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WY Real Eatate > Real Estate Glossary > Flashcards

Real Estate Glossary Flashcards

1
Q

240 volt service

A

The type of electrical supply required by such household appliances as air conditioners, washers, and dryers. Usually separate from the normal household supply of 120 Volts

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2
Q

absorption

A

The consumption of available vacant property in a building or marker

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3
Q

abstract of title

A

a written, chronological record of the title records affecting rights and interests in a parcel of real property

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4
Q

acceleration

A

An increase in land caused by natural phenomena, for example a deposit of sand on a beachfront property due to a tropical storm

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5
Q

Active License

A

An active license means you work under a sponsoring broker.

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6
Q

Actual Notice

A

Knowledge given or received directly through demonstrable evidence. Actual notice of ownership: reading the bill of sale, inspecting a deed, searching title records

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7
Q

Ad calorem Tax

A

A real property’s annual tax levied by taxing entities according to the property’s assessed value

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8
Q

Adjustable Rate Mortgage

A

A mortgage loan having an interest rate that can be periodically raised or lowered in accordance with the movement of a financial index

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9
Q

Adjusted basis

A

The beginning basis, or cost, of a property plus the costs of capital improvements, minus all depreciation expense

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10
Q

Advance Fee

A

MEans a fee claimed, charged or received for a listing, advertisement or offer to sell or lease real estate issued primarily for promoting the sale or lease of real estate

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11
Q

Adverse Possession

A

The entry, occupation, and use of another’s property without the consent of the owner or where the owner took no action to evict the adverse possessor. May lead to loss of legal title if the adverse possessor fulfills certain requirements.

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12
Q

Agency

A

A fiduciary relationship between an agent and a principal where respective rights and duties are prescribed by laws of agency and by the agency agreement executed by the two parties.

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13
Q

Agent

A

The party in an agency relationship who is hired by the principal to perform certain duties. In so doing, the agent must also uphold fiduciary duties owed the principal

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14
Q

Aggregate Limit

A

A provision in an insurance contract limiting the maximum liability of an insurer for a series of losses in a given time period, such as the policy term.

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15
Q

Air Rights

A

Rights in real property as they apply to the property’s airspace, or all space above the surface within the parcel’s legal boundaries

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16
Q

Air Space

A

The air portion of real property. In a condominium unit, the freehold space enclosed by the unit’s outer alls, floor and ceiling

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17
Q

Alienation

A

A transfer of title to real property by voluntary or involuntary means

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18
Q

Allocation of Markets

A

An act of collusion where two or more competitors agree to limit competitive activity in portions of the market in exchange for reciprocal restrictions from others

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19
Q

Amortization

A

A partial or complete reduction of a loan’s principal balance over the loan term, achieved by periodic payments which include principal as well as interest

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20
Q

Amperage

A

A measure of the overall capability of the household supply. 100 amp service is the modern minimum standard

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21
Q

Annual Percentage Rate (APR)

A

The total cost of credit to a borrower inclusive of finance charges and the stated interest rate, expressed as an annual rate of interest

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22
Q

Antitrust Laws

A

Legislation aimed at preventing unfair trade practices and monopoly, including collusion, price fixing, and allocation of markets

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23
Q

Apprasial

A

An opinion of value of a property developed by a professional and disinterested third party and supported bdy data and evidence

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24
Q

Appraiser

A

A duly trained and licensed professional authorized to perform appraisals for other parties

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25
Q

Appreciation

A

An increase in the value of a property generally owing to economic forces beyond the control of the owner

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26
Q

Arrears

A

PAyment that occurs at the end of a payment term rather than at the beginning. Examples of items paid in arrears include taxes and interest

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27
Q

Asbestos

A

A fibrous mineral used for fireproofing, electric insulation, around heating pipes and ducts, also applied as a spray covering on walls and ceilings; now regarded as a hazardous substance subject to environmental regulations

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28
Q

Asphalt Shingle

A

Heavy felt impregnated with asphalt and coated with mineral granules; come in a range of colors; life span approximately 15 years

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29
Q

Assemblage

A

A combining of contiguous parcels of real estate into a single tract, performed with the expectation that increased value will result

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30
Q

Assessed Value

A

The value of a property is established by assessors for the purpose of ad valorem taxation

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31
Q

Assessment

A

A periodic charge payable by condominium owners for the maintenance of the property’s common elements

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32
Q

Asset

A

A tangible or intangible item of value

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33
Q

Asset Sale

A

A sale of a business involving the transfer of assets as opposed to the liabilities or stock

