PrepAgent DRE Salesperson Vocab Flashcards
Bundle of Rights
权利捆绑–Right & interest of having title such as possession, control, exclusion, sell, and of enjoyment
Real Property
房地产— goes with the property
- Generally immovable
Personal Property
私人财产— goes with the person
- Generally movable
Chattel Real
动产–cows moove - personal property
Fixture
夹具— was personal and is now real
- MARIA Method, Adaptability, Relationship, Intention, Agreement
Trade Fixture
贸易夹具— personal because it goes with a business
Riparian Rights
河岸权利–river - moving body of water
Littoral Rights
沿海权利–Lake - body of water standing still
Accretion
吸积–additional of land
Avulsion
撕脱–tearing away of land
Reliction
遗物–gradual recession of water leaving land permanently uncovered.
Appurtenances
附件–Runs with the land
Freehold Estate
永久业权–no fixed duration of ownership.
Fee Simple Estate
费用简单的庄园— highest possible ownership..
- also know as fee simple absolute
Fee Simple Defeasible
费用简单可废止–Possesses the property as a fee simple subject to a condition
Life Estate
生命庄园–ownership of land for the duration of a person’s life
Less than Freehold Estate
少于永久业权地产–limited period of time
Estate for Years
多年的遗产— defined period of time
- for example 6 months or july 3rd - september 8th
Periodic Tenancy
定期租赁— period to period such as month to month
Estate at Will
随意遗产–end at any time
Estate at Sufferance
受难庄园–landlord is suffering as tenant is in possession passed agreed upon time.
Lease
租— possession but not ownership from lessor to lessee
- considered personal property
Percentage Lease
百分比租赁–based on a percentage of gross receipts
Net Lease
净租赁–tenant pays taxes, insurance and maintenance
Gross Lease
总租赁–tenant pays fixed amount
Sandwich Lease
三明治租赁–primary party is lessee and a lessor
Tenant Improvement Allowance
租户改善津贴–allowance to customize generally for business purposes.
Abandonment
放弃–Voluntarily giving up the rights and responsibilities of possession of a property.
Subleases
转租–Grants possession but not responsibility
Assignment
任务–Grants possession and responsibility
Surrender
投降–agreement to return the property to the owner (landlord) before the lease ends.
Constructive Eviction
建设性驱逐–landlord fails to do something that he/she has a legal duty to provide.
Deeds
行为–evidence of transfer
A Grant Deed
赠款契约–transfer of real property from one person or entity to another person or entity. Each party transferring an interest in the property, or “grantor”, is required to sign it.
A Quitclaim Deed
退出契约–Deed releasing a person’s interest with no warranties. Typically in non-sale situations
Warranty deed
保证书–deed that guarantees a clear title to the buyer of real property.
Special Warranty Deed
特别保证契约–Seller only warrants or guarantees the title against defects that may have arisen during the period of ownership of the property.
General Warranty Deed
一般保修契约–Seller warrants or guarantees the title against defects that may have arisen during the entire life of the property.
Title
标题–ownership
Chain of Title
标题链–history of ownership which shows conveyances and encumbrances.
Abstract of Title
标题摘要–summary
Cloud on Title
标题云–Defect in title ie.. single women married
A Quiet Title Action
安静的标题操作–lawsuit in order to establish a party’s title
Alienation of Title
产权异化–capacity of property or a property right to be sold or transferred
Title Insurance
产权保险–Ensure clear and marketable title
Standard Policy of Title Insurance
产权保险标准政策–Standard coverage includes:
- Defects that are found in public records
- Forged documents
- Incompetent grantors
- Incorrect marital statements
- Improper delivery of deeds
ALTA Policy of Title Insurance
产权保险的 ALTA 政策–Protects real property owners and mortgage lenders against losses from defects in titles.
Extended Policy of Title Insurance
产权保险的扩展政策–Includes everything in a standard policy plus defects found in a property inspection. Which would include unrecorded rights of parties in possession, examination of survey. unrecorded liens, not known by a policy holder.
