Vocab Words Flashcards

1
Q

Abandonment

A

The owner of a property gives up their rights and interest in the property, usually with the intent to terminate their ownership.

what it includes:
To be legally abandoned, the owner must clearly show that they intentionally and knowingly gave up their rights to the property.

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2
Q

Abrogation

A

Tenants cannot sign away their rights in advance of signing the lease.

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3
Q

Abstract of title

A

A chronological record of a property’s legal history, including all the legal documents and transactions associated with it.

What it includes:
A property’s abstract of title includes every legal action, deed, mortgage, tax sale, title transfer, and encumbrance. It also lists the property’s previous owners and any liens against it.

When it’s used:
An abstract of title is typically used to determine if a property has any claims against it before making an offer. It can also be used to ensure that everything is in order with the property before closing on it.

Who creates it:
Lawyers usually created abstracts of title when a property was being sold to prove the seller’s title.

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4
Q

Abutting

A

two pieces of land that touch or share a border. They are right next to each other. This is important for property boundaries and zoning rules.

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5
Q

Accelerated depreciation

A

A way to write off the value of income property faster for tax purposes.

This method reduces taxes sooner compared to the straight-line method, which spreads the value loss evenly over time.

If the property is sold for a profit, the extra depreciation might be taxed as regular income.

This is important for managing taxes on investment properties.

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6
Q

Acceleration clause

A

A part of a mortgage or loan agreement. If the borrower defaults (fails to pay) the entire loan amount, the lender can demand the full amount of the loan, including interest, to be paid immediately. This protects lenders if payments are missed.

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7
Q

Accretion

A

The natural addition of land when sand or soil is deposited by a river, lake, or sea. This process increases the size of the property over time. It’s important for properties near water.

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8
Q

Accrued depreciation

A

The decrease in a property’s value over time. It’s the difference between what it would cost to replace the property today and its current market value. This shows how much the property has lost in value since it was new.

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9
Q

Acknowledgment

A

A statement made by a person to a notary public or other authorized official. The person declares that they signed a document willingly and voluntarily. This is important for verifying the authenticity of documents like deeds or contracts.

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10
Q

Act

A

The Real Estate License Act of 2000. It is the law that governs real estate practices in Illinois, setting rules for licensing, conduct, and operations for real estate professionals.

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11
Q

Actual eviction

A

The legal process where a landlord (lessor) removes a tenant from a rental property because the tenant has failed to meet the terms of the lease. This happens after a court order and involves physically removing the tenant from the property.

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12
Q

Actual notice

A

A person knows about something because they were directly told or have clear information about it. As opposed to just hearing about it indirectly.

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13
Q

Adjustable-rate mortgage

A

A loan where the interest rate changes after a set period. The rate can go up or down, but there are limits (caps) on how much it can change at each adjustment. This type of mortgage can result in lower initial payments, but payments may increase over time.

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14
Q

Administrator

A

A person chosen by the county court to manage and settle the estate of someone who died without a will. They manage the deceased’s property, pay debts, and distribute assets according to state law.

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15
Q

Ad valorem tax

A

A tax based on the value of property. It is commonly used to refer to real estate taxes, also known as general taxes, where the amount of tax is determined by how much the property is worth.

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16
Q

Adverse possession

A

Allows someone to gain ownership of land if they openly occupy it for a certain period (usually several years) without the real owner’s permission. The occupation must be continuous, visible, and hostile to the owner’s rights. If these conditions are met, the occupant can claim legal ownership.

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17
Q

Affidavit

A

A written statement that someone signs and swears is true in front of an official, like a notary public. It is used to provide evidence or confirm facts in legal matters.

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18
Q

Agency

A

A relationship where a broker or licensee represents a consumer in a property transaction. The consumer gives consent, either directly or indirectly, to the broker or licensee to act on their behalf. This can be in writing or understood through actions.

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19
Q

Agent

A

A person who represents or acts on behalf of another person, known as the principal. The agent’s authority can be given directly or implied through actions. For example, when a property owner signs a listing or management contract, they make a real estate broker their agent to handle the property.

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20
Q

Agreement of sale

A

A written contract where the buyer agrees to purchase a property, and the seller agrees to sell it, based on the terms and conditions outlined in the agreement.

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21
Q

Air lot

A

A specific area of space above a piece of land. Just like land on the ground, air lots can be bought, sold, or transferred. Air rights are also known as Transferable Development Rights (TDRs).

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22
Q

Air rights

A

The right to use the space above a property. This allows the landowner to use or sell the space above, often for building or other uses, while the land below can be used for something else..

