Real Estate Terminology
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| Recovery Fund | State regulated fund
used to pay purchasers of real estate
who have suffered a loss due to actions
or inactions of licensee.
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| Civil Rights Act of 1866 | Prohibits discrimination
against race and color
in certain real estate transactions
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| Federal Fair Housing Act | Act that prohibits
discrimination against race, color, religion,
national origin, gender, familial status and handicap
in certainreal estate transactions
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| Sherman Anti-Trust Act of 1890 | Act which ensures fairness in the marketplace
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| Blind Ads | Advertisements placed by a sales agent
that doesn't include
the employing broker's name
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| Salesperson | One who performs real estate activities
while employed by or associated
with a licensed real estate broker
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| Designated Broker | One who supervises all activities of sales agents
and is liable for their actions.
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| Employing Broker | Firm name or entity - not a person
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| Associate Broker | A real estate broker
working for a designated broker
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| Referring Broker | A real estate broker
who receives referral fee
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| Agent | Broker or Salesperson
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| Loan to Value or LTV | Ratio of a mortgage principal
to the property appraised value
or its sales price, whichever is lower
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| Collateral | Property that is pledged
as security for a debt
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| Equity | Value over and above
Of what is not debt
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| Promissory Note | Unconditional promise
made in writing to repay a debt
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| Mortgage | A written instrument
to secure repayment
of a debt for real property
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| Mortgagor | In a mortgage,
the buyer or borrower
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| Mortgagee | In a mortgage,
the lender
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| Assignment | When a mortgage
is sold or assigned
to another lender
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| Trustor | In a deed of trust,
the borrower
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| Trustee | Impartial third party
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| Beneficiary | Lender
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| Interest | Charge for using another's money
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| Usury | When a lender
charges an interest rate
above the legal limit
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| Origination Fee | Fee charged
by the lender
for making the loan
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| Discount Point | Fee charged by the lender
for lowering the interest rate
for the borrower
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| Assumption | When a buyer assumes the current loan
under the same terms and conditions
of the original borrower
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| Conforming Loans | Standardized conventional loan
that meets the requirements of
Fannie Mae and Freddie Mac
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| Non-Conforming Loans | Loan that fails to meet
the requirements of
Fannie Mae and Freddie Mac
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| FHA Escape Clause | Borrower must be shown the appraisal
and if not may withdraw from the sale penalty free
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| Title | The right to ownership
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| Estate | The extent of interest
a person has in real estate
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| Ownership | Method of taking title
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| Leasehold | An estate that lasts for a fixed period of time (rent or lease)
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| Freehold | An estate in real property that could last an indefinite duration
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| Dower | Interest of ownership
that a wife has
in the real estate
of her deceased husband
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| Curtesy | Interest of ownership
that a husband has in the real estate
of his deceased wife
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| Pur Autre Vie | For the life of another
- Life estate contingent on
the life of someone
other than the grantee
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| In-testate | Dies with no will
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| Judicial Partition | When a court divides property
due to a dispute
regarding the use
or sale of the property
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| Separate Property | Real and personal property
owned solely by either spouse
before marriage
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| Community Property | Property attained after marriage
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| Right of Survivorship | When the interest of a property is equally divided
between
its surviving owners or remaining owner
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| Inter Vivos Trust | Living Trust
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| Testamentary Trust | A trust that becomes effective
after a person dies
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| Actual Notice | Express information or fact attained in a transaction
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| Uniform Residential Landlord & Tenant Act of 1973 | Created for regulating the relationship between landlord and tenant in residential leases
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| Constructive Notice | Knowledge that is implied
by the law
or legal notice
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| Parol Evidence Rule | Written agreement
is the final expression of the agreement of the parties
and prevails over prior oral negotiations
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| Liquidated Damages | Compensation amount predetermined and paid to an injured party
because of a contract breach
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| Escheat | Reversion of property to the state or county
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| Acknowledgement | Formal declaration
made before an authorized officer
to confirm, a person has signed a document not under duress
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| Rescission Agreement | Mutual agreement signed by the seller and buyer
to cancel the contract,
stating disposition of earnest money
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| Homestead | Life estate
in real estate
occupied as the family home
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| Laches | A doctrine to bar a legal claim
due to delay or failure
to assert the claim or right
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| Conversion | When a broker spends trust money
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| Reversionary Rights | Right to take back possession of a property if a lease ends
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| Inverse Condemnation | When an owner requests that his property be condemned
because of damages caused by government actions
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| Taxation | Right of the government to tax private property to pay for the costs of government and area improvements
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| Ad Velorem | According to Value
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| Assessment Tax | A specific levy for a definite purpose
such as adding curbs or sewers in a neighborhood
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| Prior Appropriation | Landowner's right
to use available water
based on a government administered permit system
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| Non-Conforming Use | Permitted use of real property that no longer conforms to current zoning laws
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| Variances | Permit deviations from existing zoning laws
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| RESPA | Real Estate Settlement Proceedures Act -
Requires full disclosure
of all costs invoved in obtaining financing and closing on a property
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| Temporary Broker | When designated broker becomes ill or dies,
the broker that steps in to manage agents
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| Cooperating Broker | Broker who assists another broker in a real estate transaction
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| Estoppel Certificate | Legal instrument
verifying the exact loan amount,
the current rate of interest
and the date to which interest is paid
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| Grant | The act of conveying ownership
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| Statute of Frauds | A requirement that everything must be in writing
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| Misrepresentation | False statement of concealment of a fact
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| Distraint | Landlord's legal right to seize a tenant's belongings for damages or rents
in arrears under court order
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| Unsubdivided Land | Land with 6 or more parcels of 36 acres
but less than 160 acres each
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| Subdivided Land | Land with 6 or more parcels
under 36 acres each
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| Master Planned Community | Area of 2 or more platted subdivisions with the same CC&R's
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| Affidavit of Legal Value | A recorded document indicating the sale price of the property and signed by the buyer and seller for tax purposes
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| Title Evidence | Proof in the form of documents that seller conveys legal title
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| Abstract of Title | A history of all recorded instruments
that has affected title to a property
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| Descent or Intestate Succession | Real estate distributed by descent statutes after deceased owner died intestate
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| Interpleader Action | When the title company turns earnest money over to court due to a dispute between buyer and seller
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| Plottage | Combining parcels for greater value
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| Assemblage | Combining two or more adjacent lots to increase value
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| Government Check | In a 24-mile-square parcel, there are 16 townships
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| Easement Appurtenant | Easement that is attached to the land and passes with the land
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| Agency | A legal relationship when a person acts on behalf of another in business
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| Attorney in Fact | A competent and disinterested person who is authorized by another person to act in his or her place
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