Broker's Exam: Vocabulary (5 Stars)

  1. One who represents another from whom he has derived authority

    An employee of a principal
  2. An estimate and opinion of value; a conclusion resulting from the analysis of facts
  3. fair market value of real property multiplied by the assessment level of taxation purposes
    assessed value
  4. the valuation of property for the purpose of levying a tax/ the amount of the tax levied
  5. a percentage of market value prescribed by law at which the assessed value is set
    assessment level
  6. the official who has the responsibility of determining assessed values
  7. one who is authorised to perform certain acts for another under a power of attorney; the power of attorney may be limited to a specific act/ acts, or it may be general
  8. the rights of ownership whereby the owner has the right to possess, use, enjoy, abuse, exclude others, to recover the fruits
    bundle of rights
  9. property not used by the owner as inventory or stock in trade in regular buy and sell business, nor used in connection with trade, business or source of income
    capital asset
  10. means "Let the buyer beware" that is a buyer is charged with knowledge of facts, which are ascertainable on the face of the title
    caveat emptor
  11. an interest in real property consisting of absolute ownership in a unit or units of a residential, commercial or industrial building and co-ownership on the land and other common areas of the project (vertical subdivision)
  12. an agreement whereby the seller promises to sell a thing in consideration of the buyer's compliance to the terms and conditions of the contract and that only after the buyer's compliance will the seller be obligated to transfer and convey ownership of the thing/ subject of the contract
    contract to sell
  13. the appraiser obtains a preliminary indication of value by adding to his estimate the land value, his estimate of depreciated reproduction cost of the building and other improvements
    cost approach to value
  14. amount accompanying an offer to purchase to show good faith or genuine desire of the buyer and is considered part of the price if the offer is accepted, but otherwise returnable if the offer is not accepted
    earnest money
  15. the right or privilege that an individual has in the land of another (right of way)
  16. the right of the government to take private property for public use upon payment of just compensation
    eminent domain
  17. anything, which affects or limits the fee simple title to property, such as mortgages, easements or restrictions of any kind
  18. the reversion of property to the state due to the intestate death of the owner who is not survived by any heir
  19. an agreement whereby the consideration of a contract, or portion thereof, is entrusted to a third person known as escrow agent who is authorised to release payment upon fulfilment of condition of sale
  20. as applied to the real estate practice, the term signified the quantity of interest, share, right, equity, of which riches or fortune may consist, in real property. The degree, quantity, nature and extent of interest which a person has in real property
  21. a written instrument giving one agent the right to sell property for a specified time but reserving the right of the owner to sell the property himself without the payment of a commission
    exclusive agency listing
Card Set
Broker's Exam: Vocabulary (5 Stars)