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Georgia Real Estate 300 terms > basic terms > Flashcards

basic terms Flashcards

1
Q

abstract of title

A

An abbreviated history of a property, including information on any transfers,
grants, wills, conveyances, liens, and encumbrances

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2
Q

acceleration clause

A

a clause in a security instrument which makes the entire loan amount due
immediately upon default

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3
Q

accession

A

is the right to all that one’s own property produces, including that which is
added, either naturally or by human action, to the property already owned.

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4
Q

accretion

A

The process that results in the gradual increase in land area through deposits
of soil by natural forces

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5
Q

acre

A

a measurement of land equal to 43,560 square feet

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6
Q

actual eviction

A

the legal process by which someone is expelled from a property and
prevented from re-entry

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7
Q

actual notice

A

When an individual actually knows of a fact

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8
Q

ad valorem taxes

A

A tax calculated according to the assessed value of a piece of real estate

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9
Q

Adjustable-rate mortgage (ARM)

A

A mortgage with an interest rate that can be adjusted based on fluctuations in
the cost of money

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10
Q

adverse possession

A

Involuntary transfer of title from an owner who does not use or inspect their
land for a number of years to another person who has some claim to the
land and takes possession

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11
Q

agency agreement

A

a mutual binding understanding between two parties that authorizes another
party to act on their behalf

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12
Q

agent

A

an individual with authority to act on behalf of another; a state license is
required to operate as an agent in real estate

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13
Q

air rights

A

the right to use the airspace above the surface of land

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14
Q

air space

A

The area above ground that is owned along with a property. Could include
space above a piece of land, or the space owned inside a condominium unit

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15
Q

alienation

A

The transfer of ownership (title) to real property. Alienation may be voluntary
or involuntary.

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16
Q

Americans with Disabilities Act

A

a federal civil rights law passed in 1990 which prohibits discrimination against
and create standards for people with disabilities

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17
Q

amortization

A

The process of paying off a debt/mortgage in regular installments based on a
fixed payment schedule

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18
Q

antitrust laws

A

Laws designed at preventing unfair or anti-competitive practices such as price
fixing, collusion, monopolies, etc.

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19
Q

appraised value

A

an estimation of property’s value as of a specific date, performed by a
certified appraiser

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20
Q

appreciation

A

The increase in value of a property

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21
Q

appurtenances

A

Rights that run with real property ownership; most often transferred with the
property, but possible to sell separately

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22
Q

arrears

A

A payment that occurs at the end of a period to compensate for charges
accrued during that time

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23
Q

asbestos

A

a naturally occurring mineral fiber that is commonly used in insulation but if
airborne or inhaled, can cause severe respiratory health issues

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24
Q

assemblage

A

The combining of multiple contiguous pieces of real property into a single
tract of land, often resulting in an increase in value

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25
Q

assessed value

A

The value placed on a property by a governmental unit for use in calculating
property taxes

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26
Q

assessment

A

the determination of the value of a property for tax purposes

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27
Q

asset

A

item of value

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28
Q

assignment

A

The transference of rights and obligations in a contract from one party to another

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29
Q

associate broker

A

an individual who meets the licensure requirements to be a real estate broker
but provides real estate brokerage services as an independent contractor to a
real estate broker

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30
Q

avulsion

A

the sudden loss of land by flood or when a stream or river changes course.

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31
Q

balloon payment

A

A payment at the end of a loan period which includes the total outstanding
balance of the loan.

