Kaplan Modern Real Estate Practice Terms
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| show | The condensed history of the recorded ownership of a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification it's complete (122)
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| Accelerated Cost Recovery System (ACRS) | show 🗑
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| show | The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other obligation.
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| Accession | show 🗑
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| show | The increase or addition of land by the deposit of sand or soil washed up naturally from river, lake, or sea.
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| show | Loss in a property's value resulting from physical deterioration, external depreciation, and functional obsolescensce.
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| Accrued Items | show 🗑
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| show | A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.
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| Acre | show 🗑
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| show | A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title
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| show | The legal process that results in a tenant's being physically removed from the premises
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| show | Express information or fact; that which is known; direct knowledge
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| Ad Valorem Tax | show 🗑
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| show | Any provision added to an existing contract without altering the content of the original. Must be signed by all parties.
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| show | A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index
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| show | The official who presides over a hearing involving government agency and someone affected by a decision of that agency. They hear evidence, including the testimony of witnesses, and renders a decision.
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| Administrator | show 🗑
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| Adverse Possession | show 🗑
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| Affidavit of Title | show 🗑
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| show | Practice of one company offering a package of services to consumers
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| Agency | show 🗑
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| Agency by ratification | show 🗑
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| show | One who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner executes a listing agreement authorizing a RE broker to be their agent.
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| Air Lots | show 🗑
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| Air Rights | show 🗑
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| Alienation | show 🗑
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| show | The clause in a mortgage/deed of trust stating that the balance of the debt becomes immediately due and payable at the lender's option if the property is sold by the borrower. It prevents the borrower from assigning the debt w/out the lender's approval.
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| show | A system of land ownership in which land is held free and clear of any rent or service due to the government; commonly contrasted to the feudal system.
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| show | A change to the existing content of a contract. Must be initialed by all parties.
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| show | A title insurance policy that protects the interest in a collateral property of a mortgage lender who originates a new real estate loan.
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| show | Act addresses rights of individuals with disabilities in employment and public accomodations.
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| show | A loan in which the principal, as well as the interest, is payable in monthly or other periodic installments over the term of the loan.
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| Annexation | show 🗑
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| show | The relationship of the total finance charges associated with a loan. This must me disclosed to borrowers by lenders under the Truth in Lending Act.
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| Anticipation | show 🗑
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| Antitrust Laws | show 🗑
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| show | An estimate of the quantity, quality, or value of something. The process through which conclusions of property value are obtained.
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| Appraisal Report | show 🗑
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| show | An independent person trained to provide an unbiased estimate of value.
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| show | Regulations issued by Fannie Mae that must be followed by appraisers to ensure accurate and objective appraisals.
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| appreciation | show 🗑
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| show | A right, privilege, or improvement belonging to, and passing with, the land; "runs with the land"
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| Appurtenant Easement | show 🗑
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| show | A level surface or piece of ground; the size of a surface; the amount of a two-dimensional object.
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| Area Preference | show 🗑
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| Asbestos | show 🗑
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| Assemblage | show 🗑
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| Assessed Value | show 🗑
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| Assessment | show 🗑
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| Assessment Equalization Factor | show 🗑
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| show | The transfer in writing of interest in a bond, mortgage, lease, or other instrument.
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| Associate Licensee | show 🗑
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| Assumption of Mortgage | show 🗑
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| show | The act of taking a person's property into legal custody by writ or other judicial order to hold it avalable for application to that person's debt to a creditor.
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| show | An abstract of title that an attorney has examined and has certified to be, in the attorney's opinion, an accurate statement of the facts concerning the property's ownership.
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| show | Computer systems that permit lenders to expedite the loan approval process and reduce lending costs.
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| show | A listing agreement clause stating that the agreement will continue automatically for a certain period of time after its expiration date. In many states, the use of this clause is discouraged or prohibited.
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| Avulsion | show 🗑
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| Balance | show 🗑
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| show | A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized.
