Texas Real Estate

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  1. Constructive Eviction
    A landlord allows a building to deteriorate to the point that the tenants are forced to leave
  2. Gross Lease
    A lease where the landlord pays all the expenses of the property and the tenants pay only rent
  3. Net Lease
    The tenants pay rent plus some of the expenses of the property
  4. Time Share
    Exclusive use of a property for a special number of days per year, with the privileges of ownership, but without the responsibility of sole or full ownership - interval ownership
  5. Cooperative or Co-op
    Land and building owned by a corporation, occupied by shareholders in the corporation
  6. Proprietary Lease
    The conveyance used to grant a co-op resident exclusive use of one of the units in the building
  7. Condominium
    A residential, commercial or industrial complex with individual ownership of units and tenancy in common ownership of common areas
  8. Errors and Omissions Insurance
    E&O - protection for agents in the case of innocent agency violations
  9. Developer
    One who purchases undeveloped property and divides it into lots for building
  10. Party Wall
    A shared wall - owners owe each other a duty of joint support - no action by one owner can harm the position of the other
  11. Flipping
    One party buys a property with the intention to quickly transfer (flip) it to the ultimate buyer
  12. Lack of Liquidity
    Not easily converted to cash - the main disadvantage of real estate investment
  13. Emblements
    Annually cultivated crops - personal property - ownership transferred by a bill of sale
Card Set:
Texas Real Estate
2013-12-12 21:16:59
10 Specialty Areas

Specialty Areas
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