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34
Q

Assignment

A

A transfer of one’s entire interest in an item of real or personal property. The assignor transfers the interest to the assignee

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35
Q

Associate Broker

A

An individual who has qualified as an associate broker under this act is licensed by the commission under a responsible broker and does not have supervisory duties

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36
Q

Assumption

A

In a sale of real property, the transfer of the seller’s mortgage loan obligations to the buyer. REquires, in most cases, the approval of the lender

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37
Q

Auction

A

Noun: Method of sale at a predetermined date and time, by means of one or more exchanges between an auctioneer and prospective purchasers

Verb: any act or conduct done for compensation or the expectation thereof and designed, intended or expected to affect the bidding or results of a real estate auction, including but encouraging soliciting or receiving bids

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38
Q

Awning

A

A window hinged along the opt edge and designed to swing at the bottom

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39
Q

Balloon Frame

A

A house framing method in which studs extend from foundation to roof. Floor joists are hung on the studs. Generally replaced by platform framing after 1945

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40
Q

Balloon Payment

A

A lump sum payment on any loan which retires the remaining loan balance in full

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41
Q

Base Line

A

An imaginary latitude line within the rectangular survey system that is designated in relation to a principal meridian for purposes of identifying townships

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42
Q

Basement

A

An area below grade level, generally accessible from inside the house, with sufficient clearance that a person can stand up in it. A full basement covers the area of the entire first floor

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43
Q

Batting Insulation

A

Fibrous material, usually fiberglass, wadded together, backed with foil or paper, and formed into a roll designed to fit between studs of a standard stud wall

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44
Q

Bay

A

A portion of a building that projects beyond the face of the building

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45
Q

Beam

A

A horizontal structural member. May be solid timber, laminated wood, or metal

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46
Q

Bearing Wall

A

A wall that supports part of the load above it

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47
Q

Beginning Basis

A

The original cost or market value of an acquired asset

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48
Q

Benchmark

A

A registered marker denoting an official elevation above sea level; used by surveyors to identify other elevations in the area

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49
Q

Beneficiary

A

A party named to benefit from the yield or disposition of an asset identified in a trust, insurance policy or will

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50
Q

Beveled Siding

A

Siding consisting of horizontally overlapped boards that are thinner on the upper edge than on the lower

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51
Q

Bifold

A

A Two-paneled folding door mounted in a track, usually used with closets

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52
Q

Bilateral Contract

A

A contract where both parties promise to perform in exchange for performance by the other party

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53
Q

Binder

A

A temporary agreement to buy a property evidenced by a valuable deposit. Receipt of the deposit binds a seller to a good-faith agreement to sell a property, provided a complete sale contract is executed within a certain period

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54
Q

Blind Ad

A

An advertisement that does not contain the identity of the advertiser

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55
Q

Blockbusting

A

Inducing property owners to sell or rent their holdings due to an impending downturn in their property values, often owing to a change in the area’s ethnic or social composition

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56
Q

Blown Insulation

A

Loose insulation material blown into spaces between studs and wall surfaces

57
Q

Blueboard

A

A type of rought gypsum board used for sheathing interior walls

58
Q

Board & Batten

A

Siding that is applied in vertical panels or boards with the vertical joints covered by narrow strips

59
Q

Bow

A

Curved window or group of windows build as a unit to project beyond the surface of a wall

60
Q

Branch Office

A

Any office location of a real estate company that is separate from a principal office and supervised by a responsible broker

61
Q

Brick

A

Outside structural wall or veneer consisting of brick and mortar. In residence, generally regarded as low maintenance, fireproof and decorative

62
Q

Bridging

A

Diagonal bracing between floor joists to spread load

63
Q

Broker

A

A direct agent of the principal who is hired for compensation to perform a stated service such as procuting a customer

64
Q

Broker’s Opinion of Value

A

An estimate of a property’s value rendered by a party who is not necessarily licensed, objective, or qualified. The estimate may not be a complete appraisal.

