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Level 33

Real Estate: Various IX


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employee
Someone who works as a direct employee of an employer and has employee status. The employer is obligated to withhold income taxes and Social Security taxes from the compensation of employees.
coinsurance clause
A clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to at least 80 percent of the property's actual replacement cost.
liability coverage
Insurance that indemnifies a property owner who is found liable for damage in the event of an individual's being injured on the insured's property.
business name
The name in which the broker's license is issued. Any time the name of the business appears, it must be represented exactly as it appears on the broker's license.
inactive licenses
A license becomes inactive when an individual voluntarily relinquishes a license, sometimes referred to as putting a license in "escrow," or when an individual fails to properly renew a license. When a license is inactive, the person is prohibited from performing the activities for which the license was issued. A license may be reactivated by submitting the proper forms and required fees within five years of the date the license became inactive. Brokers and salespersons must obtain 14 hours of continuing education before they can reactivate a license. An individual who does not reactivate a license within five years must retake the appropriate examination in order to be issued a license.
time-share salesperson
A licensee who, either as an employee or independent contractor, sells time-shares under the supervision of a broker.
campground membership
An interest, other than in fee simple or by lease, that gives the purchaser the right to use a unit of real property for the purpose of locating a recreational vehicle, trailer, tent, camper, or other similar device on a periodic basis pursuant to a membership contract.
campground membership salesperson
A licensee who, either as an employee or independent contractor, sells campground memberships under the supervision of a broker
rental listing referral agent
A licensee who owns or manages a business that collects rental information for the purpose of referring tenants to rental units or locations.
builder-owner salesperson
An individual who is a fulltime employee of the owner or builder of single-family or multifamily residences who is licensed to perform certain acts on behalf of the builder-owner.
cemetery salesperson
A licensee employed by a broker or cemetery broker to sell cemetery lots exclusively.
cemetery associate broker
A licensed cemetery broker employed by another cemetery broker or broker.
cemetery broker
An individual or entity licensed to engage exclusively in the sale of cemetery lots, plots, and mausoleum spaces or openings.
associate broker
A person licensed as a real estate broker who chooses to work under the supervision of another broker.
broker of record
The individual broker responsible for the real estate transactions and activities of licensees in a partnership or corporation.
rules and regulations
Real estate licensing authority orders that govern licensees' activities; they usually have the same force and effect as statutory law.
State Real Estate Commission
The agency established by the Pennsylvania Real Estate Licensing and Registration Act to administer this law and supervise the activities of licensees.
Real Estate Licensing and Registration Act
The Pennsylvania law that protects the public interest by governing real estate practices and the activities of licensees.
straight loan (or term loan)
A loan in which only interest is paid during the term of the loan, with the entire principal amount due with the final interest payment.
loan origination fee (or loan fee)
A fee charged to the borrower by the lender for making a mortgage loan. The fee is usually computed as a percentage of the loan amount
trust deed (or deed of trust)
An instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender); also called a deed of trust.
Federal Reserve System (the Fed)
The country's central banking system, which is responsible for the nation's monetary policy by regulating the supply of money and interest rates.
offer and acceptance
Two essential components of a valid contract; a "meeting of the minds."
implied agreement
A contract under which the agreement of the parties is demonstrated by their acts and conduct.
express agreement
An oral or written contract in which the parties state the contract's terms and express their intentions in words.
certificate of title
A statement of opinion on the status of the title to a parcel of real property based on an examination of specified public records
attorney's opinion of title
An abstract of title that an attorney has examined and has certified to be, in his or her opinion, an accurate statement of the facts concerning the property ownership.
suit to quiet tite
A court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title.
priority
The order of position or time. The priority of liens is generally determined by the chronological order in which the lien documents are recorded; tax liens, however, have priority even over previously recorded liens
recorder of deeds
The county office in which matters relating to the real estate located within that county are filed.
judicial deed
A deed that is delivered pursuant to court order.
alienation
The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, such as through eminent domain or adverse possession.
lis pendens (latin for "litigation pending")
A recorded legal document giving constructive notice that an action affecting a particular property has been filed in either a state or federal court.
special assessment
A tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement like a street or sewer.
involuntary lien
A lien placed on property without the consent of the property owner.
voluntary lien
A lien placed on property with the knowledge and consent of the property owner.
time-share
A form of ownership interest that may include an estate interest in property or a contract for use, which allows use of the property for a fixed or variable time period.
cooperative
A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease.
Pennsylvania Uniform Condominium Act
The state law adopted from the national model act that governs the development and operation of condominiums. The law also provides for certain disclosures to purchasers of condominium units.
common elements
Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements.
corporation
An entity or organization, created by operation of law, whose rights of doing business are essentially the same as those of an individual. The entity has continuous existence until it is dissolved according to legal procedures.
partnership
An association of two or more individuals who carry on a continuing business for profit as co-owners. Under the law a partnership is regarded as a group of individuals rather than as a single entity. A general partnership is a typical form of joint venture in which each general partner shares in the administration, profits, and losses of the operation. A limited partnership is a business arrangement whereby the operation is administered by one or more general partners and funded, by and large, by limited or silent partners, who are by law responsible for losses only to the extent of their investments.
trust
A fiduciary arrangement whereby property is conveyed to a person or institution, called a trustee, to be held and administered on behalf of another person, called a beneficiary. The one who conveys the trust is called the trustor.
