Real Estate vocabulary 1/2

The present worth of future benefits

moral principles that govern a persons or groups behavior

An acronym denoting that a mortgage payment includes, principal, interest, taxes, and insurance.

The basis of a depreciable asset used to compute the taxable gain from its sale.

an exact way of describing real estate in a contract, deed, mortgage, or any other document that will be accepted by...

An agency relationship created by oral or written agreement between principal and the agent.

any mental or psychological disorder, such as intellectual disability, organic brain syndrome, emotional or mental...

a strip or column of land six miles wide, determining by a government survey, sunning in a north-south direction...

equal to 12"x12" or 144 sq.in.

An insurance policy protecting against a variety of hazards.

Agency that exists as a result of actions of the parties

The intentional and successful employment of any cunning, deception, collusion, or artifice, used to circumvent...

practice of refusing to make loans or otherwise denying financial assistance for housing in a particular area

volunteers from state or private agencies who enforce fair housing by claiming to be home seekers, thereby finding out..

One of three methods of the appraisal process generally applied to income producing property, and involves a three-step

equal to 5,280' or 320 rods

A valuation placed on a piece of property by a public authority as a basis for levying taxes on that property

Property that is used by companies or persons for manufacturing, warehousing, or the assemblage of components.

The exaggeration of the good points of a product, or real property, and the prospects for future rise in value, profits,

The landowner's ability to take minerals from the earth or to sell or lease this right to others.

A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units...

The aggregate of rights, powers, and privileges conveyed with ownership of real estate

established by a government survey and contains 640 acres and is one mile square

a series of government survey lines running north and south at six mile intervals starting with the principal meridian..

Personal Property

equal to 66'-0" in length or 4 rods

The employer of an agent

a condition of a contract expressing the essential nature of performance of the contract by a party in a specified...

anything given or promised by a party to induce another to enter in a contract; ex: personal services or even love...

Property that produces rental income or that is used in business. Properties with five or more dwelling units are?

The amount a purchaser agrees to pay and a seller agrees to accept under the circumstances surrounding a transaction

A category of real property created as a result of combining the land and its improvements for a single highest and best

when one party promises to do something if the other party performs certain act, but the other party does not promise...

term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal..

A law that prohibited discrimination on the basis of race, sex, color, national origin, or gender in any housing program

the illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or?

The rights of an owner of a freehold estate to possession, enjoyment, control, and disposition of real property.

A person performing any of the acts included in the definition of real estate broker but while associated with and super

A form of cluster zoning providing for both residential and commercial land uses within a zoned area.

The party the agent brings to the principal as seller or buyer of the property.

a monument used to establish the elevation of the point, usually relative to mean sea level, but often to some local...

Any urban, suburban or village development, or even a single building, that blends a combination of properties.

an agreement that has not been put into words, but is implied by the actions of the parties.

An analysis in which a value estimate of a property is derived by estimating the replacement cost of the improvements...

any medical disorder, condition, disfigurement or loss affecting one of the body systems, such as neurological...

A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.

a contract that complies with all of the essential elements of a contract, and is enforceable and binding on all parties

Land an everything permanently attached to land

a contract in which each party promises to do something

A license or contractual or membership right of occupancy in a project which is not coupled with an estate...

The relationship between the principal and the principal's agent which arises out of a contract, either expressed...

imaginary north-south lines which intersect base lines to form a starting point for the measurement of the land

in a survey of public lands of the united states, a territorial subdivision six miles long, six miles wide and contains.

The amount of goods consumers are willing and able to buy at any given price during any given time period

A person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain...

The cost of replacing a structure completely destroyed by an insured hazard.

anyone younger than 18 being domiciled with a parent or other person having legal custody of such individual...

A federal Prohibition on discrimination in sale, rental, financing, or appraisal of housing on the basis of race...

The insured is covered and reimbursed for the actual cost of replacing the damaged property.

Personal property that has become real property by having been permanently attached or adapted to real property.

equal to 16-1/2' or 5-1/2 yards

A form of ownership of real property recognized in all states that consists of individual ownership of some aspects...

The material of the earth, whatever may be the ingredients of which it is composed, whether soil, rock,

a contract that has been put into words, either spoken or written

equal to 3'x3'x3' or 27 cubic feet

Items that are installed by a commercial tenant and are removable upon termination of the tenancy.

The rights in real property to the reasonable use of the air space above the surface of the land.

equal to 3'x3' or 9 sq.ft.

A person or an organization acting as the agent for others in negotiating the purchase and sale of real property.

A type of property that includes one to four dwelling units.

imaginary east-west lines which intersect meridian lines to form a starting point for the measurement of the land

A contract in which a property owner employs a real estate broker to market the property described in the contract

Let the buyer beware. The buyer must examine the goods or property and buy at his or her own risk.

An evaluation of a property's value based on a given point in time that is performed by a professional appraiser

A federal law that prohibits all discrimination on the basis of race.

All property that is not land and is not permanently attached to land; everything that is movable.

A means of comparing similar type properties, which have recently sold, to the subject property.

the process by determining the area, dimensions, and location of a piece of land

to have no force or effect; that which is unenforceable

An agent with limited authority to act on behalf of the principal, such as created by a listing.

a contract that has been fully performed

The profit realized from the sale of real estate or other investment. Capital loss occurs when an investment property...

That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over...

An agent with full authority over one property of the principal, such as a property manager.

The total dollar expenditure for labor, materials, and other items related to construction.

The business of bringing buyers and sellers together and assisting in negotiations for the terms of sale of real estate

The channeling of home seekers to a particular area, or areas, on the basis of race, religion, country of origin or...

Changes or additional made to a property, such as walls and roads. These typically increase the value of a property

equal to 43,560 sq.ft. or 160 rods

A physical characteristic of land describing that land as a unique commodity.

The crops and other annual plantings considered to be personal property of the cultivator.

The amount of goods offered for sale within a given market at a given price during a given time period

the mean sea level at New York Harbor

Reimbursement or compensation paid to someone for a loss already suffered.

The study of the social and economic statistics of a community

person authorized to act on behalf of another

a fixed object and point established by surveyors to establish land locations

a voluntary, legally enforceable promise between two legally competent parties, to perform some legal act in exchange...

that which is capable of being adjudged void, but is not void unless action is taken to make it so.

a contract in which something remains to be done by one or both of the parties