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| Bargain and Sale Deed | show 🗑
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| show | The main imaginary line running east and west and crossing a principal meridian at a definite point; used by surveyors for reference in locating and describing land under the rectangular (govt) survey system of legal description.
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| Basis (or Adjusted Basis) | show 🗑
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| show | Permanent reference marks or points established for use by surveyors in measuring differences in elevation.
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| Beneficiary | show 🗑
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| Binder | show 🗑
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| show | A mortgage covering more than one parcel of real estate, providing for each parcel's partial release from the mortgage lien upon repayment of a definite portion of the debt.
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| show | The illegal practice of inducing home owners to sell their properties by making representations regarding the entry or prospective entry of persons of a particular race or national origin into the neighborhood.
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| Blue-sky Laws | show 🗑
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| show | Money or property given to make up any difference in value or equity between two properties in an exchange.
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| show | When individuals or businesses withhold their patronage to a business as a protest or to reduce competition.
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| Branch Office | show 🗑
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| Breach of contract | show 🗑
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| Bring Down | show 🗑
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| Broker | show 🗑
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| Broker Protection Clause | show 🗑
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| Brokerage | show 🗑
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| Broker's Price Opinion (BPO) | show 🗑
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| show | Defunct, derelict, or abandoned commercial or industrial sites; many have toxic wastes
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| Budget Comparison Statement | show 🗑
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| show | A strip of land, usually used as a park or designated for similar use, separating land dedicated to one use from land dedicated to another use (eg residential from commercial)
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| Building Code | show 🗑
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| Building Permit | show 🗑
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| Building-related illness (BRI) | show 🗑
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| Bundle of Legal Rights | show 🗑
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| Buydown | show 🗑
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| show | A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer.
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| Buyer's Agent | show 🗑
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| show | A residential real estate professional who represents prospective buyers exclusively.
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| show | A residential real estate professional who represents the prospective purchaser in a transaction, often through a sales associate of the broker.
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| show | Profit earned from the sale of an asset.
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| Capitalization | show 🗑
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| Capitalization Rate | show 🗑
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| show | The process of laying two to four feet of soild over the top of a landfill site and then planting grass to enhance the aesthetic value and prevent errosion
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| Carbon Monoxide (CO) | show 🗑
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| show | The net spendable income from an investment, determined by deducting all operating and fixed expenses from the gross income.
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| Cash flow Report | show 🗑
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| Caveat Emptor | show 🗑
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| show | Permission by the municipal inspector to occupy a completed building structure after being inspected and having complied with building codes.
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| Certificate of Reasonable Value (CRV) | show 🗑
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| show | The document generally given to the purchaser at a tax foreclosure sale. It does NOT convey title.
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| Certificate of Title | show 🗑
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| show | The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title.
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| Change | show 🗑
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| show | An act that prohibits racial discrimination in the sale and rental of housing.
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| Client | show 🗑
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| show | An event where promises made in a sales contract are fulfilled and mortgage loan funds are distributed to the buyer.
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| show | The CFPB form that itemizes all charges that are normally paid by a borrower and a seller in connection with settlement, whether required by the lender or another party, or paid by the lender or any other person.
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| Closing Escrow | show 🗑
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| show | A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made, and all cash paid out in the transaction.
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| show | Any document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful; usually refealed by a title search.
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| show | A written system of standards for ethical conduct.
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| Codicil | show 🗑
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| show | A clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to at least 80% of the property's actual replacement cost.
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| show | Something having value that is given to secure repayment of a debt
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| show | The illegal act by a real estate professional of placing client or customer funds with personal funds.
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| Commission | show 🗑
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| Common elements | show 🗑
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| Common Law | show 🗑
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| show | Provides a team of property managers, accounting staff, office staff, and property consultants to manage property.
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| show | A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage.
