Real Estate 2

Front 1

Special/Specific Agent

Back 1

Limited. Authorized for a specific transaction for a set amount of time (most common)

Front 2

General Agent

Back 2

Less limited. Authorized for a series of transactions or acts over a continuous period of time. (e.g. property manager)

Front 3

Universal Agent

Back 3

Broad, power of attorney, can act in all matters of real estate on behalf of client.

Front 4

Buyers Agent

Back 4

An agent who represents the buyer.

Front 5

Listing Agent

Back 5

The agent who represents the seller.

Front 6

Selling agent

Back 6

The agent who obtains a buyer.

Front 7

Split(designated) Agency

Back 7

2 agents from the same transaction. 1 agent is the Listing Agent & the 2nd agent is the buyers agent.

Front 8

Subagent

Back 8

A salesperson who works for an agent.

Front 9

Civil Rights Act 1866

Back 9

Prohibits racial bias in buying renting, selling, holding etc.

Front 10

Fair Housing Act 1968

Back 10

Prohibits discrimination on basis of religion, race, color, Natl. origin (selling, leasing, residential)

Front 11

Statue of Frauds

Back 11

States that certain R.E., contracts must be in writing in order to be enforceable. This would include lease for more than 1 year, the sale of real estate, an option (to Purchase), etc.

Front 12

Assignment

Back 12

Transfer of rights & interest (mrtg, lease etc)

Front 13

Attachment

Back 13

When property is taken into legal custody

Front 14

Express Contract

Back 14

Parties agree on specifically on terms (written/oral).

Front 15

Implied Contract

Back 15

Acts & conduct "implies" agreement, but no official promises.

Front 16

Novation

Back 16

Replacing of something old for something new (e.g. old debt with new debt)

Front 17

Rescission

Back 17

Cancels contract. All parties back before contract existed.

Front 18

Right of Reversion

Back 18

Property is returned from tenant to owner.. end of the lease.

Front 19

Specific performance

Back 19

Contract must be fulfilled by parties involved. (courts)

Front 20

General Warranty Deed

Back 20

(Most Protection) Grantor(seller) guarantees clear title to property & can sell it to Grantee(buyer)

Front 21

Bargain & Sale Deed

Back 21

Grantor has the right to convey title, however no warranties against encumbrances.

Front 22

Quitclaim Deed

Back 22

Transfer or "quit" any interest in a property. May or may not have any real interest in the fist place, this just affirms that they sign it away regardless.

Front 23

Deed of Trust

Back 23

Agreement between borrow & lender. Ensures 3rd party (trustee) will hold title of borrower until debt is paid to lender.

Front 24

Special Warranty Deed

Back 24

Grantor warrants that the property was not encumbered during his/her ownership, & will defend the title against defects if so.

Front 25

Acknowledgment

Back 25

Signed formal document in front of notary that such signature is a voluntary act.

Front 26

Devise

Back 26

Gifting of real property by a will.

Front 27

Devisee

Back 27

Receiver of the real property by a will

Front 28

Devisor

Back 28

Giver of the real property by a will

Front 29

Grantee

Back 29

Receiver of conveyed property.

Front 30

Granting Clause

Back 30

States type of deed with details on any convenants.

Front 31

Habendum Clause

Back 31

To have and hold. A detailing of the owners rights.

Front 32

Intestate

Back 32

Die without will.

Front 33

Probate

Back 33

Court decides on validity of will, makes decision based on that

Front 34

Testate

Back 34

Die with a will

Front 35

Testator

Back 35

A person who made a will before he/she died.

Front 36

Trustee

Back 36

Appointed to oversee the will affairs (carry them out).

Front 37

Trustor

Back 37

A person borrows money from a lender.

Front 38

Vested Interest

Back 38

Right of ownership, possessions and use (Immediate or future). `

Front 39

Leasehold Estate

Back 39

Lessee/Tenant "holds" & occupies property due to a lease.

Front 40

Estate/Tenancy for years

Back 40

Lease lasts for some fixed period of time. "surrender" of lease to owner at the ending date.

Front 41

Periodic Estate/Tenancy

Back 41

Week to week, year to year etc., determined by the term of payment of rent. e.g. lease ends with a "notice" of 6 months or a 1 month notice etc., law varies state to state.

Front 42

Tenancy at will

Back 42

Giving reasonable notice a lessee or lessor may terminate the tenancy at any time.

Front 43

Tenancy at Sufferance

Back 43

Tenant remains in possession of property, after lease ended. Eviction likely & may be liable for rent.

Front 44

Gross

Back 44

Tenant pays rent, owner pays insurance, taxes etc.

Front 45

Net

Back 45

Tenant pays rent plus expenses associated with the tenancy

Front 46

Percentage

Back 46

Tenant agrees to pay a specific amount of rent every month, plus a % of any gross sales about a certain amount. Common for commercial property.

Front 47

Graduated

Back 47

This has built in periods of rent adjustments.

Front 48

Index

Back 48

Requires rent adjustments based upon a specific economic data statistic.