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Real eastate
| Term | Definition |
|---|---|
| Agency | A fiduciary relationship between an agent and a principal,or client. in real estate, an agency relationship is formed with a principle, such as a property buyer or a seller, authorize in agent, typically a real estate broker or sales person, to act on the |
| Equitable title | Beneficial interest, or rate of ownership that I buyer holes in a property upon signing a purchase contract, entitling them to possess and use the proper while legal title remains with the selling to the completion of the transaction. |
| General warranty deed | This offer the highest level of protection to the buyer. It includes warranties or guarantees from the seller that they have clear title to the property and that it is free from any. Encumbrances or defects, weather, they arouse during their ownership or |
| Negative negative amortization | When the loan balance increase overtime due to unpaid interest portion of the loan exceeding the amount of the principal being paid off. |
| Prepayment penalties | A penalty impose on a borrower for paying off a mortgage or loan early, often calculated as a percentage of the remaining loan balance, intended to compensate lender for the lost interest. |
| MLS | Multiple listing services. A database established to provide information about local properties for sale to cooperating brokers. |
| Tenancy at will | A flexible lease agreement, where a tenant occupied a property with the landlord’s permission, typically without a written lease or fixed term. Since there is no expiration date., a tenancy at Wil can be terminated by either party at any time with proper |
| Annual percentage rate | A standardized calculation that reflects the total cause of borrowing, including both the interest rate and the fees associated with a loan, including prepared interest points |
| Dual agent | An agent or broker that represents both the buyer and seller in the same transaction Note: do agencies is prohibited in several states and in states where it is allowed it is heavily regulated and required disclosure in consent form all parties, |
| Jumbo mortgage | A type of home loan that exceeds the comforting loan limited set by government-sponsored entitles such as Fannie Mae and Freddie Mac, typically used to finance higher-price properties. |
| Puffing | Extravagant or subjective statement made by the a seller or real estate agent about a property that aims to enhance the property’s appeal. Puffing isn’t illegal if it does not cross the line into misrepresentation. Example: this condo has the best view in |
| Variance | Variance is a special permission granted by a local zoning board that allows a property to use in a way that devises from the current zoning revelations |
| Abandonment | The act of giving up ownership, possession or interest in a property, often advanced by the owners, intentional actions or lack of use or maintenance over a significant period of time |
| Elements of a valid contract | Offers acceptance, consideration, intentions, legal purposes, and capacity |
| Default | The failure if a borrowed fulfilled their contractual obligation such as failing to make timely mortgage payments |
| Intestine | A legal term stating that a person die without a valid will |
| Probate | The legal process through which a deceased person states includes their real property is distributed and settled according to the instructions in their will or F a will is not present the law is intensity |
| Master plan | A comprehensive blueprint that outlines the intended development lands use, and zoning regulations for a specific area serving as a guide for future growth and infrastructure expansion |
| Actual eviction | The physical removal of a tenant from a rental property due to their failure to comply with the lease terms, including for unpaid rent |
| Construction eviction | When a landlord fails to maintain a satisfactory living environment, making lease property, uninhabitable, and occasionally forcing the tenant to vacate |
| Latches | The principle of large state that if an owner unreasonably delays and exercising their rights to a property, they may lose the ability to make an equitable claim to it remember: latches =means use it or lose it |
| Dedication | The act of transformation ownership of land or property to the public for a specific use or purpose typically for public amenities like roads, parks, or utilities |
| Listing agreement | Illegal binding contract between a property owner and a real estate broker authorizing the broker or the agent to represent in market the property for sale |
| Material facts | Information about the properties history, zoning, regulations neighborhood, conditions, nearby amenities or any other factors that could impact the buyers decision to purchase Note: unlike material defects material facts are not necessary flaws |
| Defeating kilo | A contractual provision that outlines specific condition under which a mortgage or other encumbrance on a property can’t be voided or discharge, including the fulfillment of the mortgage obligations |
| Plottage | The increase in value that can occur when multiple adjacent properties are combined or merged into a larger parcel the total value of the combine property is greater than the sum of the two individual parcels |
| Reit | Real estate investment trust a form of real estate investment’ that pulls individual investors money to allow them to invest in a larger, dividends based on the income and appreciation of multiple properties from one investment |
