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Flashcards

AZ Real Estate Vocabulary Chap 7-16 by ROC

R Miranda Inglês 200 flashcards

Flashcards do conjunto (200)

  1. 1Federal law dealing with real estate closings that provides guidelines for the disclosure of settlement costs. 7Real Estate Settlement Procedures Act (RESPA)
  2. 2The annulment of a contract by mutual consent of the parties. (to rescind) 7Rescission
  3. 3The ongoing purpose of collecting payments, keeping records, and handling defaults for loans. 7Servicing
  4. 4Issued by the CFPB to create standardized, consumer-friendly disclosure documents. 7TRID Rule
  5. 5Describes a loan, including the down payment, terms, monthly payments. Required for TILA. 7Trigger Terms
  6. 6Federal law that requires disclosure of the terms of credit by a creditor to a prospective borrower. 7Truth In Lending Act (TILA)
  7. 7A guaranteed loan made to eligible veterans for the purchase or construction of a home. 7VA Guaranteed Loans
  8. 8A wide-ranging federal civil rights law, signed in 1990, that prohibits, under certain circumstances, discrimination based on disability. 8Americans with Disabilities Act
  9. 9An illegal act whereby owners are encouraged to sell their properties because minorities are moving into their neighborhood. 8Blockbusting
  10. 10Fundamental rights guaranteed to all persons by the law. 8Civil Rights
  11. 11A physical or mental impairment that substantially limits or curtails one or more major life activities. 8Disability
  12. 12Treating people unequally because of their race, religion, sex, national origin, age, or some other characteristic of a protected class, in violation of civil rights laws. 8Discrimination
  13. 13When a law that isn't discriminatory on the face of it has a greater impact on a minority group than it has on other groups. 8Disparate Impact
  14. 14An intentional decision to treat some people differently than others in a similar situation. 8Disparate Intent
  15. 15A law that prohibits discrimination in all facets of the home-buying process on the basis of race, color, national origin, religion, sex, familial status, or disability. 8Fair Housing Act
  16. 16A protected group under the Federal Fair Housing Act, making it illegal to discriminate against a person because he is the parent or guardian of a child less than 18 years of age. 8Familial Status
  17. 17A court order requiring the defendant to do, or refrain from doing, a particular act. 8Injunction
  18. 18A group of people with a common characteristic who are legally protected from discrimination on the basis of that characteristic. 8Protected Classes
  19. 19An establishment that is intended to be avilable to everyone, either as a place of business or commerce. 8Public Accommodation
  20. 20Changes to rules, policies, practices, or services as necessary for disabled persons to use the housing on an equal basis with non-disabled persons. 8Reasonable Accomodation
  21. 21Physical changes to a dwelling or common use area, at the tenant's expense, that would permit full use of housing; usually requiring the tenant to restore the * property to its original condition upon moving. 8Reasonable Modifications
  22. 22The illegal process of a lender denying loans in certain areas of a community because of race, color, creed, etc. 8Redlining
  23. 23Channeling prospective buyers or tenants to particular neighborhoods based on race, religion, national origin, ancestry, or other legally protected class. 8Steering
  24. 24The physical removal of a tenant from a leased property with the tenant relieved of any further responsibility to pay rent. 9Actual Eviction
  25. 25A document for owners of mobile homes certifying that the home is immobilized, i.e., anchored to real property. 9Affidavit of Affixture
  26. 26The ownership of the interior of a condo; a property that is above the base elevation of the land; multi level building. 9Air Lot
  27. 27Property where co-owner has a separate interest in the space inside an individual unit, plus an undivided interest in common areas. 9Condominium
  28. 28A landlord's act makes the property unfit for its intended use, to such an extent the tenant is forced to move out. 9Constructive Eviction
  29. 29When a tenant is actually paying in rent, as stated in the terms of the lease. 9Contract Rent
  30. 30Property ownership where residents purchase stock shares in a corporation and have a proprietary lease. 9Cooperative
  31. 31The resulting difference when the economic rent exceeds the contract rent, to the disadvantage of the Lessor and advantage to the lessee. 9Deficit Rent
  32. 32The right of the landlord to sieze a tenant's belongings for payments in arrears. Not permitted for residential property. 9Distraint for Rent
  33. 33A structure that is used as a residence or sleeping place by someone who maintains a household. 9Dwelling Unit
