California Real Estate Practices Flashcards
Learn Real Estate Key Terms
Acceptance
an offeree’s agreement to the terms of an offer.
Accession
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.
Accord and Satisfaction
An agreement in which the parties agree to discharge the original contract in favor of a new one, wherein accepted performance is often less than what was initially owed.
Accretion
The process that results in the gradual increase in land area through deposits of soil by natural forces.
Addendum
An addition to a completed contract that specifies supplementary information to the contract; plural is “addenda”
Agency Agreement
A mutually binding understanding between two parties that authorizes one party (the agent) to act on the other party’s (the client’s) behalf to accomplish a specific goal.
Agency disclosure
The act of explicitly informing all parties about whom an agent is representing.
Air Conditioning
A major system in home construction that cools the interior of the structure, usually through the use of an air-cooled or water-cooled process
Amendment
A change or modification to an already agreed-upon contract.
Appraisal
An official valuation given to a property by a licensed appraiser
appraised value
An estimation of property’s value as of a specific date, performed by a certified appraiser
Appraiser
An individual who is trained and licensed to perform appraisals, which estimate the value of real property.
Arbitration
A formal resolution tactic in which the arbitrator hears both sides( including evidence and even cross-examination sometimes) and then issues a verdict.
As is Clause
If this clause is included in a contract, then the buyer agrees to accept the property in the condition visible or observable to them; however, the seller must still disclose known material facts.
Asbestos
A naturally occurring mineral fiber that is commonly used in insulation but if airborne or inhaled, can cause severe respiratory health issues.
aasemblage
the combining of multiple contiguous pieces of real property into a single tract of land, often resulting in an increase in value.
assed value
the value placed on a property by a governmental unit for use in calculating property taxes.
assignee
Person to whom the assignment is made.
assignment
the transference of rights and obligations in a contract from one party to another.
assignor
the person assigning a contract.
associate licensee
a licensee operating under the sponsorship, authority, and guidance of ( and on behalf of) their broker in a brokerage environment
attachments
physical objects permanently attached to land (can be human made or natural).
avulsion
the sudden loss of land by flood or when a stream or river changes course.
basement
the bottom floor of a building that is partially or completely below ground level.