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32
Q

bargain and sale deed

A

a deed without any covenants or warranties against encumbrances that only
implies the grantor has possession of the property and holds the right to
convey title

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33
Q

base line

A

an imaginary line of latitude used in the rectangular survey system of land
description to identify townships in relation to proximity to a principal
meridian

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34
Q

benchmark

A

permanent markers of known location and elevation above sea level as
established by a government survey team (such as the USGS)

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35
Q

beneficiary

A

The recipient of advantage or gain from an act or instrument such as a trust,
will, or insurance policy

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36
Q

bilateral contract

A

a contract wherein both parties are obligated to perform in an exchange of
promises

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37
Q

binder

A

A preliminary agreement for the sale of a property secured by a valuable
deposit from the potential buyer, which binds the seller to a good faith
agreement to sell the subject property, provided that a sale contract meeting
the conditions determined is executed within the prescribed period; also
known as a letter of intent (LOI)

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38
Q

blanket mortgage

A

a loan for which more than one collateral property acts as security

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39
Q

block and lot system

A

a system of legal land description that identifies a piece of platted property by
referring to the section, lot, and block numbers in a subdivision; a.k.a. the
recorded plat method

40
Q

blockbusting

A 
the illegal act of causing owners to sell their homes by creating fear that
members of a protected class are moving into the area
41
Q

bridge loan

A

short-term loan used to transition from one loan to another; can connect
borrower from construction loan to eventual mortgage loan (or current
home to their new home)

42
Q

broker

A

A person who is licensed to represent one of the parties in a real estate
transaction in exchange for a commission or other valuable consideration

43
Q

brownfield

A

real property, the expansion, redevelopment, or reuse of which may be
complicated by the presence or potential presence of a hazardous
substance, pollutant, or contaminant

44
Q

building code

A

a set of regulations pertaining to building design, materials, safety, sanitation,
and structure

45
Q

Bundle of Rights

A

Ownership of land with all of the legal rights of possession, control, quiet
enjoyment, exclusion, transfer, and encumber

46
Q

buydown

A

the paying of money upfront to reduce a loan’s interest rate and monthly
payments

47
Q

buyers market

A

Any market that is experiencing an excess of sellers or supply, creating more
favorable conditions for buyers

48
Q

capital expense

A

an expense paid in order to improve a property

49
Q

capital improvement

A

any upgrade or improvement to a property that falls outside the scope of
normal repair and maintenance, usually with the intention of increasing value

50
Q

capitalization rate

A

a rate of return that calculates the percentage of expected annual income
earned over a property’s value; the present value for expected future income
earned

51
Q

carbon monoxide

A

an odorless, colorless gas that occurs as a by-product due to incomplete
combustion when burning such fuels as wood, oil, and natural gas

52
Q

cash reserve

A

a portion of funds allocated to pay for variable expenses

53
Q

CERCLA

A

the Comprehensive Environmental Response, Compensation, and Liability
Act, aka the Superfund

54
Q

certificate of title

A

A document prepared by a title attorney detailing the chain of title and
offering an opinion on the marketability of the seller’s title

55
Q

chain of title

A

chronological chain of ownership

56
Q

chlordane

A

a chemical compound formerly used in pesticides that is dangerous to
human health

57
Q

chloroflourocarbons (CFCs)

A

chemical compounds containing chlorine, fluorine, and carbon atoms that
were once used in refrigerator coolant, air conditioners, and dehumidifiers

58
Q

Civil Rights Act of 1866

A

federal law that prohibits discrimination in housing based on race

59
Q

cloud

A

Any claim to or encumbrance on the title to a property which affects
transferability

60
Q

certificate of occupancy (CO)

A

legal document from a local authority that authorizes a building to be
occupied; issued after the building has passed all required inspections

61
Q

collateral

A

Property liened by a lender in order to assure payment of the loan and
protect the lender’s investment

62
Q

collusion

A

an unlawful agreement between competitors to monopolize a market,
disadvantage other competitors, or otherwise undertake activities in violation
of fair trade laws

63
Q

color of title

A

a title transfer that is defective in a way that is unknown to the new owner

64
Q

commingling

A

illegal act of mixing funds with client funds

65
Q

commission

A

the regulatory body responsible for regulating the brokerage industry and
licensing real estate practitioners; formally known as the Georgia Real Estate
Commission (GREC)

66
Q

common elements

A

Portions of a shared ownership property not controlled by any one owner or tenant. Examples include parking lots, lobbies, fitness centers, elevators, etc.