  34. 34When the property could rent for in the open market if currently vacant and available. 9Economic Rent aka Market Rent
  35. 35A protected group under FFHA making it illegal to discrminate because he is the parent or guardian of a child less than 18 years of age. 9Familial Status
  36. 36The difference when the contract rent exceeds the economic rent, to the advantage of the lessor and disadvantage to the lessee. 9Excess Rent
  37. 37The owner of a property who leases it; the lessor. 9Landlord
  38. 38A written contract between a lessor and lessee granting possession, usually for a specific time period. 9Lease
  39. 39A tenant. 9Lessee
  40. 40A landlord. 9Lessor
  41. 41A parcel of land with four or more rental spaces for manufactured or mobile homes. 9Mobile Home Park
  42. 42Leasing real property of others for consideration pursuant to a written contract. 9Property Management
  43. 43A written agreement that governs the relationship between the property owner and the property manager. 9Property Management Agreement
  44. 44A person hired by a real property owner to administer, market, and maintain property, especially rental property. 9Property Manager
  45. 45An exclusive long term lease that conveys a leasehold interest to an owner of shares in a cooperative. 9Proprietary Lease
  46. 46A right held by a property owner to re-enter and regain possession of leased property at the term of the lease. 9Reversionary Right
  47. 47Money a tenant gives a landlord at the beginning of tenancy to ensure that the tenant will comply with the terms of the lease. 9Security Deposit
  48. 48The person who has the right of possession under a lease. 9Tenant
  49. 49The ownership of a single unit by multiple persons for fixed or floating increments of time over the course of a year. 9Timeshare
  50. 50Property where co-owner has a fee simple interest in an individual unit and the ground beneath it, plus an undivided interest in common areas. 9Townhouse
  51. 51A court order that may be filed if a tenant remains in a property for more than five days after a judgement for eviction is signed. 9Writ of Restitution
  52. 5243560 square feet 10Acre
  53. 53Parcels of land that are 160 acres or larger. 10Bulk Land
  54. 54Rules that are principles founded on customs, decisions, and opinions fo the court. 10Common Law
  55. 55Person/firm that improves raw land for the purpose of building structures or subdividing parcels for sale or construction. 10Developer
  56. 56The way to exit a property. 10Egress
  57. 57An intentional perversion of the truth for the purpose of inducing another, to part with something of value. 10Fraud
  58. 58The dimension across the access side of a parcel of land. 10Front Footage
  59. 59A parcel on which a structure exists or will exist within two years from the date of the contract of sale. 10Improved Lot
  60. 60The way to enter a property. 10Ingress
  61. 61Land that is divided into five or fewer parcels. 10Lot Split
  62. 62A misstatement of a material fact. 10Misrepresentation
  63. 63A disclosure document that a developer must give to buyers before they sign a contract. 10Public Report
  64. 64Exaggerated or superlative comments or opinions. 10Puffing
  65. 65The permanent cancellation of a real estate license. 10Revocation
  66. 66Laws that are passed by a legislative body. 10Statutory Law
  67. 67Land that is divided into six or more lots of less than 36 acres. 10Subdivided Land
  68. 68A person or entity that subdivides land. 10Subdivider
  69. 69The temporary withdrawal of a real estate agent's license. 10Suspension
  70. 70A parcel or lot upon which there is no structure nor any contract to construct one within two years. 10Unimproved Lot
  71. 71Land that is divided into six or more lots of at least 36 acres, yet less than 160 acres. 10Unsubdivided Land
  72. 72One who represents a principal (Client). 11Agent
    (In AZ the designated agent is the agent of the principal)
  73. 73The individual who has a power of attorney. 11Attorney-in-Fact
  74. 74The person who hires the agent and for whom the agent works. 11Client/Principal
  75. 75Mixing personal money with trust funds. 11Commingling
  76. 76Misappropriating trust monies. The illegal use of funds being held in a trust. 11Conversion
  77. 77Often considered a third party in the transaction. 11Customer
  78. 78An agent who represents both the buyer and seller in the same transaction. 11Dual Agent
  79. 79Care a reasonable person should take to investigate a property before entering into a transaction. 11Due Diligence
  80. 80A relationship of trust and confidence. 11Fiduciary
  81. 81An agent authorized to handle any and all of the principal's affairs in a specified job or business area. 11General Agent
  82. 82A defect that is not visible or apparent. 11Latent Defect
