Federal law dealing with real estate closings that provides guidelines for the disclosure of settlement costs.
7

The annulment of a contract by mutual consent of the parties. (to rescind)
7

The ongoing purpose of collecting payments, keeping records, and handling defaults for loans.
7

Issued by the CFPB to create standardized, consumer-friendly disclosure documents.
7

Describes a loan, including the down payment, terms, monthly payments. Required for TILA.
7

Federal law that requires disclosure of the terms of credit by a creditor to a prospective borrower.
7

A guaranteed loan made to eligible veterans for the purchase or construction of a home.
7

A wide-ranging federal civil rights law, signed in 1990, that prohibits, under certain circumstances, discrimination based on disability.
8

An illegal act whereby owners are encouraged to sell their properties because minorities are moving into their neighborhood.
8

Fundamental rights guaranteed to all persons by the law.
8

A physical or mental impairment that substantially limits or curtails one or more major life activities.
8

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

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

An intentional decision to treat some people differently than others in a similar situation.
8

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

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

A court order requiring the defendant to do, or refrain from doing, a particular act.
8

A group of people with a common characteristic who are legally protected from discrimination on the basis of that characteristic.
8

An establishment that is intended to be avilable to everyone, either as a place of business or commerce.
8

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

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

The illegal process of a lender denying loans in certain areas of a community because of race, color, creed, etc.
8

Channeling prospective buyers or tenants to particular neighborhoods based on race, religion, national origin, ancestry, or other legally protected class.
8

The physical removal of a tenant from a leased property with the tenant relieved of any further responsibility to pay rent.
9

A document for owners of mobile homes certifying that the home is immobilized,
i.e., anchored to real property.
9

The ownership of the interior of a condo; a property that is above the base elevation of the land; multi level building.
9

Property where co-owner has a separate interest in the space inside an individual unit, plus an undivided interest in common areas.
9

A landlord's act makes the property unfit for its intended use, to such an extent the tenant is forced to move out.
9

When a tenant is actually paying in rent, as stated in the terms of the lease.
9

Property ownership where residents purchase stock shares in a corporation and have a proprietary lease.
9

The resulting difference when the economic rent exceeds the contract rent, to the disadvantage of the Lessor and advantage to the lessee. 9

The right of the landlord to sieze a tenant's belongings for payments in arrears. Not permitted for residential property.
9

A structure that is used as a residence or sleeping place by someone who maintains a household.
9

When the property could rent for in the open market if currently vacant and available.
9

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

The difference when the contract rent exceeds the economic rent, to the advantage of the lessor and disadvantage to the lessee.
9

The owner of a property who leases it; the lessor.
9

A written contract between a lessor and lessee granting possession, usually for a specific time period.
9

A tenant.
9

A landlord.
9

A parcel of land with four or more rental spaces for manufactured or mobile homes.
9

Leasing real property of others for consideration pursuant to a written contract.
9

A written agreement that governs the relationship between the property owner and the property manager.
9

A person hired by a real property owner to administer, market, and maintain property, especially rental property.
9

An exclusive long term lease that conveys a leasehold interest to an owner of shares in a cooperative.
9

A right held by a property owner to re-enter and regain possession of leased property at the term of the lease.
9

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

The person who has the right of possession under a lease.
9

The ownership of a single unit by multiple persons for fixed or floating increments of time over the course of a year.
9

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

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

43560 square feet

10

Parcels of land that are 160 acres or larger.

10

Rules that are principles founded on customs, decisions, and opinions fo the court.

10

Person/firm that improves raw land for the purpose of building structures or subdividing parcels for sale or construction.
10

The way to exit a property.

10

An intentional perversion of the truth for the purpose of inducing another, to part with something of value.

10

The dimension across the access side of a parcel of land.

10

A parcel on which a structure exists or will exist within two years from the date of the contract of sale.

10

The way to enter a property.

10

Land that is divided into five or fewer parcels.

10

A misstatement of a material fact.

10

A disclosure document that a developer must give to buyers before they sign a contract.

10

Exaggerated or superlative comments or opinions.

10

The permanent cancellation of a real estate license.

10

Laws that are passed by a legislative body.

10

Land that is divided into six or more lots of less than 36 acres.

10

A person or entity that subdivides land.