67
Q

common law

A

the side of law which arises from judgments and decisions made in courts
rather than explicit legislation

68
Q

community association manager

A

individual who provides administrative and operational services to a community association in exchange for consideration; requires specific
licensure

69
Q

community property

A

a system of property co-ownership, most commonly applied to married
couples, which describes what is joint property and what is individual
property

70
Q

comparable

A

any property which has sold and is similar enough in features, location, and
proximity in time to inform the value of a subject property

71
Q

comparative market analysis

A

A report that compares the prices of recently sold or listed homes
(“comparables”) in order to estimate the market value of a similar property
(the “subject property”) located in the same area

72
Q

condominium

A

Property where each owner has a separate interest in their own unit and
undivided interest in the common areas

73
Q

consideration

A

Something of value exchanged by the parties as evidence of agreement to
the terms of a contract

74
Q

construction mortgage

A

temporary mortgage to finance construction

75
Q

constructive eviction

A

the termination of a lease in circumstances in which the landlord defaults and
acts, or fails to act, in such a way that the premises become unusable

76
Q

constructive notice

A

When a property’s ownership is recorded publicly, so everyone can know the
contents of recorded documents

77
Q

contingency

A

A provision within a contract that makes performance conditional upon the
occurrence of a stated event

78
Q

contract

A

a legally enforceable and binding agreement between parties wherein a
promise to do or not do something is given in exchange for valuable
consideration

79
Q

contract for deed

A

a sales contract in which the buyer pays the seller for the property in multiple
installments for a predetermined length of time, and the seller holds the title
until the property has been fully paid for; also known as an installment sales
contract or land contract

80
Q

contribution

A

the amount of market value added to a property by an addition or improvement to the property; not necessarily the same as the cost of the improvement

81
Q

conventional life estate

A

is a life estate in which the measuring life is that of the life tenant; it is an
estate created by a deed that lasts for the duration of the tenant’s life

82
Q

conventional loan

A

Any loan that is neither insured by the government nor guaranteed by the government

83
Q

conversion

A

Changing real property to personal property, and vice versa; also the illegal act of mixing fiduciary’s funds with agent personal funds

84
Q

conveyance

A

instrument that transfers a grantor interest in real property

85
Q

cooperating brokerage

A

An agency arrangement in which two brokerages collaborate to achieve a
real estate transaction for a specific piece of property.

86
Q

corrective maintenance

A

the repair or restoration of equipment after it has broken

87
Q

cost approach

A

Method of estimating the value of a property by determining how much it
would cost to replace the building or other improvements, minus the cost of
depreciation, plus the value of the land itself

88
Q

counteroffer

A

A contract proposal submitted in response to a previous offer, modifying the terms of the original offer; considered a rejection of the original offer

89
Q

covenant of seisin

A

a protection in which the grantor states they hold the title conveyed in the deed

90
Q

credit report

A

contains information regarding an individual’s credit history (loan payments,
etc.) as well as the present credit status of all open credit accounts

91
Q

covenants, conditions, and

restrictions (CCRs)

A

Private restrictions similar to deed restrictions that dictate what homeowner may do with their property

92
Q

credits

A

sum of money that is received

93
Q

curtesy/dower

A

The right of a spouse to inherit property held in their spouse’s name after that spouse dies; dower is the word used for women, curtesy for men.

94
Q

customer

A

an individual with whom a license holder has no agency relationship nor fiduciary duties but to whom fairness and honesty are still required

95
Q

datum

A

a designated base reference point to elevation used by surveyors to determine the elevations of land or property in an area

96
Q

debits

A

sum of money that is owed

97
Q

debt service

A

current obligations - expenditures to maintain payment

Georgia Real Estate 300 terms (1 decks)

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