AZ Real Estate Vocabulary Chap 7-16 by ROC

Descripción

This set of vocabulary cards test your knowledge of chapters 7 through 16.
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Resumen del Recurso

Pregunta Respuesta
Federal law dealing with real estate closings that provides guidelines for the disclosure of settlement costs. 7 Real Estate Settlement Procedures Act (RESPA)
The annulment of a contract by mutual consent of the parties. (to rescind) 7 Rescission
The ongoing purpose of collecting payments, keeping records, and handling defaults for loans. 7 Servicing
Issued by the CFPB to create standardized, consumer-friendly disclosure documents. 7 TRID Rule
Describes a loan, including the down payment, terms, monthly payments. Required for TILA. 7 Trigger Terms
Federal law that requires disclosure of the terms of credit by a creditor to a prospective borrower. 7 Truth In Lending Act (TILA)
A guaranteed loan made to eligible veterans for the purchase or construction of a home. 7 VA Guaranteed Loans
A wide-ranging federal civil rights law, signed in 1990, that prohibits, under certain circumstances, discrimination based on disability. 8 Americans with Disabilities Act
An illegal act whereby owners are encouraged to sell their properties because minorities are moving into their neighborhood. 8 Blockbusting
Fundamental rights guaranteed to all persons by the law. 8 Civil Rights
A physical or mental impairment that substantially limits or curtails one or more major life activities. 8 Disability
Treating people unequally because of their race, religion, sex, national origin, age, or some other characteristic of a protected class, in violation of civil rights laws. 8 Discrimination
When a law that isn't discriminatory on the face of it has a greater impact on a minority group than it has on other groups. 8 Disparate Impact
An intentional decision to treat some people differently than others in a similar situation. 8 Disparate Intent
A law that prohibits discrimination in all facets of the home-buying process on the basis of race, color, national origin, religion, sex, familial status, or disability. 8 Fair Housing Act
A protected group under the Federal Fair Housing Act, making it illegal to discriminate against a person because he is the parent or guardian of a child less than 18 years of age. 8 Familial Status
A court order requiring the defendant to do, or refrain from doing, a particular act. 8 Injunction
A group of people with a common characteristic who are legally protected from discrimination on the basis of that characteristic. 8 Protected Classes
An establishment that is intended to be avilable to everyone, either as a place of business or commerce. 8 Public Accommodation
Changes to rules, policies, practices, or services as necessary for disabled persons to use the housing on an equal basis with non-disabled persons. 8 Reasonable Accomodation
Physical changes to a dwelling or common use area, at the tenant's expense, that would permit full use of housing; usually requiring the tenant to restore the * property to its original condition upon moving. 8 Reasonable Modifications
The illegal process of a lender denying loans in certain areas of a community because of race, color, creed, etc. 8 Redlining
Channeling prospective buyers or tenants to particular neighborhoods based on race, religion, national origin, ancestry, or other legally protected class. 8 Steering
The physical removal of a tenant from a leased property with the tenant relieved of any further responsibility to pay rent. 9 Actual Eviction
A document for owners of mobile homes certifying that the home is immobilized, i.e., anchored to real property. 9 Affidavit of Affixture
The ownership of the interior of a condo; a property that is above the base elevation of the land; multi level building. 9 Air Lot
Property where co-owner has a separate interest in the space inside an individual unit, plus an undivided interest in common areas. 9 Condominium
A landlord's act makes the property unfit for its intended use, to such an extent the tenant is forced to move out. 9 Constructive Eviction
When a tenant is actually paying in rent, as stated in the terms of the lease. 9 Contract Rent
Property ownership where residents purchase stock shares in a corporation and have a proprietary lease. 9 Cooperative
The resulting difference when the economic rent exceeds the contract rent, to the disadvantage of the Lessor and advantage to the lessee. 9 Deficit Rent
The right of the landlord to sieze a tenant's belongings for payments in arrears. Not permitted for residential property. 9 Distraint for Rent
A structure that is used as a residence or sleeping place by someone who maintains a household. 9 Dwelling Unit
When the property could rent for in the open market if currently vacant and available. 9 Economic Rent aka Market Rent
A protected group under FFHA making it illegal to discrminate because he is the parent or guardian of a child less than 18 years of age. 9 Familial Status
The difference when the contract rent exceeds the economic rent, to the advantage of the lessor and disadvantage to the lessee. 9 Excess Rent
The owner of a property who leases it; the lessor. 9 Landlord
A written contract between a lessor and lessee granting possession, usually for a specific time period. 9 Lease
A tenant. 9 Lessee
A landlord. 9 Lessor
A parcel of land with four or more rental spaces for manufactured or mobile homes. 9 Mobile Home Park
Leasing real property of others for consideration pursuant to a written contract. 9 Property Management
A written agreement that governs the relationship between the property owner and the property manager. 9 Property Management Agreement