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23
Q

Alienation

A

the act of transferring property to someone else. This can be voluntary, like selling or gifting the property, or involuntary, like through government action (eminent domain) or adverse possession.

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24
Q

Alienation clause

A

A part of a mortgage or deed of trust that says the full loan balance must be paid immediately if the property is sold. It stops the borrower from transferring the debt to someone else without the lender’s approval.

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25
Q

Alluvion

A

New soil deposits that build up over time, usually from water like rivers or lakes. This happens through the process of accretion, where sand or soil is added to the land.

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26
Q

Amenities

A

Features that make a property more appealing or valuable. These can be physical things like a swimming pool or parking, or benefits like a good location or nearby schools.

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27
Q

Americans with Disabilities Act

A

A federal law passed in 1992. It aims to prevent discrimination against people with disabilities by ensuring they have equal access to jobs, public places, transportation, and government services.

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28
Q

Amortization

A

The process of paying off a loan through regular payments over time. Each payment reduces the loan balance until it’s fully paid off.

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29
Q

Amortized loan

A

A loan where you make regular payments, usually monthly, that cover both the loan amount (principal) and the interest. Over time, the loan is paid off completely

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30
Q

Antitrust laws

A

designed to protect free competition by making illegal practices that reduce competition. Common violations include price-fixing (where brokers agree on set commission rates) or dividing markets (where brokers agree to work in separate areas or with certain clients). These laws help keep the market fair for everyone.

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31
Q

Appraisal

A

an estimate of a property’s value. It’s the process used to determine how much a property is worth, It’s done by a professional who looks at factors like the property’s condition and location to determine how much it is worth. The result is usually written in a report.

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32
Q

Appraised value

A

The estimated current worth of a property, determined by a professional appraiser.

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33
Q

Appreciation

A

The increase in a property’s value over time due to factors like a strong economy, high demand, or improvements to the property. which can be temporary or permanent.

opposite of depreciation, where value decreases.

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34
Q

Appurtenant

A

Something that is attached to and part of a property, like a garage or shared condo spaces. These features are included with the property when it is sold.

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35
Q

Arbitration

A

A way to resolve disputes between two parties using an impartial third party. Both sides agree that the third party’s decision will be final and binding.

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36
Q

Assemblage

A

When two or more pieces of land are combined into one larger parcel. This is often done to increase the property’s value or potential use.

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37
Q

Assessment

A

A tax or fee that is charged on a property, usually based on its value. Local authorities decide how much to charge using fixed rates.

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38
Q

Assignment

A

The written transfer of rights or interest in a legal document, like a bond, mortgage, or lease, from one party to another.

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39
Q

Assumption of mortgage

A

When a buyer takes over the seller’s mortgage and agrees to pay the remaining loan. If the property is sold for less than the mortgage amount, the buyer is responsible for the difference. The lender must approve this transfer of responsibility before the seller is no longer liable for the loan.

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40
Q

Attachment

A

When a debtor’s property is taken by the court and held as security while a creditor’s lawsuit is ongoing. This ensures the property can be used to pay the debt if the creditor wins the case.

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41
Q

Attorney-in-fact

A

A person who has been given the power of attorney to act on behalf of someone else in legal matters, like signing documents or making decisions.

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42
Q

Attorney’s opinion of title

A

A written statement from a lawyer. It confirms whether the seller has the legal right to sell the property and if the title is clear of any issues.

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43
Q

Automatic extension

A

A clause in a listing agreement that automatically renews the contract for a certain time after it ends. Some places do not allow or encourage using this clause

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44
Q

Avulsion

A

The sudden loss of land caused by natural forces like an earthquake, flood, or landslide. This happens quickly and can change the shape of the property.

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45
Q

Balloon payment

A

A large final payment on a mortgage loan. It is bigger than regular payments because the loan was not fully paid off during the term and the remaining balance is due at the end.

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46
Q

Bargain and sale deed

A

Transfers property from the seller to the buyer but doesn’t guarantee there are no legal issues with the property. It shows the seller has the right to sell the property. The seller can add extra guarantees if they choose.

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47
Q

Base line

A

An imaginary line running east and west, crossing a principal meridian. It is used by surveyors to help locate and describe land using the rectangular survey system.

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48
Q

Benchmark

A

A fixed reference point used by surveyors to measure changes in elevation or height. It helps ensure accurate land measurements.

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49
Q

Beneficiary

A

A person who benefits from a trust, receiving money or property. It can also refer to a lender who gives a loan for real estate and gets a note and deed of trust in return.

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50
Q

Bequest

A

A part of a will that specifies how personal property should be given to someone after the person’s death.

