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Aceble Agent Real Estate > Principles of Real Estate 1 Key Terms > Flashcards

Principles of Real Estate 1 Key Terms Flashcards

1
Q

Apartment Locator

A

A real estate license holder who locates dwelling units for prospective tenants

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2
Q

Tenant

A

One who possess a property under a lease without ownership

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3
Q

Broker

A

Someone who assists in buying and selling to receive a commission

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4
Q

Client

A

The person that an agent is representing, made official through a representation document

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5
Q

Sales Agent Apprentice Education (SAE)

A

An educational requirement for courses in the first two years of being licensed as a real estate agent

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6
Q

Consumer

A

A person or company that buys or leases any product or service

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7
Q

Consideration

A

Something of value as a part of a contract

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8
Q

Land

A

The surface of the earth, extending down to the center of the earth and up into space

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9
Q

Real Estate

A

Includes the land and any natural or man made improvements attached to it

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10
Q

Real Property

A

Includes the land and any natural or man made improvements attached to it, plus the bundle of legal rights of ownership

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11
Q

Personal Property

A

Items that can easily be removed from the land

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12
Q

Immobility

A

Characteristic of land stating that land has a particular geographical location that will remain constant, barring erosion or slow, geographical changes

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13
Q

Fixity

A

The permanence of land

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14
Q

Real Estate Broker

A

A person or corporation who markets to find buyers and sellers to put together in exchange for a commission

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15
Q

Broker’s Price Opinion (BPO)

A

A broker’s price opinion is the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property

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16
Q

Closing

A

The completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount

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17
Q

Comparative Market Analysis (CMA)

A

A report comparing the prices of sold homes that are similar to the subject property, is created by a license holder to help the seller or buyer determine the market price

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18
Q

Misrepresentation

A

An unintentional mistake, spoken or written

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19
Q

Party

A

A person involved in a contract for sale, lease, or agency

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20
Q

Commingle

A

An illegal act of a license holder who mixes their own money with a client’s or customer’s money

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21
Q

Promulgated Contracts

A

Contracts prepared and authorized by the Texas Real Estate Commission that must be used by real estate license holders; there are a few exceptions to this rule

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22
Q

Cloud on the Title

A

An encumbrance that keeps the title to the property from transferring easily

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23
Q

Puffing

A

The exaggeration of opinions about real estate

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24
Q

Nolo Contendere

A

A plea in a criminal court in which the defendant accepts the punishment without admitting guilt

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25
Q

Improvement

A

Any permanent man-made addition to land

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26
Q

Subsurface Rights

A

Ownership of the minerals, gas, or oil beneath the surface of a piece of real estate

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27
Q

Surface Rights

A

The ownership of the land in a parcel or real estate but limited only to the plane

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28
Q

Air Rights

A

The right to the airspace above the surface of land

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29
Q

Water Rights

A

The right to enjoy the water that borders a property

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30
Q

Littoral Rights

A

Rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property

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31
Q

Riparian Rights

A

Rights that govern the use of flowing water, such as rivers and streams that pas through or border a property

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32
Q

Personal Property

A

Any item that is not real estate, also known as chattel or personality

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33
Q

Real Estate

A

A part of the surface of land to the center of the earth and upward to space plus all improvements made by man or nature

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34
Q

Real Property

A

Land from the surface to the center of earth and upward into space including everything attached by man or nature as well as the bundle of legal rights of the ownership

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35
Q

Fixture

A

Personal property that became real property when it was attached permanently to the real estate

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36
Q

Trade Fixture

A

An item attached to real property by a tenant that may be removed by the tenant and is considered to be personal property

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37
Q

Adaptation

A

The use and modification of a particular item for a specific use in a property

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38
Q

Fructus Naturales

A

Trees, bushes, and grass that are part of real estate

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39
Q

Fructus Industriales

A

Annually cultivated crops

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40
Q

Condominium

A

A single unit in a residential complex, which may or may not share common walls with neighbors in which the owner owns the unit and a share of the common areas, but NOT the land