A person hired by a real property owner to administer, market, and maintain property, especially rental property. 9 Property Manager
An exclusive long term lease that conveys a leasehold interest to an owner of shares in a cooperative. 9 Proprietary Lease
A right held by a property owner to re-enter and regain possession of leased property at the term of the lease. 9 Reversionary Right
Money a tenant gives a landlord at the beginning of tenancy to ensure that the tenant will comply with the terms of the lease. 9 Security Deposit
The person who has the right of possession under a lease. 9 Tenant
The ownership of a single unit by multiple persons for fixed or floating increments of time over the course of a year. 9 Timeshare
Property where co-owner has a fee simple interest in an individual unit and the ground beneath it, plus an undivided interest in common areas. 9 Townhouse
A court order that may be filed if a tenant remains in a property for more than five days after a judgement for eviction is signed. 9 Writ of Restitution
43560 square feet 10 Acre
Parcels of land that are 160 acres or larger. 10 Bulk Land
Rules that are principles founded on customs, decisions, and opinions fo the court. 10 Common Law
Person/firm that improves raw land for the purpose of building structures or subdividing parcels for sale or construction. 10 Developer
The way to exit a property. 10 Egress
An intentional perversion of the truth for the purpose of inducing another, to part with something of value. 10 Fraud
The dimension across the access side of a parcel of land. 10 Front Footage
A parcel on which a structure exists or will exist within two years from the date of the contract of sale. 10 Improved Lot
The way to enter a property. 10 Ingress
Land that is divided into five or fewer parcels. 10 Lot Split
A misstatement of a material fact. 10 Misrepresentation
A disclosure document that a developer must give to buyers before they sign a contract. 10 Public Report
Exaggerated or superlative comments or opinions. 10 Puffing
The permanent cancellation of a real estate license. 10 Revocation
Laws that are passed by a legislative body. 10 Statutory Law
Land that is divided into six or more lots of less than 36 acres. 10 Subdivided Land
A person or entity that subdivides land. 10 Subdivider
The temporary withdrawal of a real estate agent's license. 10 Suspension
A parcel or lot upon which there is no structure nor any contract to construct one within two years. 10 Unimproved Lot
Land that is divided into six or more lots of at least 36 acres, yet less than 160 acres. 10 Unsubdivided Land
One who represents a principal (Client). 11 Agent (In AZ the designated agent is the agent of the principal)
The individual who has a power of attorney. 11 Attorney-in-Fact
The person who hires the agent and for whom the agent works. 11 Client/Principal
Mixing personal money with trust funds. 11 Commingling
Misappropriating trust monies. The illegal use of funds being held in a trust. 11 Conversion
Often considered a third party in the transaction. 11 Customer
An agent who represents both the buyer and seller in the same transaction. 11 Dual Agent
Care a reasonable person should take to investigate a property before entering into a transaction. 11 Due Diligence
A relationship of trust and confidence. 11 Fiduciary
An agent authorized to handle any and all of the principal's affairs in a specified job or business area. 11 General Agent
A defect that is not visible or apparent. 11 Latent Defect
Any property conditions that might affect the consideration paid by the buyer/customer. 11 Material Defect
Information that would be relevant in a buying or selling decision. 11 Material Fact
Document that must be obtained to give unlimited power. 11 Power of Attorney
The person who gives authority to the agent or attorney thereby creating a fiduciary relationship. 11 Principal
One who is authorized to perform one specific transaction for a client. 11 Special Agent
Assuming the legal rights of a person for whom a debt has been paid. 11 Subrogation
One who acts on behalf of the client in all matters and situations. 11 Universal Agent
Items of additional material that are attached to an existing contract to explain, modify, or revoke elements of the contract. 12 Addendum
A formal revision to a contract to add, remove, or update elements found in the contract. 12 Amendment
The transfer of one person's interests under contract to another. 12 Assignment
Standardized language used in contracts for the sake of efficiency and completeness. 12 Boilerplate
An unexcused failure to perform according to the terms of a contract. 12 Breach
Something of value given to another as compensation for entering into a contract. 12 Consideration
Provision in a contract that makes a party's rights depend on the occurrence {or nonoccurrence) of a particular event. 12 Contingency
An agreement that the law will enforce. 12 Contract
Using unlawful force or intimidation against a person to enter into a contract. 12 Duress
Money given by a buyer upon signing a contract, showing the buyer's intention to carry out the terms of the contract. 12 Earnest Money Deposit
A legally binding promise to refrain from doing a particular act. 12 Forbearance
A right or a share in something; a charge a borrower pays to lender for the use of lender's money. 12 Interest
A concept preventing the assertion of a right or claim because of an undue delay. 12 Laches
A sum of money the parties to a contract agree in advance will serve as compensation in the event of a contract breach. 12 Liquidated Damages
