Principles Of Real Estate I Flashcards
An abbreviated history of property, including information on any transfers, grants, Wills, conveyances, liens and circumferences
Abstract of title
The process process that results in the gradual increase in land area through deposits of soil by natural forces
Accretion
A tax collected according to the assets value of a piece of real estate
Ad Valorem taxes
Additions to a completed contract that specify supplementary information to the contract
Addenda
A relationship where one party is authorized to act on behalf of the other
Agency
An unauthorized action taken on behalf of a principal which is accepted and legitimized after the fact by the principal
Agency by ratification
An individual with authority to act on behalf of another; a state license is required to operate as an agent in real estate
Agent
Air above parcels of land that are defined by elevation boundaries
Air lot
The right to use the airspace above the surface of land
Air rights
Change or modification to an already agreed-upon contract
Amendment
A federal civil rights law passed in 1990 which prohibits discrimination against and creates standards for people with disabilities
Americans with disabilities act ADA
The process of paying off debt/mortgage and regular installments based on a fixed payment schedule
Amortization
A real estate license holder who locates dwelling units for prospective tenants
Apartment locator
Payment that occurs at the end of a period to compensate for charges occurred during that time
Arrears
The transference of rights and obligations in a contract from one party to another
Assignment
A person who is licensed to give legal advice
Attorney
A contract wherein both parties are obligated to perform in an exchange of promises
Bilateral contract
A sudden loss of land by flood or when a stream or river changes course
Avulsion
A legal act of causing owners to sell their homes by creating fear that members of a protected class are moving into the area, a.k.a. panic peddling
Blockbusting
A licensee who holds a broker license license, and who engages in an activity enumerated in the license law for a commission or other valuable consideration
Broker
A brokers opinion of the value of a piece of real property, given in writing
Broker price opinion BPO
The ownership of land, with all the legal rights of possession, control, and enjoyment, exclusion, and disposition
Bundle of rights
An agency agreement between a broker and a buyer wherein the broker represents the buyer in their efforts to purchase or lease a property
Buyer representation agreement
The ethical and professional standard for the real estate industry in Texas
Cannons of professional ethics, and conduct
A federal law that prohibits discrimination in housing based on race
Civil rights act of 1866
Any claim or encumbrance on the title to a property that affects transferability
Cloud
Stands for comprehensive loss underwriting exchange, a database used by insurance agencies that contain information on any claims made in the past five years by property owners on specific properties
Clue reports
Ownership of a property by more than one person
Coownership
The legal act of mixing personal funds with a clients funds
Commingling
Portions of a shared ownership property not controlled by one owner or tenant; examples include parking lots, lobby, fitness centers, elevators, etc.
Common elements
Property owned by a married couple in which each spouse has half ownership of any property obtained during the marriage, plus a right of surveyorship ownership after the death of either spouse
Community property
Legislation that seeks to enable all parties of a community to have access to credit
Community reinvestment act CRA
A report that compares the prices of recently sold or listed homes
Comparative market analysis CMA
Property where each owner has separate interest in their own unit and undivided interest in the common areas
Condominium
A provision within a contract that makes performance conditional upon the occurrence of of a state of event
Contingency
A map in which curved lines connect contentious parts of equal elevation to defined the contours of the land; a.k.a. topographic map
Contour map
A legally enforceable and binding agreement between parties, wherein a promise to do or not to do something is given an exchange for valuable consideration
Contract
A life estate in which the measuring life is that of the life tenant; and estate created by a Deed that lasts for the duration of the tenants life
Conventional life estate
An instrument that transfers, a grantor interest in real property
Conveyance
The broker who assist another broker and showing the listed property to a buyer who subsequently purchases the property
Cooperating broker
Property where each owner owns shares in a corporation that owns a building, then has a proprietary lease for their unit
Cooperative
Illegally created business entity representing the interest of more than one person
Corporation
A designated base reference point to elevation used by surveyors to determine the elevations of land or property in the area
Datum
A property interest characterized by perpetual ownership on the condition that the property is used for certain purposes or specific conditions; ownership reverts back to the original owner if these stipulations are violated
Defeasible fee estate
An interest in or a right to use another individuals, land or property generally or specific limited purpose
Easement
Physical property that crosses the boundary into a neighboring landowners property
Encroachment
A non-possessory interest in a property that burdens the title
Encumbrance
A fair lending law that aims to bar discriminatory lending practices
Equal opportunity act, ECOA
The concept that everyone will have equal access to housing with no discriminatory actions, taking place
Equal opportunity in housing
A lien imposed by the courts with one party charging their property as security for a debt or loan
Equitable lien
Insurance that protects against mistakes, a license holder might make in real estate transactions; it does not cover act of fraud or other intentional misconduct
Errors and omissions insurance
