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105 Cards in this Set
- Front
- Back
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Qualifying broker
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One designated as the principal broker for a corporation or partnership. May be any individual entitled to a broker's license in Georgia.
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Quantity survey
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A method of estimating the current cost of reconstructing an improvement using a detailed breakdown of all labor; materials; services; profit; and other overhead.
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Quit claim deed
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A deed without either expressed or implied warranties. It simply conveys whatever interest; right; or title the grantor has in the property; if any.
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Range
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A six mile wide strip of land running north-south in the rectangular survey system.
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Ratification
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The acceptance of an agent's unauthorized acts by direct confirmation or implication.
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Real estate
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Includes condominium; mobile homes when affixed to land; incorporeal interests (intangibles such as an easement); corporeal interests (tangible objects such as a house); freehold estates for life or in fee; and less-than-freehold (leasehold) estates whether situated in this state or elsewhere.
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Real Estate Commissioner
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Full time employee of the Commission who serves as its chief administrator. Because of the commissioner's oath to faithfully discharge the duties of the office; the commissioner can have no interest in a real estate company or other related business.
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Real Estate Settlement Procedures Act (RESPA)
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A federal law which requires lenders to inform potential homebuyers about various costs involved in arranging mortgage financing and which attempts to standardize settlement practices.
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Real property
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Real estate; more specifically; the right to own land and the attachments on it.
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Reality of consent
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See genuine assent.
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Realtists
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Active members of the National Association of Real Estate Brokers.
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REALTORS
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Active member of the National Association of REALTORS.
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Reappraisal lease
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One which bases the rental amount on the market rent of the property. At set intervals the property is reappraised to establish its current rent; at which time the contract rent is adjusted accordingly.
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Recapture
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See return of investment.
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Receiver
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A court-appointed official responsible for managing a property during the period beginning after default and continuing until foreclosure.
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Receiver clause
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A mortgage provision which permits a court to appoint a receiver to manage income producing property during a period of default.
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Reconciliation
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The final step in arriving at a final estimate of value. The procedure involves assigning each approach a weighting factor based on the appraiser's judgment as to which approach is the most relevant in valuing the property. Also used in the market data approach and in the gross rent multiplier.
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Reconveyance deed
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A deed executed by a trustee and delivered to the trustor for the purpose of returning title upon full payment of a loan.
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Recorded plot
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A plot or map showing the location and boundaries of individual parcels of land that is filed in the public records in the county where the property is located.
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Rectangular survey system
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A method of legally describing the surface of land based upon a grid system formed by principal meridians; baselines; range lines; and township lines. Also known as the government survey system.
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Redlining
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The unlawful practice of a lender refusing to make a loan solely on the basis of the particular neighborhood involved. Federal Fair Housing Law prohibits the denial of a loan to a qualified borrower purely on the basis of the particular neighborhood.
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Regulation Z
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Adopted by the Federal Reserve to implement the Truth-in-Lending Law. The regulations provided lenders and those who help arrange credit for borrowers specific guidelines to follow in disclosing to borrowers their exact cost of credit. Administrated and enforced by the Federal Trade Commission (FTC).
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Rehase
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The act of relinquishing a right or claim to real estate. A release is often accomplished w by use of a quit-claim deed.
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Reinstatement fee
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A charge to reinstate a lapsed license.
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Relation back; doctrine of
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A principle of law which allows a conveyance to be effective on the date the deed was deposited with an escrow agent although the buyer or seller died before the deed was actually delivered by the escrow agent.
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Release deed
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See reconveyance deed and quit claim deed.
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Release of liability
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A lender's written statement releasing the original borrower from further personal liability on the note. Such a release is usually not considered unless a qualified buyer agrees to accept the personal liability; even then; few lenders actually grant the request.
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Remainder estate
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An estate in which the right of possession comes into being upon the termination of a lesser estate; such as a life estate. The right of future possession is vested in someone other than the grantor of the lesser estate.
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Remainderman
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One who holds a right of future possession. The person named by the grantor to receive the fee simple estate upon termination of a lesser estate.
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Rent schedule
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The rental rate for a property based upon its current level of occupancy.
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Replacement cost
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The current cost of replacing a property with one of similar utility; using modern materials; equipment; and construction methods.
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Reproduction cost
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The current cost of constructing an exact replica of the subject property using the same or similar materials.
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Request for reconveyance
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A lender's official request of the trustee to execute and deliver a reconveyance deed to the trustor as a result of paying off the loan.
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Rescind
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To disaffirm or cancel a contract. Each party is restored to his/her legal and monetary positions in existence prior to the contract.