65
Q

Broker’s Price Opinion

A

An estimate prepared by a licensee that details the probable selling price of real estate and provides a varying level of detail about the real estate’s condition, market and neighborhood and information about sales of comparable real estate

66
Q

Brokerage

A

The business of procuring customers on behalf of clients for the purpose of completing a real estate transaction

67
Q

Building Code

A

A specific standard of construction or maintenance of any aspect of an improved property established by local government officials

68
Q

Building Paper

A

An asphalt-saturated paper used as a covering over wall sheathing, roof decking, or a subfloor

69
Q

Built Up

A

A low pitch or flat roof covered with layers of roofing felt laminated with tar, pitch or asphalt and topped with hot tar and gravel

70
Q

Bundle of Rights

A

A set of rights associated with ownership of property, including the rights to possess, use, transfer, encumber and exclude

71
Q

Bungalow

A

Originally a one-story house with prominent roof and large overhangs

72
Q

Bus Bar

A

A solid metal bar in a service entrance panel or subpanel. A hot bus bar is connected to the main power source. A hot bus bar provides a terminal for all neutral wires and is part of the grounding connection

73
Q

Business Brokerage

A

The brokerage of a business enterprise in addition to any real property it may own or lease

74
Q

Buydown

A

A loan arrangement where the borrower pays extra interest in advance for the future benefit of a lower interest rate over the loan term

75
Q

Buyer

A

A person attempting to acquire real estate and includes a tenant as that term is commonly used in the rental, leasing, or management of real estate

76
Q

Buyer Representation Agreement

A

A broker’s listing with a buyer to locate a suitable property for purchase or lease

77
Q

Buyer’s Agent

A

A licensee who is authorized to represent and act on behalf of the buyer in a real estate transaction

78
Q

Buyer’s Market

A

A market characterized by an excess of sellers over buyers

79
Q

BX

A

A flexible, metal-armored type of self-containing wiring that is installed without conduit. Also called AC (armored cable)

80
Q

Bypass

A

Doors set in track so as to open by sliding past each other, usually used with closets

81
Q

Cape Cod

A

A small one-story or one-an-a-half-story house with gable roof, clapboard or shingle siding, and no dormers (originally)

82
Q

Capital Gain (or loss)

A

The difference between the net sales proceeds of an asset and its adjusted basis

83
Q

Capital Improvement

A

An upgrading of improved property having sufficient magnitude to constitute an addition to the property’s basis. Contrasts with repair and maintenance.

84
Q

Capitalization Rate

A

The rate of return on capital an investor will demand from the investment property, or the rate of return that the property will actually produce

85
Q

Casement

A

A window hinged along one of the vertical edges

86
Q

Cash Flow

A

The remaining positive or negative amount of income an investment produces after subtracting all operating expenses and debt service from gross income

87
Q

Casing

A

Finish trim around a framed wall opening

88
Q

Cast Iron

A

Material traditionally used for soil stack and soil pipe, with joins poured of hot lead

89
Q

Cement Block

A

A foundation of cast blocks laid on a concrete footing

90
Q

Central Air

A

An air conditioning unit, mounted outside a house, that cools the entire house by way of ducting

91
Q

Certificate of Occupancy

A

A document confirming that a newly constructed or renovated property ahs fully complied with all building codes and is ready for occupancy and use

92
Q

Certificate of Title

A

A document expressing the opinion of a title officer or attorney that a property seller is in fact the owner of good title base on a review of title records

93
Q

Chain of Title

A

Successive property owners of record dating back to the original grant of title from the state to a private party

94
Q

Chattel

A

An item of personal property

95
Q

Circuit Braker

A

A resettable device that interrupts a circuit when there is an overload or fault on the line

96
Q

Clapboard

A

A type of smooth beveled siding, generally narrow, that is common in older frame houses

97
Q

Cleanout

A

A removable opening in a drain pipe that allows cleaning out of clogged material

98
Q

Closing

A

A meeting of principal parties where a seller transfers title and a buyer pays monies owed to the seller and lender

99
Q

Closing Statement

A

A financial summary and settlement of a property transaction indicating sums due and payable by the buyer and seller

100
Q

Cloud

A

An encumbrance or claim on title to property impending or diminishing its marketability

101
Q

Co-brokerage

A

A brokerage practice where agents and brokers outside of the ising broker’s agency assist as subagents in procuring a customer in exchange for potions of the commission

102
Q

Collateral

A

Property liened by a lender as security for a loan

103
Q

Collusion

A

An unlawful agreement between competitors to monopolize a market, disadvantage other competitors, or otherwise undertake activities in violation of fair trade laws

104
Q

Color of Title

A

A defective title transfer or the transfer of a defective title where the new owner is originally unaware of the defect. COlor of title may be used as a grounds for adverse possession, which if successful, would nullify the original defect

105
Q

Commingling

A

An unlawful practice mixing escrow funds with the agency’s operating funds

106
Q

Commission

A

Wyoming Real Estate Commission

107
Q

Common elements

A

Portions of a condominium property that are owned by all unit owners, ex: grounds, parking facilities, lobby, elevators

Portions of a commercial property used by all occupants as well as the public, for which the tenants may have to share in the repair and maintenance costs

108
Q

Common Law

A

A body of law developed by court judgements, decrees and case decisions

109
Q

Community Property

A

A system of property ownership established by law which generally defines rights of property ownership of spouses; community property is co-owned by spouses, and separate property is owned by a single spouse.