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51
Q

Bilateral contract

A

An agreement where both parties promise to do something. Each party’s promise is exchanged for the other party’s promise to perform their part.

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52
Q

Bill of sale A

A

A written document that transfers ownership of personal property from one person to another.

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53
Q

Binder

A

A preliminary agreement that often includes an earnest money deposit. It shows the buyer’s good faith and intention to complete the purchase of a property.

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54
Q

Blanket mortgage

A

Covers more than one piece of property. It allows for each property to be partially released from the mortgage when a certain amount of the loan is paid off.

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55
Q

Blind advertisement

A

An ad used by a licensee that doesn’t include the full business name of the sponsoring broker. For online ads, it must include a link to a page with all required disclosures. If the broker is part of a franchise, the ad must also show the franchise name along with the individual firm’s name.

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56
Q

Blockbusting

A

The illegal practice of convincing homeowners to sell their properties by making false claims about minority groups moving into the neighborhood. This is done to create fear and profit from the sale.

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57
Q

Blue-sky laws

A

State rules that make sure investment securities are registered and sold legally. These laws protect investors from scams or fraud.

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58
Q

Board

A

The Real Estate Administration and Disciplinary Board. It oversees real estate licenses and handles disciplinary actions to make sure rules are followed. It was created under Section 25-10 of the Real Estate License Act (RELA).

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59
Q

Branch office

A

A secondary location where real estate business is done, separate from the main office. It must be managed by a licensed real estate broker who works for the broker in charge of the main office

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60
Q

Breach of contract

A

When one party does not fulfill their promises or obligations in a contract without a valid legal reason.

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61
Q

Broker

A

a person or business that, for payment or the expectation of payment, helps others with real estate transactions. This includes:

1.Selling, buying, renting, or leasing real estate.
2.Listing or advertising properties for sale or rent.
3.Negotiating real estate deals.
4.Collecting rent for properties.
5.Assisting with leads or opening properties for marketing.
6.Providing broker price opinions or market analyses.

Key Point: Brokers must operate under state laws and can handle real estate activities for others

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62
Q

Brokerage

A

The business of helping people buy, sell, or lease real estate for a commission or fee. It involves acting as an intermediary between buyers and sellers, landlords and tenants, or other parties in a real estate transaction.

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63
Q

Brokerage agreement

A

A written or oral contract between a sponsoring broker and a client (consumer). It outlines the real estate services the broker will provide in exchange for compensation, either directly or indirectly.

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64
Q

Broker price opinion

A

An estimate of a property’s value, created by a real estate broker. It looks at the property’s condition, the local market, and recent sales of similar properties.

Purpose: Helps determine a property’s likely selling price.

Not an appraisal: It’s less detailed than a formal appraisal and doesn’t require an appraiser’s license.

Used for: Making decisions about selling, buying, or refinancing a property.

Note: A broker is paid for the sale or rental of property, but not just for giving a BPO unless it’s part of a real estate transaction.

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65
Q

Budget loan or budget mortgage

A

A type of mortgage where your monthly payment covers not just the loan itself (principal and interest), but also a portion of additional costs like:

Principal (the amount borrowed)

Interest (the cost of borrowing)

Taxes, insurance, and other expenses (like assessments)

This helps you pay everything in one monthly payment, known as a PITI payment (Principal, Interest, Taxes, and Insurance). It’s useful because it ensures important expenses like taxes and insurance are paid on time.

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66
Q

Buffer zone

A

An area between two different types of land uses. It helps separate them to reduce conflicts.

For example, a park might be used as a buffer zone between a residential area and a commercial district to keep the two areas from directly affecting each other.

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67
Q

Building code

A

A set of rules that outlines the minimum standards for constructing buildings. These rules ensure the safety, health, and well-being of people by regulating things like building materials, electrical systems, plumbing, and fire safety.

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68
Q

Building code

A

A set of rules that outlines the minimum standards for constructing buildings. These rules ensure the safety, health, and well-being of people by regulating things like building materials, electrical systems, plumbing, and fire safety.

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69
Q

Building restrictions

A

Rules that limit what can be built on a property. These rules can come from zoning laws, deed agreements, or leases, and can control things like the size, type, and use of buildings. They are meant to keep buildings safe, organized, and in line with the area’s overall plan.

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70
Q

Bulk zoning

A

Refers to zoning regulations that control how much space can be used for buildings on a piece of land. It helps prevent overcrowding by limiting the size, height, and placement of buildings, ensuring there is enough room between structures and that the area remains balanced and livable.