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41
Q

Common Elements

A

Shared areas in a residential community, such as hallways, elevators, stairwells, pools, and recreational facilities

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42
Q

Cooperative

A

Residential building in which the title is held by a corporation and the residents are stockholders in the corporation and have a long term lease

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43
Q

Planned Unit Development (PUD)

A

A subdivision of development that includes single family dwellings along with some common elements such as parks, pools, community recreational centers, or golf courses

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44
Q

Timeshare

A

Residence with multiple owners who share the right to possession for a specific period of time with the other owners

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45
Q

Ad Valorem Tax

A

A tax calculated according to the assessed value of real estate

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46
Q

Homestead Tax Exemption

A

Reduces the amount of ad valorem taxes assessed on a homestead

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47
Q

Prorate

A

The dividing of expenses for items like taxes, interest, and rent at the closing between the seller and the buyer

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48
Q

Amortization

A

Paying off of a debt/mortgage in regular installments based on a fixed payment schedule

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49
Q

Arrears

A

Payment for an item or service after it is received

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50
Q

CLUE Reports

A

Stands for Comprehensive Loss Underwriting Exchange, a database used by insurance agencies that contains information on any claims made in the past five years by property owners on specific properties

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51
Q

PITI

A

Principle, Interest, Taxes, and Insurance, which are the components of most mortgage payments

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52
Q

Brokerage

A

The joining of two people for the purpose of an exchange of products or services

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53
Q

Agency

A

Relationship between a client and a broker

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54
Q

Express Agency

A

Agency created by a specific agreement

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55
Q

Implied Agency

A

Created when an agent is given permission to act on behalf of a client through conduct or communication, but the permission is not established orally or in writing

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56
Q

Agency by Ratifitcation

A

Created when a license holder actors on behalf of but without prior authorization of a principal and that principal accepts the license holder’s action after the fact

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57
Q

Attorney

A

A person who is licensed to give legal advice

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58
Q

Intermediary Broker

A

A broker who negotiates a contract between two parties that are both being represented by that broker

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59
Q

Appointed License Holder

A

A sales agent license holder who was designated to work with a client during an intermediary transaction

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60
Q

Special Agency

A

The relationship between a broker and a principal where the broker has restricted authority to act on behalf of the principal to achieve a specific objective

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61
Q

Agent

A

A person who acts on behalf of someone else

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62
Q

Seller’s Disclosure Notice

A

A document filled out by the seller concerning any defects in the improvements on the property

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63
Q

Subagent

A

A license holder from one office who represents the seller through cooperation with the listing broker of another company

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64
Q

Material Fact

A

Any fact that is significant or essential to the transaction

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65
Q

Fiduciary Duties

A

An agent owes their client the following fiduciary duties: Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable Care (OLD CARE)

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66
Q

Misrepresentation

A

An unintentional mistake, spoken or written

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67
Q

Puffing

A

The exaggeration of opinions about real estate

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68
Q

Fraud

A

A misstatement made intentionally to deceive

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69
Q

Civil Rights Act of 1866

A

The first law that began to promise equal rights for all citizens regardless of race or color

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70
Q

Fair Housing Act

A

A federal law that prohibits discrimination in housing based upon race, color, religion, or national origin and was amended to include sex, disability, and familial status; aka the Fair Housing Act of 1968

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71
Q

Disability

A

A physical or mental impairment that limits at least one major activity in someone’s life

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72
Q

Steering

A

An illegal act of channeling buyers or tenants to certain areas, either to keep the area demographically the same or to change the demography of the area

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73
Q

American with Disabilities Act

A

A federal law enacted to remove barriers for individuals with disabilities

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74
Q

Equal Opportunity in Housing

A

The concept that everyone will have equal access to house in with no discriminatory actions taking place