10

The temporary withdrawal of a real estate agent's license.

10

A parcel or lot upon which there is no structure nor any contract to construct one within two years.

10

Land that is divided into six or more lots of at least 36 acres, yet less than 160 acres.

10

One who represents a principal (Client).

11

The individual who has a power of attorney.
11

The person who hires the agent and for whom the agent works.
11

Mixing personal money with trust funds.
11

Misappropriating trust monies.
The illegal use of funds being held in a trust.
11

Often considered a third party in the transaction.
11

An agent who represents both the buyer and seller in the same transaction.
11

Care a reasonable person should take to investigate a property before entering into a transaction.
11

A relationship of trust and confidence.
11

An agent authorized to handle any and all of the principal's affairs in a specified job or business area.
11

A defect that is not visible or apparent.
11

Any property conditions that might affect the consideration paid by the buyer/customer.
11

Information that would be relevant in a buying or selling decision.
11

Document that must be obtained to give unlimited power.
11

The person who gives authority to the agent or attorney thereby creating a fiduciary relationship.
11

One who is authorized to perform one specific transaction for a client.
11

Assuming the legal rights of a person for whom a debt has been paid.
11

One who acts on behalf of the client in all matters and situations.
11

Items of additional material that are attached to an existing contract to explain, modify, or revoke elements of the contract.
12

A formal revision to a contract to add, remove, or update elements found in the contract.
12

The transfer of one person's interests under contract to another.
12

Standardized language used in contracts for the sake of efficiency and completeness.
12

An unexcused failure to perform according to the terms of a contract.
12

Something of value given to another as compensation for entering into a contract.
12

Provision in a contract that makes a party's rights depend on the occurrence {or nonoccurrence) of a particular event.
12

An agreement that the law will enforce.
12

Using unlawful force or intimidation against a person to enter into a contract.
12

Money given by a buyer upon signing a contract, showing the buyer's intention to carry out the terms of the contract.

12

A legally binding promise to refrain from doing a particular act.
12

A right or a share in something; a charge a borrower pays to lender for the use of lender's money.
12

A concept preventing the assertion of a right or claim because of an undue delay.
12

A sum of money the parties to a contract agree in advance will serve as compensation in the event of a contract breach.
12

The release of liability of the original party to an agreement and the substitution of a subsequent party with approval.
12

A person who receives an offer or to whom an offer is made.
12

A person who makes an offer.
12

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

Someone obligated to sell or lease property under the terms of an option agreement if the optionee exercises the option.
12

The annulment of a contract by mutual consent of the parties.
12

A contract in which both parties expressly enter into mutual agreements or engagements.
13

An advertisement that does not include the broker's business name.
13

Standardized language used in contracts for the sake of efficiency and completeness.
13

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

Compensation paid to a broker for services in a real estate transaction; usually a percentage of the sales price.
13

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

Gives one broker the right to sell the property, allowing the owner to sell it on his own without owing commission.
13

Entitles the broker to collect a sales commission regardless of who sells the property, including a FSBO.
13

An agreement between a broker and a seller.
13

An arrangement whereby brokers agree to share listings, show properties and share commissions.
13

A listing agreement in which the seller sets the amount he will accept for the property, allowing the broker to keep the excess.
13

A traditional marketing strategy to showcase a listed property.
13

A non-exclusive listing; the broker who is the procuring cause of the sale is entitled to a commission.
13

The effort that brings about the desired result; an unbroken chain of events that results in the sale of property.
13

A contract that is legally binding only on the one party who made a promise.
13

Value is created by the expectation of future benefits, such as profit on resale; foundation of income approach to appraisal.
14

An opinion or estimate of value of real property as of a certain date, as supported by objective evidence and data.
14

An increase in the value of property due to a positive improvement.
14

A transaction that occurred under typical conditions in the marketplace; each party acting in their own best interests.
14

The combining of two or more parcels of land into one larger parcel, usually to increase the usefulness of the land.
14

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

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

Economic principle that says a home usually achieves maximum value when surrounded by homes similar in style and function.
14

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

The dollars needed to develop, produce, or build something.
14

A method of appraisal based on reproduction cost of an improvement, minus any depreciation, plus site value.
14

The decrease in value to real property improvements caused by deterioration or obsolescence.
14

