VOCABULARY TERMS Flashcards
• Associate Licensee
means a person who is licensed as a real estate broker or salesperson under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code and who is either licensed under a broker or has entered into a written contract with a broker to act as the broker’s agent in connection with acts requiring a real estate license and to function under the broker’s supervision in the capacity of an associate licensee.
• Market
is the business environment where buyers and sellers – most of the time aided by agents or brokers – deal with townhouses, apartment buildings and even inhabited crops of land, while the Commercial Real Estate Market revolves around office buildings, warehouses, shopping malls or ..etc.
• Salesperson
a person whose job is to sell a product or service in a given territory, in a store, or by telephone : A salesman or Saleswoman.
•Broker
is a. firm or individual. that engages in the business of buying and selling securities – stocks, bonds, mutual funds, exchange-traded funds (ETFs), and certain other investment products – on behalf of its customer (as broker), for its own account (dealer), or both.
•Code of ethics
is a set of official standards of conduct that the members of a group are expected to uphold.
•Real estate licensee
any individual licensed as a real estate broker or salesperson by the state real estate commission pursuant to this chapter.
•Supply and Demandmy
The law of supply and demand dictates the equilibrium price of a property. A low supply or housing inventory may drive prices up, which is what tends to result in bidding wars. A specific property may be in demand by multiple parties who all try to outbid each other by increasing their purchase price offer.
•Sales associate ( in real estate )
a sales agent who focuses on the buying process of properties and homes. In this role, you prepare and show a house to potential buyers and negotiate sales agreements between the property owner and the buyer.
•Accession
The acquisition of title of personal property that is attained through the process of putting labor or raw materials into the improvement of the personal property. Acquisition by accession occurs when one person steals the personal property of someone else and adds labor and/or materials to it.
•Annexation
the process of bringing property into the City limits. It is one of the primary means by which cities grow. Cities annex territory to provide urbanizing areas with municipal services and to exercise regulatory authority necessary to protect public health and safety.
• Avulsion
Avulsion refers to water quickly submerging land or moving land to another location.
• Emblements
Emblements are annual crops grown by a tenant on someone else’s land. The crops are treated as the tenant’s personal property and not the landowner’s.
• Improvement
Improvement to real estate means that personal property has been incorporated into and becomes a permanent part of the real property. To accomplish this, the personal property generally takes on an immovable character.
•Manufactured housing
refers factory-built homes that can be placed on a piece of land. Styles vary from modest trailers to dwellings that look like houses built permanently on a site.
•Prior appropriation
Primary tabs. In dealing with water rights, the prior appropriation doctrine states that water rights are determined by priority of beneficial use. This means that the first person to use water or divert water for a beneficial use or purpose can acquire individual rights to the water.
•Riparian rights
are traditional rights that attach to waterfront property by virtue of that property actually meeting the shoreline. They’re the rights of the waterfront property owner to gain access to the water or to gain access to their property from the water.
•Subsurface rights
are the right to the earth below the land, and any substances found beneath the land’s surface. Subsurface rights are important because landowners will sometimes acquire the right to valuable items in the earth’s ground
•Water rights
pertain to the legal rights of property owners to access and use bodies of water adjacent to lands they hold. Different types of waters rights exist based on various forms of water that border or exist on a property.
•Accretion
in real estate, the increase of the actual land on a stream, lake or sea by the action of water which deposits soil upon the shoreline. Accretion is Mother Nature’s little gift to a landowner.
•Appurtenance
is a real property, which has been defined as being immovable or fixed to the land. In this case, appurtenances relate to the land. When considering legal transactions, appurtenances grant the ownership of certain items to a person who owns the property.
•Bundle of legal rights
is a term for the set of legal privileges that is generally afforded to a real estate buyer with the transfer of the title.
•Erosion
The gradual wearing away of land due to natural causes of wind and water.
•Land
refers to the earth’s surface down to the center of the earth and upward to the airspace above, including the trees, minerals, and water. Real estate is the land, plus any permanent man-made additions, such as houses and other buildings.
•Nonhomogeneity
is when houses in a real estate development are unique. Because it is not possible for two parcels of land to be geographically alike, non-homogeneity is present in all real estate.