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71
Q

Bundle of legal rights

A

The idea that owning land means having a collection of rights related to the land. These rights include:

Possession – The right to own and use the property.

Control – The right to make decisions about the property within the law.

Enjoyment – The right to use the property in a way that brings enjoyment, without interference from others.

Instead of just owning the physical land, these rights give the landowner full control over how the property is used.

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72
Q

Buy-down mortgage

A

A loan where the interest rate is lowered by paying some interest upfront. There are two types:

1.Temporary Buy-Down – The lower interest rate
only applies for the first few years of the loan.
2.Permanent Buy-Down – The lower interest rate
applies for the entire life of the loan.

This helps the borrower save money on interest, especially in the early years.

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73
Q

Capacity of parties

A

A person’s legal ability to enter into a valid contract. Most people have full capacity to make contracts and are considered “competent parties.” However, certain individuals, such as minors or those with mental impairments, may not have the legal ability to contract.

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74
Q

Capital gains

A

The tax on the profit made from selling an asset, such as real estate or stocks, for more than what it was originally purchased for. The tax applies to the profit (gain) earned from the sale.

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75
Q

Capital improvement

A

Any upgrade or addition to a property that increases its value or extends its useful life. Examples include adding a new roof, upgrading the kitchen, or installing a new heating system. These improvements can increase the property’s value and may be tax-deductible when you sell the property.

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76
Q

Capital investment

A

The money spent to buy or improve a property or business. It includes things like buying land, building, or making upgrades to make the property more valuable. This investment helps generate future profits.

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77
Q

Capitalization

A

The process of calculating the present value of future income from a property. In real estate, it’s used to estimate a property’s value based on how much income it can generate.

formula is:
Income ÷ Rate = Value

It helps determine how much a property is worth today based on expected future profits.

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78
Q

Capitalization rate

A

The capitalization rate (or cap rate) is the rate of return a property is expected to generate on the owner’s investment. It helps estimate the profitability of an investment property.

Formula:
Cap Rate = Net Operating Income ÷ Property Value

A higher cap rate means a higher potential return, and a lower cap rate suggests a lower return.

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79
Q

Cash flow

A

The net income generated from an investment after subtracting all operating and fixed expenses from the gross income.

Positive Cash Flow: When income is greater than
expenses, meaning the investment is profitable.
Negative Cash Flow: When expenses exceed
income, meaning the investment is losing
money.

It’s a key factor in evaluating the financial success of an investment property.

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80
Q

Casualty insurance

A

A type of insurance that protects property owners from losses or injuries caused by events like theft, vandalism, or accidents.

1.It helps cover the financial impact of
unexpected damages or losses to property.
2.This insurance is important for safeguarding
against various risks not related to natural
disasters.

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81
Q

Caveat emptor

A

Caveat emptor is a Latin phrase that means
“Let the buyer beware.”

1.It means that the buyer is responsible for
checking the quality and condition of a
property before purchasing it.
2.Buyers must be cautious and do their own
research as they are responsible for any risks
involved in the transaction.

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82
Q

Caveat venditor

A

Caveat venditor is a Latin phrase that means
“Let the seller beware.”

1.It means the seller must be careful and ensure
that the product or property they are selling is
as described and free of defects.
2.Sellers are responsible for making accurate
representations about what they are offering to
avoid legal issues.

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83
Q

Certificate of eligibility

A

A document given to veterans by the government.

1.It shows if the veteran is eligible for a VA loan.
2.This certificate is required for veterans to apply
for VA loans, which are loans backed by the
government and offer favorable terms such as
no down payment or lower interest rates.

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84
Q

Certificate of occupancy

A

A document given after a building is inspected.

  1. It confirms the building meets building codes
    and is safe to live in or use.
    2.This certificate is required before anyone can
    move in or use the property.
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85
Q

Certificate of reasonable value

A

A Certificate of Reasonable Value (CRV) is issued by the Veterans Administration (VA).

1.It states the value of a property as determined
by a VA-approved appraiser.
2.This certificate is used when getting a VA
mortgage to ensure the property is worth the
loan amount.

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86
Q

Certificate of reduction

A

a document issued by the lender.

1.It verifies the current loan balance.
2.It is used to show how much the borrower still
owes on the loan.

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87
Q

Certificate of sale

A

A Certificate of Sale is given to a purchaser at a tax foreclosure sale.

1.It does not convey title to the property.
2.It certifies that the holder received title after
the redemption period passed.
3.The purchaser paid the property taxes during
that period.

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88
Q

Certificate of title

A

An opinion about the status of a property’s title, based on a review of public records.

1.It confirms whether the title is clear or if there
are any legal issues.
2.It is based on an examination of public records.