Severalty
几个–sole ownership
Concurrent Estate
并发庄园–ownership with others
Joint Tenancy
联合租赁–TTIP right of survivorship
Tenancy in Common
共同租赁–unity of possession
Encumbrances
负担–Limitation
Easement
缓和–Right to cross
dominant tenement
主要物业–Gaining the benefit of the easement
servient tenement
服务公寓–Suffers the burden of an easement.
Easement by Prescription
处方地役权–granted after used the property in a hostile, continuous and open manner for a statutorily prescribed number of years
Appurtenant Easement
附属地役权–right to use adjoining property that transfers with the land
Easement in Gross
总地役权–no dominent tenament
Government Powers
政府权力–PETE - Police Power, Escheat, Taxation, Eminent Domain
Police Power
警察权力–States ability to regulate for the betterment of the health, safety, morals, and general welfare of community.
Zoning
分区–Police power that divides and into areas for designated uses
Variance
方差–Exception to the roll
Down Zoning
向下分区–Commercial to residential
Grandfather Clause
祖父条款–exempt from new rule,
Nonconforming Use
不合格使用–A type of zoning variance where a parcel of land may be given an exception from current zoning ordinances due to improvements made by a prior owner or before the current zoning ordinances made the desired use non-conforming under local law.
Building Codes
建筑规范–protect public health, safety and general welfare
Escheat
归还–Reversion of property to the state when the owner dies without heirs.
Intestate
无遗嘱–no will
Testate
遗嘱–has a will
Probate
遗嘱认证–executor for the estate of a deceased person sells property in order to divide the property among the beneficiaries.
Holographic Will
全息意志–written by hand
Taxation
税收–financial charge by a state to fund various public expenditures
Marginal tax rate
边际税率–percentage taken from your next dollar of taxable income
1031 Tax Deferred Exchange
1031 递延税款交换— Defer taxes
- identify 45 days, acquire within180 days of closing previous property.
Boot
开机–Fair market value of other Property received in an exchange
Ad Valorem
从价–Latin for according to value
Eminent Domain
知名领域–Government ability to take private property for public use
Condemnation
谴责–Process of compensating a person when property is taken by eminent domain.
Inverse Condemnation
反定罪–Sueing the government for just compensation when property is taken
Encroachment
侵犯–When a structure is built in part on a neighbor’s property.
Liens
留置权–money owned
General Liens
一般留置权–lien against all personal property
Specific Liens
特定留置权–lien that is on a single property
Voluntary Lien
自愿留置权–lien that exists because of an action taken by a debtor
Involuntary Lien
非自愿留置权–Liens that were imposed on a individual. i.e. .. taxes and judgment liens
Mechanics Lien
力学留置权–Lien on behalf of those who have supplied labor or materials that improve the property.
Judgement Lien
判决留置权–Lien placed by the court
Lis Pendis
利斯潘迪斯–lawsuit pending involving either the title to the property or a claimed ownership interest in it.
Injunctions
禁令–Court order that compels a party to do or refrain from specific acts.
Constructive Notice
建设性通知–Signifies that a person should have known as a reasonable person would have.
Actual Notice
实际通知–Personally given to somebody
Escrow
第三方托管–neutral third party
Debit
借方–money owed
Credit
信用–money received
Short Rate
短期利率–A higher periodic rate for a shorter term than what was originally contracted
Impounds
扣押–Money set aside by a lender to pay for reoccurring costs that take priority over the loan such as taxes and insurance.
RESPA
RESPA–Eliminating kickbacks and referral fees which add unnecessary costs to settlement services.
TILA
蒂拉— Inform use of consumer credit
- Require disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Fair Housing Act
公平住房法–1968 act banning refusal to sell or rent a dwelling to any person because of race, color, religion, sex, or national origin.
Jones vs. Mayer
琼斯对阵梅耶–1968 court case that bared all racial discrimination, private as well as public, in the sale or rental of property based on the thirteenth amendment.
Sherman Anti-Trust Act
谢尔曼反托拉斯法–bans anti competitive behavior such as price fixing
Americans with Disabilities Act
美国残疾人法案–1990 act prohibiting discrimination against people with disabilities in employment, transportation, public accommodation, communications, and governmental activities.