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| show | Under the act, which was revised most recently in 2008, financial institutions are expected to meet the deposit and credit needs of their communities; participate and invest in local community development and rehabilitation projects; participate in loans
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| Comparables | show 🗑
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| Comparative Market Analysis (CMA) | show 🗑
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| Competent Party | show 🗑
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| Competition | show 🗑
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| Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) | show 🗑
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| show | A database of consumer claims history that allows insurance companies to access prior claims information in the underwriting and rating process
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| Computerized Loan Origination (CLO) | show 🗑
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| show | A form of alternative dispute resolution in which a conciliator meets with each of the parties separately to help them settle their differences voluntarily, without a hearing or trial.
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| Condemnation | show 🗑
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| Condiitional-use Permit | show 🗑
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| show | A aboslute ownership of a unit in a multiunit building based on legal description of the airspace the unit actually occupies, or a separate dwelling unit in a multiunit development, puls and undivided interest in the ownership...... etc
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| Confession of Judgment Clause | show 🗑
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| Conformity | show 🗑
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| show | Expressing or implying permission, approval, or agreement of an action or decision
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| show | 1. That received by the grantor in exchange for the deed, or 2. Something of value that induces a person to enter into a contract.
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| show | The combination of items into real property that are not fixed or fastened to the property.
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| Constructive Eviction | show 🗑
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| show | Notice given to the world by recorded documents.
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| show | An individual who purchases goods or services that are not for resale.
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| show | Provisions in a contract that require a certain act to be done or a certain event to occur before the contract becomes binding.
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| show | A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy.
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| Contribution | show 🗑
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| Controlled Business Arrangement | show 🗑
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| show | A loan that requires no federally sponsored insurance or guarantee.
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| Conversion | show 🗑
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| show | A term used to refer to any document that transfers title to real property. The term is also used in describing the act of transferring
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| show | A residential multiunit whose title his held by a trust or corporation that is owned by and operated for the nenefit of the people living within the building who are beneficial owners of the trust or shareholders of the corporation.
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| Co-ownership | show 🗑
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| Corporation | show 🗑
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| show | Correction of problems after they have occured.
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| Cost | show 🗑
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| Cost Approach | show 🗑
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| Cost Recovery | show 🗑
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| show | A new offer made in response to an offer received.
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| Covenant | show 🗑
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| Covenant of Quiet Enjoyment | show 🗑
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| Covenants, Conditions, and Restrictions (CC&Rs) | show 🗑
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| show | On a closing statement, an amount entered in a person's favor-either an amount the party has paid or an amount for which the party must be reimbursed.
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| Curtesy | show 🗑
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| show | The thurd party or nonrepresented consumer for whom some level of service is provided.
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| Datum | show 🗑
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| Debit | show 🗑
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| Debt To Income (DTI) | show 🗑
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| Decedent | show 🗑
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| Deed | show 🗑
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| show | A deed given by the mortgagor to the mortgagee when the mortgagor is in default under the terms of the mortgage. If accepted by the mortgagee, this is a way for the mortgagor to avoid foreclosure.
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| Deed in Trust | show 🗑
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| show | A document that a trustee uses to transfer the title back to the trustor (borrower) when the note is repaid.
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| Deed Restrictions | show 🗑
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| Default | show 🗑
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| show | A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain condition, such as a cancellation of a mortgage upon repayment of the mortgage loan.
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| show | An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event.
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| show | A personal judgement levied against the borrower when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full.
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| Delinquent Taxes | show 🗑
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| Delivery and Acceptance | show 🗑
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| Demand | show 🗑
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| Demographics | show 🗑
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| Denominator | show 🗑
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| show | Zoning ordinances that restrict the maximum average number of housing units per acre that may be built within a particular area, generally a subdivision.
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| Department of Housing and Urban Development (HUD) | show 🗑
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| show | In appraisal, the loss of value in a property. In real estate investment, a deduction for tax purposes taken over the period of ownership of income property, based on the property's acquisition of cost.
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| Descent | show 🗑
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| show | A process that accommodates an "in-house sale" in which two different agents are involved.
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