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89
Q

Cession deed

A

It is used when land is donated to the government.

1.It transfers ownership of the land to a
government entity.
2.It is commonly used for public purposes like
parks or government buildings.

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90
Q

Chain of title

A

The sequence of property transfers that trace the current owner’s ownership back to the original source.

1.It shows all the past conveyances and legal
documents.
2.Helps prove the validity of the current property
title.

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91
Q

Chattel

A

Personal property that is movable, such as furniture, electronics, or clothing.

1.Unlike real property (land and buildings),
chattel is not attached to land.
2.It can be bought, sold, or transferred.

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92
Q

City Planning Commission

A

A local government group that helps guide and manage the growth and development of land within a city.

1.They make decisions on land use, zoning, and
building projects.
2.Their goal is to ensure organized, safe, and
sustainable development within the
municipality.

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93
Q

Client

A

A person who is being represented by a licensed real estate professional (like a broker or agent). The client receives services and advice from the licensee, who works on their behalf.

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94
Q

Cloud on title

A

A claim or issue that may affect the ownership of a property, making the title unclear or questionable. It could be a legal dispute, unpaid liens, or other encumbrances that need to be resolved for clear ownership.

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95
Q

Codicil

A

A document that makes changes or additions to an existing will.

1.It can update, explain, or clarify parts of the
will, but does not cancel the entire will.
2.It must be signed and witnessed just like the
original will.