| Statue of fraud | A law that states that certain types of contract in including real estate contract need to be in writing to be enforceable |
| Title theory mortgage | A legal concept with a Lindo hold the title to the property as a security for a loan until the borrower repairs the debt info the borrower is guaranteed equitable or accessory rate while the lender retains legal ownership until the mortgage is satisfied |
| Prescriptive easement | A legal right guarantee to a person to use another person’s property after they have been using it without permission through open continuous and hostile use over a certain period of time |
| Subsurface rights | The legal ownership or control of resources, such as minerals, or gas found beneath the surface of the property |
| Net operating income | The money at proper generator minus is operating expenses |
| Anticipation | The expectation of believed that a proper value will increase in the future |
| External obsolescence | A form of depreciation resulting in a reduction in A propertie’s value or desirability doue to external factors beyond the owners controls, such as changes in the neighborhood environment, issues or other outside influence |
| FHA | The federal housing administration is a government entry responsibility for offering mortgage insurance to lenders approved by the FHA and it’s establish criteria for elbow loans, aiming to enhance accessibility and affordability in the housing market |
| Prime | A fluctuating baseline interest rate used by banks and lenders.the prime rate is generally offered to borrowers with the best credit, worthiness and rates available to less qualified buyers go up in tiers fromthe prime rate |
| Arm | Adjustable-rate mortgage a type of home loan where the interest rate fluctuates periodically based on market conditions, resulting changes to the borrowers monthly mortgage payment over the time it’s normally starts with a low interest for a fixed amount |
| Subordinate lien | A secondary or lower-property lien that is placed on a property ranking below a primary lien, such as a first mortgage. An event, a full cultural sale of the property is a important lien will only be paid off after the primary lien is paid in full. |
| Cercla | The comprehensive environmental response compensation and liability act. A federal law designed to address hazardous. substance released and facilitated their clean up and pose liability on the property responsible for this contamination Note:cercla esta |
| Trade fixtures | A piece of equipment that is attached to a structure and use for business or trade purposes, such as ovens a baker has installed in a commercial kitchen unlike other fixtures fixtures can be removed at the end of a tenancy where is regular fixtures become |
| Sub agency | Subagency is a relationship with a real estate agent with the client consent. Delegate their duties to another agent who then represents the same client and a real estate transaction. Remember: the agent of the agent |
| Appraisal | A professional opinion of a property value, which is supported by comprehensive market data, including recent sales of comparable properties, current market conditions, and the properties specific features and conditions must be completed by a licensed ce |
| Principal | 1: the person who designates an agent to act on their behalf in a transaction 2: the loan amount borrowed from a lender |
| Non conforming use | A situation with a property is allowed to continue being used in a way that does not comply with current zoning ordinances because the use existed legally before the new zoning laws were enacted |
| P.E.T.E | The acronym P.E.T.E cam used to remember the governments, power and real estate police power eminent domain taxation escheat |
| Toren system | A MEthod of register lands ownershit where a goverment guarantess the accuracy of the lands tittle’s registry providing secu and clarity in property transactions Note: the sustems is only used in certain regions or counties |
| Exclusive agency agreement | A listing agreement in which the listing broker collects a commission for the sales if anyone other than the sallers procures a buyer for the property |
| Fair housing amendment act 1988 | Expanded the protections of the fair housing act of 1968 to include the additional categories from handicap and familial status |
| Syndicate | A syndication is a group of investors who pull their capital to collectively invest in profit from real estate ventures, sharing both the rest and returned of the investment |
| Tenancy by the entity | A form of property ownership exclusively available to married couples with both spouses only own the property which equal rights of control survivoship, and possessions |
| Depreciation | The lost in value to a property due to the various factors, including wear and tear and changing market conditions, a comic obsolescence functional obsolescence and physical deterioration are all types of depreciation |
| Heloc | Home equity loan of credit, a type of resolving loan with homeowners can borrow against state equity in their property. A HELoc is a flexible secure of funds that use the property as collateral as needed as opposed to a home equity loan, which is fixed am |
| Net listening | A listing agreement that allows an agent to keep any amount of money that exceeds the desire sale price established by the seller |
| Superfund | A federal program established to address the cleanup and remediation of contaminated, hazard waste sites across the United States by providing funds to facilities to clean up effort |
