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76 Cards in this Set
- Front
- Back
If a Landlord acquires property that a tenant used in their business but was left in the leased space after the lease expired, the landlord acquired it by |
Accession |
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The process of changing real property to personal property is called |
Severance |
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The people's choice of a given area is a very important economic characteric and the term is |
situs |
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the business of bringing buyers and sellers together in the markeplace for a fee is called |
brokerage |
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this practice is considered a violation of the sherman anti trust act |
price fixing |
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this term means personal property |
chattel |
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the document used to transfer ownership of personal property |
bill of sale |
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rights, privileges, or improvements that belong to and pass with a property |
appurtenances |
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an item that was once tangible, personal properrty that has been attached to and made part of the land or improvement |
fixture |
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the fee that is paird to real estate agents for bringing buyers and sellers together in a market place is called |
commission |
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growing crops which are considered personal propery |
emblements |
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items of personal property of a tenant or owner and used to conduct a business are called |
trade fixtures |
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something of value |
asset |
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no two parcels are alike |
non homogeniety |
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document used to transfer ownership of real property |
deed |
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A person who receives benefits from the acts of another as in the case of one desgnated to receive the proceeds from a trust |
beneficiary |
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the legal document that the developer of a condominium must file and record in order to create a condo under state law |
enabling declaration |
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The dividing of co owners interest in real property, action often taken when partis cannot reach agreement |
judicial partition - or partition action |
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surviving co owners succeeds to all rights, title and interest of the decceased co owner without the need for probate proceedings |
right of survivorship |
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laws that restrict transactions of business on sundays and certain religious holidays |
sky laws |
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securities laws designed to protect the public from fraudelents practices in the promotion and sale of securities |
blue sky laws |
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mingle or mix - |
commingling |
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relationship that implies a position of trust and confidence |
fudiciary |
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buffer |
area between two non compatible types of zoning |
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set back |
area between the lot line and the building envelope |
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condemnation |
legal process for taking tile to property under eminent domain |
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variance |
an exception to the zoning law |
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Ad Valorem |
taxes based on value |
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grandfathered |
a non conforming use that is allowed to stay |
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special assessments |
taxes based on benefit |
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enabling acts |
states delegate authority to counties and local municipalities |
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non conforming |
property that conformed with zoning befor it was changed |
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intestate |
individual dying without a will in place |
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arrears |
paid after use |
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non conforming use |
land use that does not conform to the zoning ordinance |
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full cash value |
a reflection of market value of a property |
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limited cash value |
a value of property limited to maximum annual changes |
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Suspended |
can't use license for a specified period of time |
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revocation |
no longer have a real estate license |
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comingling |
mixing clients funds with agents personal funds |
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conversion |
spending clients funds |
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statutory laws |
federal, state and local laws |
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common law |
based on tradition and customs |
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agent |
one who represents another called a principal |
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client |
another name for a principal |
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customer |
the third party to the transaction |
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disclosure |
the agents duty to keep the principal informed of all facts or information that could materially affect a transaction |
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caveat emptor |
let the buyer beware |
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dual agency |
the representation of opposing principals by an agent at the same time |
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capacity |
compentent party |
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puffing |
agent making an exaggerated statement of opinoins, without intention to deceive |
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latent defect |
a hidden or concealed defect that cannot be discovered by ordinary observation or inspection |
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universal agent |
someone who is empowered to perform any act that can be lawfully authorized to an agent |
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power of attorney |
the document that authorized a universal agent relationship |
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attorney in fact |
the person who is authorized by a power of attorney |
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due dilligence |
being informed and doing your homework |
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general agent |
one who represents the principal in a specific range of mattters on an ongoing basis |
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material fact |
a fact that would be likely to affect a persons decision in determining whether to enter into a particular transaction |
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special agent |
authorized to represent the principal in one specific transaction |
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commingling |
mixing of clients or customers funds with an agents personal funds |
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conversion |
use of the funds by the broker for other than their stated purpose |
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fraud |
deceitful practice or material misstatement known to be false and done with intent to deceive |
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Lessee |
Individual who has a leasehold interest |
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reversionary rights |
the right of the landlord to retake possession of the premises |
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tenant |
another name for the lessee |
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distraint |
seizing the tenants property to cover delinquent rent |
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lessor |
the individual who has a leased fee interest |
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breach |
violation of any terms or conditions in a contract without legal excuse |
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actual eviction |
landlords remedy in the event of a tenant breach |
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landlord |
another name for the lessor |
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demise |
transfer of a leasehold estate |
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hold over tenant |
the name for the tenant who refuses to surrender possession to the landlord |
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novation |
total substitution of parties |
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familial status |
a protected class under ffha, the presence of children the the household under the age of 18, including pregnant women |
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lease |
agreement between two parties for possession and use of a space |
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constructive eviction |
tenants remedy if the landlord fails to keep premises |