Real Estate Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Police power | show 🗑
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| show | Is the survey system used in most states.
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| Base line (survey system) | show 🗑
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| Tiers | show 🗑
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| Ranges | show 🗑
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| show | Runs north and south
(Part of rectangular government survey system)
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| show | An annual estimate of a condominium corporation or apartment buildings expenses and the revenues needed to balance those expenses.
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| show | Equal payments consisting of both a principal and an interest component paid each month during the term of the mortgage. The principal portion increases each month while the interest portion decreases, but the total monthly payment does not change.
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| show | The 12 month period in which financial affairs are calculated
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| show | A manner of owning land, in one's own name and free of any conditions, limitations, or restrictions.
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| Interim financing | show 🗑
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| Law of agency | show 🗑
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| Lessee | show 🗑
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| show | The lessee leases part of his or her premises or another user
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| Lessor | show 🗑
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| Datum | show 🗑
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| show | Allows for use under certain conditions.
(You want a babysitting business out of your home. You will need a CUP. The government may put a limit on how many child can be there at a time.)
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| Variance | show 🗑
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| Analysis of property | show 🗑
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| show | The reduction of a loan through periodic payments in which interest is changed only in the unpaid balance.
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| Amortization | show 🗑
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| show | Generally those parts of the condominium of an apartment building that are intended to beautify the premises and that are for the enjoyment of occupants rather than for utility.
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| show | A written agreement between the owner and a purchaser for the purchase of real estate on a predetermined price and terms.
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| Adjusted cost base | show 🗑
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| Acceleration clause | show 🗑
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| Balance sheet | show 🗑
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| Beginning undepreciated capital cost | show 🗑
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| CCA | show 🗑
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| show | Used in place of a formal written contract with a deposit. The prospective purchaser informs he seller, in writing, that he or she is willing to enter into a formal purchase contract upon certain terms and conditions if they are acceptable to seller.
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| Base rent | show 🗑
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| Assumption agreement | show 🗑
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| show | An estimate of costs replacements and improvements, and the corresponding revenues needed to balance them, usually for a 12 month period.
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| Assessment fee | show 🗑
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| Fair market value | show 🗑
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| Equalization | show 🗑
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| show | The buildings included in a property. In the case of a condominium purchase, usually refers to the parts that are divided into the units and the common area.
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| Permanence of investment | show 🗑
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| show | â¢begins at a point if beginning
â¢uses man-made and/or natural markers as boundaries
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| show | Laws that control the use of land.
Public controls include:
-zoning and master plans
-nonconforming use
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| show | When owner of a property does with no heirs or will
-abandoned property
-government will take ownership
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| Condemnation | show 🗑
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| show | Zoning that makes land less valuable
(No compensation paid)
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| Wetlands | show 🗑
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| show | Regulate land uses on shoes of water bodies
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| show | The RIGHT of a government to take private property for public use, with payment of compensation.
Ex: roads and highways
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| Flood plains | show 🗑
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| show | Determined the impact on the resources of the community.
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| show | To use new construction
-issuing in error does not protect landowner
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| Building codes | show 🗑
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| Subdivision regulations | show 🗑
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| show | Master plan of mixed uses
Ex: an apartment building wants a restaurant on the bottom floor
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| show | Master plan for a city
(Helps guide the city in where business will be and houses will be)
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| show | An estimate of the fair market value of the property, usually performed by an appraiser.
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| P-E-T-E | show 🗑
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| Spot zoning | show 🗑
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| show | Separates one land use from another
Ex: oil plans has land between it and a subdivision due to smell or risk of explosion.
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| show | Recored in the public record and are rectangular government survey system.
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| Zoning and master plans | show 🗑
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| show | When the zoning laws change in and area but the business was there before it changes.
(Can be transferred)
"Runs with the land"
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| show | Area preference.
Value due to location location location
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| Permanent | show 🗑
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| Unique or non homogeneous | show 🗑
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| Economic characteristics | show 🗑
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| show | The geographic location of land is fixed
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| Accession | show 🗑
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| show | Farm crops
The fact that they are harvested annually and still considered personal property.
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| Method of attachment | show 🗑
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| Trade/ business fixture | show 🗑
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| show | Land and anything permanently attached to it
-includes the rights, interests, and benefits granted by law.
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| show | A personal possession an item other than real estate
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| Absolutely Null | show 🗑
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| Abusus | show 🗑
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| show | Established markers that surveyors may use to measure from.
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| Township | show 🗑
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Created by:
Smithhannah236
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