Material Fact
重要事实–a fact that, if known, might have caused a buyer or seller of real estate to make a different decision
Steering
操舵–buyers - You should live by “those” people
Blockbusting
一鸣惊人–sellers - You better sell because you do not want to live by “those” people
Panic Selling
恐慌性抛售–sellers - You better sell because you do not want to live by “those” people
Panic Peddling
恐慌兜售–sellers - You better sell because you do not want to live by “those” people
Redlining
红线–denying services such as a loan, either directly or through selectively raising prices, to residents of certain areas based on race or ethnicity.
Misrepresentation
失实陈述–the action or offense of giving a false or misleading account of the nature of something.
Actual Fraud
实际欺诈–fraud committed with the actual intent to deceive and thereby injure another
Constructive Fraud
建设性欺诈— person gained an unfair advantage over another by unfair methods.
- Intent does not need to be shown
Commingling
混合–mixing of funds
Puffing
膨化–gross exaggeration of facts
Caveat Emptor
买者自负–latin for buyer beware
Essentials of a Valid Contract
有效合同的要素–Mutual consent, lawful object, consideration, capable parties
Void Contract
作废契约–Lacks one of the 4 essential elements
Voidable Contract
可撤销合同–Option to rescind
Bilateral Contract
双边合同–promise for a promise example would be a exclusive listing
Unilateral Contract
单边合同–promise for a act example would be a open listing or a option contract
Executed Contract
已执行合同–a contract that has been fully performed
Executory Contract
执行合同–a contract that has not yet been fully performed
The Statute of Frauds
欺诈法–states what contracts must be in writing
Statute of Limitations
诉讼时效–States time frames for certain contracts
Novation
更新–latin for new as it relates to contracts
Codicil
科迪西尔–amendment
Agency
机构–ACOLD Accountability Care Obedience Loyalty Disclosure
Fiduciary
受托人–A position of trust, good faith and honesty
Actual Authority
实际权限–Expressly conferred by a principal to an agent to act on the principal’s behalf.
Ostensible Authority
表面权威–Authority granted by acceptance of action on the princeiples behalf.
Dual Agent
双重代理–buyer & seller have the same BROKER
General Agent
总代理— authorized to perform any and all acts associated with the job.
- A real estate licensee acting in the capacity of a property manager.
Special Agent
特务— Limited authority granted to him or her through a principal.
- Relationship with the principal is not expected to be continuous.
- Listing contract creates a special agency.
Estoppel
禁止反言–prevents asserting something contrary to what is implied by a previous action or statement.
Listing
清单–bileteral employment contract
Exclusive Listing
独家上市— one broker can be paid
- no need to show procuring cause in order to be compensated.
Exclusive Agency Listing
独家代理列表— Owner sells agent gets nothing
- You need to show your are the procuring cause in order to be compensated
Exclusive Authorization and Right to Sell Listing
独家授权和上市权–Broker gets paid if property sold regardless of procurance cause
Open listing
公开上市— Seller can hire multiple brokers
- Broker that proves procuring cause would be compensated
Net Listing
净上市–Money received above and beyond a designated amount
Protection Period Clause (Safety Clause)
保护期条款（Safety Clause）–Compensated after listing expires if you can prove your are the procuring cause
Contingency Clause
应急条款–defines a condition or action that must be met in order for a real estate contract to become binding
Hold Harmless Clause
持有无害条款— also known as a liability waiver
- agreement whereby parties agree not to hold the other party responsible for any loss, damage, or legal liability that may arise under the agreement.
Interim Occupancy Agreement
临时入住协议–Staying after sale
Deposit
订金–Placing something of value to show that you are serous about your offer.
Value
价值–What a willing buyer will pay on the open market
Essential Elements of Value
价值的基本要素–STUD - Scarcity Transferability, Utility, Demand
Principle of Substitution
替代原则–no prudent person would pay very a property when another one readily available that has the same use, design and income for less.
