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Real Estate: Various


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Independent Contractor
A self-employed salesperson paid on jobs completed rather than hours worked and responsible for setting their own hours and paying their own taxes.
Real Estate Licensee
A person licensed to practice real estate.
Realtist
Any real estate licensee who is a member of the National Association of REALTORS. (NAR)
Fiduciary Duties
OLD CAR: Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable Care. This mnemonic device has a slight variation (e.g. care vs. reasonable care), but both are helpful in recalling the fiduciary duties an agent owes his clients and broker.
Americans with Disabilities Act (ADA)
Passed by Congress in 1991, this act banned discrimination against the disabled in employment and mandated easy access to all public and commercial buildings.
Accredited Residential Manager
Those specializing in managing residential properties who complete an Institute of Real Estate Management (IREM) course, meet experience standards, manage a sizable portfolio, and are endorsed by the local IREM chapter.
Certified Property Manager
Awarded by the IREM to those who meet certain requirements.
Real Property Administrator
Awarded to those completing training courses offered by the Building Owners and Managers International, which is an independent institute affiliated with the Building Owners and Managers Association.
Property Management Specialist
Awarded to those completing training courses designed to prepare licenses for entry into property management.
Commercial Properties
Include offices, stores, hotels, and other buildings.
Industrial Real Estate
Land and structures involved in the production, distribution, and storage of tangible economic goods.
Women's Council of REALTORS (WCR)
An organization devoted to addressing the issues, needs, and concerns of women in the real estate profession. Now affiliated with NAR.
Auctioneer
A person with an auctioneer's license as well as a real estate license who can sell real estate through an auction.
Education and Research Fund
A fund designed to offer scholarships and loans to students who are taking real estate-specific classes.
Reciprocity
The ability of the state department to give a real estate license to an applicant who received a real estate license in another state.
License Incentive
The license status of any salesperson who returns his license to the Division of Real Estate, or whose broker does not want to maintain sponsorship of the licensee.
License on Deposit
1. A special license status that is only available only to brokers who wish to return their broker's license to the Division of real estate in order to reactivate their license as a salesperson. A brokers license may remain on deposit indefinitely if timely renewed and continuing education requirements are met. 2. A special license status available to any licensee who enters the military or whose reserve military status is activated. the license remains inactive until the next renewal date following honorable discharge from the military.
Resigned License
The license status in which a license has been voluntarily and permanently surrendered to, or is otherwise in the possession of , the Division of Real Estate and Professional Licensing, is not renewed, and is not associated with a real estate broker.
License Revocation
1. When the Real Estate Commission permanently withdraws a real estate agent's license. /// 2. The automatic event that occurs when a licensee allows their license to remain in a state of suspension for more than 12 months.
License Suspension
1. The temporary withdrawal of a real estate agent's license for a certain and specified period of time.
Voluntary Hold on License
The license status in which a license is in the possession of the Division of Real Estate and Professional Licensing for a period of not more than 12 months, is not renewed in accordance with the requirements specified, and is not associated with a real estate broker.
Cost of Money
The interest rate that people or businesses must pay to use another's money for their own purposes
Economic Base
The main business or industry in and area that a community uses to support and sustain itself.
PEGS
The factors that incluence the real estate market can be broadly divided into Physical, Economical, Governmental, and Social factors (P-E-G-S).
Housing Cycles
General swings in real estate activity, resulting in increasing or decreasing activity and property values during different phases of the cycle.
American Recovery and Reinvestment Act of 2009
Congress authorized a tax credit of up to $8,000 for qualified first-time home buyers purchasing homes on or after January 1, 2009 and before December 1, 2009.
Fiscal Policy
The government's plan for spending, taxation, and debt management.
Secondary Mortgage Markets
Government-sponsored enterprises that buy and sell real estate mortgages.
Federal Housing Administration
(FHA) An agency of the federal government that insures private mortgage loans for financing of new and existing homes and home repairs.
Veteran's Administration
Administered by the federal government (but not through HUD). The VA guarantees mortgage loans for eligible veterans, even allowing them to buy a home with no down payment in some cases by guaranteeing repayment to lenders (up to a certain amount) in the event of default.