| Point | A percentage of mortgage loan amount with each point equal to one percent the other total loan typically paid upfront by the borrower to the lender as a form of prepaid interest and exchange for the reduce interest rate |
| Eminent domain | The legal authority of the government to take private property against the owners will for public use |
| Alienation | The act of transferring or convoying ownership, rights or interest in a property from one property to another |
| Fee simple absolute | The highest and most complete form of property ownership grants the owner, unrestricted rights in control over the property with no limitations or conditions |
| Fee simple defensible | A type of property ownership where the ownership is subject to Pacific conditions or restrictions if those conditions are violated, the ownership may be terminated or transferred to another property either the original owner or a designated third-party |
| Secondary mortgage market | Platform where is existing home loans and mortgages backed by securities are brought and sold between lenders, investors, and government agencies |
| Escheat | The process by which the government obtain property from someone who died intestate or without will. |
| LTV | Loan to value ratio the amount of mortgage loan compared to the mortgage value of property |
| Trid | TILA- RESPA integrated disclosure a set of regulations that require a lenders to provide clean and subsidize disclosure forms to borrow outlining key terms cost, and risk associate with obtaining a mortgage loan also cause the no before you owe mortgage d |
| ADA | The Americans With Disabilities Act a federal law enacted in 1990 that prohibits discrimination against individual with disabilities, ensuring equal access to employment opportunities, public accommodations, transportation and more |
| Easement | A legal right guaranteed to a person or entry that allows them to use another persons property or particular purpose in for their own benefits by the property owner retains ownership and control of the land |
| Option | A real estate contract allows a buyer the exclusive right to purchase the property, but the buyer is not obligated to do so |
| Appurtenance easement | A legal right guarantee to eat to a property owner to use a portion of another property for a specific purpose. Such an access road to a land -locked parcel or to run utility lines |
| Easement by necessity | A court order estimate granted to a property owner for a access to their land usually because there is no other reasonable alternative route available |
| Prescriptive easement | A legal right granted to a person to use another person‘s property without permission through open continues and hostile use over a certain period of time |
| Red lining | A race or enhanced base discriminatotry act in real estate financing when a lender rejects a mortgage application for a property in a certain neighborhood |
| Underwriting | The process of evaluating and analyzing the financial in credit worthiness of a borrower, as well as assessing the risk associated with a mortgage loan application to determine if the borrower qualifies for the loan and what terms and conditions the borro |
| Bill is sale | A legal document that serves as evidence of the transfer of ownership for personal property, not real property |
| Tenancy In common | When two or more parties share ownership rights of a piece of real estate and can transfer his or her share of the rights to another party a deceased co-owner’s share of a property goes to his or her tenancy in common |
| Lien | A collectors claim against a piece of property due to nonpayment of debt |
| PMI | Private mortgage insurance, a type of insurance sometimes required if you have conventional financing without meeting a minimal down payment amount |
| Acceleration clause | The right of a lender to require the remaining bound of a mortgage loan to be paid in full |
| Facilitator | An individual who assist the principal parties to complete a real estate transaction without acting as a fiduciary to either party |
| Steering | The discrimination, practice of dying homebuyers towards or away from certain neighborhoods based on their race, identity or other characteristic protected under the fair housing act |
| Capital gains | Net profit on the sales of an asset, such as a piece of real estate |
| Mileage rate | The millage rate is a tax rate used for calculating local property taxes. A male is equal to one 1000 of a dollar and is multiplied by the taxable value to determine real estate tax owed on a property. |
| Sherman antitrust act | A federal law that aims to prevent monopolies and restrain anti-competitive business practices to promote fair competition and protect consumers. It prohibits various antique competitive practices and real estate such as price fixing bid ranging market co |
| Appurtenance | A right interest or a restriction that is attached to a parcel of rea property. (Ie.an easement |
| Life estate | A type of federal estate, where the owner has a right to use the property for their lifetime after which the title passes to the generated or another previously named party |
| Mortgagee | Lender of financial Institute that provides a loan mortgage to a borrower for the purpose of purchasing or refinancing a property |
| Mortgagor | The Bray will probably owner who obtain a loan mortgage from a lender, pleDging their property as collateral and assuming the obligation to we pay the loan |
| Arrears | Payment that occurs at the end of the term as opposed to at the beginning |