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75
Q

Texas Department of Housing and Community Affairs

A

A department that administers assigned programs on Texas housing, invests resources strategically, and develops high quality affordable housing which allows Texas communities to thrive

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76
Q

Reasonable Accommodation

A

A chance in rules, policies, or practices, that may be necessary to afford a person, with a disability an equal opportunity to use or enjoy a dwelling

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77
Q

Protected Classes

A

Groups that are illegal to discriminate against, as defined by the Fair Housing Act

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78
Q

Housing and Community Development Act

A

An 1988 amendment to the Fair Housing Act that added familial status and disability to the list of protected classes

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79
Q

Familial Status

A

A family with at least one person under 18 years of age with at least one parent or legal guardian

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80
Q

Blockbusting

A

The illegal practice of causing owners to sell their holes by creating fear that minorities are moving into the area, also known as panic peddling

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81
Q

Equal Credit Opportunity Act (ECOA)

A

Law prohibiting credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or use of public assistance

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82
Q

Community Reinvestment Act

A

A federal law that requires lenders to assist their local communities by participating in community development projects

83
Q

Redlining

A

The illegal act of a lender denying mortgages in certain areas of town

84
Q

Home Mortgage Disclosure

A

Federal act that requires lenders to disclose specific lending information, which HUD then uses to map lending patterns

85
Q

Disability

A

A physical or mental impairment that substantially limits one or more of an individual’s major life activities

86
Q

REALTOR

A

A registered trademark designed for the sole use of identifying the members of a local board who are affiliated with the National Association of REALTORS

87
Q

Code of Ethics

A

A document created by the National Association of REALTORS that their members pledge to abide by

88
Q

Canon’s of Professional Ethics and Conduct

A

The Texas Real Estate Commission’s code of ethics for real estate license holders

89
Q

Texas Real Estate License Act (TRELA)

A

A law that governs the licensing, education, and activities of real estate license holders practicing brokerage in this state.

In 1939, the Texas Legislature passed this Act to govern the licensing and practice of real estate in Texas — it was originally called the Real Estate Dealers License Act but eventually took another name.

Today, this Act is a part of the Texas Occupations Code, Chapter 1101.

90
Q

Texas Real Estate Commission (TREC)

A

A group of nine people appointed by the governor and confirmed by the state senate that are to set policy and rules from the real estate license act.

In order to enforce the provisions of TRELA, the Texas Legislature created the __________ in 1948 (10 years later).

__________ purpose is to oversee the licensing, education requirements, and ethical standards of practice for real estate sales professionals and real estate inspectors within the State of Texas. __________ has the authority to adopt and enforce rules for governing real estate practitioners.

91
Q

Sales Agent

A

A person who is licensed to practice real estate and is sponsored by a real estate broker

92
Q

Real Estate Center

A

Located a Texas A&M University to provide the results of research and education to license holders

93
Q

Texas Real Estate Broker-Lawyer Committee

A

A committee that creates and corrects contract forms to be used by Texas real estate license holders

94
Q

Errors and Omissions Insurance

A

Insurance that protects against mistakes a license holder might make in real estate transactions; does not cover acts of fraud or other intentional misconduct

95
Q

Abstract of Title

A

An abbreviated history of property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances

96
Q

Real Estate Recovery Trust Account

A

A fund managed by the Texas Real Estate Commission to provide payment to a party who has been damaged through the violation of The Real Estate License Act by a license holder

97
Q

Survey

A

A legally valid drawing of the dimensions of a piece of real estate, including its boundaries and the location of improvements

98
Q

Metes and Bounds

A

A legal land description method identifying a piece of real estate’s exact dimensions and location in reference to a fixed and permanent monument

99
Q

Point of Beginning

A

The definite starting point for a metes and bounds description

100
Q

Monument

A

An object used to mark the boundaries of a piece of real estate

101
Q

Rectangular Survey System

A

A method to describe land by using principal meridians and base lines; also known as the government survey system