Generally, property acquired during the marriage with jointly held funds is community property

110
Q

Comparable

A

A property having similar characteristics to a subject property in an appraisal. The value or sle price of the comparable is used to estimate the value of the subject

111
Q

Comparative Market Analysis (CMA)

A

A method used by broker and sales people for estimating the current value of a property using sale price data from similar properties. Not to be confused with a bona fide appraisal performed by a licensed appraiser

112
Q

Compensation

A

Money, item of value or payment which is provided, promised, or expected for the performance of any real estate activity

113
Q

Concurrency

A

A local, county or regional planning policy that requires developers to correct foreseen negative impacts of a development during the construction period of the project itself rather than afterwards; example, widening a road during construction to accommodate a future increase in traffic

114
Q

Condemnation

A

A decree by a court or municipal authority that a parcel of private property is to be taken for public use under power of eminent domain

A government order that a particular property is no longer fit for use and must be demolished

115
Q

Condominium Estate

A

An estate distinguished by fee simple ownership of the airspace of a unit plus an undivided interest with the other unit owners in the overall property’s common elements

116
Q

Conduit

A

Metal piping used to carry flexible wiring

117
Q

Consideration

A

An item of tangible or intangible value, or one’s promise to do or not do some act which is used as an inducement to another party to enter into a contract

118
Q

Constructive Notice

A

Knowledge one could or should have, according to the presumption of law; a demonstration to the public of property ownership through title recordation. ‘for all to see’

119
Q

Contemporary

A

A modern house that emphasizes materials and structure rather than any traditional or derivative style

120
Q

Contingency

A

A condition that must be satisfied for a contract to be binding and enforceable

121
Q

Contract

A

A potentially enforceable agreement between two or more parties who agree to perform or not perform some act. If valid, the contract is enforceable, with limited expectations

122
Q

Contract for deed

A

A financial contract where a seller retains legal title to a property and gives the buyer equitable title and possession over a period of time. During the contract period, the seller finances all or part of the purchase price. If the buyer makes timely payments and abides by all contract provisions, the seller conveys legal title at the end of the contract period

123
Q

Contribution

A

The increment of market value added to a property through the addition of a component or improvement to the property. Not to be confused with the cost of the component

124
Q

Conventional Loan

A

A permanent long-term loan that is not FHA-insured or VA-guaranteed

125
Q

Conversion

A

Changing real property to personal property or vice versa

An illegal act of appropriating escrow funds for payment of an agency’s operating expenses

126
Q

Conveyance

A

A voluntary transfer of real property interests

127
Q

Cooperative Estate

A

Ownership of shares in a cooperative association which acquires a multi-unit dwelling as its primary asset. Shareholders also receive a proprietary lease on a unit for the duration of their share ownership

128
Q

Cooperative Transaction

A

Any real estate transaction in which licensees from more than one real estate company participate, regardless of agency representation

129
Q

Copper

A

Material traditionally preferred for piping hot and cold water supply within a house with soldered joints

130
Q

Cost Approach

A

A method for determining value that take into account the cost of the land and the replacement or reproduction cost of the improvements net of estimated depreciation

131
Q

Counteroffer

A

Any new offer or amended offer mand in response to an offer

132
Q

Covenant

A

A written warrant or promise set forth in a contract or other legal document by one or both of the parties to the contract

133
Q

Crawl Space

A

The area between first floor joists and the ground in a house without a basement. Often filled with gravel. Clearance is not sufficient to allow a person to stand up

134
Q

Credit

A

An accounting entry on a closing statement indicating an amount a party has paid or is to receive.

Loan funds advanced to a borrower

135
Q

Credit Evaluation

A

A lender’s opinion of a borrower’s ability to repay a loan in view of financial capabilities and past repayment patterns

136
Q

Cross Gable

A

A Gale roof that intersects another gable roof at right angles

137
Q

Cutrsey

A

A widower’s life estate claim to portions of his deceased spouse’s real property

138
Q

Customer

A

In agency law, a party outside of the fiduciary relationship of client and agent. If an agent treats a customer as a client, an implied agency may result

139
Q

Customer WY

A

WY Real Eatate (30 decks)

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