| Improvement | Any alteration or repair that substantially add to the value of the property |
| Police power | The government authority to regulate in control land used development for the public welfare to ensure the health safety general welfare. The community police power include zoning building code and other regulations. |
| Title | Proof of the legal rights of ownership and or use of property |
| Cloud | Any encumbrances that could pay the bill to translate title to real property (Ie. a lien) |
| Markable title | A property title is free of all defects or encumbrances and can be freely transferred |
| Adverse possession | The ability to claim ownership of someone else’s property based on their open and continuous issues of the property without permission overtime |
| Encumbrance | Can you clean clean or restriction that limits or burdens the ownership or use of a property potentially affecting the properties ability or market value in Hembra includes mortgages, estimates tax lanes, and more |
| Mrs. Murphy is in | A legal exemption that allows owner documents of four unit or smaller properties to be exempt from certain fair housing laws and regulations allowing them to exercise more discretion in selecting tenants for their properties. The exemption does not apply |
| Severance | The act of changing an item from real property to personal property by detaching it from the land |
| Latent defects | Hidden or conceal flaws within a property that are not readily apparent upon a reasonable visual inspection and may affect the property’s value safety or function |
| Material material defects | Significant flaws are issue with a property that could potentially affect it’s value, safety or nod desirability material defects must be disclosed to potential buyers as they may impact their decision making process |
| Special assessment | A levy or change impose by a government authority on property owners within a specific area to fund the cost improvement repairs of public projects |
| Chain of title | Document the history of ownership of a piece of property, such as real estate |
| Habendum clause | A statement within a D that defines the ownership or interest being convoy specifying the extent and duration of the right registration associated with the properties transfer |
| Deed | Stays who owns a piece of property represent a transfer ownership from one party to another |
| Fixture | Personal property that is converted into real property by permanently, fixing it to the properties typically through installation or attachments |
| Client | Another name for principle the party in a transaction who is represented by an agent, for example, in a real estate transaction decline of the listing agent is the seller and the client of the buyer agent is the buyer |
| Customer | A third party in a real estate transaction who is not directly represented by the agent for example, a homebuyer is a customer of the listing agent because the listing agent is working on behalf of the seller, not the buyer |
| Proration | The division and adjustment of certain expenses at the time of closing such as property taxes, or utility bills between the buyer and seller based on the portion of time each party owns the property |
| HUD | The Department of housing in Irving development, a government agency responsible for promoting affordable housing, enforcing fear, housing laws, and implementing policies related to urban development and community renovations |
| Testate | A legal term stating a person had a valid well in place at the time of their death |
| Commingling | The act of mixing a clients transaction funds with a brokers personal funds |
| Conversion | The unauthorized use of funds by broker from a trust account for a purpose, other than what they were originally intended for |
| Real estate | Land and everything permanently attached to it |
| Littoral rights | Allows a property owner to use a static (non-running) body of water such as an ocean or bay that’s abuts their property |
| Riparian rights | The right of land owners, who is probably abuts, a flowing body of water such as a river or string to make reasonable use of the waterway |
| Conveyance | Voluntary and legal transfer of interests in real property from one party to another |
| Joint tenancy | With joint tenancy, all owners jointly own the entire property, while in tenancy in common, each party owns a specified, share the defining characteristic of joint tenancy is the right of survivorship |
| Price fixing | An illegal practice, where competing businesses or brokers conspire to set or manipulate prices, eliminating market competition and artificially controlling prices to their advantage |
| Cost approach | A form of real estate valuation that estimates the price of a piece of real estate based on the total sum of the land plus any building or improvements minus depreciation |
| Equal credit opportunity act ECOA | A federal law that prohibits discriminating against borrowers belonging to any protected class, assuring and equal access to credit and mortgage opportunities |
| Buyers agent | A licensed real estate professional, who represent the interest of the buyer and a real estate transaction, providing guidance and expertise throughout the home buying process |
| Listing agent | A licensed real estate agent professional, who represents the seller of a property, assisting them in pricing, marketing, and negotiating the sales of their home property |
| Servient tenement | A parcel of land that is subject to the use of an investment and benefit the owner of the dominant tenement |