102
Q

Lot and Block

A

A way to describe a piece of land by referring to the lot and block numbers in a subdivision that were assigned by the developer

103
Q

Plat

A

A map of a Subdivision indicating its location and property lines

104
Q

Longitude Lines/Meridians

A

Units of measurement that run North and South to Earth’s poles

105
Q

Latitude Lines/Parallels

A

Units of measurements that run east and west, parallel to the equator

106
Q

Range

A

A column created by drawing a parallel line every 6 miles east and west of a principal meridian

107
Q

Township Lines

A

Lines that intersect with range lines to create 36-square-mile parcels (6X6 square miles) called townships

108
Q

Acre

A

A measure of the surface of land (43,560 ft squared)

109
Q

Section

A

A square made up of mile-long boundaries (1 square mile) that equates to 640 acres

110
Q

Datum

A

A base point from which measurement is taken by moving upward or downward, marking standard heights or depths

111
Q

Air Lot

A

Airspace above a parcel of land

112
Q

Contour Map

A

A map where curved lines (contour lines) connect contiguous points of equal elevation to feline the contours of the land, also called a topographic map

113
Q

Land Surveying

A

The science of determining points and the distances and angles between them, often for the purpose of establishing land maps and boundaries for ownership transfers of real estate

114
Q

Contract

A

An agreement between two or more parties by which one party will receive consideration and the other will wither perform an act or refrain from performing an act

115
Q

Performance Agreement

A

Part of a contract that requires the contracting parties either to perform certain actions or to uphold certain contractual promises

116
Q

Forbearance Agreement

A

Part of a contract that requires one or more of the contracting parties to refrain from actions they are otherwise legally entitled to perform

117
Q

Bilateral Contract

A

An agreement in which both parties give consideration and promise to perform the actions specified in a contract

118
Q

Unilateral Contract

A

A contract in which only one of the contracting parties is bound to act

119
Q

Addenda

A

Documents containing additional terms, information, or obligations that are attached to a contract

120
Q

Four Corners Doctrine

A

A legal concept stating that the court can only consider information that appears within the four corners of the documents

121
Q

Amendment

A

Changes or makes modifications to an already agreed upon contract

122
Q

Executed Contract

A

A contract in which all terms have been fulfilled by all parties

123
Q

Executory Contract

A

A contract that is not completely executed or performed

124
Q

Statue of Frauds

A

A law which requires certain types of contracts to be written and to be signed by all parties who are bound by the contract

125
Q

Parol Evidence Rule

A

a legal term that states that if the important details of an agreement were discussed but fail to make it into the written contract, the written and signed contract is given authority over any word of mouth

126
Q

Partial Performance

A

this occurs when one or more of the contracting parties perform only a portion of the agreed-upon contractual duties

127
Q

Substantial Performance

A

occurs when a party performs the majority of the contract’s requirements but does not perform according to the contract’s stipulations

128
Q

Contingencies

A

stipulations or conditions that must be satisfied before the contract can be performed

129
Q

Assignment

A

when one or more parties want to withdraw from a contract and transfer the rights and duties to a third party

130
Q

Notation

A

the act of replacing an existing contract with a new, modified one

131
Q

Recording

A

the placing of documents about the claims and ownership of real estate in the county clerk’s office at the courthouse

132
Q

Abstract of Title

A

a condensed history of title to a tract of land that summarizes the transfers of owner- ship and encumbrances

133
Q

Attorney’s Opinion of Title

A

a document written by a lawyer that identifies any defects in an abstract of title that may or may not state that the seller has marketable title to the property bill of sale

134
Q

Title Insurance

A

insurance to protect the owner of a property if any other person proves ownership; covers the insured person’s investment into the property but does not guarantee continued ownership

135
Q

Estate

A

the degree, quantity, nature, and extent of one’s interest in property

136
Q

Statutory Estate

A

an estate that is created as a matter of state law

137
Q

Freehold Estate

A

an estate in land in which ownership will last for an indeterminate duration

138
Q

Leasehold Estate

A

a type of property interest allowing tenants to occupy and use a property they do not own; contains a reversionary right