The release of liability of the original party to an agreement and the substitution of a subsequent party with approval. 12 Novation
A person who receives an offer or to whom an offer is made. 12 Offeree
A person who makes an offer. 12 Offeror
The buyer who has a right to purchase or lease property under the terms of an option agreement, but is not obligated to do so. 12 Optionee
Someone obligated to sell or lease property under the terms of an option agreement if the optionee exercises the option. 12 Optionor
The annulment of a contract by mutual consent of the parties. 12 Rescission
A contract in which both parties expressly enter into mutual agreements or engagements. 13 Bilateral Contract
An advertisement that does not include the broker's business name. 13 Blind Ad
Standardized language used in contracts for the sake of efficiency and completeness. 13 Boilerplate
Contract clause that entitles a listing broker to a commission if the property sells in a specified timeframe and the broker or an affiliated licensee introduced the buyer to the property during the listing period. 13 Broker Protection Clause
Compensation paid to a broker for services in a real estate transaction; usually a percentage of the sales price. 13 Commission
A way to determine an appropriate list price by comparing the property to similar ones that sold, are for sale, or did not sell. 13 Competitive Market Analysis (CMA)
Gives one broker the right to sell the property, allowing the owner to sell it on his own without owing commission. 13 Exclusive Agency Listing
Entitles the broker to collect a sales commission regardless of who sells the property, including a FSBO. 13 Exclusive Right to Sell Listing
An agreement between a broker and a seller. 13 Listing Contract
An arrangement whereby brokers agree to share listings, show properties and share commissions. 13 Multiple Listing Service (MLS)
A listing agreement in which the seller sets the amount he will accept for the property, allowing the broker to keep the excess. 13 Net Listing
A traditional marketing strategy to showcase a listed property. 13 Open House
A non-exclusive listing; the broker who is the procuring cause of the sale is entitled to a commission. 13 Open Listing
The effort that brings about the desired result; an unbroken chain of events that results in the sale of property. 13 Procuring Cause
A contract that is legally binding only on the one party who made a promise. 13 Unilateral Contract
Value is created by the expectation of future benefits, such as profit on resale; foundation of income approach to appraisal. 14 Anticipation
An opinion or estimate of value of real property as of a certain date, as supported by objective evidence and data. 14 Appraisal
An increase in the value of property due to a positive improvement. 14 Appreciation
A transaction that occurred under typical conditions in the marketplace; each party acting in their own best interests. 14 Arm's Length Transaction
The combining of two or more parcels of land into one larger parcel, usually to increase the usefulness of the land. 14 Assemblage
A method of determining the present value of income property by discounting the annual net income by a community used rate of return; IRV formula. 14 Capitalization
A rate of return stated as a percent, used to derive a value opinion from the anticipated net operating income a property could generate. 14 Capitalization Rate
Economic principle that says a home usually achieves maximum value when surrounded by homes similar in style and function. 14 Conformity
Theory that a specific item or feature of a property is worth only what it actually contributes in value to a parcel of real estate. 14 Contribution
The dollars needed to develop, produce, or build something. 14 Cost
A method of appraisal based on reproduction cost of an improvement, minus any depreciation, plus site value. 14 Cost Approach
The decrease in value to real property improvements caused by deterioration or obsolescence. 14 Depreciation
The time during which a building can be used for its intended purpose, or generate more income than is paid out.14 Economic Life
A loss of value due to change in external events or factors affecting a piece of real property; cannot be cured by the owner. 14 Economic Obsolescence
The age the structure appears to be based on physical wear and tear, functional design, and external factors. 14 Effective Age
Potential gross income less vacancy and collection losses. 14 Effective Gross Income (EGI)
A federal law that imposes qualification criteria for appraisers performing appriasals. In connection with Fed regulated loans 14 Financial Institutions Reform, Recovery, and Enforcement Act (FiRREA)
A conversion factor derived from the sales price of a comparable rental property divided by its gross monthly rent. 14 Gross Rent Multiplier (GRM)
The most profitable, legally permitted, feasible, and physically possible use of a piece of property. 14 Highest and Best Use
Appraisal method that estimates value of real estate by analyzing revenue the property generates or could generate. 14 Income Approach
Finding the net operating income, the rate, or value of an investment property. 14 IRV Formula
The contract price for which a property actually sold. 14 Market Price
The most probable price a property should bring on an open and competitive market through an arm's length transaction. 14 Market Value
The assemblage of two or more parcels of land into one larger parcel, resulting in an increased value over the combined value of individual parcels. 14 Plottage Increment
The amount a ready, willing, and able buyer agrees to pay for a property and a seller agrees to accept. 14 Price