Encumbrance
A nonpossessory interest in property burdening the property owner's title.
Leasehold Estate
An estate that gives the holder (Tenant) a temporary right to possession, without title.
Lis Pendens
A recorded notice stating that a lawsuit is pending that may affect title to the defendant's real estate.
Possessory Interest
An interest in property that entitles the holder to possess and occupy the property, now or in the future; an estate, which may be either a freehold or leasehold.
Natural Attachment
Plants growing on the land, whether naturally occurring or planted. They are considered real property while growing and personal property when removed.
Annexation
Legal term for attaching or affixing personal property to real property.
Agent
A person licensed to represent another (the principal) in a real estate transaction; a person authorized to represent the principal in dealings with third parties (clients or customers)
Fraud
An intentional or negligent misrepresentation or concealment of facts; making statements that a person knows, or should realize, are false and misleading.
Management-Level Licensee
A licensee who is employed by or affiliated with a real estate broker and who has supervisory responsibility over other licensees employed by or affiliated with that real estate broker.
Negligence
Conduct that falls below the standard established by law for the protection of others against unreasonable risk of harm.
Split Agent
A licensee assigned by a broker to represent a buyer or seller in a transaction, usually in an in-company dual agency situation.
Agency Disclosure Statement
Form that states whether an agent is representing the seller, buyer, or both in a transaction.
Obedience
Means the agent must follow the legal directions of the principal (client), obey the restrictions of the agency relationship, and not stray beyond the scope of his authority.
As Is Clause
Provision in a purchase agreement stating the buyer accepts the property in present condition.
Material Breach
An unexcused failure to perform according to the terms of a contract, important enough that the non-breaching party is not required to perform his contractual obligations.
Offer
When one person proposes a contract to another; if the other person accepts the offer, a binding contract is formed.
Mitigation
When the non-breaching party takes action to minimize the losses resulting from the beach of a contract.
Attestation
The act of witnessing a person's signing of an instrument by a notary public.
Chain of Title
A history of the ownership affecting title to a parcel of land.
Clouds on the Title
Encumbrances or outstanding claims that could affect the owner's title; problems or uncertainties with a title to real property.
Co-Ownership
Title ownership held by two or more persons who must agree on how the property is used.
Donative Intent
Grantor's intent to transfer title immediately and unconditionally.
Government Survey System
A method of land description in which meridians (lines of longitude) & base lines (lines of latitude) are used to divide land into townships & sections.
Lot and Block Description
A legal description used for platted property. The description states only the property's lot number and block number in a particular subdivision.
Marketable Record Title
Every link in the chain of title is recorded going back at least 40 years.
Metes and Bounds Description
A legal description of a parcel of land that begins at a well-marked point and follows the boundaries, using directions and distances around the tract, back to the point of beginning.
Ownership in Severalty
Sole ownership that only one person or legal entity holds the title to that property. (as opposed to co-ownership)
Warranty Deed
A deed in which the grantor makes formal assurance as to quality of title.
Limited Warranty Deed
Deed in which the grantor warrants title only against defects arising during the time he owned the property and not against defects arising before that time of ownership. Special Warranty Deed.
Quitclaim Deed
A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest.
Fiduciary Deed
A deed executed by a trustee, executor, or other fiduciary, conveying property that the fiduciary does not own but is authorized to manage.
Transfer on Death Designation of Beneficiary Affidavit
One present owner of the real property may designate one or more death beneficiaries and may also name contingent beneficiaries.
Cooperatives
Businesses owned and controlled by the people who use it producers, consumers, or workers with similar needs who pool their resources for mutual gain.
Statutory Survivorship Tenancy
Gives each co-tenant has an equal, undivided interest in real property and right of survivorship. Also called joint tenancy with the right of survivorship.
PITT
Unity of Possession, Unity of Interest, Unity of Time, Unity of Title. For joint tenancy, all four unities, sometimes referred to as equalities, must be present.
Race/Notice Rule
When the same property has been sold to two different buyers, if the second buyer records the deed before the first buyer, then the second buyer has good title to the property as long as he did not have notice of the first buyer's interest.