| Bundle of rights | The rights associated with the ownership of property, including the right of possession control, enjoyment, disposition , and exclusion |
| Land trust | A living trust that grants ownership of a piece of property that the request of the property owner in allows for the control of the property while the owner is alive |
| Reversion | A transfer of a properties title from the tenant of a life estate back to the grantor |
| Chattel | World, movable, personal property that is not permanently fixed to land such as furniture, equipment, or livestock |
| Involuntary alienation | A type of title transfer caused by the forced loss of property, foreclosure, adverse possessions, or eminent domain |
| Real property | Real estate plus the bundle of rice that are attached to real estate ownership |
| Personal property | Any personal belongings that are movable and not physically attached to the real estate |
| Capitalization rate | The rate of return on an investment property based on the not operating income that the property generates |
| Negligent misrepresentation | When a real estate professional unintentionally provides false or misleading information to another party, causing harm or financial loss to their failure to exercise reasonable care in verifying the accuracy of the information provided |
| Condemnation | Taking of property for a public purpose to eminent domain |
| Freehold estate | The absolute ownership of real property which grants the owner, full rights and control over the property for an indefinite period of time |
| Caveat emptor | Let the buyer borrower, a principal that places the responsibility to conduct due diligence on the homebuyer to inspect the properties condition and potential issues before completing the purchase |
| Quiet, title suit | A court ordered used to establish the legal owner of a piece of real estate by clearing the properties title of any previous liens or encumbrances |
| Dual agency | When a real estate agent or broker represents both the buyer and the seller in the same transaction do agency is prohibited in many states because it has the potential to create a conflict of interest |
| Grantee | A party who receives the title interest and or ownership right from another party |
| Grantor | A party who transferred the title interest, and/or ownership rights to another party |
| Due diligence | A comprehensive research conducted by a buyer to assess a properties condition, legal status, and other relevant factors to identify any potential issues or risk before finalizing the purchase |
| Fiduciary duties | An agent fiduciary duties refers to the legal and ethical obligations. They have to act in the best interest of their client, including loyalty, confidentiality, full disclosure, accountability and responsibility care throughout the real estate transactio |
| Civil rights act 1866 | Federal legislation that prohibits discrimination and property transactions based on race or color without exception |
| Procuring cars | The party in a real estate transaction who oriented a series of event that resulted in the sale by being the first introduce the ready willing and able purchaser |
| Contingency | A clause in agreement that states certain actions must be fulfilled in order for the contract to be considered binding and enforceable |
| Estate at sufferance | When a tenant continues to occupy property after the expiration of their lease or rental agreement without the landlords permission |
| Counteroffer | The response made to an offer to purchase proposing, modified terms and conditions for the real estate sale, including price and or terms condition |
| Encroachment | Unauthorized use of another land, where structure or improvement extends beyond the property, legal boundaries and intrudes into the neighboring property |
| Regulation Z | Part of the truth in lending act which protracts consumers from predatory lending practices and facilitates informed decision- for borrowers by requiring lenders to disclose financing costs and terms upfront |
| Deed restriction | A provision in a deed that limits how a property can be used |
| Emblement | Crops or agricultural products that are grown by a tenant on another’s land. Emblements are considered personal property and may be harvested and removed by a tenant even after the termination of their lease or tenancy |
| Right of survivorship | The right of a joint tenant to receive all rights and interest in a property. They had shared with another joint tenant after that person’s death. |
| Economic life | The estimated period of time a property is expected to guaranteed income and remain economically viable taken into consideration factors such as physical, deterioration and market conditions ions that may impact it un usefulness and profitability |
| Blockbuting | The illegal practice of stealing fear in homeowners that home value will decrease due to changing socioeconomic demographics in order to convince them to sell their house for lower prices |
| Balloon mortgage | A mortgage in which a lump sum of the remaining borrowed amount is paid in a single payment at the end of the loan. |
| Easement and gross | A legal right guaranteed to a specific individual or entire Tee Tee to use or access a portion of another person‘s property for a pacific purpose and I easement and growth is typically personal and non-transferable |
| Triple net lease | In A triple net lease. The tenant is responsible for paying not only a base rent amount, but also all property expenses, including property, taxes, insurance, and maintenance cost. |