A principle that the value of a less expensive home is positively affected when surrounded by more expensive homes. 14 Progression
The final step in the appraisal process that involves analyzing the values from different approaches to arrive at a final value. 14 Reconciliation
A principle that the value of a more expensive home is negatively affected when surrounded by less expensive homes. 14 Regression
The method of determining the value of an improvement under the cost approach in an appraisal by building the structure using current building materials. 14 Replacement Cost
The method of determining the value of an improvement under the cost approach in an appraisal by building an exact replica of a structure. 14 Reproduction Cost
Appraisal approach that estimates the value of real property by analyzing comparable properties recently sold. 14 Sales Comparison Approach
The measurement in feet of an area directly under some type of covering. 14 Square Footage Under Roof
The measurement in feet of the above grade interior area of a structure that is liveable with proper access. 14 Square Foot Living Space
Economic theory that says an informed buyer will not pay more for a property than a comparable property. 14 Substitution
Principle that says when supply exceeds demand, prices will fall and when demand exceeds supply, prices will rise. 14 Supply and Demand
Professional appraisal standards developed by the Appraisal Foundation. 14 Uniform Standards of Professional Appraisal Practice (USPAP)
Refers to parcels that share a boundary. 15 Abutting
43,560 square feet. 15 Acre
A primary line running east to west that establishes a north and south boundary in the rectangular survey system. 15 Baseline
Column lots that form the structural support of air lot. 15 Caisson
Refers to parcels that touch at any point 15 Contiguous
A point, line, or surface from which elevations are measured. 15 Datum
A parcel of land described by the number of miles wide and high. 15 Miles Square
The distance around the outside of a parcel. 15 Perimeter
The starting and ending point for a metes and bounds legal description. 15 Point of Beginning
In the rectangular survey system, a six-mile strip of land running north/south. 15 Range
North-south lines that run parallel to principal meridians at six-mile intervals, establishing east-west boundaries. 15 Range Lines
An area of land in the rectangular survey system that is a one mile by one mile square with 640 acres. 15 Section
The area of a parcel of land (length x width) in miles. 15 Square Miles
In the rectangular survey system, a six-mile strip of land running east/west. 15 Tier
Square divisions of land, 6 miles by 6 miles in the rectangular survey system. 15 Township
A sworn statement under oath that indicates the purchase price paid by the buyer in a transaction. 16 Affidavit of Value
Owing payment on things for which one has the use of but has not yet paid for, such as property taxes. 16 Arrears
An extension of a title search to verify that no liens have been filed against a property between the time of original search and the recording of the deed/mortgage. 16 Bring Down Endorsement
365 days per year. 16 Calendar Year
A settlement statement prepared by the lender or closing agent itemizing all expenses and costs paid by the buyer and seller. 16 Closing Disclosure
Notice given by the publication in a newspaper, recording, or other method. 16 Constructive Notice
A sum of money to be received. 16 Credit
Any sum of money owed; a charge on a closing statement. 16 Debit
A written instrument transferring the grantor's ownership of, or interest, in real property. 16 Deed
A system where things of value are held on behalf of parties to a transaction by a disinterested third party until specified conditions have all been met. 16 Escrow
A neutral clearinghouse through which title to real property is closed and/or escrow funds are held in trust. 16 Escrow Company
The person charged with coordinating the activities and documentation necessary for completing a real estate transaction. 16 Escrow Officer
Federal law that imposes income tax on foreign persons selling or otherwise disposing of their interest in real property. 16 FIRPTA (Foreign Investment in Real Property Tax Act of 1980)
A tax form indicating the seller's proceeds from the sale or transfer of real estate that settlement officer submits to IRS. 16 IRS Form 1099-S
Fees or other compensation given for services not performed. Prohibited by RESPA 16 Kickbacks
The legal seizure of an individuals property to satisfy an IRS tax debt. 16 Levy
Title to real property that is reasonably free of defects and encumbrances. 16 Marketable Title
The allocation of expenses, real estate taxes, or rents between buyer and seller in proportion to their actual use of an item. 16 Proration
Federal law dealing with real estate closings that provides guidelines for the disclosure of settlement costs. 16 Real Estate Settlement Procedures Act (RESPA)
Any service provided in connection with a prospective or actual settlement of a real estate transaction. 16 Settlement Services
360 days per year; 30 days per month 16 Statutory Year
The right to or ownership of land. 16 Title
A company that examines and insures title claims for real estate purposes through a thorough examination of property records. 16 Title Company
Insurance that indemnifies the policyholder against losses resulting from undiscovered title defects and encumbrances. 16 Title Insurance
A report issued by a title company disclosing the condition of the title to a specific piece of property. 16 Title Report
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