Marketable Title Act
Is intended to improve the marketability of title and simplify the ittle search process by extinguishing certain old, dormant clauses against a title.
Square Mile
A measure of area that is one mile by one mile, an area of 640 acres.
Location Survey
A survey that determines if a property's buildings encroach on adjoining property, or if any adjoining property's buildings encroach on the subject property.
Marketable Title
Title free and clear of objectionable liens or encumbrances; title which is free from reasonable doubt or defects, which can be readily sold or mortgaged.
Title Insurance
Insurance that indemnifies against losses resulting from undiscovered title defects and encumbrances.
Escrow Closing
A closing by a disinterested 3rd partyoften an escrow agent.
Roundtable Closing
A closing conducted with all parties present.
Errors and Omissions Insurance
Insurance which financially protects an architect against claims for damages resulting from professional negligence. Also called professional liability insurance.
Farming an Area
A term for a marketing technique, which is used to create an image of working on a specific area over a period of time for prospects.
Net to Seller
An estimate of the money a seller should receive from a real estate transaction, based on a certain selling price after all costs and expenses have been paid.
Sphere of Influence
People you know (and whom you can ask for referrals).
Disparate Impact
A law that is not discriminatory at face value, but has a greater impact on a minority group than on other groups.
Exclusionary Zoning
A zoning law that effectively prevents certain groups (e.g. minorities, low-income individuals) from living in a community.
Title VIII
Another name for the Federal Fair Housing Act, which is Title VIII of the Civil Rights Act of 1968.
Holder in Due Course
One who acquires a negotiable instrument in good faith and for consideration, and thus has certain rights above the original payee.
Residual Income
The income a borrower has remaining after subtracting taxes, housing expenses, and all recurring debts and obligations (used for VA loan qualifying.)
Security Instrument
An instrument that gives a creditor the right to sell collateral to satisfy a debt if the debtor fails to pay according to the terms of the agreement.
Subordination Clause
A contract clause that gives a mortgage recorded at a later date the right to make priority over an earlier recorded mortgage.
Trust Deed
An instrument held by a third party as security for the payment of a note. Unlike a mortgage, a trust deed has a power of sale, allowing the trustee to foreclose non-judiciary. ALSO CALLED: Deed of Trust.
subsurface rights
the rights to the natural resources lying below the earth's surface.
personal property or personalty
all property that does not fit the definition of real property, personal property is movable, also known as chattels
emblements
examples( crops of wheat, corn, vegetables, and fruit) are considered personal property and will be transferred as part of the real property(unless stated otherwise)
severance
the process of changing an item of real estate to personal property by changing its condition ( for example a growing tree is real estate until the owner cuts it down, literally severing it from the real estate).
legal tests of a fixture
intention(did the person who installed the item intend for it to remain permanent)
economic characteristics of real estate
1. scarcity 2. improvements 3. permanence of investment 4. area preference (most important)
physical characteristics of real estate
immobility, indestructibility, uniqueness
real estate laws
1. general property laws 2. environmental laws 3. contract law 4. agency law 5. fair housing laws 6. tax laws 7. zoning and land use laws 8. real estate license law
Use of privately owned real estate is regulated through:
land-use planning, zoning ordinances, subdivision regulations, building codes, and environmental protection legislation
zoning ordinances
local municipal laws that implement the comprehensive plan, and regulate and control the use of land and structures within designated land-use districts.
validity of ordinances
power be exercised in a reasonable manner, provisions be clear and specific, ordinances be nondiscriminatory, ordinances promotes public health, safety and general welfare under the police power concept, ordinances apply to all property in a similar manner
zoning affects:
permitted use of the land, lot sizes, types of structures, building heights, setbacks( the minimum distance structures may be built from streets or sidewalks) density(the ratio of land area to structure area or population) protection of natural resources
variance categories
dimensional variancescovers physical dimensions such as lot or parcel sizes and setbacks use variances-covers the specific uses of land
subdivision and land development ordinances
regulate lot sizes, setbacks, building heights, open spaces, and the like specifically for subdivisions and PRDs
subdivision plat
a map of the development which are submitted to municipality for approval