RE - Set 14 Flashcards
ETHICS
A set of principles or values by which an individual guides his or her own behavior and judges that of others.
REAL ESTATE SALESPERSON
Someone holding a real estate license and employed by a real estate broker, for pay, to perform any of the activities of a real estate broker.
EGRESS
A way to exit property.
REAL ESTATE LAW
The law that affects the licensing and conduct of real estate agents.
POLICE POWER
The power of the state to pass laws, within lawful limits, that promote order, safety, health, morals, and general welfare of its citizens.
REVOKE
Recall and make void.
APPURTENANCE
Those rights, privileges, and improvements that belong to and pass with the transfer of real property, but are not necessarily a part of the actual property.
NOVATION
The substitution by agreement of a new obligation for an existing one.
ASSIGNMENT
The transfer of a claim, benefit, or right in property from one person to another person.
VALUABLE CONSIDERATION
Each party to a contract must give up something to make the agreement binding.
NATURAL PERSON
An individual; a private person, as distinguished from an artificial entity such as a corporation or partnership.
LISTING
A contract by which a principal employs an agent to do certain things for the principal.
BREACH OF CONTRACT
A failure to perform on part or all of the terms and conditions of a contract.
LIQUIDATED DAMAGES
Sets in advance a specified amount of money as a penalty in the event of a breach of contract.
MUTUAL CONSENT
Agreement to the provisions of a contract by the parties involved; a mutual willingness to enter into a contract.
REQUEST FOR NOTICE
A notice that is sent, upon request, to any parties interested in a trust deed informing them of a default.
MORTGAGOR
The borrower under a mortgage.
TRUSTEE’S DEED
A deed given to a buyer of real property at a trustee’s sale.
RECONVEYANCE DEED
Conveys title to property from a trustee back to the borrower (trustor) upon payment in full of the debt secured by the trust deed.
REINSTATE
Bring current and restore.
HARD MONEY LOAN
The evidence of a debt given in exchange for cash.
COMPS
A term used by real estate agents and appraisers to mean comparable properties.
RECONCILIATION
Sometimes called correlation, this is the adjustment process of weighing the results of all three appraisal methods to arrive at a final estimate of market value for the subject property.
FLAG LOT
Looks like a flag on a pole. The pole represents the access to the site, which is usually located to the rear of another lot fronting the main street.
REPRODUCTION COST
The current cost of building a replica of the subject structure using similar quality materials; refers to exact duplication of the buildings; usually costs more than replacement costs.
PRORATION
The division and distribution of expenses and/or income between the buyer and seller of property as of the date of closing or settlement.
