Practice Flashcards
Retrofit
Modifications of an existing building of facility to include new systems or components
Lessee
tenant, renter
CC&Rs
restrictions are placed on certain types of real property and limit the activities of owners
Business Opportunity
any type of business for lease or sale
Unlawful Detainer Action
lawsuit filed with the court against a tenant who remains in unlawful possession of rental property after breaching the terms of a lawful lease
Estate at Sufferance
tenancy created when one is in wrongful possession of real estate even though the original possession may have been legal
Sandwich Lease
lease agreement created when a tenant sublets the property to another person, this creating a sublessor-sublessee relationship. The person in the “sandwich” is a lessee to one party and a lessor to another
Redlining
the use of property’s location to deny financing
Mobile Home
factory-built home fabricated prior to June 15, 1976. constructed on a chassis and wheels
Divided Interest
interest in various party of a whole property, such as the interest of the fee owner, lessee, or mortgage
Goodwill
an intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage
tenant
a renter
MLS
cooperative listing service conducted by a group of brokers for the purpose of marketing listings
Curb Appeal
impression gained, whether good or bad, or a property when it is first seen, usually for the street while driving by
Eviction
legal process of removing a tenant form the premise for some breach of the lease
Surrender
voluntary giving up of a lease
Estate at Will
possession of real estate belonging to another, with their permission, for an indefinite period of time; can be terminated by either the lessor or lessee; either party must give 30 days notice before ending the tenancy
Blind Advertising
advertising that fails to disclose that the party is a licensee acting as an agent
Demise
conveyance of an estate in real property to someone for a certain length of time, as in a lease
Steering
illegal practice of only showing clients property in certain areas
Leasehold or Lease
agreement, written or unwritten, transferring the right to exclusive possession and use of real estate for a definite period of time
Indirect costs
development costs not related to the land or structure, such as legal and architectural fees, financing, and insurance costs during construction
Bulk Transfer Law
law concerning the transfer in bulk (not a sale in the ordinary course of the seller’s business)
Assignee
party to whom a lease is assigned or transferred
Sublease
transfer less that the entire leasehold, with the original lessee being primarily liable
Probate Sale
court approved sale of the property of a deceased person
Estate from Period to Period
leasehold estate that is automatically renewed for the same term; a conveyance for an indefinite period of time; does not need to be renegotiated upon each renewal; commonly a month to month rental
Retaliatory Eviction
act whereby a landlord evicts a tenant in response to some complaint made by the tenant
Lessor
landlord; property owner
Working Capital
liquid assets available for the conduct of daily business
HOA
group of property owners in a common interest development that manages common areas, collects dues, and establishes property standards
Brokerage
occupation of a broker - real estate brokerage in the business of selling real estate through a broker who negotiates the sale for a commission
Writ of Possession
court order directing the sheriff to remove the tenant and their possession within 5 days
Net Lease
lease where the tenant pays such costs as taxes, insurance and repairs, as well as a set amount for rent. A triple net lease in one which the tenant pays all expenses of operating the property as well as a set amount for rent
Manufactured Homes
Home built in a factory after June 15, 1976 and must conform to the federal Manufactured Home Construction and Safety Standards
Earnest Money
down payment made by a purchaser of real estate as evidence of good faith; or a deposit or partial payment
Trade Association
voluntary, nonprofit organization of independent and competing business units engaged in the same industry or trade and formed to aid in the industry problems, promote its progress and enhance its service
Home Inspection
home inspector examines the readily accessible physical structure, systems, and condition of a home and describes them in a written report
Rent
consideration paid for the use of a property
Landlord
lessor; property owner
Blockbusting
causing panic selling by telling people that values in the neighborhood will decline because of a specific event, such as the purchase of homes by minorities
Graduated Lease
lease calling for periodic increases in the rental payments; sometimes called a stair-step lease
Percentage Lease
lease in which the landlord receives a percentage of the gross sales as part or all of the rental payment
Residential Rental Property
property from which 80% or more of the gross rental income is income from dwelling units
Estate for Years
leasehold estate with a definite end date; must be renegotiated; commonly used for commercial leases
Reversionary Rights
lessor (landlord) grants the right of possession to the lessee (tenant) but retains the right to retake possession after the lease’s terms has expired
Axial Growth
city growth that occurs outward along main transportation routes; usually star shaped
Stigmatized Property
psychologically-impacted property that buyers or tenants may avoid, for reasons that are unrelated to its physical conditions or features