separate property
Under community property law, property owned solely by either spouse before the marriage, acquired by gift or inheritance after the marriage, or purchased with separate funds after the marriage.
implied warrant of habitability
A theory in landlord/tenant law in which the landlord renting residential property implies that the property is habitable and fit for its intended use.
suit for possession
A court suit initiated by a landlord to evict a tenant from leased premises after the tenant has breached one of the terms of the lease or has held possession of the property after the lease's expiration.
confession of judgment clause
Permits judgment to be entered against a debtor without the creditor's having to institute legal proceedings.
security deposit
A payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default or destruction of the premises by the tenant.
lessee
tenant
lessor
landlord
estate (tenancy) at will
An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite.
month-to-month tenancy
A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement (oral or written) a tenancy is generally considered to be month to month.
estate (tenancy) from period to period (or periodic tenancy)
An interest in leased property that continues from period to period—week to week, month to month, or year to year.
estate (tenancy) for years
An interest for a specified time in property leased for a specified consideration.
party wall
A wall that is located on or at a boundary line between two adjoining parcels of land and is used or is intended to be used by the owners of both properties.
easement by prescription (or prescriptive easement)
An easement acquired by continuous, open, and hostile use of the property for the period of time prescribed by state law.
defeasible fee estate (or fee simple defeasible)
An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event. There are two categories of defeasible fee estates: fee simple on condition precedent (fee simple determinable) and fee simple on condition subsequent.
estate in land
The degree, quantity, nature, and extent of interest that a person has in real property.
alloidal system
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. Land is held under the allodial system in the United States.
baseline
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 (government) survey system of legal description.
rectangular (government) survey system
A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines.
Superfund Amendments Reauthorization Act (SARA)
An amendatory statute that contains stronger cleanup standards for contaminated sites, increased funding for the Superfund, and clarifications of lender liability and innocent landowner immunity.
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
A law administered by the Environmental Protection Agency that established a process for identifying waste sites, forcing liable parties to clean up toxic sites, bringing legal action against responsible parties, and funding the abatement of toxic sites.
chattels
Another word for personal property, which is all property that does not fit the definition of real property; distinct from real property in that personal property is movable.
surface rights
Ownership rights in a parcel of real estate that are limited to the surface of the property and do not include the air above it (air rights) or the minerals below the surface (subsurface rights).
improvement
Any structure, usually privately owned, erected on a site to enhance the value of the property—for example, building a fence or a driveway. A publicly owned structure added to or benefiting land, such as a curb, sidewalk, street, or sewer.
Accrued Interest
Accrue; to grow; to be added to. Accrued interest is
Acquisition
An act or process by which a person procures property
Action for Specific Performance
a court action to compel a defaulting
Adjacent
Lying near to but not necessarily in actual contact with.
Adjoining
Contiguous; attaching, in actual contact with.
Affidavit
A statement or declaration reduced to writing, and sworn to or
Affirm
To confirm, to ratify, to verify.
Alienation Clause-
Allows lender to require the balance of a loan to be
Amortization-
A gradual paying off of a debt by periodic installments.
Apportionment
Adjustment of the income, expenses or carrying
Appraisal by Income Capitalization Approach
An estimate of value by capitalization of productivity and income.
Appraisal by Sale Comparison Approach
Comparability with the sale prices of other similar properties.
Appraisal by Cost Approach
Adding together all parts of a property separately appraised to form a whole: e.g., value of the land considered as vacant added to the cost of reproduction of the building, less depreciation.
Assessor
An official who has the responsibility of determining assessed values.
Assignee
The person to whom an agreement or contract is assigned.
Assignment-
The method or manner by which a right or contract is transferred from one person to another.
Assignor-
a party who assigns or transfers An agreement or contract to another.
Assumption of Mortgage
The taking of title to property by a grantee, wherein the grantee assumes liability for payment of an existing note or bond secured by a mortgage against a property and becomes personally liable for the payment of such mortgage debt.
Avulsion-
a sudden and perceptible loss or addition to land by the action
Balloon Mortgage Payment
A large payment during the term of a mortgage, often at the end.
Bequest-
That which is given by the terms of a will.
Bona Fide
In good faith, without fraud.
Bond-
The evidence of a personal debt which is secured by a mortgage
Building Line
-A line fixed at a certain distance from the front and/or sides of a lot, beyond which no building can project.
Building Permit-
Written governmental permission for the construction, renovation or substantial repair of a building.
Cancellation Clause
-A provision in a lease or other contract which confers upon one or more of all of the parties to the lease the right to terminate the party's or parties' obligations there under upon the occurrence
Capital Appreciation
The appreciation accruing to the benefit of the capital improvement to real estate.
Capital Asset-
Any asset of a permanent nature used for the production of income.
Capital Improvement
Any structure erected as a permanent improvement to real estate, usually extending the useful life and value of a property. (The replacement of a roof would be considered a capital
Capital Loss
A loss from the sale of an asset not in the usual course of
Cease and Desist List-
Upon the establishment of a cease and desist zone by the Secretary, a list of homeowners who have filed owner's
Cease and Desist Zone
A rule adopted by the Secretary of State which prohibits the direct solicitation of homeowners whose names and addresses appear on a cease and desist list maintained by the Secretary. Such rule may be adopted upon the Secretary's determination that some
Certificate of Occupancy (CO)-
a document issued by a governmental authority That a building is ready and fit for occupancy.
Certificate of Occupancy (CO)-
a document issued by a governmental authority That a building is ready and fit for occupancy.