•Real estate
private property in the form of buildings and land. Real estate can be used for residential, commercial, or industrial purposes, and includes any resources on the land such as water or minerals.
•Severance
Termination of joint tenancy and, or the permanent removal of a natural attachment, fixture, or appurtenance from real property, which transforms the item into personal property.
•Surface rights
the right to the earth below the land, and any substances found beneath the land’s surface. … Subsurface rights usually include the right to oil, minerals and even water that’s found beneath the land’s surface. Like surface and air rights, subsurface rights can be bought, leased or sold alone.
•Air rights
to the legal ability to occupy the vertical air space above a plot of real estate. This encompasses any empty space above a property, from the upper stories of a high-rise building, to power lines, to a region of airspace above a property.
•Area preference
refers not only to geography but also to people’s preference for a specific area. Area preference is based on several factors, such as convenience, reputation, and history.
•Chattel
Chattel refers to one’s personal property, be it furniture, livestock, or, in the past, other people.
• fixture
is any object permanently attached to a property by way of bolts, screws, nails, glue, cement or other means. Items like chandeliers, ceiling fans and window treatments are generally seen as fixtures and will stay with the house in a real estate transaction.
• littoral rights
a landowner’s claim to use of the body of water bordering their property, as well as the use of its shore area.
• personal property
is property that is not permanently affixed to land: e.g., equipment, furniture, tools and computers.
• real property
means the land plus anything growing on it, attached to it or erected on it, including man-made objects
• situs
means the location of property or an item for legal purposes.
• trade fixture
is something attached to property rented by the lessee which they are entitled to take with them after the lease ends. Trade fixtures can be many things such as a machine or shelves which require the object to be fastened to the building.
• administrative law judge (ALJ)
(ALJ) (not administrative judges) are executive judges for official and unofficial hearings of administrative disputes in the Federal government.
• Civil Rights Act of 1866
prohibits discrimination in the sale or lease of real estate based upon a person’s color or race. Importantly, the 1866 Act applies to both governments and private parties and there are no statutory exceptions.
• Fair Housing Act
to almost all housing in the country. The Fair Housing Act prohibits discrimination in residential real estate transactions and makes it illegal to coerce, intimidate, threaten, or interfere with people exercising their rights under the Act, or assisting others in exercising their rights.
• redlining
is the practice of denying a creditworthy applicant a loan for housing in a certain neighbor hood even though the applicant may otherwise be eligible for the loan.
• Americans with Disabilities Act (ADA)
requires equal access and services to disabled individuals in the most integrated setting possible. In essence, that means that architectural and communication barriers are to be removed in existing facilities where such removal is readily achievable and can be carried out without much difficulty or expense.
• conciliation
means the attempt to resolve issues raised in a complaint, or arising during the investigation of a complaint, through informal negotiations involving the aggrieved person(s) and the respondents.
• Fair Housing Amendments Act
(FHAA) was signed into law on September 13, 1988 and became effective on March 12, 1989. The Act amended Title VIII of the Civil Rights Act of 1968, which prohibits discrimination on the basis of race, color, religion, sex or national origin in housing sales, rentals or financing.
• steering
is when a real estate agent influences a client’s decisions based on one of the characteristics outlined in the Fair Housing Act—things like race, religion, gender, disability, familial status or nationality.
• blockbusting
is a method of manipulating homeowners to sell or rent their homes at a lower price by falsely convincing them that the neighborhood’s socioeconomic demographic is changing because of new groups of people moving in and that this shift will affect the value of their home.
• Department of Housing and Urban Development (HUD)
is the Federal agency responsible for national policy and programs that address America’s housing needs, that improve and develop the Nation’s communities, and enforce fair housing laws.
• Housing for Older Persons Act (HOPA)
prohibition against discrimination based on familial status became effective March 12, 1989. The Act contained a provision exempting “senior” housing from the prohibition against familial status discrimination.
• Title VIII of the Civil Rights Act of 1968
popularly known as the Fair Housing Act, prohibits discrimination concerning the sale, rental, or financing of housing based on race, religion, national origin, and sex.
