Principles of Real estate 1 Flashcards
Specialize in income-producing properties, such as apartment and office buildings, retail stores and warehouses.
Commercial Brokers
Deal in land for farming and acquisition of rural land by cities for residential, commercial, and industrial expansion.
Land Brokers
Shows which active listings are currently for sale, expired listings, and SOLD listings.
Comparable Market Analysis (CMA)
One who maintains the property in order to produce the highest possible financial return over the longest period of time for the owner.
Property Manager
One who specialize in finding Apartments for tenants to lease. Also required to have a real estate license.
Apartment Locator
Committee created by amendments to TRELA. Reviews and revise curriculum standard, and course content requirements. Made up of 12 members.
The Education Standard Advisory Committee (ESAC)
A listing service that allows a member to share their listings with other members and to split the commission from the sale of the listing with the other brokers.
Multiple Listings Service (MLS)
A place where buyers and sellers convene for the exchange of goods and services.
Market
Properties must similar to the subject property that are actively being marketed for sale.
Active Listings
Properties most similar to the subject property that did not sell either because they were overpriced or under-marketed or both.
Expired Listings
Properties most similar to the subject property that have recently sold.
Sold Listings
Made up of 9 members. 6 are Brokers and 3 are members of the public.
The Texas Real Estate Commission
The largest professional association in the world.
National Association of Realtors (NAR)
Formally evaluates a property.
Appraiser
Any member of the National Association of REALTORS
Realtor
Means the surface of the earth.
Land
Areas where land meets large bodies of water.
Coastal Zones
Anything put on the land with the intent of improving the land.
Improvements
Things that are not attached to the land.
Personal Property
Personal Property.
Chattel
A tool to enforce zoning ordinances.
Zoning Permits
Laws or ordinances developed to specify what land uses and building types are allowed on certain areas.
Zoning Codes
Land that does not have a certain basic required services necessary to utilize I️t for other purposes.
Unimproved Land
Personal property that cannot actually be moved.
Intangible Property
Personal property that can generally be moved.
Tangible Personal Property
Something that was personal property and now has become real estate because it has been attached to the land. (Water heater, ceiling fan)
Fixture
A formal legal binding agreement, written or oral, that is intended to be enforced by law.
Contract
There are two types of Contracts
Implied or Expressed
Contract that can be in writing or oral. The parties state the terms and conditions of the contract.
Expressed Contract
A contract that is not in writing or oral; it is an understanding between parties.
Implied Contract
A promise in exchange for a promise contract.
Bilateral Contract
A contract that has been completely performed.
Executed Contract
A contract that is in the process of being performed.
Executory Contract
A contract that is binding against one party, but not against the other party.
Voidable Contract
A good contract.
Valid Contract
A contract that was never a contract and will never be one.
Void Contract
A contract that cannot be enforced in a court of law.
Unenforceable Contract
A contract between parties for the purchase and sale, exchange, or other conveyance of Real Estate.
Real Estate Contract
A contract for the sale of real estate.
Real Estate Sales Contract
A simple contract appealing to homebuyers who do not qualify for a mortgage, first time home buyers who lack experience in the market, etc.
Contract for Deed
Agreement that combine the LEASE contract with the OPTION TO PURCHASE contract.
Lease Purchase Agreements
The substitution of a contract for a contract.
Novation of Contracts
The substitution of a party for a party.
Novation of Parties
The most often used sales contract in real estate.
The One To Four Residential Contract
An attorney-in-fact derives his powers from:
A power of attorney
A contract based upon a promise exchanged for a promise.
Bilateral Contract
Means the number of buyers in the market. Often affected by population growth, price of housing, unemployment, credit scores, etc.
Demand
Is the number of properties for sale at any one time.
Supply
A line running East and West from a given point on the principal meridian.
Baseline
The permanent reference mark.
Benchmark
Used when Land is divided into lots.
Recorded Plat
Ownership of real property (land, building, and fixtures) that is independent of any superior landlord (the government).
Allodial
The right the state government must enforce order and to protect the general welfare, health, safety, and morals of the public.
Police Power
The right of the government to take privately-owned Real Estate for public use.
Eminent Domain
The land plus all improvements created by man.
Real Estate
The highest and greatest type of ownership interest that can be held in real property.
Fee Simple Absolute
A right of title to land.
Freehold Estate
A rental relationship between two parties that is of indefinite duration since either May end the relationship at any time.
Tenancy At Will
A form of joint tenancy arising between husband and wife.
Tenancy By Entirety
A person leasing land.
Tenant
A legal contract allowing someone exclusive possession of another’s property for a specific period of time in return for payment.
Lease
An estate that exists for some period of time determined by the term of the payment of rent.
Periodic Estate
A claim on the property that limits the fee simple estate.
Encumbrance
Non possessory interest in another persons land.
Easement
A situation where a property owner violates the property rights of his neighbor by building something on the neighbors land.
Encroachment
A lien placed on the property by anyone who furnished labor or materials for the property if payment has not been received.
Mechanics Lien
A lien placed on the property for money damages, such as bad credit card debt.
Judgement Lien
A lien that is placed against a property when the property owner borrowed money on the property.
Mortgage Lien
A blighted area that is ripe for development.
Greyfield
A history of all the insurance claims made on a property.
CLUE Report
The effort to reduce the loss of life and property by lessening the impact of disasters. FEMA is very involved in this.
Mitigation
Manages condos and is responsible for making sure the property is well maintained.
Homeowners Association (HOA)
A situation which both buyer and seller are represented by the same agent.
Dual Agency Transaction
The type of relationship formed between an agent and a client.
Fiduciary Relationship
Involves a situation where a potential buyer would like to look at a property and his regular agent is unavailable.
Sub-Agency
Prohibits certain business activities that reduce competition in the marketplace.
The Sherman Antitrust Act
Occurs when several brokers all agree to a set commission rate that will be charged for their services. Illegal.
Price-fixing
A change to the physical condition of the property.
Reasonable Modification
A change in rules, policies, practices, or services that is feasible and practical under the circumstances.
Reasonable Accommodation
The act of refusing home loans to areas or neighborhoods deemed poor financial risks is know as…
Redlining
Act that deals primarily with Commercial Property.
The Americans with Disabilities Act
The three Canons of Professional Ethics and Conduct:
Integrity, Fidelity, and Competency
Property bought after marriage.
Community Property
When Property is owned by one person.
Ownership
A rental agreement where the owner gives another the right to occupy or use land for a period of time.
Leasehold Estate
An agreement that can run year to year, month to month, or sometimes week to week.
Periodic Tenancy
A title to property held by one owner.
Severalty
When the concurrent owners own a partial interest in the property which may vary according to owner or I️t is divided equally.
Tenants in Common
Means that each owner must acquire ownership at the same time.
Unity of Time
Means that each owner must acquire title from the same source.
Unity of Title
Means that the owners may not have an unequal interest in the property.
Unity of Interest
Means that all owners have the right to possess the property.
Unity of Possession
Firm of ownership used for married couples in states that do not have community property.
Tenancy By Entirety
Any property or income received during marriage that is not separate property.
Community Property
Property owned by one spouse and includes property acquired before marriage, property received from a gift or will, etc.
Separate Property
An owner who owns a home as well as the land around the home.
Single-Family Home
Is owned by a group of people who are allowed to run their business in the name of the corporation. Owned by stockholders.
Corporation
An estimate that tells you the amount the seller may afford to borrow on a loan.
Pre-Qualification Letter