The time during which a building can be used for its intended purpose, or generate more income than is paid out.14

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

The age the structure appears to be based on physical wear and tear, functional design, and external factors.
14

Potential gross income less vacancy and collection losses.
14

A federal law that imposes qualification criteria for appraisers performing appriasals. In connection with
Fed regulated loans
14

A conversion factor derived from the sales price of a comparable rental property divided by its gross monthly rent.
14

The most profitable, legally permitted, feasible, and physically possible use of a piece of property.
14

Appraisal method that estimates value of real estate by analyzing revenue the property generates or could generate.
14

Finding the net operating income, the rate, or value of an investment property.
14

The contract price for which a property actually sold.
14

The most probable price a property should bring on an open and competitive market through an arm's length transaction.
14

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

The amount a ready, willing, and able buyer agrees to pay for a property and a seller agrees to accept.
14

A principle that the value of a less expensive home is positively affected when surrounded by more expensive homes.
14

The final step in the appraisal process that involves analyzing the values from different approaches to arrive at a final value.
14

A principle that the value of a more expensive home is negatively affected when surrounded by less expensive homes.
14

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

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

Appraisal approach that estimates the value of real property by analyzing comparable properties recently sold.
14

The measurement in feet of an area directly under some type of covering.
14

The measurement in feet of the above grade interior area of a structure that is liveable with proper access.
14

Economic theory that says an informed buyer will not pay more for a property than a comparable property.
14

Principle that says when supply exceeds demand, prices will fall and when demand exceeds supply, prices will rise.
14

Professional appraisal standards developed by the Appraisal Foundation.
14

Refers to parcels that share a boundary.
15

43,560 square feet.
15

A primary line running east to west that establishes a north and south boundary in the rectangular survey system.
15

Column lots that form the structural support of air lot.
15

Refers to parcels that touch at any point
15

A point, line, or surface from which elevations are measured.
15

A parcel of land described by the number of miles wide and high.
15

The distance around the outside of a parcel.
15

The starting and ending point for a metes and bounds legal description.
15

In the rectangular survey system, a six-mile strip of land running north/south.
15

North-south lines that run parallel to principal meridians at six-mile intervals, establishing east-west boundaries.
15

An area of land in the rectangular survey system that is a one mile by one mile square with 640 acres.
15

The area of a parcel of land (length x width) in miles.
15

In the rectangular survey system, a six-mile strip of land running east/west.
15

Square divisions of land, 6 miles by 6 miles in the rectangular survey system.
15

A sworn statement under oath that indicates the purchase price paid by the buyer in a transaction.
16

Owing payment on things for which one has the use of but has not yet paid for, such as property taxes.
16

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

365 days per year.
16

A settlement statement prepared by the lender or closing agent itemizing all expenses and costs paid by the buyer and seller.
16

Notice given by the publication in a newspaper, recording, or other method.
16

A sum of money to be received.
16

Any sum of money owed; a charge on a closing statement.
16

A written instrument transferring the grantor's ownership of, or interest, in real property.
16

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

A neutral clearinghouse through which title to real property is closed and/or
escrow funds are held in trust.
16

The person charged with coordinating the activities and documentation necessary for completing a real estate transaction.
16

Federal law that imposes income tax on foreign persons selling or otherwise disposing of their interest in real property.
16

A tax form indicating the seller's proceeds from the sale or transfer of real estate that settlement officer submits to IRS.
16

Fees or other compensation given for services not performed.
Prohibited by RESPA
16

The legal seizure of an individuals property to satisfy an IRS tax debt.
16

Title to real property that is reasonably free of defects and encumbrances.
16

The allocation of expenses, real estate taxes, or rents between buyer and seller in proportion to their actual use of an item.
16

Federal law dealing with real estate closings that provides guidelines for the disclosure of settlement costs.
16

Any service provided in connection with a prospective or actual settlement of a real estate transaction.
16

360 days per year; 30 days per month
16

The right to or ownership of land.
16

A company that examines and insures title claims for real estate purposes through a thorough examination of property records.
16

Insurance that indemnifies the policyholder against losses resulting from undiscovered title defects and encumbrances.
16

A report issued by a title company disclosing the condition of the title to a specific piece of property.
16