| Interval | a component of activity in interval training. |
| Legislation | laws, considered collectively. |
| Letter of Concern | The commissioner may issue a letter of concern to a licensee. |
| License Term | A license may be granted by a party ("licensor") to another party ("licensee") as an element of an agreement between those parties. A shorthand definition of a license is "an authorization (by the licensor) to use the licensed material (by the licensee). |
| Licensee | the holder of a license. |
| Lot Reservation | means an expression of interest by a prospective purchaser in buying, at some time in the future, a subdivided or unsubdivided lot, unit or parcel located in Arizona. |
| Meditation | the action or practice of meditating. |
| Misdemeanor | a minor wrongdoing. a nonindictable offense, regarded in the US and less serious than a felony. |
| Misrepresentation | he action or offense of giving a false or misleading account of the nature of something. |
| Moral Turpitude | A phrase used in Criminal Law to describe conduct that is considered contrary to community standards of justice, honesty, or good morals. |
| Multihousing | Multifamily residential (also known as multidwelling unit or MDU) is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. |
| Municipality | A city or town that has corporate status and local government. |
| Neutral Escrow | An escrow is a neutral third-party who holds funds until conditions are met. ... Escrow or title companies often oversee a real estate transaction, from initial deposit to final funding, to ensure a smooth process. |
| Account | a record or statement of financial expenditure or receipts relating to a particular period or purpose. |
| Permanent Access | as required under article 4 of this chapter, means permanent access from the subdivision to any federal, state or county highway |
| Power of Attorney | The authority to act for another person in specified or all legal or financial matters. a legal document giving power of attorney to someone. |
| Public Report | Is data, publicly available or available to a broad audience free of charge or at a nominal cost, about a health care structure, process or outcome at any provider level (individual clinician, group, organization) |
| Recovery Fraud | When someone who has been a victim of fraud in the past is contacted again by fraudsters. They pretend to be a government, police or law agency that can help recover the money that was lost, but ask for a fee to get it back. |
| Rescind | revoke, cancel, or repeal (a law, order, or agreement). |
| Revoke, Suspend, Deny | EG Revocation: A mandatory restraint on a valid driver license or driving privilege. A revoked license is invalid and cannot be re-issued. ... Cancellation/Denial: Actions to void a license and deny the driving privilege. |
| Rule and Regulations | |
| Salesperson | |
| Segregate | |
| Self-Employed | |
| Broker | |
| Soil (land) | |
| Subsidence | |
| Sole Proprietorship | |
| Statue of Frauds | |
| Statutory Law | is the term used to define written laws, usually enacted by a legislative body. Statutory laws vary from regulatory or administrative laws that are passed by executive agencies, and common law, or the law created by prior court decisions |
| Subdivided land | Means improved or unimproved land or lands divided or proposed to be divided for the purpose of sale or lease, whether immediate or future, into six or more lots, parcels or fractional interests. |
| Surety Bond | Defined as contract among at least 3 parties: the obligee: party who is the recipient of obligation. the principal: the primary party who will perform the contractual obligation. the surety: who assures the obligee that the principal can perform the task |
| Temporary broker's License | may issue a temporary license as a broker to a licensed or unlicensed person for the purpose of winding up the existing or pending business of a licensed broker in the following cases: Death: incapacitation; Serious injury |
| License | a permit from an authority to own or use something, do a particular thing, or carry on a trade |
| Timeshare | The arrangement whereby several joint owners have the right to use a property as a vacation home under a time-sharing agreement. |
| Trust Account | An account in which a bank or trust company (acting as an authorized custodian) holds funds for specific purposes such as to pay property taxes and/or insurance premiums associated with a mortgaged property. |
| Unimproved Lot | Unimproved land in real estate is defined as land that does not have certain basic required services necessary to utilize it for other purposes. These include electricity, telephone, street access, or water available. |
| Unsubdivided Land | land(s) divided or proposed to be divided for the purpose of sale or lease, whether immediate or future, into six or more lots, parcels or fractional interests and the lots or parcels are thirty-six acres or more each but less than 136 acres each |
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