  83. 83Any property conditions that might affect the consideration paid by the buyer/customer. 11Material Defect
  84. 84Information that would be relevant in a buying or selling decision. 11Material Fact
  85. 85Document that must be obtained to give unlimited power. 11Power of Attorney
  86. 86The person who gives authority to the agent or attorney thereby creating a fiduciary relationship. 11Principal
  87. 87One who is authorized to perform one specific transaction for a client. 11Special Agent
  88. 88Assuming the legal rights of a person for whom a debt has been paid. 11Subrogation
  89. 89One who acts on behalf of the client in all matters and situations. 11Universal Agent
  90. 90Items of additional material that are attached to an existing contract to explain, modify, or revoke elements of the contract. 12Addendum
  91. 91A formal revision to a contract to add, remove, or update elements found in the contract. 12Amendment
  92. 92The transfer of one person's interests under contract to another. 12Assignment
  93. 93Standardized language used in contracts for the sake of efficiency and completeness. 12Boilerplate
  94. 94An unexcused failure to perform according to the terms of a contract. 12Breach
  95. 95Something of value given to another as compensation for entering into a contract. 12Consideration
  96. 96Provision in a contract that makes a party's rights depend on the occurrence {or nonoccurrence) of a particular event. 12Contingency
  97. 97An agreement that the law will enforce. 12Contract
  98. 98Using unlawful force or intimidation against a person to enter into a contract. 12Duress
  99. 99Money given by a buyer upon signing a contract, showing the buyer's intention to carry out the terms of the contract. 12Earnest Money Deposit
  100. 100A legally binding promise to refrain from doing a particular act. 12Forbearance
  101. 101A right or a share in something; a charge a borrower pays to lender for the use of lender's money. 12Interest
  102. 102A concept preventing the assertion of a right or claim because of an undue delay. 12Laches
  103. 103A sum of money the parties to a contract agree in advance will serve as compensation in the event of a contract breach. 12Liquidated Damages
  104. 104The release of liability of the original party to an agreement and the substitution of a subsequent party with approval. 12Novation
  105. 105A person who receives an offer or to whom an offer is made. 12Offeree
  106. 106A person who makes an offer. 12Offeror
  107. 107The buyer who has a right to purchase or lease property under the terms of an option agreement, but is not obligated to do so. 12Optionee
  108. 108Someone obligated to sell or lease property under the terms of an option agreement if the optionee exercises the option. 12Optionor
  109. 109The annulment of a contract by mutual consent of the parties. 12Rescission
  110. 110A contract in which both parties expressly enter into mutual agreements or engagements. 13Bilateral Contract
  111. 111An advertisement that does not include the broker's business name. 13Blind Ad
  112. 112Standardized language used in contracts for the sake of efficiency and completeness. 13Boilerplate
  113. 113Contract clause that entitles a listing broker to a commission if the property sells in a specified timeframe and the broker or an affiliated licensee introduced the buyer to the property during the listing period. 13Broker Protection Clause
  114. 114Compensation paid to a broker for services in a real estate transaction; usually a percentage of the sales price. 13Commission
  115. 115A way to determine an appropriate list price by comparing the property to similar ones that sold, are for sale, or did not sell. 13Competitive Market Analysis (CMA)
  116. 116Gives one broker the right to sell the property, allowing the owner to sell it on his own without owing commission. 13Exclusive Agency Listing
  117. 117Entitles the broker to collect a sales commission regardless of who sells the property, including a FSBO. 13Exclusive Right to Sell Listing
  118. 118An agreement between a broker and a seller. 13Listing Contract
  119. 119An arrangement whereby brokers agree to share listings, show properties and share commissions. 13Multiple Listing Service (MLS)
  120. 120A listing agreement in which the seller sets the amount he will accept for the property, allowing the broker to keep the excess. 13Net Listing
  121. 121A traditional marketing strategy to showcase a listed property. 13Open House
  122. 122A non-exclusive listing; the broker who is the procuring cause of the sale is entitled to a commission. 13Open Listing
  123. 123The effort that brings about the desired result; an unbroken chain of events that results in the sale of property. 13Procuring Cause
  124. 124A contract that is legally binding only on the one party who made a promise. 13Unilateral Contract
