Letter B Vocab

Question 1

This term is used to describe on the Arizona Map the Latitude or lines going East-West.

Answer 1

Baselines

Question 2

This term is used to describe who the person or entity is that “benefits” from mortgage payments?

Answer 2

Beneficiary

[Banks/Lenders]

Question 3

This term is used to describe the person or entity to whom the fiduciary is responsible to for payments.

Answer 3

Beneficiary

Question 4

This term is used to describe when both parties promise to do something in exchange for something” or “Two sided, both parties have to perform”. What type of contract is this?

Answer 4

Bilateral Contract

Question 5

Buyers Inspection Notice and Sellers Response Folder is also known as? Why is this important?

Answer 5

BINSR

There are several key benefits to using a BINSR in a real estate transaction. One of the most significant advantages is that it can help to PROTECT the buyer’s investment. By identifying any potential issues or defects in the property, the buyer can make an informed decision about whether or not to proceed with the purchase.

Question 6

This term is used to describe advertisements for real property where the agent fails to tell the general public that they are a licensed agent.

Answer 6

Blind Ad’s

Question 7

This term is used to describe influencing the decisions of home owners to buy or sell based on fear of an ethnic or social change.

Answer 7

Block Busting

Question 8

This term is used to describe groups of lots commonly found within a subdivision.

Answer 8

Blocks

Question 9

This law protects the public from unscrupulous land sellers. What is the name of this law? Why is it important?

Answer 9

Blue Sky Law

Blue sky laws, a vital component of investor protection, are state-level regulations designed to safeguard investors against securities fraud. This article delves into their definition, purpose, and regulatory mechanisms. Discover how these laws create accountability for issuers, ensuring that investors have access to transparent information.

Question 10

This term is used to describe pre-drafted contracts that are industry standards and commonly used.

Answer 10

Boilerplate Contracts

Question 11

This term is used to describe the rights to retain ownership of property against someone else’s future claims of ownership.

Answer 11

Bona Fide Purchaser

Question 12

This term is used to describe money taxed at time of exchange that the investor took home as profit from the sale of a property. Give an example.

Answer 12

Boot.

Example: Cash boot occurs when an investor doesn’t reinvest all the proceeds from the sale of their relinquished property into a replacement property. For instance, if an investor sells a property for $450,000 and reinvests only $400,000 into a replacement property, the remaining $50,000 is considered the boot.

Question 13

This term is used to describe a boundary.

Answer 13

Bounds

Question 14

What does the acronym B.P.O. stand for?

Answer 14

Broker Price Opinion

Question 15

This term is used to describe the act of breaking or failing to observe a law, agreement, or code of conduct OR Any party of is in default of a contract or agreement OR Breaking or failing to observe a law, agreement, or contract.

Answer 15

Breach

Question 16

What does the acronym P.I.T.I. stand for?

Answer 16

Payments include Principal, Interest, Taxes and Insurance aka Budget Loan

Question 17

This term is used to describe fully amortized loans that include the payments that will be made to insurance and taxes.

Answer 17

Budget Loans

Question 18

This term is used to describe areas that may be used to separate zoning classifications.

Answer 18

Buffer Zones

Question 19

This term is used to describe the regulations, building and construction standards, including quality, design and occupancy.

Answer 19

Building Codes