The degree, quantity, and extent of interests one owns in property
Estate
At least with a specific starting and ending date; a.k.a. Tenancy for years
Estate for years
An agreement in which the seller has an exclusive relationship with a broker, but retains the right to sell the property to named prospects
Exclusive agency listing
An agreement in which the seller guarantees the named broker receives a commission if the property is sold, regardless of who brings the Buyer
Exclusive rights to sell listing
A contract in which all terms have been fulfilled by all parties
Executed contract
Ela lean on a property seized by writ of execution
Execution lean
A contract that has not yet been fully performed
Executory contract
Agency created by clear, specific agreement; Can be written or oral
Express agency
A federal law that prohibits discrimination in housing based on race, color, religion, or national origin, and was amended to include sex, disability, and family status
Fair housing act of 1968
Under the fair housing act, a protected class, composed of families who have children under 18, pregnant women, and people in the process of obtaining legal custody of a child
Familial status
A general, voluntary lien imposed by the government that can attach to all of the owners property except their homestead property
Federal judgment lien
A type of defeasible fee estate, which causes the title to automatically revert to the original owner if the deed requirements regarding property use are violated
Fee simple determinable estate
Maximum ownership of real property; is of indefinite duration, freely, transferable, and freely inheritable, a.k.a. fee or fee, simple absolute
Fee simple estate
A type of defeasible fee estate that comes with specific requirements for ownership to change, the grantor of the estate must prove in court that the condition has been violated within a certain timeframe
Fee simple subject to condition subsequent
The full sum of obligations owed to the client and an agency relationship that ensures that the agent always acts and the best interest of the client
Fiduciary duties
The economic principle that says that the real estate exists in a fixed location and cannot be moved
Fixity
An object that was once personal property, but is now firmly attached to the land and such a way that it is considered to be real property
Fixture
Part of a contract that requires one or more of the contracting parties to refrain from actions. They are otherwise legally entitled to perform.
Forbearance agreement
A legal concept, stating that the court can only consider information that appears within four corners of the documents
Four corners doctrine
A misstatement made intentionally to deceive
Fraud
A form of ownership with an intermediate length
Freehold estate
Plants or crops intended for harvest and treated as personal property a.k.a. emblements
Fructus industriales
Trees, perennial plants, and uncultivated plants usually treated as real property because of their permanence
Fructus naturales
A lien for which the real estate and personal property may be sold to satisfy the debt
General lien
Property owners right to use water under the surface through the rule of capture
Groundwater rights
Requires lenders to disclose specific lending information, which HUD then uses to map lending patterns
Home mortgage disclosure act
A legal life estate that prevents a persons primary residence from being forcibly sold to pay certain kinds of debts
Homestead
An exemption that a homeowner can file to reduce the amount of ad valorem taxes paid on their homestead
Homestead tax exemption
Agency that is created by actions, conduct, and words of either or both parties without ever being expressly requested
Implied agency
Any non-natural structure built on or fixed to the land
Improvment
Describes undivided ownership of an estate, with an interest that is exclusive from other owners
In severalty
Describes undivided ownership of an estate, with an interest that is exclusive from other owners
In severalty
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
Individual ownership
A broker who negotiates a contract between two parties that are both being represented by that broker
Intermediary broker
A lien attained through the action of law without the owners consent
Involuntary lien
A lien attained through the action of law without the owners consent
Involuntary lien
Coownership in which the parties have an equal and undivided interest in the property; includes the right of surveyor ship rather than inheritance
Joint tenancy
Coownership in which the parties have an equal and undivided interest in the property; includes the right of surveyor ship rather than inheritance
Joint tenancy
The surface of the earth, including all permanently attached and natural fixtures, extending downwards to the center of the earth and upwards to infinity
Land
The surface of the earth, including all permanently attached and natural fixtures, extending downwards to the center of the earth and upwards to infinity
Land
The science of determining points and the distances and angles between them a.k.a. surveying
Land surveying
An interest in the occupation of a property, established through a lease, a.k.a. non-freehold or less than freehold
Leasehold estate
Any life estate created by a function of law that opposed the actions or desires of a property owner
Legal life estate
The right to use the land of another that can be granted, as well as determined by the property owner
License
The right to use the land of another that can be granted, as well as determined by the property owner
License
The order in which liens against a property will be settled
Lean priority
A type of estate limited to the duration of a measuring life
Life estate
A type of corporation in which none of the owners of the company can be held personally liable for debt
Limited liability company
A document recording at the courthouse, giving notice that a lawsuit is pending on a particular piece of property
Lis pendens
A contract between a principal and a broker to sell or lease a property
Listing agreement
Rights that govern lakefront or oceanfront property and usually allow the property owner to use the water bordering their property
Littoral rights