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Reservation
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A deed provision whereby the grantor retains certain rights of use; such as an easement; in the property that is being conveyed.
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Reserve for replacement
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Money set aside each year for the replacement of items that have a useful life of more than one year; such as furniture; appliances; carpet; heating systems; air conditioning systems; or a roof.
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Reserve requirements
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A federal regulation which requires certain lending institutions to keep a specified amount of their funds on hand and unavailable for loans or other use in order to influence the availability of credit. Commercial banks which are members of the Federal Reserve System and Savings and Loan Associations which are supervised by the Office of Thrift Supervision (OTS) must comply with these requirements.
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Restriction
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A limitation placed on the use of real property; either by the government or by other persons who have an interest in the property. Private restrictions are either in the form of covenants or conditions.
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Restrictive covenant
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A lease provision which requires the leased premises to be used only for certain purposes.
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Return of investment
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The recovery of an investment in a building which compensates the owner for loss due to depreciation that occurs over the economic life of the building; also called recapture; or accrual for depreciation.
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Return on investment
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The profit or interest earned on an investment.
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Reversionary estate
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An estate in which the right of possession comes into being upon the termination of a lesser estate; such as a life estate. The right of future possession is vested in the grantor of the lesser estate or the grantor's heirs if the grantor is deceased.
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Reverted clause
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A deed provision which causes a fee simple defensible estate to automatically terminate and revert to the grantor or a remainderman upon the occurrence of a stated condition.
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Revocation
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Disciplinary action by the Commission to take a license away from the licensee.
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Right of entry
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The right to resume fee simple ownership through court action; to terminate a fee simple estate on a condition subsequent; upon the occurrence of a stated condition.
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Right of first refusal
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A lease provision which assures the tenant of the right to buy the leased premises at the same price offered by a bona fide purchaser.
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Right of lateral support
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The right which protects the natural support of adjacent land in mining operations to extract minerals from below the earth's surface.
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Right of redemption
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A taxpayer's right; in some states; to get real property back within a specified period of time after it is sold at a tax sale by paying all past due taxes; penalties; and interest.
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Riparian rights
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A landowner's right to use and enjoy the water from a river; stream; or lake which adjoins the owned land.
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Rules and regulations
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Authoritative standards of practice created by the Commission which relate to the professional conduct of licensees and the administration of the License Law. They are intended to clarify certain sections of the Law which may be misunderstood or misinterpreted by the licensees and the public. Even though they are not a part of the License Law; they have the same force and effect as the Law.
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Run with the land
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The automatic transfer of certain rights or encumbrances in real property when title is conveyed.
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Safety clause
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A provision in a listing agreement that entitles the broker to a commission after the listing expires; provided the owner sells to one of the broker's prospects and certain other conditions are met.
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Sale-leaseback
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A financing arrangement which enables a business property owner to sell owned property with an agreement to lease it back on a long-term; net lease basis from the investor who bought it.
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Sales comparison approach
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One of three approaches to value; it compares recently sold properties with similar characteristics to the subject property.
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Sales contract
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Also called contract of sale or purchase and sale agreement. An agreement which binds the buyer and seller of real estate.
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Salesperson
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Any person; other than an associate broker; who acts on behalf of a real estate broker in performing any licensed act authorized by the License Law to be performed by the broker.
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Sanction
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A penalty or punishment provided as a means of enforcing obedience to a law.
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Sandwich leasehold
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A tenant's interest in the leased premises which have been sublet to another tenant.
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Satisfaction of mortgage
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A mortgagee's written statement which cancels the debt and terminates all rights in the property held as collateral. Such a document is obtained from the lender upon full payment of the loan and should be recorded to remove the mortgage from the public records.
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Satisfaction piece
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Evidence from a creditor that a judgment; mortgage; or other lien has been paid in full. The satisfaction piece should be recorded to remove the cloud on the title created by the lien.
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Seasoned loan
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One which has a history of prompt payments.
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Secondary mortgage market
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The market where loans are bought from local lenders in order to provide them with a constant supply of cash to originate more loans to homebuyers.
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Section
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A parcel of land in the rectangular survey system that is one mile square and contains six hundred forty acres.
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Security agreement
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An instrument which gives a lender a security interest in personal property pledged as collateral for a loan.
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Security deed
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A security instrument which conveys title to the lender until the debt is satisfied; at which time the instrument is canceled.
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Senior mortgage
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See first mortgage.
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Sentient estate
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A parcel of land over which an easement runs.