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96
Q

Coinsurance clause

A
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97
Q

Collateral

A
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98
Q

Commercial property

A
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99
Q

Commingled property

A
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100
Q

Commingling

A
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101
Q

Commission

A
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102
Q

Common elements

A
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103
Q

Common law

A
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104
Q

Community property

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105
Q

Community Reinvestment Act

A
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106
Q

Comparables

A
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107
Q

Comparative market analysis

A
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108
Q

Compensation

A
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109
Q

Competent parties

A
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110
Q

Condemnation

A
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111
Q

Conditional-use permit

A
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112
Q

Condominium

A
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113
Q

confidential information

A
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114
Q

conformity

A
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115
Q

consideration

A
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116
Q

constructive eviction

A
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117
Q

constructive notice

A
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118
Q

consumer

A
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119
Q

contingency

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120
Q

contract

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121
Q

contract for deed

A
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122
Q

contract for exchange of real estate

A
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123
Q

contract rent Rental

A
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124
Q

conventional insured mortgage

A
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125
Q

conventional life estate

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126
Q

conventional mortgage

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127
Q

conventional uninsured mortgage

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128
Q

conversion

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129
Q

conveyance

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130
Q

cooperative

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131
Q

corporation

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132
Q

correction lines

A
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133
Q

cost approach

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134
Q

counseling

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135
Q

counteroffer

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136
Q

covenant

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137
Q

covenant of quiet enjoyment

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138
Q

cul-de-sac

A
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139
Q

curable depreciation

A
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140
Q

curtesy

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141
Q

Customer

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142
Q

cycle

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143
Q

datum

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144
Q

dba

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145
Q

debenture

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146
Q

debt

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147
Q

debt service

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148
Q

decreasing returns

A
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149
Q

deed

A
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150
Q

deed in trust

A
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151
Q

deed of re-conveyance

A
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152
Q

deed of trust

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153
Q

deed restrictions

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154
Q

default

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155
Q

defeasance

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156
Q

defeasible fee estate

A
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157
Q

deficiency judgment

A
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158
Q

delinquent taxes

A
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159
Q

delivery

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160
Q

delivery in escrow

A
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161
Q

demand

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162
Q

density zoning

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163
Q

department

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164
Q

depreciation

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165
Q

descent

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166
Q

designated agency

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167
Q

designated agent

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168
Q

designated managing broker

A
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169
Q

determinable fee estate

A
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170
Q

devise

A
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171
Q

diminishing returns

A
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172
Q

dual agency

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173
Q

economic obsolescence

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174
Q

emblements

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175
Q

eminent domain

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176
Q

employee

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177
Q

employee status

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178
Q

employment contract

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179
Q

encroachment

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180
Q

Encumbrance Any

A
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181
Q

Equal Credit Opportunity Act

A
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182
Q

equalization

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183
Q

equitable lien

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184
Q

equitable right of redemption

A
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185
Q

equitable title

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186
Q

equity

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187
Q

erosion

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188
Q

errors and omissions insurance

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189
Q

escalation clause

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190
Q

escheat

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191
Q

escrow

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192
Q

escrow moneys

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193
Q

estate for years

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194
Q

estate in land

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195
Q

estate in severalty

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196
Q

estoppel certificate

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197
Q

ethical

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198
Q

eviction

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199
Q

evidence of title

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200
Q

exchange

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201
Q

exclusive-agency buyer agency agreement

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202
Q

exclusive-agency listing

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203
Q

exclusive brokerage agreement

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204
Q

exclusive buyer agency agreement

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205
Q

exclusive-right-to-sell listing

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206
Q

exculpatory clause

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207
Q

executed contract

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208
Q

execution

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209
Q

executor

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210
Q

executory contract

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211
Q

executrix

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212
Q

expenses

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213
Q

expressed contract

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214
Q

familial status

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215
Q

Federal Fair Housing Act

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216
Q

Federal Home Loan Bank System

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217
Q

Federal Home Loan Mortgage Corporation

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218
Q

Federal Housing Administration (FHA)

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219
Q

federal income tax

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220
Q

Federal National Mortgage Association (FNMA)

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221
Q

Federal Reserve banks

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222
Q

fee simple estate

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223
Q

fee simple absolute

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224
Q

fee simple defeasible with a special limitation

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225
Q

fee simple subject to a condition subsequent

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226
Q

FHA appraisal

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227
Q

FHA loan

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228
Q

fiduciary relationship

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229
Q

financing statement

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230
Q

first mortgage

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231
Q

fixture

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232
Q

floor area ratio (FAR)

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233
Q

forcible entry and detainer

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234
Q

foreclosure

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235
Q

formal will

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236
Q

fractional sections

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237
Q

fraud

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238
Q

freehold estate

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239
Q

front feet

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240
Q

functional obsolescence

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241
Q

future interest

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242
Q

gap

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243
Q

general agent

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244
Q

general contractor

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245
Q

general lien

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3
4
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246
Q

general partnership

A
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247
Q

general warranty deed

A
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248
Q

GI-guaranteed mortgage

A
249
Q

government lot

A
250
Q

Government National Mortgage Association (GNMA) Ginnie Mae

A
251
Q

graduated lease

A
252
Q

graduated payment mortgage

A
253
Q

grant

A
254
Q

grant deed

A
255
Q

grantee

A
256
Q

granting clause

A
257
Q

grantor

A
258
Q

gross lease

A
259
Q

gross rent multiplier (GRM)

