Letter S Vocab

Question 1

This is a term that is used to describe the amount the property sold for is the ______.

Answer 1

Sales Price

Question 2

This is a term that is used to describe an agent of the broker who is also a fiduciary to their client.

Answer 2

Salesperson

Question 3

This is a term that is used to describe an agent of the broker and also a fiduciary to their client

Answer 3

Salesperson

Question 4

This is a term that is used to describe when the lessee becomes lessor and sub-lessee will make payments to their lessor who will in turn make the payments to the original lessor

Answer 4

Sandwich Lease

Question 5

This is a term that is used to define an area that consists of 640 acres

Answer 5

Section

Question 6

This is a term that is used to define debt where collateral was used to secure the financing

Answer 6

Secured Debt

Question 7

This is a term that is used to define the agent who is representing the seller OR owner of the property

Answer 7

Seller’s Broker

Question 8

This is a term that is used to describe the total of all costs relating to the sale of the property

Answer 8

Selling Costs

Question 9

This is a term that is used to define when a single “unmarried” individual buys property. It is a term used in real estate to describe the ownership of property by one person. It is also called sole ownership or sole and separate123. The term comes from the idea that the owner is “severed” from other owners and holds the property in his own right.

Answer 9

Severalty

Question 10

This is a term that is used to define the conversion of real property to personal property

Answer 10

Severance

Question 11

This is a term that is used to define a law passed in 1890 to prevent the artificial raising of prices by restriction of trade or supply and to break up monopolies

Answer 11

Sherman Antitrust Act

Question 12

This is a term that is used to define when investors are looking for a ROI in a short time frame

Answer 12

Short Term Gains

Question 13

________ from each party involved must be on the contract to affirm its acceptance and for validity.

Answer 13

Signed

Question 14

What does the acronym S.P.D.S. mean?

Answer 14

Seller Property Disclosure Statements

Question 15

This is a term that is used to define when properties are taxed according to those who will benefit.

Answer 15

Special Assessments

Question 16

Why are Special Assessments taxes important?

Answer 16

A special assessment tax in real estate is an additional property tax assessed by the local government to pay for your property and neighborhood improvement projects. The tax goes toward a specific geographic region known as a special assessment district, and the property owners in that area are the only ones who must pay the tax.

Question 17

This is a term that is used to describe when there are NOT violations of the zoning ordinance and allow something different than what was originally determined to be built

Answer 17

Special Use Permits

Question 18

This is a term that is used to describe an agent in charge of only one action for the principal

Answer 18

Specific Agent OR Special Agent

Question 19

This is a term that is used to describe debts that are directly tied to the real property ONLY

Answer 19

Specific Liens

Question 20

This is a term that is used to describe a form of real estate investment gambling where appreciation of the property is the outcome’s goal and is the WIN!

Answer 20

Speculation

Question 21

What is the formula for the Square Footage Method?

Answer 21

Represents a means of appraising a building simply by multiplying its square foot cost by the amount of square feet in the structure being evaluated. Two or more buildings can then be compared by analyzing their total square footage costs

Question 22

This is a term that is used to describe when these state laws may apply but it ONLY Applies to intestate situation when a person HAS heirs. This is the state statute that sets forth the distribution of assets to the heirs of the estate. The law pertains to the transfer of real property of a decedent who failed to leave a will.

Answer 22

State Laws of Descent

Question 23

This is a term that is used to describe Written laws adopted by a legislative body

Answer 23

Statute Laws

Question 24

This is a term that is used to defines time limits on bringing suit or action

Answer 24

Statute of Limitations

Question 25

This is a term that is used to describe any lien that is placed on the property by an act of law

Answer 25

Statutory Lien

Question 26

This term is used to describe that this calendar counts all 36 days of the year, each month has is calculated using 30 as the actual number of days.

Answer 26

Statutory Year

Question 27

This is a term that is used to describe funneling prospective home buyers to or away from buying in a certain area

Answer 27

Steering also known as Channeling

Question 28

This is a term that is used to describe property which buyers or tenants may shun for reasons that are unrelated to its physical condition or features

Answer 28

Stigmatized Property

Question 29

This is a term that is used to describe acting as an agent on behalf of someone else

Answer 29

Sub Agent

Question 30

This is a term that is used to describe when an agent is an ‘agent of the agent’ aka agent for the broker

Answer 30

Sub Agent

Question 31

This is a term that is used to describe land divided into 6 or more parcels of less than 36 acres each

Answer 31

Subdivided Land

Question 32

This is a term that is used to define the person who divides subdivided land

Answer 32

Subdivider

Question 33

This is a term that is used to describe that there is a subject to condition on the existing mortgage on the property that will need an appraisal

Answer 33

Subject To

Question 34

This is a term that is used to define the identified property being appraised

Answer 34

Subject Property

Question 35

This is a term that is used to define the action taken when the current “lessee” becomes a “lessor” to a 3rd party

Answer 35

Sub-Leasing

Question 36

This is a term that is used to describe what it is called when the injured party can force the other party to fulfill the contract

Answer 36

Suit for Performance

Question 37

This is a term that is used to describe water found ON the surface of the property

Answer 37

Surface Water