Kaplan Modern Real Estate Practice Terms
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| Abstract of Title | show 🗑
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| show | Method for claiming tax deductions for certain property purchased before 1987 in which it was possible to claim greater deductions in the early years of ownership, gradually reducing the amount deducted in each year of useful life.
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| Acceleration Clause | show 🗑
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| show | Aquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams
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| Accretion | show 🗑
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| show | Loss in a property's value resulting from physical deterioration, external depreciation, and functional obsolescensce.
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| show | On a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property.
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| show | A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.
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| Acre | show 🗑
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| show | A court action that establishes ownership when ownership cannot be traced through an unbroken chain of title
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| Actual Eviction | show 🗑
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| show | Express information or fact; that which is known; direct knowledge
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| show | A tax levied according to value, generally used to refer to real estate tax. Also called the "general tax"
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| Addendum | show 🗑
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| Adjustable-Rate Mortgage (ARM) | show 🗑
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| show | The official who presides over a hearing involving government agency and someone affected by a decision of that agency. They hear evidence, including the testimony of witnesses, and renders a decision.
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| Administrator | show 🗑
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| Adverse Possession | show 🗑
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| show | A written statement made under oath by seller/grantor of real property & acknowledged by notary public in which grantors identify them and marital stat, certify no defects have occurred in the title since examin., certify they have possession of property
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| Affiliated Business Arrangement (ABA) | show 🗑
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| Agency | show 🗑
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| show | An agency relationship created after the fact.
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| show | One who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner executes a listing agreement authorizing a RE broker to be their agent.
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| Air Lots | show 🗑
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| show | The right to use the open space above a property, usually allowing the surface to be used for another purpose.
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| show | The act of transferring property to another. It may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.
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| show | The clause in a mortgage/deed of trust stating that the balance of the debt becomes immediately due and payable at the lender's option if the property is sold by the borrower. It prevents the borrower from assigning the debt w/out the lender's approval.
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| Allodial System | show 🗑
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| Amendment | show 🗑
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| American Land Title Association (ALTA) Policy | show 🗑
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| Americans with Disabilities Act (ADA) | show 🗑
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| Amortized Loan | show 🗑
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| show | Process of converting personal property into real property
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| Annual Percentage Rate (APR) | show 🗑
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| show | The appraisal principle holding that value can increase or decrease based on the expectation of some future benefit or or detriment produced by the property
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| show | Laws designed to preserve the free enterprise of open marketplace by making illegal to certain private conspiracies and combinations formed to minimize competition.
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| show | An estimate of the quantity, quality, or value of something. The process through which conclusions of property value are obtained.
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| Appraisal Report | show 🗑
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| show | An independent person trained to provide an unbiased estimate of value.
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| Appraiser Independence Requirements (AIR) | show 🗑
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| show | An increase in the worth or value of a property due to economic or related causes, which may prove to be either temporary or permanent.
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| Appurtenance | show 🗑
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| show | An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land
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| show | A level surface or piece of ground; the size of a surface; the amount of a two-dimensional object.
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| show | People's desire for one area over another, based on a number of factors such as history, reputation, convenience, scenic beauty, and location.
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| Asbestos | show 🗑
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| Assemblage | show 🗑
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| Assessed Value | show 🗑
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| show | The imposition of a tax, charge, or levy, usually according to established rates.
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| show | A factor (number) by which the assessed value of a property is multiplied to arrive at a value for the property that is in line with state wide tax assessments.
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| Assignment | show 🗑
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| Associate Licensee | show 🗑
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| show | Acquiring title to property on which there is an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.
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| show | The act of taking a person's property into legal custody by writ or other judicial order to hold it avalable for application to that person's debt to a creditor.
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| Attorney's Opinion of Title | show 🗑
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| Automated Underwriting | show 🗑
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| Automatic Extension Clause | show 🗑
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| Avulsion | show 🗑
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| Balance | show 🗑
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| Balloon Payment | show 🗑
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| show | A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed.
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| Base Line | show 🗑
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| show | The financial interest the IRS attributes to an owner of investment property for the purpose of determining annual depreciation and gain/loss on sale of asset. It's the cost of property plus value of capital expenditures minus depreciation.
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| show | Permanent reference marks or points established for use by surveyors in measuring differences in elevation.
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| Beneficiary | show 🗑
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| Binder | show 🗑
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| show | A mortgage covering more than one parcel of real estate, providing for each parcel's partial release from the mortgage lien upon repayment of a definite portion of the debt.
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| show | The illegal practice of inducing home owners to sell their properties by making representations regarding the entry or prospective entry of persons of a particular race or national origin into the neighborhood.
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| show | Common name for those state and federal laws that regulate the registration and sale of investment securities.
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| show | Money or property given to make up any difference in value or equity between two properties in an exchange.
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| Boycott | show 🗑
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| Branch Office | show 🗑
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| Breach of contract | show 🗑
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| Bring Down | show 🗑
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| Broker | show 🗑
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| show | Clause in a contract that protects a broker from losing a commission in the event a transaction is not completed or is intentionally delayed until after the listing expires.
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| show | The bringing together of parties interested in make a real estate transaction.
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| show | An opinion of real estate value commissioned by a bank or an attorney and provided by a broker.
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| Brownsfields | show 🗑
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| show | Compares actual results with the original budget, often giving either percentages or a numerical variance of actual versus projected income and expenses.
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| show | A strip of land, usually used as a park or designated for similar use, separating land dedicated to one use from land dedicated to another use (eg residential from commercial)
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| Building Code | show 🗑
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| show | Written governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances.
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| Building-related illness (BRI) | show 🗑
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| Bundle of Legal Rights | show 🗑
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| show | A financing technique used to reduce the monthly payments for the first few years of a loan. Funds in the form of discount points are given to the lender by the builder or the seller to buy down or or lower the effective interest rate paid by the buyer.
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| show | A principal-agent relationship in which the real estate professional acts on behalf of the buyer, usually as an agent, with fiduciary responsibilities to the buyer.
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| show | A real estate professional who is under contract to locate property for a buyer and represent the buyer's interest in a transaction.
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| Buyer's Broker | show 🗑
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| show | A residential real estate professional who represents the prospective purchaser in a transaction, often through a sales associate of the broker.
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| Capital Gain | show 🗑
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| Capitalization | show 🗑
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| Capitalization Rate | show 🗑
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| Capping | show 🗑
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| Carbon Monoxide (CO) | show 🗑
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| Cash flow | show 🗑
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| Cash flow Report | show 🗑
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| show | Latin phrase meaning "buyer beware"
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| show | Permission by the municipal inspector to occupy a completed building structure after being inspected and having complied with building codes.
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| Certificate of Reasonable Value (CRV) | show 🗑
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| Certificate of Sale | show 🗑
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| Certificate of Title | show 🗑
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| Chain of Title | show 🗑
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| Change | show 🗑
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| show | An act that prohibits racial discrimination in the sale and rental of housing.
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| Client | show 🗑
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| show | An event where promises made in a sales contract are fulfilled and mortgage loan funds are distributed to the buyer.
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| show | The CFPB form that itemizes all charges that are normally paid by a borrower and a seller in connection with settlement, whether required by the lender or another party, or paid by the lender or any other person.
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| show | Process of settlement in which the buyer and seller never meet; the paperwork is handled by an escrow agent.
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| show | A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made, and all cash paid out in the transaction.
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| show | Any document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful; usually refealed by a title search.
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| show | A written system of standards for ethical conduct.
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| Codicil | show 🗑
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| Coinsurance Clause | show 🗑
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| show | Something having value that is given to secure repayment of a debt
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| Commingling | show 🗑
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| Commission | show 🗑
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| show | Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally common use by all the condominium residents.
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| show | The body of law based on custom, usage and court decisions.
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| show | Provides a team of property managers, accounting staff, office staff, and property consultants to manage property.
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| show | A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage.
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| show | Under the act, which was revised most recently in 2008, financial institutions are expected to meet the deposit and credit needs of their communities; participate and invest in local community development and rehabilitation projects; participate in loans
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| Comparables | show 🗑
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| show | A comparison of the prices of recently sold homes that are similar to a listing seller's home in terms of location, style, and amenities.
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| Competent Party | show 🗑
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| Competition | show 🗑
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| Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) | show 🗑
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| show | A database of consumer claims history that allows insurance companies to access prior claims information in the underwriting and rating process
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| show | An electronic network for handling loan applications through remote computer terminals linked to various lenders' computers.
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| show | A form of alternative dispute resolution in which a conciliator meets with each of the parties separately to help them settle their differences voluntarily, without a hearing or trial.
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| Condemnation | show 🗑
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| show | Written governmental permission allowing a use inconsistent with zoning but necessary for the common good, such as locating an emergency medical facility in a predominantly residential area.
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| show | A aboslute ownership of a unit in a multiunit building based on legal description of the airspace the unit actually occupies, or a separate dwelling unit in a multiunit development, puls and undivided interest in the ownership...... etc
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| Confession of Judgment Clause | show 🗑
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| show | The appraisal principle holding that the greater the similarity among properties in an area, the better they will hold their value.
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| Consent | show 🗑
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| show | 1. That received by the grantor in exchange for the deed, or 2. Something of value that induces a person to enter into a contract.
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| show | The combination of items into real property that are not fixed or fastened to the property.
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| show | Actions of a landlord that so materially disturb or impair a tenant's enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent.
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| show | Notice given to the world by recorded documents.
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| show | An individual who purchases goods or services that are not for resale.
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| Contingencies | show 🗑
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| show | A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy.
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| show | The appraisal principle state that the value of any component of a property is what it gives to the value of the whole or what its absence detracts from that value.
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| show | An arrangement that offers consumers a package of services.
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| Conventional Loan | show 🗑
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| show | The illegal use of money received on behalf of the principal.
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| show | A term used to refer to any document that transfers title to real property. The term is also used in describing the act of transferring
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| Cooperative | show 🗑
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| show | Title ownership held by two or more persons.
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| show | An entity or organization, created by operation of law, whos rights of doing business are essentially the same as those of an individual.
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| Corrective Maintenance | show 🗑
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| Cost | show 🗑
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| Cost Approach | show 🗑
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| Cost Recovery | show 🗑
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| Counteroffer | show 🗑
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| Covenant | show 🗑
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| Covenant of Quiet Enjoyment | show 🗑
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| show | Prinvate agreements that affect land use. They may be enforced by an owner of real estate that benefits from them and can be included in the seller's deed to the buyer.
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| show | On a closing statement, an amount entered in a person's favor-either an amount the party has paid or an amount for which the party must be reimbursed.
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| Curtesy | show 🗑
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| show | The thurd party or nonrepresented consumer for whom some level of service is provided.
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| Datum | show 🗑
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| show | On a closing statement, an amount charged; that is, and amount that the debited party must pay
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| Debt To Income (DTI) | show 🗑
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| show | A person who has died
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| show | A written instrument that, when executed and delivered, conveys title to or an interest in real estate.
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| Deed in Lieu of Foreclosure | show 🗑
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| show | An instrument that grants a trustee under a land trust full power to sell, mortgage, and subdivide a parcel of real estate. The beneficiary controls the trustee's use of these powers under the provisions of the trust agreement.
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| show | A document that a trustee uses to transfer the title back to the trustor (borrower) when the note is repaid.
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| show | Clauses in a deed limiting the future uses of the property
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| show | The nonperformance of a duty, whether arising under a contract or otherwise; failure to meet an obligation when due.
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| Defeasance Clause | show 🗑
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| show | An estate in which the holder has a fee simple title that may be divested upon the occurrence or nonoccurrence of a specified event.
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| Deficiency Judgement | show 🗑
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| show | Taxes that are unpaid and past due.
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| show | When the title to property is delivered by the grantor and accepted by the grantee.
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| show | The amount of good people are willing and able to buy at a given price.
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| show | The study and description of a population
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| Denominator | show 🗑
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| Density Zoning | show 🗑
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| show | Federal agency that has established rules and regulations that further interpret the practices affected by federal law.
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| show | In appraisal, the loss of value in a property. In real estate investment, a deduction for tax purposes taken over the period of ownership of income property, based on the property's acquisition of cost.
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| show | Acquisition of an estate by inheritance in which an heir succeeds to the property by operation of law.
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| show | A process that accommodates an "in-house sale" in which two different agents are involved.
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Created by:
debbygail2003
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