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RE Glossary

Real Estate Terminology

Recovery Fund State regulated fund used to pay purchasers of real estate who have suffered a loss due to actions or inactions of licensee.
Civil Rights Act of 1866 Prohibits discrimination against race and color in certain real estate transactions
Federal Fair Housing Act Act that prohibits discrimination against race, color, religion, national origin, gender, familial status and handicap in certain real estate transactions
Sherman Anti-Trust Act of 1890 Act which ensures fairness in the marketplace
Blind Ads Advertisements placed by a sales agent that doesn't include the employing broker's name
Salesperson One who performs real estate activities while employed by or associated with a licensed real estate broker
Designated Broker One who supervises all activities of sales agents and is liable for their actions.
Employing Broker Firm name or entity - not a person
Associate Broker A real estate broker working for a designated broker
Referring Broker Real estate broker who receives referral fee
Agent Broker or Salesperson
Loan to Value or LTV Ratio of a mortgage principal to the property appraised value or its sales price, whichever is lower
Collateral Property that is pledged as security for a debt
Equity Value over and above what is not debt
Promissory Note Unconditional promise made in writing to repay a debt
Mortgage A written instrument to secure repayment of a debt for real property
Mortgagor In a mortgage, the buyer or borrower
Mortgagee In a mortgage, the lender
Assignment When a mortgage is sold or assigned to another lender
Trustor In a deed of trust, the borrower
Trustee Impartial third party
Beneficiary Lender
Interest Charge for using another's money
Usury When a lender charges an interest rate above the legal limit
Origination Fee Fee charged by the lender for making the loan
Discount Point Fee charged by the lender for lowering the interest rate for the borrower
Assumption When a buyer assumes the current loan under the same terms and conditions of the original borrower
Conforming Loans Standardized conventional loan that meets the requirements of Fannie Mae and Freddie Mac
Non-Conforming Loans Loan that fails to meet the requirements of Fannie Mae and Freddie Mac
FHA Escape Clause Borrower must be shown the appraisal and if not may withdraw from the sale penalty free
Title The right to ownership
Estate The extent of interest a person has in real estate
Ownership Method of taking title
Leasehold An estate that lasts for a fixed period of time (rent or lease)
Freehold An estate in real property that could last an indefinite duration
Dower Interest of ownership that a wife has in the real estate of her deceased husband
Curtesy Interest of ownership that a husband has in the real estate of his deceased wife
Pur Autre Vie For the life of another - Life estate contingent on the life of someone other than the grantee
Intestate Dies with no will
Judicial Partition When a court divides property due to a dispute regarding the use or sale of the property
Separate Property Real and personal property owned solely by either spouse before marriage
Community Property Property attained after marriage
Right of Survivorship When the interest of a property is equally divided between its surviving owners or remaining owner
Inter Vivos Trust Living Trust
Testamentary Trust A trust that becomes effective after a person dies
Actual Notice Express information or fact attained in a transaction
Uniform Residential Landlord & Tenant Act of 1973 Created for regulating the relationship between landlord and tenant in residential leases
Constructive Notice Knowledge that is implied by the law or legal notice
Parol Evidence Rule Written agreement is the final expression of the agreement of the parties and prevails over prior oral negotiations
Liquidated Damages Compensation amount predetermined and paid to an injured party because of a contract breach
Escheat Reversion of property to the state or county
Acknowledgement Formal declaration made before an authorized officer to confirm a person has signed a document not under duress
Rescission Agreement Mutual agreement signed by the seller and buyer to cancel the contract, stating disposition of earnest money
Homestead Life estate in real estate occupied as the family home
Laches A doctrine to bar a legal claim due to delay or failure to assert the claim or right
Conversion When a broker spends trust money
Reversionary Rights Right to take back possession of a property if a lease ends
Inverse Condemnation When an owner requests that his property be condemned because of damages caused by government actions
Taxation Right of the government to tax private property to pay for the costs of government and area improvements
Ad Velorem According to Value
Assessment Tax A specific levy for a definite purpose such as adding curbs or sewers in a neighborhood
Prior Appropriation Landowner's right to use available water based on a government administered permit system
Non-Conforming Use Permitted use of real property that no longer conforms to current zoning laws
Variances Permit deviations from existing zoning laws
RESPA Real Estate Settlement Proceedures Act - Requires full disclosure of all costs invoved in obtaining financing and closing on a property
Temporary Broker When designated broker becomes ill or dies, the broker that steps in to manage agents
Cooperating Broker Broker who assists another broker in a real estate transaction
Estoppel Certificate Legal instrument verifying the exact loan amount, the current rate of interest and the date to which interest is paid
Grant The act of conveying ownership
Statute of Frauds A requirement that everything must be in writing
Misrepresentation False statement of concealment of a fact
Distraint Landlord's legal right to seize a tenant's belongings for damages or rents in arrears under court order
Unsubdivided Land Land with 6 or more parcels of 36 acres but less than 160 acres each
Subdivided Land Land with 6 or more parcels under 36 acres each
Master Planned Community Area of 2 or more platted subdivisions with the same CC&R's
Affidavit of Legal Value A recorded document indicating the sale price of the property and signed by the buyer and seller for tax purposes
Title Evidence Proof in the form of documents that seller conveys legal title
Abstract of Title A history of all recorded instruments that has affected title to a property
Descent or Intestate Succession Real estate distributed by descent statutes after deceased owner died intestate
Interpleader Action When the title company turns earnest money over to court due to a dispute between buyer and seller
Plottage Combining parcels for greater value
Assemblage Combining two or more adjacent lots to increase value
Government Check In a 24-mile-square parcel, there are 16 townships
Easement Appurtenant Easement that is attached to the land and passes with the land
Agency A legal relationship when a person acts on behalf of another in business
Attorney in Fact A competent and disinterested person who is authorized by another person to act in his or her place
Created by: 1105578942
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