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22 Cards in this Set
- Front
- Back
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allodial system
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The type of land ownership existing in the United States whereby individuals may hold title to real property absolutely.
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Code of Ethics and Standards of Practice
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A standard of conduct required by license laws and the National Association of REALTORS.
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feudal system
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A type of land ownership common in medieval Europe, whereby only the king could hold absolute title to real property.
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free market
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An economic condition in which buyer and seller have ample time to negotiate a beneficial purchase and sale without undue pressure or urgency.
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highest and best use
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The legally permissible, physically possible use that gives a property its highest value. Highest and best use is typically determined as if the land was vacant. In some instances, highest and best use "as improved" may need to be considered.
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immobility
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Incapable of being moved, fixed in location; an important physical characterisic of land.
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investment
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The outlay of money for income or profit.
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land use controls
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Governmental restrictions on land use (e.g., zoning and building codes).
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listing contract
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A contract whereby a property owner employs a real estate broker to market the property described in the contract.
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National Association of Real Estate Brokers (NAREB)
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An organization predominantly of African American real estate brokers, chartered in 1947. Members are called Relists. NAREB is the largest minority real estate organization.
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National Association of REALTORS (NAR)
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The largest and most predominent trade organization of real estate licensees.
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nonhomogeneity
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A physical characteristic of land describing that land as a unique commodity.
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permanence
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A physical characteristic of land. Land as a permanent commodity cannot be destroyed.
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personal property
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All property that is not land and is not permanently attached to the land; everything that is movable; chattel.
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real estate
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Land and everything permanently attached to land.
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real property
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Land and everything permanently attached to land and the aggregate of rights, powers, and privileges conveyed with ownership.
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Realist
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A member of the National Association of Real Estate Brokers.
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REALTOR
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A registered trademark of the National Association of REALTORS, its use is limited to members only.
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realty
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Land and everything permanently attached to land.
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scarcity
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In short supply in comparison to demand.
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situs
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Location of land.
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supply and demand
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The principle stating that the greater the supply of any commodity in comparison to demand, the lower the value; conversely, the smaller the supply and the greater the demand, the higher the value.
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