139
Q

Fee Simple Estate

A

maximum ownership of real property, indefinite duration, freely transferable, and freely inheritable; also called a fee or a fee simple absolute

140
Q

Defeasible Estate

A

a type of freehold estate in which the person who has possession of the property is only able to hold the property until an event takes place or does not occur; also known as fee simple defeasible or qualified fee

141
Q

Fee Simple Subject to Condition Subsequent

A

a defeasible fee estate in which a grantor conveys a par- cel of real estate subject to a condition of ownership

142
Q

Fee Simple Determinable Estate

A

a defeasible fee estate that will come to an end automatically and immediately upon the occurrence of a designated event, the time of such occurrence being uncertain

143
Q

Life Estate

A

an interest in real estate that will end upon the death of the life tenant or the pur autre vie life

144
Q

Conventional Life Estate

A

a type of freehold life estate created by a deed or will that lasts for the duration of the tenant’s life

145
Q

Legal Life Estate

A

a type of freehold life estate created by an act of law

146
Q

Pur Autre Vie

A

a type of freehold life estate that grants someone ownership of a property for the duration of another person’s life

147
Q

Remainder

A

the estate that will pass to another party at the death of the person upon whom the life estate is based

148
Q

Reversion

A

the portion of an estate that will return to the original grantor when a life estate has ended

149
Q

Reversionary Interest

A

an estate wherein, upon the death of the life estate owner, full ownership reverts to the original fee simple owner; also known as a revisionary right

150
Q

Remainderman

A

the recipient of the remainder, either the grantor, who set up the life estate or a des- ignated third party

151
Q

Estate for Years

A

a leased possession of property for a certain, specific period of time; also known as a tenancy for years

152
Q

Encumbrance

A

any claim or right against a property held by another that is not the fee title owner

153
Q

Easement

A

a right to use or cross someone else’s land for a specific purpose

154
Q

Restriction

A

an outline of what someone may not do on their own personal piece of property

155
Q

License

A

the permission to use someone else’s property for a temporary period of time

156
Q

Conveyance

A

a transfer of ownership of a piece of real estate from one person to another

157
Q

Probate

A

the legal process in which a court decides who will inherit property

158
Q

Encroachment

A

an illegal use of another land owner’s property, occurring when the property of one owner extends beyond their property boundaries and onto the adjacent property

159
Q

Statutory Lein

A

a lien brought by a government

entity such as a tax lien

160
Q

General Lein

A

a lien in which the real estate and personal property may be sold to satisfy the debt

161
Q

Specific Lein

A

a lien that is against only the real estate

162
Q

Priority of Leins

A

the order in which debts or taxes levied by the government will be paid off through a court sale

163
Q

Voluntary Lein

A

a lien that is created on purpose

and with the agreement of the owner of the property in question, such as a mortgage

164
Q

Involuntary Lein

A

a lien that is created without the property owner taking any action to initiate it

165
Q

Statutory Lein

A

a lien established by local, state, or federal law for a specific set of circumstances

166
Q

Equitable Lein

A

a right that exists only in equity, with one party charging their property as security for a debt or loan

167
Q

Mechanic’s Lein

A

a lien created when a worker has not been paid for work done on a property

168
Q

Execution Lein

A

a lien created by a writ of execution issued by a court to force payment of monies owed from a judgment when a debtor does not pay

169
Q

Federal Judgement Lein

A

a lien filed by the government for failure to pay certain debts

170
Q

Lis Pendens

A

a document recording at the courthouse giving notice that a lawsuit is pending on a particular piece of property

171
Q

Vendor’s Lein

A

a lien the seller has against a buyer as a security for the unpaid balance of the purchase price

172
Q

Vendee’s Lein

A

a document declaring a claim from

a buyer that the seller has not transferred title to the buyer according to the agreement

