Real Estate Vocabulary

Total annual income a property would produce if it were fully rented and no collection losses

A principle of law that prohibits people from defending themselves against their own acts

The freedom to use open space above property ?

An estate that can become effective only after another estate is terminated?

License held by a broker in two or more real estate firms?

A one time tax levied on properties to help pay for public improvements is called?

The added value as a result of assembling two or more properties into one?

A deceased person, usually one who has recently died?

The most comprehensive estate and it is inheritable?

Landlord who gives the lease?

Basic Property Rights include?

According to the value; in proportion of worth

Any item of personal property?

The point when the broker makes no effort to service or sell the listed property

Property owner that does not reside at the property

One or more parties cause a third party to be deceived into believing a relationship exist

An agreement wherein the terms are specifically stated by the parties orally, written or both?

State and federal laws designed to maintain and preserve business competition

Anything inferior because of operational inadequacies, poor design, changing taste, etc.

Inadequate attention to duties and obligations by those who know what is required of them

Buyer in a sales contract?

The properties value minus the debt is called?

Buyer who receives an Option contract?

A gift of real property by will

A defect, valid claim, or encumbrance that serves to impair the title?

A person to whom legal right is transferred?

An opinion of value based on supportive evidence and approved methods?

Person who has a claim on another property

An owner invest more money than can reasonably be expected to recapture is called?

To offer land for public use?

Tenant who receives the lease?

A covenant in a deed that warrants that the seller(grantor) holds the property fee simple

The combination of two or more adjoining properties into one tract?

Lender who receives note and mortgage ?

When a correction of a defect results in as much added value as the cost to cure?

An act of corruption, vileness or moral depravity: a disgraceful action or deed

The monetary value of a good or service to many buyers/sellers at a particular time?

A written statement that bars the signer from making a claim inconsistent with the instrument?

The freedom to use the open space above the property

Borrower who gives note and mortgage to obtain loan?

Seller in a Sales Contract?

Deductions from taxable income on investment property do NOT include

A written lease agreement with a specific starting and ending date?

A portion of the VA guaranteed loan that protects the lender if the borrower defaults

Seller receiving an offer to purchase and who accepts, counters, or rejects the offer?

Prospective buyers preference for a certain area that affect value is?

Which approach would an Appraiser use for a Hospital Building?

If you took the NOI and divided it by the sales price is would give you?

Person whose property is subject to a claim or charge by another

A provision in a mortgage that specifies terms to be met to avoid default?

Buyer making offer to purchase?

Estimating market value based on the cost to buy it's equivalent is called?

The age indicated by a structures condition and utility

The SE 1/4 of the NW 1/4 and NE 1/4 of the SW 1/4 contain how many acres?

Party giving the deed that conveys title?

When you take the Potential gross income and deduct vacancy and collections, it is called ?

Owner who gives an option to a buyer?

The difference between the adjusted basis of property and its net selling price?

Which method would an appraiser use for an investment property?

Comparing similar properties to the subject property is called?

A loan that covers both real and personal property >

The ability to provide useful services and benefits to an owner or tenant?

The total amount of spendable income generated from an investment?

Party receiving the deed and acquiring the title?

After the EGI has been calculated and all operating expenses have been deducted it is called?

A person who transfers legal right to another?

A course of action for determining the disposition of a contested binder deposit?

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