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fbla real estate
| Term | Definition |
|---|---|
| real property | land and anything permanently attached to it (buildings, trees, fixtures). |
| personal property | moveable items not permanently attached to land (furniture, vehicles). |
| real estate agent | licensed professional who represents buyers or sellers in property transactions. |
| real estate broker | advanced license holder who may operate independently or manage real estate agents. |
| realtor | a real estate agent or broker who is a member of the national association of realtors (NAR). |
| national association of realtors (NAR) | largest trade organization for real estate professionals; promotes ethics, education, and advocacy. |
| property manager | manages rental properties for owners, handling tenants, rent collection, and maintenance. |
| leasing agent | finds and manages tenants for rental properties. |
| mortgage banker | provides and manages real estate loans directly to borrowers. |
| appraiser | provides unbiased property valuations for sales, loans, or taxation. |
| real estate entrepreneur | buys, develops, or manages properties for profit. |
| residential real estate | property used for private living (homes, condos, apartments). |
| commercial real estate | property used for business (offices, retail, industrial buildings). |
| industrial real estate | warehouses, factories, or manufacturing sites. |
| land | undeveloped property; includes surface, subsurface, and air rights. |
| appurtenance | a right or privilege associated with property (e.g., easements, parking). |
| lien | legal claim against property for payment of a debt (e.g., mortgage lien, tax lien). |
| hereditament | any property (real or personal) that can be inherited. |
| land use | the management and modification of natural environment into built environments. |
| licensing process | education --> exam --> background check --> license --> continuing education. |
| real estate valuation | estimating property value using cost, income, or comparison approaches. |
| fair housing act | federal law prohibiting discrimination in housing based on protected classes. |
| protected classes | race, color, religion, sex, national origin, disability, and familial status. |
| discriminatory housing practices | illegal actions like refusing to rent or sell due to someone's protected status. |
| property disclosure laws | require sellers to reveal known defects such as lead paint, asbestos, or flooding. |
| RESPA | real estate settlement procedures act; ensures transparency in closing costs. |
| truth in lending act (TILA) | requires lenders to disclose loan terms and interest rates. |
| zoning | local laws controlling land use (residential, commercial, industrial). |
| land use controls | legal restrictions on how land may be used (zoning, environmental laws). |
| tenancy | legal right to occupy property under a lease agreement. |
| regulatory organizations | state real estate commissions that oversee licensing and conduct. |
| fiduciary duties | agent's obligations: obedience, loyalty, disclosure, confidentiality, accounting, and care. |
| real estate transaction | process of transferring ownership from seller to buyer. |
| deed | legal document transferring property ownership. |
| title | legal right to ownership of property. |
| closing (settlement) | final step where ownership, funds, and keys are transferred. |
| mortgage | loan secured by real estate property. |
| conventional loan | standard private mortgage not backed by the government. |
| FHA loan | government-insured mortgage for buyers with lower credit scores. |
| VA loan | veteran affairs-backed loan for eligible military borrowers. |
| USDA loan | government loan for rural homebuyers. |
| secondary mortgage market | market where lenders sell mortgages to Fannie Mae and Freddie Mac. |
| escrow | third party temporarily holds funds or documents until transaction completion. |
| real estate investment | owning property or shares in property ventures such as REITs, rentals, or flipping. |
| truth in advertising | marketing must be accurate and not misleading. |
| conflict of interest | situation where an agent's personal interests conflict with a client's. |
| confidentiality | keeping client information private unless legally required to disclose. |
| professional ethics | standards ensuring honesty, fairness, and integrity in real estate dealings. |
| agency | legal relationship in which an agent represents a principal in transactions. |
| principal | client who authorizes an agent to act on their behalf. |
| agent | person authorized to act for a principal in a real estate transaction. |
| buyer's agent | represents the buyer's interests in a real estate deal. |
| seller's agent | represents the seller's interests; also called listing agent. |
| dual agent | represents both buyer and seller in one transaction (allowed with full disclosure). |
| subagent | agent who works under another agent to assist in representing a client. |
| agency disclosure | legal requirement to inform clients about representation relationships. |
| advertising listings | marketing properties through MLS, websites, signage, and open houses. |
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