173
Q

Bundle of Legal Rights

A

ownership of land with all

of the legal rights of possession, control, enjoyment, exclusion, and disposition

174
Q

Groundwater Rights

A

property owners’ right to use water under the surface through the rule of capture

175
Q

Accretion

A

the process that results in the gradual increase in land area through deposits of soil by action of water

176
Q

Avulsion

A

the sudden loss of land by flood, or when a stream or river changes course

177
Q

Homestead

A

a property that a person or family owns and occupies as their primary residence

178
Q

Separate Property

A

property owned by either spouse prior to the marriage or by gift or inheritance during the marriage

179
Q

Individual Ownership

A

form of property ownership

in which one person is the owner of a property and has absolute control over the distribution and use of the land

180
Q

Severalty

A

describes ownership of land by one person

181
Q

Co-Ownership

A

ownership of a property by more

than one person

182
Q

Joint Tenancy

A

co-ownership in which the parties have the right of survivorship — when one dies, the others receive that person’s portion of the estate

183
Q

Tenancy in Common

A

a type of ownership in which each co-owner of the property holds their individual portion of the ownership interest in severalty

184
Q

Community Property

A

property owned by a married couple in which each spouse has half ownership of any property obtained during the marriage, plus
a right of survivorship ownership after the death of either spouse

185
Q

Living Trust

A

a trust created during someone’s life to manage their assets in life and in death

186
Q

Testamentary Trust

A

a trust created through the use of a will when someone dies

187
Q

Land Trust

A

atrust in which land is purchased to be held for a long period of time for the benefit of a named party

188
Q

Real Estate Investment Trust (REIT)

A

an account in which 100 people or more place funds for the trust to invest in real property and then return the profits back to the investors

189
Q

Corporation

A

an entity that is doing business

190
Q

Syndicate

A

two or more people or companies that join together to create and run a real estate investment

191
Q

Limited Liability Corporation (LLC)

A

a type of corporation in which none of the owners of the company can be held personally liable for debt

192
Q

Listing Agreement

A

a contract between a seller and a broker created for the broker to market and sell the
property

193
Q

Special Agent

A

an agent that is contracted by the client to perform a certain act

194
Q

Cooperating Broker

A

the other broker or salesper- son that shows the listed property to a buyer who subsequently purchases the property

195
Q

Municipal Utility District (MUD)

A

rural districts of Texas with lower tax rates that exist to provide developers a way to finance or be reimbursed for utility improvements they make

196
Q

Public Improvement District (PID)

A

a district where property owners can decide on government financed and approved improvement projects for which they will be taxed

197
Q

Buyer Representation Agreement

A

a document that creates agency between a broker and a buyer

198
Q

Arbritration

A

a conflict resolution technique that requires a third party in the room to decide the best method of resolving the conflict; that decision is final

199
Q

Open Listing

A

an agreement that gives multiple real estate brokers, and the owners, the right to sell the property; whoever is the procuring cause of the sale of the property gets the commission

200
Q

Exclusive Right to Sell

A

a listing contract in which the broker has the exclusive rights to sell the property and the owner has agreed to pay them a commission

201
Q

Exclusive Agency

A

listing contract between a broker and an owner in which the owner retains the right to sell the property while the broker may market the property as well

202
Q

Net Listing

A

an agreement in which the seller names an amount they want their property to sell for, and then the broker tries to sell it for more, because they receive the difference as their commission

203
Q

TREC Regulates what?

A

__________ regulates the activities of real estate brokers, sales agents, inspectors, and education providers (that’s me!) who offer real estate and inspection courses. The Commission also regulates residential service companies, timeshare developers, and easement or right-of-way developers.

204
Q

TREC Regulates who?

A
  • Real estate inspectors
  • Easement/right-of-way agents
  • Education providers for real estate & inspection courses
  • Developers of timeshares
  • Residential service companies
  • Real estate brokers and sales agents

Aceble Agent Real Estate (2 decks)

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