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