A system of legal land description that identifies a piece of platted property by referring to the section, lot, and block numbers in a subdivision
Lot and block
A fact that, if known, could cause someone to take a different course of action or make a different decision regarding the property to be purchased
Material fact
A type of involuntary, specific lien that a mechanic or materialman can impose upon property if the property owner fails to pay for materials or work done on the property
Mechanics lien
An imaginary line of longitude used to identify a certain area of the earth surface along a north-south direction
Meridian
A land survey process in which a licensed land surveyor starts at a readily identifiable point of beginning, and defines the boundaries of property in terms of distance and compass directions, finally returning to the point of beginning
Metes and bounds
A statement, written or spoken, that is false or misleading
Misrepresentation
They fixed landmark, whether natural or human made, used as a reference point and meets in bounds legal description
Monument
They fixed landmark, whether natural or human made, used as a reference point and meets in bounds legal description
Monument
Rural taxing entity empowered to levy assessments on property owners to support the building of infrastructure for basic utilities
Municipal utility district MUD
Rural taxing entity empowered to levy assessments on property owners to support the building of infrastructure for basic utilities
Municipal utility district MUD
An agreement in which the seller names a minimum sales price they will accept for a property, with any excess paid to the broker as commission
Net listing
A plea where a defendant does not admit guilt to a crime they are accused of, but does accept punishment as though they have been found guilty
Nolo contendere
The active replacing an existing contract with a new one
Novation
A non-exclusive listing agreement that gives multiple brokers the right to sell the property
Open listing
The official opinion of an attorney regarding the condition of a properties title
Opinion of title
The official opinion of an attorney regarding the condition of a properties title
Opinion of title
When Juan are more of the contracting parties perform only a portion of the agreed-upon contract duties
Partial performance
A person involved in a contract for sale, lease, or agency
Party
The component of a mortgage, payment principle, interest, taxes, and insurance
PITI
A subdivision that includes residential dwellings along with non-residential real estate, departing from normal zoning and subdivision regulations; recreational facilities may be co-owned by PUD lot owners as tenants in common
Planned unit development PUD
Contracts prepared and authorized by Texas real estate commission that must be used by real estate license holders; there are a few exceptions to this rule
Promulgated contracts
Contracts prepared and authorized by Texas real estate commission that must be used by real estate license holders; there are a few exceptions to this rule
Promulgated contracts
To divide or allocate expenses between buyers and sellers based on the actual period of usage of the item or service
Prorate
To divide or allocate expenses between buyers and sellers based on the actual period of usage of the item or service
Prorate
The making of exaggerated claims in order to achieve a sale or some other objective
Puffing
Taxing entity created by the city or county to levy a specific tax for specific improvements to a specific neighborhood
Public improvement district PID
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
Real estate recovery trust account
A system of legal land description that uses the global lines of longitude and latitude, to create a surveyed grid of meridians, baseline, townships, and ranges to describe a piece of land; a.k.a. the government survey system
Rectangular survey system
The illegal act of a lender refusing to issue mortgages in specific areas
Redlining
Rights that govern the use of flowing water, such as rivers and streams that pass through or border a property
Riparian rights
Rights that govern the use of flowing water, such as rivers and streams that pass through or border a property
Riparian rights
An individual holding a sales agent license from trek, who is sponsored by a broker
Sales agent
The economic significance of a properties location
Situs
A form of agency relationship in which agents are limited in scope and are only authorized to perform act permitted by their principal
Special agency
An agent with a limited scope of authority to act on behalf of their principle; usually towards a single, specific objective that is not ongoing
Special agent
A lie that applies to a certain property only
Specific lien
A lien that applies to a certain property only
Specific lien
A law that requires certain types of contracts, including those conveying interest in real property, to be in writing to be enforceable
Statute of frauds
Estate created as a matter of state law
Statutory estate
The illegal active guiding perspective homebuyers towards or away from a certain neighborhood because of their membership and a protected class
Steering
Coownership in which each co-owner of the property holds their in individual portions of the ownership interest in severalty
Tenancy in common
A committee that creates incorrect contract forms to be used by Texas real estate license holders
Texas real estate broker lawyer committee
A law that governs the licensing, education, and activities of real estate license holders, practicing brokerage in the state
Texas real estate license act TRELA
A form of coownership where each owner has use of the property at different prescribed periods of time
Timeshare
Personal property that is owned by and needed for a tenants business
Trade fixture
A contract where one party makes a promise and is obligated to perform if a second party chooses to accept the offer and perform an exchange for which was promised
Unilateral contract
Eileen that was created with the consent of the owner of the property and question
Voluntary lien
One Township equals
36 sections
One Township equals
36 sections
One section equals
640 acres