  125. 125Value is created by the expectation of future benefits, such as profit on resale; foundation of income approach to appraisal. 14Anticipation
  126. 126An opinion or estimate of value of real property as of a certain date, as supported by objective evidence and data. 14Appraisal
  127. 127An increase in the value of property due to a positive improvement. 14Appreciation
  128. 128A transaction that occurred under typical conditions in the marketplace; each party acting in their own best interests. 14Arm's Length Transaction
  129. 129The combining of two or more parcels of land into one larger parcel, usually to increase the usefulness of the land. 14Assemblage
  130. 130A method of determining the present value of income property by discounting the annual net income by a community used rate of return; IRV formula. 14Capitalization
  131. 131A rate of return stated as a percent, used to derive a value opinion from the anticipated net operating income a property could generate. 14Capitalization Rate
  132. 132Economic principle that says a home usually achieves maximum value when surrounded by homes similar in style and function. 14Conformity
  133. 133Theory that a specific item or feature of a property is worth only what it actually contributes in value to a parcel of real estate. 14Contribution
  134. 134The dollars needed to develop, produce, or build something. 14Cost
  135. 135A method of appraisal based on reproduction cost of an improvement, minus any depreciation, plus site value. 14Cost Approach
  136. 136The decrease in value to real property improvements caused by deterioration or obsolescence. 14Depreciation
  137. 137The time during which a building can be used for its intended purpose, or generate more income than is paid out.14Economic Life
  138. 138A loss of value due to change in external events or factors affecting a piece of real property; cannot be cured by the owner. 14Economic Obsolescence
  139. 139The age the structure appears to be based on physical wear and tear, functional design, and external factors. 14Effective Age
  140. 140Potential gross income less vacancy and collection losses. 14Effective Gross Income (EGI)
  141. 141A federal law that imposes qualification criteria for appraisers performing appriasals. In connection with Fed regulated loans 14Financial Institutions Reform, Recovery, and Enforcement Act (FiRREA)
  142. 142A conversion factor derived from the sales price of a comparable rental property divided by its gross monthly rent. 14Gross Rent Multiplier (GRM)
  143. 143The most profitable, legally permitted, feasible, and physically possible use of a piece of property. 14Highest and Best Use
  144. 144Appraisal method that estimates value of real estate by analyzing revenue the property generates or could generate. 14Income Approach
  145. 145Finding the net operating income, the rate, or value of an investment property. 14IRV Formula
  146. 146The contract price for which a property actually sold. 14Market Price
  147. 147The most probable price a property should bring on an open and competitive market through an arm's length transaction. 14Market Value
  148. 148The assemblage of two or more parcels of land into one larger parcel, resulting in an increased value over the combined value of individual parcels. 14Plottage Increment
  149. 149The amount a ready, willing, and able buyer agrees to pay for a property and a seller agrees to accept. 14Price
  150. 150A principle that the value of a less expensive home is positively affected when surrounded by more expensive homes. 14Progression
  151. 151The final step in the appraisal process that involves analyzing the values from different approaches to arrive at a final value. 14Reconciliation
  152. 152A principle that the value of a more expensive home is negatively affected when surrounded by less expensive homes. 14Regression
  153. 153The method of determining the value of an improvement under the cost approach in an appraisal by building the structure using current building materials. 14Replacement Cost
  154. 154The method of determining the value of an improvement under the cost approach in an appraisal by building an exact replica of a structure. 14Reproduction Cost
  155. 155Appraisal approach that estimates the value of real property by analyzing comparable properties recently sold. 14Sales Comparison Approach
  156. 156The measurement in feet of an area directly under some type of covering. 14Square Footage Under Roof
  157. 157The measurement in feet of the above grade interior area of a structure that is liveable with proper access. 14Square Foot Living Space
  158. 158Economic theory that says an informed buyer will not pay more for a property than a comparable property. 14Substitution
