ASREB Real Estate School Vocabulary for Chapter A-9
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| show | An assignment (Latin cessio) is a term used with similar meanings in the law of contracts and in the law of real estate. In both instances, it encompasses the transfer of rights held by one party—the assignor—to another party—the assignee.
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| Breach | show 🗑
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| show | In real estate, it is the illegal act of a broker combining clients' funds with personal funds because, by law, a broker is required to use a separate trust or escrow fund to temporarily hold a client's funds.
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| Conversion | show 🗑
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| Co-Tennants | show 🗑
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| Crime Free Addendum Demise | show 🗑
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| show | Seizure of someone's property in order to obtain payment of money owed, especially rent.
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| Embezzlement | show 🗑
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| show | Contract provision that relieves one party of liability if damages are caused during the execution of the contract. The party that issues the exculpatory clause is typically the one seeking to be relieved of the potential liability.
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| Estate | show 🗑
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| Eviction | show 🗑
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| show | Is physical expulsion of a person from land or rental property. It is the physical ouster of a tenant from the leased premises. After actual eviction, the tenant is relieved of any further duty to pay.
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| show | Term used in the law of real property to describe a circumstance in which a landlord either does/or fails to do something that he has a legal duty to provide (e.g. landlord refuses to give heat/water to the apartment) rendering the property uninhabitable.
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| Fiduciary (noun and adjective) | show 🗑
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| show | Savings or deposit account the funds of which are owned by one party but are managed by another (such as an agent, bank, or trustee) for the owner's, or a beneficiary's, benefit.
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| show | A commission paid to an intermediary or the facilitator of a transaction. Fee is rewarded because the intermediary discovered the deal and brought it forth to interested parties. Depending on circumstance, fee can be paid by either buyer or seller.
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| show | Courts commonly refer to eviction actions as "forcible entry and detainer" or "unlawful detainer" actions.
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| show | FED process is for the possession of property only. Process is limited to the issue of possession. Issues about money or dmgs are typically not decided in an FED case, except that the court may award “prevailing party” the winner) costs & attorneys fees.
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| Holdover Tenant | show 🗑
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| Interest-bearing | show 🗑
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| show | Landlord is the owner of a house, apartment, condominium, land or RE which is rented or leased to an individual or business, who is called a tenant (also a lessee or renter). When a juristic person is in this positiom, term is landlord (lessor & owner)
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| show | A contract by which one party conveys land, property, services, etc., to another for a specified time, usually in return for a periodic payment.
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| (Lease) Gross | show 🗑
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| (Lease) Index | show 🗑
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| (Lease) Net | show 🗑
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| (Lease) Percentage | show 🗑
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| show | Leaseback, short for "sale-and-leaseback," is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it.
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| show | A lease in which a party rents property from the property owner and then subsequently leases it out to another tenant. In a sandwich lease, the primary party is both a lessee and a lessor, meaning that the party both collects rent and pays rent. Not all p
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| show | Sublease Agreement is a lease or rental agreement between the original tenant who is currently leasing the premises and the new tenant, or subtenant, who will be moving in to all or a part of the premises.
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| show | Present value of future lease income plus the leased asset's present value of its projected end of lease term value.
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| Lessee | show 🗑
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| show | failure to take proper care in doing something.
failure to use reasonable care, resulting in damage or injury to another.
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| Permit to Enter (PTE) | show 🗑
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| show | Proportional, "pro rata," which means proportionally
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| Property management | show 🗑
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| Property Management Agreement | show 🗑
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| show | a tenant's regular payment to a landlord for the use of property or land.
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| show | A lease is a contract outlining the terms under which one party agrees to rent property owned by another. It guarantees the lessee( tenant) use of an asset and guarantees the lessor, the property owner or landlord, regular payments for a specified time
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| (Rent) Economic | show 🗑
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| (Rent) Excess | show 🗑
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| show | As a legal term, ground rent specifically refers to regular payments made by a holder of a leasehold property to the freeholder or a superior Leaseholder, as required under a lease.
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| Revert / Reversionary | show 🗑
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| show | The security deposit is paid by a tenant up-front to cover any default in the lease, including damage, whereas a buyer puts up an earnest money deposit at the time of the offer to purchase, to be forfeited in the event the buyer does not perform.
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| show | A sum of money held in trust either as an initial part-payment in a purchasing process (often used to prevent the seller selling an item to someone else during an agreed period of time)
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| Earnest Money | show 🗑
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| Self-Help (Tennant's Repairs) | show 🗑
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| show | To allow someone to use (an apartment, house, etc., that you are renting) for a period of time in return for payment. : to use (an apartment, house, etc., that is rented by someone) in return for payment
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| Tennant / Lessee | show 🗑
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| show | Leasehold improvements, also known as tenant improvements (TI), are the customized alterations a building owner makes to rental space as part of a lease agreement, in order to configure the space for the needs of that particular tenant.
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| Trust Account | show 🗑
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| Property Management Trust Account | show 🗑
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