Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate > B Terms > Flashcards

B Terms Flashcards

1
Q

back-end ratio

A

The ratio of gross income to loan payments (PITI) plus long-term installment debt payments. Used to qualify buyers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

bailment

A

Giving possession of personal property to another, but retaining title; for example, storing goods in a warehouse, renting a trailer, giving existing mortgages to a lender as security for a loan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

balance sheet

A

A financial statement showing assets and liabilities. The balance sheet shows net worth.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

balloon payment

A

A final installment of an unamortized loan that exceeds the previous payments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

bill of sale

A

A written agreement transferring title to personal property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

bilateral contract

A

A mutual exchange of promises whereby each promise is consideration for the other promise.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

betterment

A

An actual improvement (not a repair) to real estate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

bequest

A

Personal property that is given by will.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

bequeath

A

To give personal property by will.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

beneficiary statement

A

A statement of a lender of the balance due on a loan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

beneficiary deed

A

A deed that does not take effect until death of grantor (allowed in several states).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

banker’s interest

A

Interest based on a 30- day month and a 360-day year.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

beneficiary

A

The person receiving payments under a deed of trust; similar to a mortgagee.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

benchmark

A

A marker placed by a government surveyor showing elevation above sea level, and used by surveyors as a reference point.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

bearing wall

A

A wall with a footing under it that bears the load of the structure.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

bearer paper

A

A negotiable instrument made out to cash or bearer that can be transferred without endorsement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

beam

A

A horizontal structural member giving support to a structure.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

bankruptcy

A

A legal procedure to eliminate unsecured debts. To eliminate secured debts, the security must be surrendered.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

batten

A

Wood strips used to cover joints; used in board-and-batten siding.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

basis

A

Cost plus improvements less depreciation. Used to determine profit for tax purposes on sale.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

baseboard

A

A molding placed against the wall on the floor around a room.

22
Q

base line

A

The principal east and west surveyor lines established by government survey.

23
Q

bargain and sale deed

A

A deed for consideration that uses the terms bargain and sale. It contains no warranties other than an implied interest by the grantor.

24
Q

binder

A

Insurance coverage given by an agent before the issuance of a policy or payment of a premium.

25
Q

building line

A

The setback from the lot line.

26
Q

buffer zone

A

An area separating different land uses, often a green area.

27
Q

budget mortgage

A

A loan by which the borrower pays one-twelfth of the estimated property tax and insurance payment with each monthly payment.

28
Q

Btu (British thermal unit)

A

The unit of heat needed to raise one pound of water one degree Fahrenheit. The Btu is used to rate the capacity of heating and air- conditioning units.

29
Q

brownfields

A

Areas where soil has been contaminated by chemical discharges.

30
Q

blanket mortgage

A

A mortgage covering more than one property.

31
Q

broker’s net income

A

An income figure that does not consider a vacancy factor, collection costs, or management expenses.

32
Q

broker

A

A licensed agent employed by a principal for real estate transactions. Only a broker can employ a salesperson.

33
Q

breach

A

The breaking of a law or contract.

34
Q

boot

A

Money, personal property, or debt relief given to even off a trade. Boot is taxable to the person receiving it.

35
Q

book value

A

Cost plus improvements less depreciation taken; the value assigned an asset for bookkeeping purposes.

36
Q

blended mortgage rate

A

A refinance rate that is less than the current market rate but more than the old rate.

37
Q

board foot

A

A unit of lumber measurement equal to 144 cubic inches (1’ x1’ x 1”).

38
Q

blockbusting

A

The act of inducing panic selling for gain by exploiting the fear of loss in value because minority members are moving into an area. Blockbusting is illegal under the Civil Rights Act of 1968. blue-sky laws Security registration requirements to protect consumers against investments in fraudulent schemes.

39
Q

blind pool

A

A syndicate in which the property to be purchased will be selected after the money has been raised.

40
Q

blind advertising

A

An advertisement that fails to indicate that the advertiser is a real estate agent.

41
Q

building permit

A

Construction permit issued by local building inspector office.

42
Q

bylaws

A

The rules of how a corporation will be governed; sets forth the authority of its officers.

43
Q

buyers’ market

A

A market condition characterized by more sellers than buyers, so buyers have a more commanding position.

44
Q

bulk sales act

A

A part of the Uniform Commercial Code; requires recording and publication of sales not in the course of normal business. It applies to the sale of stock in trade when a business is sold. If the act is not complied with, the sale is void as to the vendor’s creditors, who can then treat the stock as if the vendor still owned it.

45
Q

buyer’s agent

A

An agent representing the buyer rather than the seller.

46
Q

buyer agency

A

Agency where agent is the buyer’s representative rather than the seller’s agent.

47
Q

buy down

A

A financing technique in which a seller makes a purchase more attractive by paying a lender points to lower the effective interest rate on a mortgage.

48
Q

business opportunity

A

A business including stock, fixtures, and goodwill.

49
Q

bulk zoning

A

Zoning for density with height,setback, and open space requirements.

50
Q

bundle of rights

A

All rights incidental to ownership, such as rights to lease, use, encumber, sell, exclude, and so forth.

Real Estate (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions