CA RE Terms (JM)
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
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| appreciation | show 🗑
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| C.A.R. | show 🗑
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| capitalism | show 🗑
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| show | Information from a variety of sources used to create a broad profile of any community.
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| gold rush | show 🗑
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| housing inventory | show 🗑
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| inflation | show 🗑
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| median home price | show 🗑
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| net worth | show 🗑
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| show | The percentage of the people classified as unemployed as compared to the total labor force.
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| acknowledgment | show 🗑
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| appurtenance | show 🗑
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| bundle of rights | show 🗑
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| chattel | show 🗑
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| show | Notice given by recording a document or taking possession of the property.
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| show | Interest owned by one person in the land of another person.
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| emblements | show 🗑
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| estate | show 🗑
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| fixture | show 🗑
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| show | An estate in real property which continues for an indefinite period of time.
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| show | A leasehold estate; considered to exist for a definite period of time or successive periods of time until termination.
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| life estate | show 🗑
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| show | Land bordering a lake, ocean, or sea.
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| show | Anything movable that is not real property.
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| show | The right to peace without aggravation by others.
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| show | Land, anything affixed to the land, anything appurtenant to the land, anything immovable by law.
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| riparian rights | show 🗑
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| severalty | show 🗑
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| title | show 🗑
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| show | Personal property that has become affixed to real estate.
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| estate in fee | show 🗑
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| fee simple absolute | show 🗑
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| show | 1.An estate in which the holder has a fee simple title, subject to return to the grantor if a specified condition occurs. 2.Also known as fee simple defeasible.
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| patents | show 🗑
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| prescription | show 🗑
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| abandonment | show 🗑
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| accession | show 🗑
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| show | Gradual buildup of alluvium by natural causes on property bordering a river, lake, or ocean.
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| show | The act of transferring ownership, title, or interest.
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| show | The sudden washing or tearing of land by the action of water.
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| show | A gift of personal property by will.
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| codicil | show 🗑
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| show | An easement that is not appurtenant to any one parcel.
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| show | The unauthorized placement of permanent improvements that intrude on adjacent property owned by another.
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| executor | show 🗑
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| grantee | show 🗑
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| show | The person conveying or transferring the property.
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| homestead | show 🗑
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| instrument | show 🗑
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| intestate | show 🗑
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| license | show 🗑
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| show | Notice that indicates pending litigation affecting title on a property
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| quiet title action | show 🗑
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| reliction | show 🗑
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| succession | show 🗑
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| abrogation | show 🗑
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| addendum | show 🗑
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| assignee | show 🗑
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| assignor | show 🗑
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| show | Something of value—such as money, a promise, property, or personal services.
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| counteroffer | show 🗑
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| executory contract | show 🗑
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| show | Parties declare the terms and put their intentions in oral or written words.
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| forbearance | show 🗑
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| novation | show 🗑
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| offer | show 🗑
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| offeree | show 🗑
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| offeror | show 🗑
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| show | Legal action taken to repeal a contract either by mutual consent of theparties or by one party when the other party has breached a contract.
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| show | The canceling of an offer to contract by the person making the original offer.
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| show | A court action brought to compel a party to carry out the terms of a contract.
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| show | The law that requires contracts to be in writing.
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| show | The period of time limited by statute within which certain court actions must be brought by one party against another.
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| tender | show 🗑
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| show | The relinquishment or refusal to accept a right.
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| show | A special relationship of trust by which one person (agent) is authorized to conduct business, sign papers, or otherwise act on behalf of another person (principal). This relationship may be created by expressed agreement, ratification, or estoppel.
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| show | A person who acts for and in the place of another, called a principal, for the purpose of affecting the principal’s legal relationship with third persons.
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| associate licensee | show 🗑
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| show | 1.The person holding the power of attorney. 2.A competent & disinterested person who is authorized by another person to act in his or her place in legal matters.
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| commingling | show 🗑
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| show | The appropriation of property belonging to another as in a broker using a client’s funds.
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| show | A prospective buyer of real estate; not to be confused with a property seller, who is the listing broker’s client.
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| show | A broker who represents both parties in a transaction.
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| fiduciary relationship | show 🗑
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| general agent | show 🗑
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| listing agreement | show 🗑
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| misrepresentation | show 🗑
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| net listing | show 🗑
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| principal | show 🗑
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| show | The broker who produces a buyer ready, willing, and able to purchase the property for the price and on the terms specified by the seller, regardless of whether the sale is completed.
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| show | Exaggerated comments or opinions not made as representations of fact, thus not grounds for misrepresentation.
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| ratification | show 🗑
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| show | A buyer who is prepared to enter a purchase contract, who really wants to buy, and who meets the financing requirements of purchase.
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| real estate salesperson | show 🗑
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| RLA – exclusive form | show 🗑
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| show | Clause that protects the listing broker’s commission, if the owner personally sells the property to someone who was shown the property or made an offer during the term of the listing.
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| single agency | show 🗑
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| special agent | show 🗑
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| show | A broker delegated by the listing agent (if authorized by the seller) who represents the seller in finding a buyer for the listed property.
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| third party | show 🗑
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| assignee | show 🗑
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| assignment | show 🗑
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| show | The rejection of an original purchase offer and the submission of a new and different offer.
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| CPI | show 🗑
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| deposit receipt | show 🗑
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| gross lease | show 🗑
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| ground lease | show 🗑
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| implied warranty of habitability | show 🗑
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| show | An agreement used if a buyer takes possession of a property prior to close of escrow.
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| lease | show 🗑
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| show | The interest of the lessor.
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| show | (1) Tenant. (2) The one to whom property is rented or leased.
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| lessor | show 🗑
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| liquidated damages clause | show 🗑
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| net lease | show 🗑
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| show | A contract to keep open, for a set period of time, an offer to purchase real property.
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| show | The tenant pays a percentage of gross monthly receipts in addition to a base rent.
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| proprietary lease | show 🗑
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| show | Payment for the use of a property.
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| show | A lease is used for single-family homes and duplexes.
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| retaliatory eviction | show 🗑
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| show | Money given to a landlord to prepay for any damage that might occur to a property during a lease term that is more than just normal wear and tear.
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| sublease | show 🗑
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| time is of the essence clause | show 🗑
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| show | The legal remedy to remove a tenant.
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| show | Boundary indicating areas of special flood zone areas.
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| show | Term stating the seller is not responsible for repairing any defect.
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| asbestos | show 🗑
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| show | Let the buyer beware
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| Easton v Strassburger | show 🗑
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| earthquake fault zone | show 🗑
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| show | Tax withholding requirement if the seller is a foreign person.
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| formaldehyde | show 🗑
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| show | Consumer products such as paints, cleaners, stains, varnishes, car batteries, motor oil, and pesticides that contain hazardous components.
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| hazardous waste | show 🗑
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| Mello-Roos District | show 🗑
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| show | Fungus that reproduces by means of spores.
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| public report | show 🗑
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| radon | show 🗑
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| red flag | show 🗑
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| stigmatized property | show 🗑
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| show | State law that protects buyers when buying homes in new subdivisions.
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| show | Housing not exempt from the lead based paint disclosure.
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| Transfer Disclosure Statement (TDS) | show 🗑
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| show | Written summary of all useful documents discovered in a title search.
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| ad valorem | show 🗑
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| assessment roll | show 🗑
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| show | A statement of the unpaid condition of a loan and describes the condition of the debt.
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| show | Begins on January 1 and continues through December 31 of the same year.
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| completed escrow | show 🗑
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| escrow | show 🗑
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| show | Acts as a neutral agent of both buyer and seller.
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| fiscal year | show 🗑
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| show | A trust account set up for funds set aside for future costs relating to a property.
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| show | Good or clear saleable title reasonably free from risk of litigation over possible defects.
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| show | Land description that delineates boundaries and measures distances between landmarks to identify property.
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| show | Map of a subdivision indicating the location and boundaries of individual lots.
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| preliminary report | show 🗑
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| property taxes | show 🗑
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| proration | show 🗑
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| show | An area of land, one square mile, or 640 acres; 1/36 of a township.
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| show | Taxes used for specific local purposes
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| show | An insurance policy that protects the insured against loss or damage due to defects in the property’s title.
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| show | The way title will be taken.
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| show | A clause in a loan document describing certain events that would cause the entire loan to be due.
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| show | A note whose interest rate is tied to a movable economic index.
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| adjustable-rate mortgage (ARM) | show 🗑
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| alienation clause | show 🗑
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| all-inclusive trust deed (AITD) | show 🗑
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| show | The liquidation of a financial obligation.
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| show | A clause in a document that allows a buyer to take over the existing loan and agree to be liable for the repayment of the loan.
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| show | The lender under a deed of trust.
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| blanket loan | show 🗑
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| CAL-VET Program | show 🗑
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| certificate of eligibility | show 🗑
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| show | The Federal VA appraisal commitment of property value.
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| collateral | show 🗑
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| conforming loans | show 🗑
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| construction loan | show 🗑
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| contract of sale | show 🗑
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| show | Any loan made by lenders without any governmental guarantees.
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| deed of trust | show 🗑
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| show | A judgment against a borrower for the balance of a debt owed when the security or the loan is not sufficient enough to pay the debt.
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| discounting a note | show 🗑
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| show | Signature.
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| show | The interest held by the trustor under a trust deed and gives the borrower the equitable right to obtain absolute ownership to the property when the terms of the trust deed are met.
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| show | The difference between the appraised value and the loan.
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| fictitious trust deed | show 🗑
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| first trust deed | show 🗑
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| fully amortized fixed-rate note | show 🗑
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| hard money loan | show 🗑
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| show | The borrower takes money as it is needed-up to the credit limit. It has a low starting interest rate, with a variable monthly rate based on outstanding balance.
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| show | The borrower gets the entire loan balance at one time. It is a fixed-rate second mortgage with principal and interest payments remaining the same over the life of the loan.
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| show | A process which allows a borrower to remain in possession of the property while using it to secure a loan.
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| show | A note which provides for a series of periodic payments of principal and interest, until amount borrowed is paid in full. This periodic reduction of principal amortizes the loan.
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| interest | show 🗑
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| show | A straight loan or term loan, non-amortizing loan in which the interest rate is generally higher and the lender receives only interest during the term of the loan and principal is repaid in a lump sum at maturity.
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| show | Foreclosure by court action.
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| show | Secondary financing for a loan that has subordinate or inferior priority to another loan.
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| mortgagee | show 🗑
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| mortgagor | show 🗑
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| show | Title lacking the rights and privileges commonly associated with ownership may be held by trustee under a trust deed.
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| negative amortization | show 🗑
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| negotiable instrument | show 🗑
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| show | The interest rate stated in the note.
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| nontraditional mortgage product | show 🗑
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| show | A notice to a defaulting party that there has been a non-payment of a debt.
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| open-end loan | show 🗑
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| show | A loan on real property secured by more than the land and structure. It includes fixtures attached to the building (appliances, carpeting, drapes, air conditioning) and other personal property.
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| show | A large (balloon) payment will be due at the end of the loan term.
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| partial reconveyance | show 🗑
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| show | A promissory note with a repayment schedule that is not sufficient to amortize the loan over its term.
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| promissory note | show 🗑
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| show | Money loaned to a home buyer to use to buy a residential home. Purchase money makes up part of the purchase price. Any loan made at the time of a sale, as part of that sale.
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| show | The initial interest rate determined by the current rate of the chosen index.
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| show | Loan in which the interest rate is renegotiated periodically.
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| show | A legal document given by the borrower to hypothecate the property to the lender as collateral for a loan, creating a security interest.
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| show | It gives both the seller and buyer all the information needed to make an informed decision about using seller financing to complete the sale.
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| show | A letter that promises to deliver a takeout loan in the future.
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| show | A clause in which the holder of a trust deed permits a subsequent loan to take priority. Is used to change the priority of a financial instrument.
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| show | (1) A short-term loan used to enable the purchaser of a new property to buy that property on the strength of the equity from the property the purchaser is now selling. (2) Also known as a bridge loan.
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| show | The permanent loan that pays off a construction loan.
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| trust deed | show 🗑
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| VA loan | show 🗑
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| vendee | show 🗑
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| vendor | show 🗑
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| show | Sometimes called "AITD", where a new loan is placed in a secondary position; the new loan includes the unpaid balance of 1st loan & the sums loaned by the lender of the 2nd loan.
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| show | The relative cost of credit expressed as a yearly percentage rate. It is the relationship of the total amount financed, expressedas percentage.
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| commercial bank | show 🗑
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| show | A minimum credit balance that a bank requires a borrower to keep on deposit as a condition for granting a loan.
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| show | A statistical method lenders use to assess a borrower’s credit risk.
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| show | Lender whose members usually have the same type of occupation.
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| show | A process whereby regulatory restraints are gradually relaxed.
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| disintermediation | show 🗑
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| Equal Credit Opportunity Act Federal | show 🗑
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| show | Corporation that insures deposits in all federally chartered banks and savings institutions up to $250,000 per depositor.
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| finance charge | show 🗑
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| show | Document that lists the charges the buyer is likely to pay at settlement.
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| show | The percentage of appraised value to the loan.
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| show | Actions taken by the Fed to influence the availability and cost money and credit as a means of promoting national economic goals.
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| mortgage broker | show 🗑
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| mortgage companies | show 🗑
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| Mortgage Loan Disclosure Statement California | show 🗑
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| mortgage yield | show 🗑
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| mortgage-backed securities | show 🗑
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| pass-through securities | show 🗑
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| primary mortgage market | show 🗑
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| show | A company with a minimum of 100 shareholders that owns operates income-producing real estate or engages in financing real estate.
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| redlining | show 🗑
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| secondary mortgage market | show 🗑
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| tight money | show 🗑
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| Truth in Lending Act | show 🗑
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| show | The process of evaluating a borrower’s risk factors before the lender will make a loan.
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| show | Revolving line of credit extended to a mortgage company from a warehouse lender.
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| show | Real age of a building.
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| amenities | show 🗑
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| show | An act or process of developing an opinion of value.
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| show | An orderly systematic method to arrive at an estimate of value.
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| show | A written statement where an appraiser gives his or her opinion of the property value, as of the date of appraisal.
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| show | The process of putting several smaller less valuable lots together under one ownership.
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| show | The process that can be employed to convert income to value.
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| conformity | show 🗑
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| show | The rent established by agreement or contract.
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| show | Commercial properties benefit from more exposure on a corner lot.
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| show | The expenses in money, labor, material, or sacrifices in acquiring or producing something.
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| show | A lot found on a dead-end street with same way for ingress and egress.
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| depreciation | show 🗑
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| show | The estimated period over which a building may be profitably used.
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| show | What a leased property would be expected to rent for under current market conditions if the property were vacant and available for rent.
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| effective age | show 🗑
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| show | Desire coupled with purchasing power.
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| fair market value | show 🗑
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| show | A lot that looks like a flag on a pole, which represents the access to the site; usually located to the rear of another lot fronting a main street.
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| show | The width of a property on the side facing the street.
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| functional utility | show 🗑
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| improvements | show 🗑
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| show | Short-term and temporary use of a property until it is ready for a more productive highest and best use.
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| show | Lot that is the least desirable due to the lack of privacy because it is surrounded by the back yards of other lots.
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| location | show 🗑
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| market price | show 🗑
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| market rent | show 🗑
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| market value | show 🗑
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| show | The placement of a building on its lot in relation to exposure to sun, prevailing wind, traffic, and privacy from the street.
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| plottage increment | show 🗑
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| show | Anything that may be owned and gained lawfully.
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| show | The final step in an appraisal is to examine the values derived by the various approaches.
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| show | The cost of replacing improvements with modern materials and techniques.
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| scarcity | show 🗑
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| show | A lot that is fronted head-on by a street; noise and glare from headlights may be detractors from this type of lot.
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| Transferability | show 🗑
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| show | The ability of a property to satisfy a need or desire, such as shelter, income, or amenities.
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| utility value | show 🗑
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| vacancy factor | show 🗑
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| show | Is the number of vacant units expressed as a percentage.
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| value | show 🗑
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| backfill | show 🗑
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| show | A wall that supports a vertical load as well as its own weight.
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| board foot | show 🗑
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| show | Measurement that calculates heat; the amount of heat needed to raise one pound of water one degree Fahrenheit.
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| CID | show 🗑
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| show | The proceeding to exercise the power of eminent domain.
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| show | Flexible pipe in which electrical wiring is installed.
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| deciduous | show 🗑
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| show | Gypsum panels used in place of wet plaster to finish the inside of buildings.
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| show | Measurement of the efficiency of energy; used to determine the effectiveness of appliances.
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| EIR | show 🗑
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| show | The right of the government to take private property from an owner, for public use, paying fair market value.
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| final tract map | show 🗑
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| show | The long term physical development of a community that covers 7 major categories: land use, circulation, housing, conservation, open space, noise, & safety. Areas on the coast must address protection of natural resources and wetlands.
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| linear foot | show 🗑
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| parcel map | show 🗑
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| party wall | show 🗑
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| percolating water | show 🗑
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| percolation test | show 🗑
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| show | (1) A planning and zoning term describing land not subject to conventional zoning to permit clustering of residences or other characteristics of the project which differ from normal zoning. (2) Sometimes called a planned unit development (PUD).
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| police power | show 🗑
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| potable | show 🗑
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| R-value | show 🗑
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| schematics | show 🗑
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| setback | show 🗑
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| Subdivided Lands Law | show 🗑
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| show | The division of land into five or more lots for the purpose of sale, lease, or financing.
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| Subdivision Map Act | show 🗑
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| show | Map of the proposed subdivision that is submitted to a planning commission for approval or disapproval.
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| show | Exception granted to existing zoning regulations for special reasons.
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| wainscoting | show 🗑
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| show | Water pressure can be tested by turning on all faucets and flushing all toilets at the same time.
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| water table | show 🗑
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| show | Areas where water covers the soil, or is present either at or near the surface of the soil all year or for varying periods of time during the year, including during the growing season.
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| show | The regulation of structures and uses of property within selected districts.
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| Americans with Disabilities Act | show 🗑
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| blockbusting | show 🗑
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| show | An activity involving the sale of something through an intermediary who negotiates the transaction for payment. A negotiator and agent of the principal, expecting a commission at the end of the negotiation.
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| California Fair Employment and Housing Act | show 🗑
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| show | Federal and state law regulating commercial e-mail messages.
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| show | Making unsolicited calls to unknown people to get new business.
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| show | Electronic mail message whose primary purpose is the commercial advertisement or promotion of a commercial product or service.
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| show | The illegal practice of depositing client’s funds in a broker’s personal or general business account.602California Real Estate Principles.
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| commission | show 🗑
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| company dollar | show 🗑
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| show | A legal entity whose rights in business are similar to that of an individual.
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| DBA | show 🗑
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| desk cost | show 🗑
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| do-not-call | show 🗑
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| employee | show 🗑
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| show | A set of principles or values by which an individual guides his or her own behavior and judges that of others.
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| show | Business name that does not include the last name of the owner.
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| Housing Financial Discrimination Act of 1977. | show 🗑
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| show | A person who is hired to do work for another person but who is not an employee of that person.
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| joint and several liability | show 🗑
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| show | A case prohibiting racial discrimination by upholding the 1866 Civil Rights Act and the 13th Amendment to the U.S. Constitution.
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| limited liability company | show 🗑
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| partnership | show 🗑
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| show | The process of identifying potential customers.
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| redlining | show 🗑
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| S corporation | show 🗑
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| sole proprietorship | show 🗑
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| steering | show 🗑
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| trust funds | show 🗑
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| show | State law that prohibits discrimination by businesses.
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| 1031 Exchange | show 🗑
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| agricultural property | show 🗑
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| show | An increase in property value with the passage of time.
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| show | Extra cash or non like-kind property put into an exchange.
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| brownfield | show 🗑
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| building manager | show 🗑
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| show | The sale of a substantial part of the inventory of a business.
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| business opportunity | show 🗑
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| show | Certificate signed by the county tax collector in mobile home sales.
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| show | Tax advantage of ownership of income property.
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| equity buildup | show 🗑
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| show | Federal tax on the “taxable estate” of a decedent’s assets at the time of death.
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|
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| financing statement | show 🗑
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| show | The expectation of the continued patronage of an existing business.
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| hedge against inflation | show 🗑
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| show | A barge that is designed and equipped for use as a dwelling.
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| infill development | show 🗑
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| installment sale | show 🗑
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| leverage | show 🗑
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| show | Contract between the owner and the property manager.
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| mansionization | show 🗑
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| manufactured home | show 🗑
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| show | A factory-built home manufactured prior to June 15, 1976, constructed on a chassis and wheels.
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|
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| show | Any area or tract of land where two or more lots are rented to accommodate manufactured homes or mobile homes used for human habitation.
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| show | A court-approved sale of the property of a person who is deceased.522 California Real Estate Principles.
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| show | Person employed to manage an apartment building.
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|
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| show | Tax collected as a percentage of the retail sales of a product, by a retailer.
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|
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| security agreement | show 🗑
|
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| seller’s permit | show 🗑
|
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| show | Depreciation method where the same amount is deducted every year over the depreciable life of a property.
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|
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| show | Common ownership of a single piece of property by an association with each owner having the exclusive right to occupy a unit for a specified period each year.
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| turnkey project | show 🗑
|
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| show | The increase in value of a mortgaged property generally accrues to the benefit of the trustor.
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|
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| Uniform Commercial Code | show 🗑
|
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| show | The unplanned growth of an urban area into adjoining areas.
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|
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| 45 hours | show 🗑
|
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| Advocacy Program | show 🗑
|
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| conversion | show 🗑
|
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| false promise | show 🗑
|
||||
| show | Another term for the Real Estate Law.
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|
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| misrepresentation | show 🗑
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| obligors | show 🗑
|
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| show | Designation used by active member of NAR.
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|
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| Real Estate Commissioner | show 🗑
|
||||
| Real Estate Law | show 🗑
|
||||
| show | A separate account funded through collection of a fixed amount from each license fee.
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|
||||
| show | Someone with real estate license who must be employed by a real estate broker in order to perform any of the activities that require a license.
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| restricted license | show 🗑
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| secret profit | show 🗑
|
||||
| show | The period of time after a license that renewal is allowed, as long as all real estate activity has ceased during that time and a late fee is paid at the time of renewal.
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|
||||
| show | When a complaint is filed that appears to be of a serious nature and that a violation of law has occurred.
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|
||||
| branch offices | show 🗑
|
||||
| panic peddling | show 🗑
|
||||
| show | Someone who holds a broker license issued by the Bureau of Real Estate.
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|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
julietmongia
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