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Setback
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An imaginary line which denotes the space required between any improvement and the front; sides; and rear of the lot. Also called a building line.
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Severance
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To remove something from the land such as minerals or timber.
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Shared appreciation mortgage (SAM)
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A financing arrangement in which the borrower receives a below-market interest rate by allowing the lender to share in the property's future appreciation in value.
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Sheriff's deed
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A deed which conveys title to property sold to satisfy either a mortgage lien; judgment lien; or tax lien.
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Situs
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The sum of all economic factors of a property's location which influence the value of land. Area preference.
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Sole proprietor
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A real estate brokerage company owned exclusively by one person and not operating as a corporation or partnership. Requires only the owner broker be licensed in his/her name or using a registered trade name.
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Solicitation
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The practice of seeking listings by the use of telephone; door-to-door; or mail inquiries. It is a legitimate practice if conducted without discrimination or harassment.
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Special agent
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One who is appointed to act on a particular occasion or for a specific purpose. A person with limited authority.
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Special assessment
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A tax levied against real estate to pay for improvements which benefit only the properties taxed. Assessments are generally made for such improvements as street lights; sewers; sidewalks; or curbs.
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Special warranty deed
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A deed in which the grantor fully grants good title to the property through the expressed or implied covenants of seizing covenant against encumbrances; covenant of quiet enjoyment; and the covenant of further assurances. However; the covenants apply only to defects occurring during the grantor's period of ownership. Also called a Limited Warranty Deed.
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Specific Advertising
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Advertisement of a specific property listed with the brokerage firm.
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Specific lien
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A lien against only one property.
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Specific performance
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A legal action to force performance of the precise terms of a contract when one party defaults. This remedy of law is available to a seller only if a suit for damages is not adequate.
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Spot zoning
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Zoning which designates certain areas for use that differs from the general requirements in the area.
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Statute of Frauds
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State law which requires that certain contracts must be in writing in order to be enforceable in a court of law.
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Statute of Limitations
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State law which limits the amount of time one has to seek a legal remedy when the other party defaults.
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Statutory lien
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See involuntary lien.
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Statutory right of redemption
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A delinquent borrower's right to redeem property by paying off the debt within a specified period of time after a foreclosure sale.
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Steering
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Limiting a prospect's choice of certain neighborhoods because of race; color; sex; religion; national origin; familial status; or handicap. Also called slanting or channeling.
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Step-up lease
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One which provides for rental payment increases in predetermined amounts.
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Straight line depreciation
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A method of measuring depreciation; either past or future; as occurring in equal amounts each year over the useful life of the building; frequently used because of ease of application.
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Straight-term mortgage
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The borrower makes periodic payments of interest only for the term of the loan plus a balloon payment at maturity.
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Straw purchaser
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One who buys property for another in order to keep the identity of the real purchaser confidential.
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Strict foreclosure
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A legal procedure which enables the lender to take title from a defaulting borrower without a foreclosure sale. The court grants the borrower a specified amount of time to pay off the loan. If the debt is not paid; title is awarded to the lender.
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Subagent
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Also called co-broker. A broker with another company that assists the listing broker in securing a ready; willing and able buyer or an acceptable buyer.
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Subdivision
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A parcel of land divided into a number of smaller lots; generally for the purpose of building new structures.
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Subject property
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The property that is being appraised.
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Subject to
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A method of taking over a seller's existing loan without assuming any personal liability for the payment.
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Sublease
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Also called sublet. A transfer of less than the tenant's entire remaining leasehold estate to another person.
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Subordination clause (lease)
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A lease provision which makes the lease inferior in priority to a future mortgage placed against the leased premises.
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Subordination clause (mortgage)
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A mortgage provision which makes the lien automatically subordinate in priority to a specified existing loan or anticipated future lien.
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Substitution; principle of
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Holds that a property's maximum value tends to be set by the cost of purchasing an equally desirable substitute; provided the substitution can be made conveniently and without delay.
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Supervening illegality
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A method of terminating an agency due to a change of law causing the purpose of the agency to become illegal.
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Surrender and acceptance
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Termination of a lease by mutual agreement of the parties. Also known as surrender.
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Survey
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The process of locating the exact boundaries; shape; and area of a parcel of land.
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Survival clause
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A contract provision which allows all or part of the agreement to survive the closing and to remain binding on the parties after the deed has been delivered.
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Suspend
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Disciplinary action by the Commission to temporarily take a license away from the licensee.
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Swing Loan
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A short term loan allowing the purchaser to purchase a new property based on the strength of the equity from the property the purchaser is selling.
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