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Real Estate Terms
Terms
| Term | Definition |
|---|---|
| Acceptance | The time at which an offer to purchase is accepted. The fact that it was accepted must be relayed to the person that made an offer in order for all parties to be bound to the contract. |
| Ad Valorem Tax | Charged by local government, this tax is based on the value of the property, as determined by the local government authorities. |
| Adjustable Rate Mortgage (ARM) | A mortgage whose interest rate over the life of the loan is not necessarily the same as the original interest rate at the loan inception. |
| Agent | A person authorized to act on another’s behalf. In real estate, this agent may be a listing agent representing the seller, a selling agent representing the buyer, |
| What is an agency? | Every relationship in which a real estate broker acts for or represents another as a client by the latter's written authority in a real property transaction. |
| What is an associate broker? | A person who acts on behalf of a real estate broker in performing any act authorized to be performed by the broker. |
| What is a broker? | Any person who, for another, and who,for a fee or commission, |
| What is the commission? | The Georgia Real Estate Commission |
| What is the commissioner? | The real estate commissioner, not the same as the "commission member" |
| What is a Community Association? | An owner organization of a residential or mixed use common such as condiminiums, cooperatives, homeowner associations,timeshares,lot division |
| What is a firm? | Any business entity, including, but not limited to, a corporation, partnership, limited liability company, or sole proprietorship. |
| What is a licensee? | Any person who is licensed as a community association manager, salesperson, associate broker, or broker. |
| What are ministerial acts? | Those acts related to real estate brokerage activities, which a licensee or a licensee's employee performs and which do not require discretion or the exercise of the licensee's own judgement. |
| What is the authority of the Georgia Real Estate Commission based upon? | statutory law |
| What four categories does the Georgia Real Estate Commission authority involve? | 1)issuing licenses 2)disiplinary actions 3)passing rules and regulations 4)establishing fees |
| Real Estate Investment Trust (REIT) | A real estateinvestment business with at least 100 investorsorganized as a trust. |
| Regulation Z | Federal guidelines under the Truthin-Lending Act that require full disclosure of allcredit terms for consumer loans. |
| Remainderman | The person who has an estate inremainder. |
| Riparian Rights | The water rights of a landownerwhose property is adjacent to or crossedby a river (or any body of water). Compare:Appropriative Rights; Littoral Rights. |
| Appropriative Rights | Water rights allocated by government permit according to an appropriation system. It is not necessary to own property beside the body of water in order to apply for an appropriation permit. |
| Littoral Rights | Water rights of a landowner whoseproperty is adjacent to a lake or contains a lake.Compare: Appropriative Rights; Riparian Rights. |
| Ratification | Confirmation or approval of an act notauthorized when it was performed. |
| Reference to a Plat | A description on a deed thatincludes the property’s location on a plat map. |
Created by:
Mz Jade
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