  159. 159Principle that says when supply exceeds demand, prices will fall and when demand exceeds supply, prices will rise. 14Supply and Demand
  160. 160Professional appraisal standards developed by the Appraisal Foundation. 14Uniform Standards of Professional Appraisal Practice (USPAP)
  161. 161Refers to parcels that share a boundary. 15Abutting
  162. 16243,560 square feet. 15Acre
  163. 163A primary line running east to west that establishes a north and south boundary in the rectangular survey system. 15Baseline
  164. 164Column lots that form the structural support of air lot. 15Caisson
  165. 165Refers to parcels that touch at any point 15Contiguous
  166. 166A point, line, or surface from which elevations are measured. 15Datum
  167. 167A parcel of land described by the number of miles wide and high. 15Miles Square
  168. 168The distance around the outside of a parcel. 15Perimeter
  169. 169The starting and ending point for a metes and bounds legal description. 15Point of Beginning
  170. 170In the rectangular survey system, a six-mile strip of land running north/south. 15Range
  171. 171North-south lines that run parallel to principal meridians at six-mile intervals, establishing east-west boundaries. 15Range Lines
  172. 172An area of land in the rectangular survey system that is a one mile by one mile square with 640 acres. 15Section
  173. 173The area of a parcel of land (length x width) in miles. 15Square Miles
  174. 174In the rectangular survey system, a six-mile strip of land running east/west. 15Tier
  175. 175Square divisions of land, 6 miles by 6 miles in the rectangular survey system. 15Township
  176. 176A sworn statement under oath that indicates the purchase price paid by the buyer in a transaction. 16Affidavit of Value
  177. 177Owing payment on things for which one has the use of but has not yet paid for, such as property taxes. 16Arrears
  178. 178An extension of a title search to verify that no liens have been filed against a property between the time of original search and the recording of the deed/mortgage. 16Bring Down Endorsement
  179. 179365 days per year. 16Calendar Year
  180. 180A settlement statement prepared by the lender or closing agent itemizing all expenses and costs paid by the buyer and seller. 16Closing Disclosure
  181. 181Notice given by the publication in a newspaper, recording, or other method. 16Constructive Notice
  182. 182A sum of money to be received. 16Credit
  183. 183Any sum of money owed; a charge on a closing statement. 16Debit
  184. 184A written instrument transferring the grantor's ownership of, or interest, in real property. 16Deed
  185. 185A system where things of value are held on behalf of parties to a transaction by a disinterested third party until specified conditions have all been met. 16Escrow
  186. 186A neutral clearinghouse through which title to real property is closed and/or escrow funds are held in trust. 16Escrow Company
  187. 187The person charged with coordinating the activities and documentation necessary for completing a real estate transaction. 16Escrow Officer
  188. 188Federal law that imposes income tax on foreign persons selling or otherwise disposing of their interest in real property. 16FIRPTA (Foreign Investment in Real Property Tax Act of 1980)
  189. 189A tax form indicating the seller's proceeds from the sale or transfer of real estate that settlement officer submits to IRS. 16IRS Form 1099-S
  190. 190Fees or other compensation given for services not performed. Prohibited by RESPA 16Kickbacks
  191. 191The legal seizure of an individuals property to satisfy an IRS tax debt. 16Levy
  192. 192Title to real property that is reasonably free of defects and encumbrances. 16Marketable Title
  193. 193The allocation of expenses, real estate taxes, or rents between buyer and seller in proportion to their actual use of an item. 16Proration
  194. 194Federal law dealing with real estate closings that provides guidelines for the disclosure of settlement costs. 16Real Estate Settlement Procedures Act (RESPA)
  195. 195Any service provided in connection with a prospective or actual settlement of a real estate transaction. 16Settlement Services
  196. 196360 days per year; 30 days per month 16Statutory Year
  197. 197The right to or ownership of land. 16Title
  198. 198A company that examines and insures title claims for real estate purposes through a thorough examination of property records. 16Title Company
  199. 199Insurance that indemnifies the policyholder against losses resulting from undiscovered title defects and encumbrances. 16Title Insurance
  200. 200A report issued by a title company disclosing the condition of the title to a specific piece of property. 16Title Report

Informações

Descrição
This set of vocabulary cards test your knowledge of chapters 7 through 16.
Criado por
R Miranda
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