A
260
Q

ground lease

A
261
Q

growing-equity mortgage

A
262
Q

guaranteed sale plan

A
263
Q

guardian

A
264
Q

habendum clause

A
265
Q

heir

A
266
Q

highest and best use

A
267
Q

holdover tenancy

A
268
Q

holographic will

A
269
Q

homeowners’ insurance policy

A
270
Q

homeowners warranty program

A
271
Q

homestead

A
272
Q

HUD

A
273
Q

hypothecation

A
274
Q

implied contract

A
275
Q

implied grant

A
276
Q

improvement

A
277
Q

inactive

A
278
Q

income approach

A
279
Q

increasing returns

A
280
Q

incurable depreciation

A
281
Q

indefeasible fee

A
282
Q

indemnification

A
283
Q

independent contractor

A
284
Q

index lease

A
285
Q

industrial property

A
286
Q

installment contract

A
287
Q

installment sale

A
288
Q

insurable title

A
289
Q

insurance

A
290
Q

intangible property

A
291
Q

interest

A
292
Q

interim financing

A
293
Q

inter vivos trust

A
294
Q

intestate

A
295
Q

invalid

A
296
Q

invalidate

A
297
Q

investment

A
298
Q

involuntary alienation

A
299
Q

involuntary lien

A
300
Q

IRS tax lien

A
301
Q

joint tenancy

A
302
Q

joint venture

A
303
Q

judgment

A
304
Q

judgment clause

A
305
Q

judicial sale

A
306
Q

laches

A
307
Q

land

A
308
Q

land contract

A
309
Q

landlocked

A
310
Q

latent defect

A
311
Q

law of agency

A
312
Q

lawyer’s opinion of title

A
313
Q

leads

A
314
Q

lease

A
315
Q

leased fee interest

A
316
Q

leasehold estate

A
317
Q

leasehold interest

A
318
Q

lease option

A
319
Q

lease purchase

A
320
Q

legal description

A
321
Q

legality of object

A
322
Q

legal life estate

A
323
Q

legatee

A
324
Q

lessee

A
325
Q

lessor

A
326
Q

leverage

A
327
Q

levy

A
328
Q

license

A
329
Q

licensee

A
330
Q

licensed activities

A
331
Q

lien

A
332
Q

Lienee

A
333
Q

lienor

A
334
Q

lien-theory state

A
335
Q

life estate

A
336
Q

life tenant

A
337
Q

liquidated damages

A
338
Q

liquidity

A
339
Q

lis pendens

A
340
Q

listing agreement

A
341
Q

listing broker

A
342
Q

listing presentation

A
343
Q

littoral rights

A
344
Q

loan-to-value

A
345
Q

lock-in clause

A
346
Q

lot-and-block description

A
347
Q

managing broker

A
348
Q

management agreement

A
349
Q

marketable title

A
350
Q

market-date approach

A
351
Q

market price

A
352
Q

market rent

A
353
Q

market value

A
354
Q

master deed

A
355
Q

master plan

A
356
Q

mechanic’s lien

A
357
Q

medium of advertising

A
358
Q

metes-and-bounds description

A
359
Q

mill

A
360
Q

millage rate

A
361
Q

ministerial acts

A
362
Q

misrepresentation

A
363
Q

money judgment

A
364
Q

money market

A
365
Q

month-to-month tenancy

A
366
Q

monument A

A
367
Q

mortgage

A
368
Q

mortgage bankers

A
369
Q

mortgage broker

A
370
Q

mortgage fraud

A
371
Q

mortgagee

A
372
Q

mortgage lien

A
373
Q

mortgagor

A
374
Q

multiple listing

A
375
Q

municipal ordinances

A
376
Q

mutual rescission

A
377
Q

negative amortization

A
378
Q

negligence

A
379
Q

net income

A
380
Q

net lease

A
381
Q

net listing

A
382
Q

nonconforming loan

A
383
Q

nonconforming use

A
384
Q

non-disturbance clause

A
385
Q

nonhomogeneity

A
386
Q

nonjudicial foreclosure

A
387
Q

nonrecourse loan

A
388
Q

notarize

A
389
Q

notary public

A
390
Q

note

A
391
Q

notice of abandonment

A
392
Q

novation

A
393
Q

obligee/promisee

A
394
Q

obligor/promissor

A
395
Q

obsolescence

A
396
Q

offer and acceptance

A
397
Q

office

A
398
Q

officer’s deed

A
399
Q

one hundred percent-commission plan

A
400
Q

open buyer agency agreement

A
401
Q

open-end mortgage

A
402
Q

open listing

A
403
Q

open mortgage

A
404
Q

option

A
405
Q

optionee

A
406
Q

optionor

A
407
Q

ownership

A
408
Q

package mortgage

A
409
Q

participation financing

A
410
Q

partnership

A
411
Q

party wall

A
412
Q

patent defect

A
413
Q

payee

A
414
Q

payee

A
415
Q

percentage lease

A
416
Q

periodic estate

A
417
Q

person

A
418
Q

personal property

A
419
Q

physical deterioration

A
420
Q

plat

A
421
Q

plat book

A
422
Q

plottage

A
423
Q

point

A
424
Q

point of beginning

A
425
Q

police power

A
426
Q

power of attorney

A
427
Q

premises

A
428
Q

prepayment penalty

A
429
Q

prepayment privilege clause

A
430
Q

prescription

A
431
Q

prescriptive title

A
432
Q

price fixing

A
433
Q

primary mortgage market

A
434
Q

principal

A
435
Q

principal meridian

A
436
Q

principle of conformity

A
437
Q

principle of substitution

A
438
Q

priority

A
439
Q

private mortgage insurance (PMI)

A
440
Q

probate

A
441
Q

procuring cause

A
442
Q

progression

A
443
Q

property management

A
444
Q

property tax

A
445
Q

proprietary lease

A
446
Q

proration

A
447
Q

prospectus

A
448
Q

public utility easement

A
449
Q

puffing

A
450
Q

pur autre vie

A
451
Q

purchase-money mortgage

A
452
Q

pyramiding

A
453
Q

qualification

A
454
Q

quiet enjoyment

A
455
Q

quiet title lawsuit

A
456
Q

quitclaim deed

A
457
Q

range

A
458
Q

ready, willing, and able buyer

A
459
Q

real estate

A
460
Q

real estate broker

A
461
Q

real estate investment trust (REIT)

A
462
Q

Real Estate Settlement Procedures Act (RESPA)

