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RE Glossary
Real Estate Terminology
| Question | Answer |
|---|---|
| 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 |
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