Session 10 Flashcards
Common law
Long established rules that are principles found it on custom, decisions, and opinions of the court
Revocation
The permanent cancellation of a real estate license.
Statutory law
Laws that are passed by a legislative body.
Suspension
The temporary with drawl of a real estate agents license for a certain unspecified period of time. Usually, reactivation is automatic the day after the blank is lifted and is often conditioned on the fulfillment of certain requirements by the person whose license has been suspended.
Acre
43,560 ft.²
Bulk land
Parcels of land that are 160 acres or larger
Developer
A person or a firm that improves Rall land by secure and utilities and essential services for the purpose of building structures or subdividing parcels for sale or construction
Egress
The way to exit a property usually refers to a road or other means of access to a piece of property
Front footage
The dimension across the access side of a parcel of land the access could be a road, railroad tracks, or water. When referring to lot size, frontage is the first number. Also called frontage
Improved Lot
A parcel or a lot of the subdivision upon which is structure exists on which a contract has been entered into that obligates the subdivider/developer to construct a structure within two years from the date of the contract of sale
Ingress
The way to enter the property usually refers to a road or other means of access to a piece of property
Lot split
Land that is divided into five or fewer parcels
Public report
The disclosure document that the developer must give to Buyer’s before they sign a contract that includes important facts about a property that would be essential to their decision making. Also called subdivision disclosure report, commissioners or public report
Puffing
Exaggerated or superlative comments or opinions
Subdivided land
Landon is divided into six or more lots of less than 36 acres