A
463
Q

reality of consent

A
464
Q

real property

A
465
Q

REALTOR

A
466
Q

receiver

A
467
Q

reconciliation

A
468
Q

recording

A
469
Q

recovery fund

A
470
Q

rectangular survey system

A
471
Q

redemption period

A
472
Q

redlining

A
473
Q

regression

A
474
Q

regular employee

A
475
Q

release

A
476
Q

reliction

A
477
Q

relocation service

A
478
Q

remainder

A
479
Q

remainder interest

A
480
Q

renewal period

A
481
Q

rent

A
482
Q

rent control

A
483
Q

rent schedule

A
484
Q

replacement cost

A
485
Q

reproduction cost

A
486
Q

rescission

A
487
Q

reservation in a deed

A
488
Q

residential leasing agent

A
489
Q

restriction

A
490
Q

reverse mortgage

A
491
Q

reversion

A
492
Q

reversionary right

A
493
Q

rezoning

A
494
Q

right of first refusal

A
495
Q

right of survivorship

A
496
Q

riparian rights

A
497
Q

sale and leaseback

A
498
Q

sales comparison approach

A
499
Q

sales contract

A
500
Q

salesperson

A
501
Q

sandwich lease

A
502
Q

satisfaction

A
503
Q

secondary mortgage market

A
504
Q

Secretary

A
505
Q

section

A
506
Q

security deposit

A
507
Q

selling broker

A
508
Q

separate property

A
509
Q

servient tenement

A
510
Q

setback

A
511
Q

severalty

A
512
Q

severance

A
513
Q

shared participation mortgage

A
514
Q

short sale

A
515
Q

situs

A
516
Q

sole ownership

A
517
Q

special agent

A
518
Q

special assessment A

A
519
Q

special warranty deed

A
520
Q

specific lien

A
521
Q

specific performance suit

A
522
Q

sponsorship

A
523
Q

sponsoring broker

A
524
Q

squatter’s rights

A
525
Q

statute of frauds

A
526
Q

statute of limitation

A
527
Q

statutory lien

A
528
Q

statutory right of redemption

A
529
Q

steering

A
530
Q

stigmatized property A

A
531
Q

straight-line method

A
532
Q

strict foreclosure

A
533
Q

subagent

A
534
Q

subcontractor

A
535
Q

subdivision

A
536
Q

subletting

A
537
Q

subordination

A
538
Q

subrogation

A
539
Q

substitution

A
540
Q

suit for partition

A
541
Q

suit for possession

A
542
Q

suit for specific performance

A
543
Q

suit to quiet title

A
544
Q

summation appraisal

A
545
Q

supply

A
546
Q

surety bond

A
547
Q

survey

A
548
Q

syndicate

A
549
Q

tacking

A
550
Q

tangible property

A
551
Q

taxation

A
552
Q

tax deed

A
553
Q

taxes

A
554
Q

tax lien

A
555
Q

tax rate

A
556
Q

tax shelters

A
557
Q

team

A
558
Q

tenancy at sufferance

A
559
Q

tenancy at will

A
560
Q

tenancy by the entirety

A
561
Q

tenancy in common

A
562
Q

tenant

A
563
Q

tenement

A
564
Q
A
564
Q

termination (lease)

A
565
Q

termination (listing)

A
566
Q

term mortgage

A
567
Q

testamentary trust

A
568
Q

testate

A
569
Q

testator

A
570
Q

testatrix

A
571
Q

time is of the essence

A
572
Q

time-share estate

A
573
Q

time-share use

A
574
Q

title

A
575
Q

title insurance

A
576
Q

title-theory states

A
577
Q

Torrens system

A
578
Q

township

A
579
Q

township lines

A
580
Q

trade fixtures

A
581
Q

transaction broker

A
582
Q

transfer taxes

A
583
Q

trust

A
584
Q

trust deed

A
585
Q

trustee

A
586
Q

trustee’s deed

A
587
Q

trustor

A
588
Q

Truth-in-Lending Act

A
589
Q

unconventional mortgage

A
590
Q

unenforceable contract

A
591
Q

undivided interest

A
592
Q

Uniform Commercial Code (UCC)

A
593
Q

unilateral contract

A
594
Q

unity of ownership

A
595
Q

universal agent

A
596
Q

useful life

A
597
Q

usury

A
598
Q

valid contract

A
599
Q

valid deed

A
600
Q

valid lease

A
601
Q

VA loan

A
602
Q

variance

A
603
Q

vendee

A
604
Q

vendor

A
605
Q

voidable contract

A
606
Q

void contract

A
607
Q

voluntary lien

A
608
Q

voluntary transfer

A
609
Q

waiver

A
610
Q

warranty deed

A
611
Q

warranty of habitability

A
612
Q

waste

A
613
Q

will

A
614
Q

wraparound mortgage

A
615
Q

writ of attachment

A
616
Q

writ of execution

A
617
Q

year-to-year tenancy

A
618
Q

zoning ordinance

A