| Negative cash flow | When a properties expenses are greater than its income |
| Implied agency | An agency agreement established by the action of the pencil as parties as opposed to express agreement |
| Amortization | Gradually repayment of a loan overtime to schedule installment, which includes both principal and interest and tell the total amount is fully paid off |
| Cooperative owners | Cooperative owners do not own their unit, but rather own a share of the building |
| Lis pendens | Legal means for serving notice that there is a claim in pending legal action against a piece of property |
| Scarcity | The lack of available real estate in comparison to its demand |
| Proprietary lease | A type of lease granted to the owner of a cooperative since co-op owner owns shares of the building and do not own their individual unit. The property leases detect the terms of possession and use. |
| Closing statements | A financial summary indicating funds that are due from or owe to the buyer and seller and a real estate transaction |
| Gross income multiplier | A calculation used to estimate the value of an income producing property by dividing the sales price by the anticipated potential gross income |
| Express agency | An agency agreement established to a form agreement where a real estate agent or broker is authorized by a client to act on their behalf |
| Brownfield | A former commercial industrial property that has been abandoned or is underutilize due to fear of potential environmental contamination caused by hazardous waste |
| Law of agency | The law which defined the Roles duties and responsibilities of an agent in principal and an agreement or transaction |
| Deficiency judgment | A legal ruling where a lender obtained a court order to pursue the borrower for the remaining that after a foreclosure sale aiming to collect the shortfall between the sale proceeds and the outstanding loan balance |
| Modified gross lease | A lease agreement that combines elements of both gross and net leases where the tenant pays a base rent amount while also being responsible for certain specific operation expenses |
| Special warranty deed | A legal document used to transfer property ownership in which the seller guarantees to defend the title agreement any claims of defects that cross during their ownership, but not before |
| Fiduciary | An individual or entity such as a real estate agent Roku is trusted with the duty to act in the best interest of their client |
| Capital improvement | Any alteration or repairs that substantially adds to the value of the property |
| Origination fee | A fee a limited charge for finding a mortgage loan |
| Equalization rate | A calculation used to adjust the difference between the assessed value and the actual bargain value, helping to ensure inform property taxation |
| Annual cap | The maximum amount and interest rate on an adjustable rate loan can increase over one year |
| Consideration clause | Ensure there is a mutual exchange of something of value to make a contract legal binding |
| Estoppel | A document used as a proof to clarify facts pertaining to a persons, legal rights and interest in a property and staple certificate can typically request for a terminated property and lieu of a single lease to disclose the lease terms |
| Quit claim deed | A contract that allows one party the grandtor to assign ownership to another The grandtee without stating the nature of the grandtor’s interest or rights and while making no warranties |
| Market value | The estimate price at which a property or responsible sales between a willing buyer and a willing seller and an open and competitive market, consider factors such as location condition demand, and comparable properties |
| Power of attorney | Grant someone the legal authority to act on behalf of another person, allowing them to make decisions, signed documents and carry out activities related to a contract, including for real estate transaction |
| Codicil | A legal document that serves as an amendment court audition to an existing well allowed invisible to make changes or modifications |
| Homestead laws | Laws that protect a home or against the loss of their primary residence to creditors |
| Timeshare | A property ownership structure with multiple individuals or parties have the right to use in occupy the same unit or property for a specific. Each year. |
| Living trust | A legal arrangement established during a persons lifetime that conveys legal title of property to a name beneficiary |
| Credit | When a seller has prepaid their real estate taxes, they can expect to see a credit on their closing statement for the remaining calendar days in the year |
| Mechanics lien | Eileen placed on a property by a contractor builder or tradesperson for unpaid that for work performed |
| Addendum | An additional document or provision that modifies clarifies or supplements, the terms and conditions of the original contract servant, as in addition to the contract |
| Primary mortgage market | The Maine mortgage loan marketplace with lender, originate, new mortgages and borrowers obtain finances directly from these lenders |
| Deed in lieu of foreclosure | A voluntary agreement between a borrower and their lender where the borrower transfer’s the property’s ownership to the Lender instead of going through the foreclosure process this is usually on’t to avoid the negative effects of foreclosure, including da |
| Performance | The act of the facility one’s obligation and a contract |