Principle of Contribution
贡献原则–How much does an item contribute to the net income of a property?
Principle of Regression
回归原理–The value of a more expensive home placed in a neighborhood of less expensive homes will drop in value.
Principle of Progression
渐进原则–Progression states that the value of less expensive properties will increase when placed in the area of more expensive properties.
Principle of Highest and Best use
最高和最佳使用原则— How much of a net return you can get by building on the property?
- If the use is temporary, it would then be considered the Interim use
Plottage
地块–1+1 =3
Appraisal
评价–Estimate of value
Narrative Appraisal
叙事评价–A comprehensive appraisal report is a “complete” appraisal.
Market Data (Comparison) Approach
市场数据（比较）法— Examination and comparison of actual sales of comparable properties.
- Best used to find values of houses and vacant lots.
Cost (Replacement) Approach
成本（更换）方法— Finding out how much would it cost to replace the building brand new
- Better for new buildings not old.
Capitalization (Income) Approach
资本化（收入）法— Converts Income into value.
- A property that can prove to bring in more income will increase the value.
- Most appropriate for a shopping center.
Gross Multipliers
总乘数–price divided by rent
Cap rate
上限率–Higher Cap rate represents higher risk
Acre
英亩–43560
Depreciation
折旧–loss in value to any cause
Physical Deterioration
物理退化–wear and tear
Functional Obsolescence
功能陈旧–poor planning
Economic Obsolescence
经济过时–outside causes
mortgage
抵押–a voluntary, specific lien
Mortgage brokers
按揭经纪人— Intermediary between consumers and lenders.
- Mortgage broker originates loans while the mortgage lender funds loans.
mortgage banker
按揭银行家–A direct mortgage lender.
Interest
兴趣–rent on money
Leverage
杠杆作用–borrowed capital to increase the potential return of an investment
Amortization
摊销–the paying off of debt
Negative Amortization
负摊销–interest paid but debt increases
Balloon Loan
气球贷款–loan that does not fully amortize over its term
Appreciation
欣赏–increase in value over time
Construction Loan
建设贷款–short-term loan used to finance the building of a property.
Obligatory Advances
强制性预付款–Money given during a construction loan at agreed upon stages.
participation loan
参与贷款–A loan that requires interest plus a portion of the profits as payment.
Interim Loan
临时贷款–short term financing
Take-Out Loan
外卖贷款— Long-term loans replace interim financing, such as a short-term construction loan.
- Usually mortgages with fixed payments that are amortizing.
Subject To
服从于–seller liable, buyer not liable
Assume
认为–relieves seller, buyer is liable
Hypothecate
抵押–Pledging an asset as collateral for a loan while retaining ownership
Subordination Clause
从属条款–Current debts will take priority over debts made in the future.
Prepayment Clause
预付款条款–provision that permits a borrower to satisfy a debt before it is due date.
Prepayment Penalty
预付罚款–regulates what the borrower is allowed to pay off and when.
Due-on-sale clause
到期销售条款–Balance of the loan may be called to repay in full upon sale
Primary Mortgage Market
初级抵押贷款市场–Where Lenders make mortgage loans directly to borrowers
Secondary Mortgage Market
二级抵押贷款市场–resale marketplace
Insurance companies (as a lender)
保险公司（作为贷方）— Prefer income producing properties and long term large industrial projects. - - Frequently demand to be able to do a participation loan
savings and loan association
储蓄贷款协会–A state or federally-chartered financial intermediary that accepts deposits from the public and invests those funds primarily in residential mortgage loans
FHA
联邦住房管理局— Small downpayment required
- insures the lender, does not make loans.
- unconventional loan because they are backed by the government.
- no pre-payment penalty
- Single family homes, one to four units owner occupied
VA Loan
退伍军人贷款— Does not require a down payment, however the lender can require one.
- owner occupied house, condominium, or townhouse
GNMA
GNMA–A governmental part of the secondary market that deals primarily in recycling VA and FHA mortgages.
FNMA
国家金融管理局–federally sponsored private corporation which provides a secondary market for housing mortgages.
