General: Vocab Ch. 1-4

  1. salesperson
    person who performs real estate activities while employed by, or associated with, a licensed real estate broker
  2. appraisal
    process of using established methods and good judgement to estimate the value of a property
  3. home inspection
    report based on visual survey of property structure, systems, and site conditions
  4. market
    a place where goods are bought and sold and a price for goods established
  5. brokerage
    the bringing together of parties interested in making a real estate transaction
  6. immobility
    the property of real estate that refers to the fact that property cannot be relocated elsewhere
    person who adheres to the Code of Ethics of National Association of REALTORS® (NAR)
  8. uniqueness
    the property of real estate that states even if 2 parcels may appear identical, they are never exactly alike
  9. broker
    in real estate, a licensed person who acts as a go-between on behalf of others for a fee or commission
  10. property management
    maintaining and administering another's property for a fee
  11. annexation
    conversion of personal property to real property
  12. bundle of legal rights
    ownership of all legal rights to the land: control, possession, exclusion, enjoyment, and disposition
  13. improvement
    any structure or modification erected or imposed on a site
  14. surface rights
    ownership rights of the surface of the earth, excluding air or mineral rights
  15. emblements
    growing crops, such as corn or soybeans, that remain personal property
  16. fixture
    personal property that is converted to real property by being permanently attached to the real estate
  17. subsurface rights
    ownership rights in the water, mineral, gas, and oil that lie beneath a parcel of land
  18. real estate
    a portion of the earth's surface extending down to the center and up into space, including all natural and artificial attachments
  19. severance
    changing an item of real estate to personal property by detaching it from the land
  20. personal property
    any property that is not real property
  21. water rights
    common law right of owners of land next to rivers, lakes, or oceans
  22. chattels
    another name for personal property
  23. trade fixture
    an article installed by a tenant under a commercial lease and removable before the lease expires
  24. air rights
    the right to use the open space above the surface of the property
  25. apartment complex
    a group of low-rise or high-rise rental residences that may include parking, security, etc...
  26. actual cash value
    in insurance, replacement value minus depreciation
  27. coinsurance
    clause in an insurance policy that requires the property to be insured for a specified percentage (usually 80%) of its replacement cost
  28. planned unit development
    • a merger of diverse land uses into a subdivision or development
    • sometimes called master-planned communities
  29. cooperative
    a multiunit residential building owned by a corporation and operated on behalf of stockholder-tenants who hold proprietary leases
  30. mixed-use development
    high-rise development that combines commercial and residential uses in a single structure
  31. condominium
    a multiunit development in which owners own their units separately and share ownership of common facilities
  32. manufactured housing
    type of housing that is also known as a mobile home and has a semi-permanent foundation
  33. modular homes
    prefabricated homes that are preassembled at a factory then later driven to the building site to be finish
  34. replacement cost
    cost of repairing damaged property without deduction for depreciation or annual wear and tear
  35. homeowners' insurance
    a package insurance policy against loss due to fire, theft, and liability
  36. nonagent
    an intermediary between a buyer and seller who assists both parties with a transaction, but who represents neither party
  37. customer
    in a real estate relationship, the 3rd party (or nonrepresented consumer) who receives some level of service and who is entitled to honesty and fair dealing
  38. fiduciary relationship
    an affiliation of trust and confidence as between a principal and an agent
  39. special agent
    an agent who is authorized to represent the principal in one specific act or business transaction, under detailed instructions
  40. agent
    the individual who is authorized and consents to represent the interests of another person
  41. general agent
    an agent authorized to represent the principal in a broad range of matters related to a specific business or activity
  42. principal
    the individual who hires and delegates to the agent the responsibility of representing the individual's interest
  43. implied agency
    the establishment of an agency relationship as the result of the actions of the parties that indicate mutual consent
  44. law of agency
    the basic framework that governs the legal responsibilities of an agent to a principal
  45. puffing
    nonfraudulent exaggeration of a property's benefits or features
  46. disclosed dual agency
    an agency relationship in which the agent represents 2 principals simultaneously, with their knowledge or permission
  47. common law agent duties
    the responsibilities of care, obedience, accounting, loyalty, and disclosure
  48. buyers' agents
    real estate licensees who represent buyers exclusively
  49. client
    the principal in a real estate agency relationship
  50. undisclosed dual agency
    an agency relationship in which the agent represents 2 principals simultaneously, without their knowledge or permission
  51. latent defect
    a hidden structural problem that would not be discovered by ordinary inspection
  52. stigmatized property
    a property that has been branded as undesirable because of the events that occurred in or near it
  53. universal agent
    a person who is empowered to do anything the principal could do personally; this person has unlimited authority
  54. express agreement
    a contract in which the parties formally state their intention to establish an agency relationship
  55. errors and omission insurance
    type of insurance that covers liability for mistakes and negligence in the usual activities of a real estate office
Card Set
General: Vocab Ch. 1-4
General book vocab from chapter 1-4