| Wraparound mortgage | A financing arrangement with the seller retains the original loan and an additional mortgage loan is taken out by the buyer while also assuming responsibilities for the existing mortgage, combining the two loans into a single payment |
| Fee simple estate | The highest form of real estate ownership in a state where the owner has total ownership over the property without any legal restrictions |
| Net lease | A lease agreement that requires a tenant to pay rent plus a share of the properties operating expenses |
| Section | A measurement and the rectangular survey system that represents an area of 1 square mile and is 1/36 of Township a section is equivalent to 640 acres |
| Group boycott | When two or more brokerage is agree, not to work with another broker with the intention of demanding the business of the broker |
| Accretion | The accumulation of land overtime by the natural forces |
| Involuntary lien | A lien or judgment, put against a property without the owners concern |
| Open listing | A listing agreement with the seller allows multiple real estate professionals to make an attempt to sell the property with only the agent who successfully brings a buyer recovering a commission |
| Effective age | The perceived age of a property based on its appearance, upkeep, and overall condition as opposed to its actual age |
| Local level of government | Property taxes are typically established at the local value of government |
| Assessed value | The value of a piece of property used for tax purposes |
| Lease hold state | In a state that grant the temporary raise to use and possess a piece of property for a period of time, but does not grant legal ownership of the land or real estate |
| I adjustable rate mortgage | ARM; a type of home loan with the interest rate fluctuate periodically based on market conditions, result any changes to the borrowers monthly mortgage payment over the time |
| Escrow | Funds or document that belong to a transaction in our held by third-party until the particular conditions had been met such as the closing of a real estate sale |
| Respa | A federal law that was designed to protect consumers and real estate transactions and acquire lender to provide Bray with specific disclosure about loan terms and settlement cost |
| Junior lien | A Lien whose priority is below that of a superior lien against the property |
| Buydown | An upfront payment of fees or prepaid interest on a mortgage loan that lowers the borrowers interest rate for a pacific period lending to temporary Arie reductions and monthly mortgage payments during this time |
| Fair housing act 1968 | Part of the civil rights act of 1968 a federal law that prohibits discrimination in the sale rental or financing of our house |
| Avulsion | A sudden and significant laws or removal of land due to natural forces such as an earthquake or landslide, which alters the boundaries of the property |
| Package mortgage | A type of loan that finances both the purchase of real property and personal property, such as appliances or furniture as part of a single mortgage agreement |
| USDA loan | A mortgage loan program offered by the US Department of agriculture (USDA) that provides financing option for eligible homebuyers in rural areas often featuring low or no down payment requirements and favorable interest rates to encourage rural developmen |
| Hypothecation | The process of using an asset as collateral to ensure a loan or mortgage |
| Air rates | A legal right to the space above a property that allows the owner to utilize or restrict the use of that space for construction development or a single leasing the right to others |
| Home inspection | Inspection of a properties condition conducted by professional inspector to identify any existing or potential issues that may affect its safety or value |
| Sales comparison approach | An appraisal method that compares a subject property to comparable properties, including other reentry sold properties in the area with similar characteristics |
| Functional obsolescence | The reduction of the properties desirable due to outdated design elements of features that cannot be easily changed or updated |
| Amendment | A formal change or alteration made to the original terms and conditions of the contract |
| Down payment | The initial payment made by homebuyer usually a percentage of the purchase price to ensure a property and reduce the total amount being finance |
| Liquidity | The speed that which investment property can be converted back into cash |
| Surety bond | A form of insurance used to compensate in aggrieved party who files a legitimate claim against a broker who mishandled funds or otherwise causes a financial loss by failing to fulfill their professional obligations |
| Market allocation | An illegal practice where competitors within an industry agreed to provide a market or territory among themselves eliminating competing, and allocating customers between themselves |
| Community property | A legal term to define the terms of ownership of property owned jointly by spouses |
| Gross rent multiplier | A method for estimating the value of an income property by comparing its cost to the amount of gross retail income (GCI) it produces |
| Predatory lending practices | Exploitative and unethical tactics used by lenders often targeting vulnerable borrowers by offering Andre or deceptive loan terms exclusive fees, high interest rates, and other manipulative strategies that takes advantage of borrowers, limited, financial |
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