Real Estate Vocabulary Ch. 1-4

person who performs real estate activities while employed by, or associated with, a licensed real estate broker

process of using established methods and good judgement to estimate the value of a property

report based on visual survey of property structure, systems, and site conditions

a place where goods are bought and sold and a price for goods established

the bringing together of parties interested in making a real estate transaction

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)

the property of real estate that states even if 2 parcels may appear identical, they are never exactly alike

in real estate, a licensed person who acts as a go-between on behalf of others for a fee or commission

maintaining and administering another's property for a fee

conversion of personal property to real property

ownership of all legal rights to the land: control, possession, exclusion, enjoyment, and disposition

any structure or modification erected or imposed on a site

ownership rights of the surface of the earth, excluding air or mineral rights

growing crops, such as corn or soybeans, that remain personal property

personal property that is converted to real property by being permanently attached to the real estate

ownership rights in the water, mineral, gas, and oil that lie beneath a parcel of land

a portion of the earth's surface extending down to the center and up into space, including all natural and artificial attachments

changing an item of real estate to personal property by detaching it from the land

any property that is not real property

common law right of owners of land next to rivers, lakes, or oceans

another name for personal property

an article installed by a tenant under a commercial lease and removable before the lease expires

the right to use the open space above the surface of the property

a group of low-rise or high-rise rental residences that may include parking, security, etc...

in insurance, replacement value minus depreciation

clause in an insurance policy that requires the property to be insured for a specified percentage (usually 80%) of its replacement cost

• a merger of diverse land uses into a subdivision or development
• sometimes called master-planned communities

a multiunit residential building owned by a corporation and operated on behalf of stockholder-tenants who hold proprietary leases

high-rise development that combines commercial and residential uses in a single structure

a multiunit development in which owners own their units separately and share ownership of common facilities

type of housing that is also known as a mobile home and has a semi-permanent foundation

prefabricated homes that are preassembled at a factory then later driven to the building site to be finish

cost of repairing damaged property without deduction for depreciation or annual wear and tear

a package insurance policy against loss due to fire, theft, and liability

an intermediary between a buyer and seller who assists both parties with a transaction, but who represents neither party

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

an affiliation of trust and confidence as between a principal and an agent

an agent who is authorized to represent the principal in one specific act or business transaction, under detailed instructions

the individual who is authorized and consents to represent the interests of another person

an agent authorized to represent the principal in a broad range of matters related to a specific business or activity

the individual who hires and delegates to the agent the responsibility of representing the individual's interest

the establishment of an agency relationship as the result of the actions of the parties that indicate mutual consent

the basic framework that governs the legal responsibilities of an agent to a principal

nonfraudulent exaggeration of a property's benefits or features

an agency relationship in which the agent represents 2 principals simultaneously, with their knowledge or permission

the responsibilities of care, obedience, accounting, loyalty, and disclosure

real estate licensees who represent buyers exclusively

the principal in a real estate agency relationship

an agency relationship in which the agent represents 2 principals simultaneously, without their knowledge or permission

a hidden structural problem that would not be discovered by ordinary inspection

a property that has been branded as undesirable because of the events that occurred in or near it

a person who is empowered to do anything the principal could do personally; this person has unlimited authority

a contract in which the parties formally state their intention to establish an agency relationship

type of insurance that covers liability for mistakes and negligence in the usual activities of a real estate office